Invesco DB Commodity Index Tracking Fund
For the period ended Jun 30, 2026. Filed Aug 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.
Jun 30, 2026 · Filed Aug 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 2026-03-31; filed 2026-05-07.
0001193125-26-209724
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-338697
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 94 previous paragraphs and 103 current paragraphs.
73 unchanged; 13 reworded; 17 added; 6 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
Returns for the Three and Six Months Ended June 30, 2026 and 2025
Current report
For the three months ended June 30, 2026, the NYSE Arca market value of each Share decreased from $28.96 per Share to $26.67 per Share. The Share price low and high for the three months ended June 30, 2026 and related change from the Share price on
Current report
March 31, 2026 was as follows: Shares traded at a low of $26.45 per Share (-8.67%) on June 24, 2026, and a high of $31.67 per Share (+9.36%) on May 12, 2026. The total return for the Fund on a market value basis was -7.91%.
Current report
Commodity markets generated negative returns during the second quarter of 2026, as losses across energy, metals, and several agricultural markets more than offset gains in select soft commodities and livestock. Energy was the largest detractor, with crude oil and refined products retracing a portion of their strong gains from earlier in the year as a steady stream of optimistic comments from President Trump encouraged markets to increasingly discount the risk of a prolonged disruption to Strait of Hormuz flows. Metals also weighed on performance, led by declines in gold, silver, aluminum, and nickel. Precious metals came under pressure as a stronger U.S. dollar, fading expectations for Federal Reserve rate cuts, and slowing central bank and investor demand weighed on prices. Within agriculture, corn, soybean oil, wheat, and lean hogs moved lower as favorable growing conditions and expectations for ample global supplies pressured grain markets. Offsetting some of these losses, cocoa and coffee were notable contributors, supported by renewed weather and supply concerns in key producing regions. Overall, the quarter was characterized by the partial unwinding of geopolitical risk premiums that had supported commodity prices earlier in the year.
Current report
For the three months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $22.52 per Share to $21.81 per Share. The Share price low and high for the three months ended June 30, 2025 and related change from the Share price on March 31, 2025 was as follows: Shares traded at a low of $20.17 per Share (-10.44%) on April 8, 2025, and a high of $23.26 per Share (+3.29%) on June 20, 2025. The total return for the Fund on a market value basis was -3.15%.
Current report
Commodities declined in the second quarter of 2025, primarily driven by losses in energy and sugar. Crude oil struggled, with Brent and WTI each down more than 8% amid geopolitical volatility and the accelerated return of OPEC+ production. Natural gas also reversed its strong first quarter performance, falling by over 7% due to mild weather and boosted supplies. NY Harbor ultra-low sulfur diesel was the bright spot in energy, supported by shrinking inventories. Sugar was the weakest agricultural component, with front month prices down 18%, pressured by ample global supplies and increased output projections in Brazil. Gold was the top performer, gaining on heightened geopolitical tensions in the Middle East and robust exchange-traded product (“ETP”) inflows. In industrial metals, aluminum benefited from tightening inventories and resilient demand and copper rallied on front loading activity ahead of anticipated tariffs.
Current report
For the three months ended June 30, 2026, the NAV of each Share decreased from $28.91 per Share to $26.60 per Share. Falling commodity futures contracts prices for Aluminum, Brent Crude, Corn, Light Sweet Crude Oil (WTI), Feeder Cattle, Gas Oil, Gold, Ultra-Low Sulphur Diesel, Wheat (Kansas Wheat), Lean Hogs, Natural Gas, Nickel, Platinum, Silver, Soybean Meal, Soybeans, Lead, Sugar and Wheat were partially offset by rising commodity futures contracts prices for Cocoa, Coffee, Copper Grade A, COMEX Copper, Cotton, Live Cattle, RBOB Gasoline, Soybean Oil and Zinc during the three months ended June 30, 2026, contributing to an overall 8.64% decrease in the level of the Index and to a 7.79% decrease in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was -7.99%.
Current report
Net income (loss) for the three months ended June 30, 2026 was $(147.9) million, primarily resulting from $16.6 million of income, net realized gain (loss) of $136.0 million, net change in unrealized gain (loss) of $(296.8) million and net operating expenses of $3.7 million.
Current report
For the three months ended June 30, 2025, the NAV of each Share decreased from $22.50 per Share to $21.80 per Share. Falling commodity futures contracts prices for Brent Crude Oil, Corn, Light Sweet Crude Oil, Natural Gas, RBOB Gasoline, Sugar, Wheat and Zinc were partially offset by rising commodity futures contracts prices for Aluminum, Copper Grade A, Gold, Silver, Soybeans and Ultra-Low Sulphur Diesel during the three months ended June 30, 2025, contributing to an overall 3.90% decrease in the level of the Index and to a 2.86% decrease in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was
Current report
Net income (loss) for the three months ended June 30, 2025 was $(51.2) million, primarily resulting from $12.4 million of income, net realized gain (loss) of $(39.3) million, net change in unrealized gain (loss) of $(21.7) million and net operating expenses of $2.5 million.
Current report
FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025
Current report
Fund Share Price Performance
Current report
Commodity markets generated strong positive returns through the first half of 2026, led by energy commodities. Crude oil and refined products were the largest contributors as escalating U.S.-Iran tensions and the closure of the Strait of Hormuz drove a sharp increase in geopolitical risk premiums during the first quarter. While energy prices retraced a portion of those gains in the second quarter, repeated optimistic commentary from President Trump regarding ceasefire negotiations and a potential de-escalation of the conflict encouraged markets to remove some of the risk premium embedded in prices. Agriculture also contributed positively, supported by soybean oil, cattle, soybeans, and wheat, while industrial metals benefited from gains in copper, zinc, and aluminum. Offsetting some of these gains, precious metals came under pressure from a stronger U.S. dollar and fading expectations for Federal Reserve rate cuts amid renewed inflation concerns, while natural gas, corn, and cocoa were also notable detractors.
Current report
Commodities delivered mixed performance through the first half of 2025, but the Fund ended slightly positive with strength in the first quarter mostly offset by weakness in the second quarter. Metals and natural gas were the top contributors year-to-date while crude oil and agricultural commodities pulled Fund performance lower. In metals, gold was in the lead, rallying in both the first and second quarters, supported by heightened macroeconomic and geopolitical uncertainty, robust ETP demand, and U.S. dollar weakness. Copper also benefited from tariff-related frontloading. Despite falling over 7% in the second quarter as mild temperatures and rising inventories weighed on prices, natural gas was higher for the period after rising 10% on the back of frigid winter weather and strong liquefied natural gas export demand in the first quarter. Energy was the laggard, turning sharply lower in the second quarter, with Brent and WTI each down more than 8% amid geopolitical volatility and accelerated OPEC+ production. In agriculture, grains and sugar were both pressured by ample global supplies and favorable weather.
Current report
Fund Share Net Asset Performance
Current report
Net income (loss) for the six months ended June 30, 2026 was $219.9 million, primarily resulting from $28.3 million of income, net realized gain (loss) of $319.7 million, net change in unrealized gain (loss) of $(121.6) million and net operating expenses of $6.5 million.
Current report
Net income (loss) for the six months ended June 30, 2025 was $18.0 million, primarily resulting from $26.4 million of income, net realized gain (loss) of $(43.9) million, net change in unrealized gain (loss) of $40.7 million and net operating expenses of $5.3 million.
Removed paragraphs (6)
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Reworded paragraphs (13)
Previous wording
As of the date of this Report, each of 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 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 $(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.
Current wording
Net cash flow provided by (used in) operating activities was $(137.7) million and $76.5 million for the six months ended June 30, 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 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.
Current wording
During the six months ended June 30, 2026, there were no purchases or sales of U.S. Treasury Obligations. During the six months ended June 30, 2025, there were no purchases of U.S. Treasury Obligations and $400.0 million was received from sales and maturing United States Treasury Obligations. $880.9 million was received from sales of affiliated investments and $1,352.7 million was paid to purchase affiliated investments during the six months ended June 30, 2026. $479.1 million was received from sales of affiliated investments and $604.9 million was paid to purchase affiliated investments during the six months ended June 30, 2025. During the six months ended June 30, 2026, and 2025 net deposits to/from the Commodity Broker were $102.0 million and $205.1 million, respectively.
Previous 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.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $137.7 million and $(85.8) million during the six months ended June 30, 2026 and 2025, respectively. This included $499.4 million and $153.1 million from Shares purchased by Authorized Participants and $361.7 million and $238.9 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2026 and 2025, respectively.
Previous wording
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Current wording
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 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
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 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.
Previous wording
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX ER FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX ER FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous 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.
Current wording
This Report covers the three and six months ended June 30, 2026 and 2025. Past performance of the Fund is not necessarily indicative of future performance.
Previous wording
The section “Summary of the DBIQ-OY Diversified TR™ and Underlying Index Commodity Returns for the Three 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.
Current wording
The section “Summary of the DBIQ-OY Diversified TR™ and Underlying Index Commodity Returns for the Three and Six Months Ended June 30, 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 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 wording
For the six months ended June 30, 2026, the NYSE Arca market value of each Share increased from $22.39 per Share to $26.67 per Share. The Share price low and high for the six months ended June 30, 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 $31.67 per Share (+41.45%) on May 12, 2026. The total return for the Fund on a market value basis was +19.12%.
Previous 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%.
Current wording
For the six months ended June 30, 2025, the NYSE Arca market value of each Share increased from $21.38 per Share to $21.81 per Share. The Share price low and high for the six months ended June 30, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $20.17 per Share (-5.66%) on April 8, 2025, and a high of $23.26 per Share (+8.79%) on June 20, 2025. The total return for the Fund on a market value basis was +2.01%.
Previous wording
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 wording
For the six months ended June 30, 2026, the NAV of each Share increased from $22.40 per Share to $26.60 per Share. Rising commodity futures contracts prices for Aluminum, Brent Crude, Copper Grade A, COMEX Copper, Cotton, Light Sweet Crude Oil (WTI), Feeder Cattle, Gas Oil, Ultra-Low Sulphur Diesel, Wheat (Kansas Wheat), Live Cattle, RBOB Gasoline, Soybean Oil, Soybeans, Wheat and Zinc were partially offset by falling commodity futures contracts prices for Cocoa, Coffee, Corn, Gold, Lean Hogs, Natural Gas, Nickel, Platinum, Silver, Soybean Meal, Lead and Sugar during the six months ended June 30, 2026, contributing to an overall 17.24% increase in the level of the Index and to a 19.39% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +18.75%.
Previous 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%.
Current wording
For the six months ended June 30, 2025, the NAV of each Share increased from $21.35 per Share to $21.80 per Share. Rising commodity futures contracts prices for Aluminum, Copper Grade A, Gold, Natural Gas, Silver, Soybeans and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contracts prices for Brent Crude Oil, Corn, Light Sweet Crude Oil, RBOB Gasoline, Sugar, Wheat and Zinc during the six months ended June 30, 2025, contributing to an overall 0.48% increase in the level of the Index and to a 2.65% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +2.11%.
Rearranged previous paragraphs (2)
Previous report — wording carried 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.
Previous report — wording carried elsewhere
Returns for the Three Months Ended March 31, 2026 and 2025