Invesco DB Energy Fund
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
DBE$36.60+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-338714
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-450270
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 154 previous paragraphs and 128 current paragraphs.
102 unchanged; 16 reworded; 10 added; 31 removed; 5 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 (10)
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Current report
Returns for the Three and Nine Months Ended September 30, 2026 and 2025
Current report
For the three months ended September 30, 2026, the NYSE Arca market value of each Share increased from $26.22 per Share to $36.61 per Share. The Share price low and high for the three months ended September 30, 2026 and related change from the Share price on June 30, 2026 was as follows: Shares traded at a low of $25.71 per Share (-1.95%) on July 1, 2026, and a high of $38.74 per Share (+47.75%) on September 15, 2026. The total return for the Fund on a market value basis was +39.63%.
Current report
Energy commodities continued to generate very strong positive performance during the third quarter of 2026, led by Brent crude oil, WTI crude oil, and refined products. The June U.S.-Iran ceasefire broke down in early July, prompting renewed military strikes and attacks on energy infrastructure and tankers across the Middle East and restoring a significant geopolitical supply premium to energy prices. With restrictions limiting flows through the Strait of Hormuz, Saudi Arabia’s East-West pipeline became a critical alternative route for crude exports, making threats to the pipeline an additional source of near-term supply risk. Brent outperformed WTI (US benchmark) as reduced Gulf exports placed greater pressure on seaborne crude markets. Gasoil and ultra-low sulfur diesel were also major contributors as refinery outages in the Middle East and Russia, constrained product exports, depleted inventories, and years of underinvestment in refining capacity tightened global distillate markets. Gasoline advanced alongside stronger crude prices and reduced refinery availability. U.S. natural gas was the lone detractor, pressured by robust US production, healthy storage levels, and mild weather despite ongoing strength in liquefied natural gas (“LNG”) export demand.
Current report
For the three months ended September 30, 2025, the NYSE Arca market value of each Share increased from $18.62 per Share to $19.01 per Share. The Share price low and high for the three months ended September 30, 2025 and related change from the Share price on June 30, 2025 was as follows: Shares traded at a low of $18.50 per Share (-0.64%) on August 19, 2025, and a high of $20.04 per Share (+7.63%) on July 30, 2025. The total return for the Fund on a market value basis was +2.09%.
Current report
Energy commodities had a turbulent third quarter, but the Fund posted a slight gain in the third quarter 2025. Oil markets were pressured by concerns about an overhang as both non-OPEC supply and OPEC+ production continued to grow. However, these headwinds were balanced out by competing geopolitical effects, including U.S. tariff threats on India for purchases of Russian oil, strong summer driving demand, and healthy refining margins. Gasoline was the top performer, supported by tight supplies and seasonal demand, followed by NY Harbor ultra-low sulphur diesel (“ULSD”) which gained on seasonal low inventories. Natural gas, the only detractor for the Fund, was pressured by ample stockpiles and warmer weather but continued to fluctuate in wide ranges week to week.
Current report
Energy commodities generated exceptionally strong positive performance year-to-date through the third quarter of 2026, led by Brent crude oil, WTI crude oil, gasoil, and ultra-low sulfur diesel. The Middle East conflict produced a historic disruption to global energy flows as restrictions through the Strait of Hormuz, attacks on production and transport infrastructure, and elevated tanker and freight costs sharply reduced the availability of Gulf crude and refined products. Brent was the largest contributor as the loss of seaborne supply had an outsized impact on the global benchmark, while WTI also rose as the broader market tightened and U.S. inventories declined. Refined products posted substantial gains as damaged refineries, reduced Middle East and Russian exports, and limited spare refining capacity created an acute shortage of diesel and other transportation fuels. Emergency stock releases, rerouting, and demand weakness moderated the price impact at times but did not fully offset the supply shock. U.S. natural gas was the only detractor as abundant U.S. production and healthy inventories outweighed the longer-term support from rising LNG export capacity.
Current report
Fund performance was nearly flat in the first three quarters of 2025, largely due to losses in crude oil. Prices fell throughout the first half of the year but pared some losses in the third quarter, as gains were limited as oil was caught between the prospects of a supply glut and flaring geopolitical risks. NY Harbor ULSD was the top contributor due to tighter supplies and resilient demand. Natural gas had a strong start to the year due to colder weather boosting heating demand and resilient LNG exports. While this trend was later reversed, it ended the period as the second largest contributor to Fund performance. Gasoline experienced losses in the second quarter, which were almost fully offset by the first quarter and the third quarter gains due to tighter inventory and seasonally strong travel demand, leaving year-to-date returns flat.
Current report
Net income (loss) for the nine months ended September 30, 2026 was $51.1 million, primarily resulting from $2.3 million of income, net realized gain (loss) of $30.0 million, net change in unrealized gain (loss) of $19.2 million and net operating expenses of $0.5 million.
Current report
For the nine months ended September 30, 2025, the NAV of each Share increased from $18.52 per Share to $18.97 per Share. Rising commodity futures contract prices for Natural Gas, RBOB Gasoline and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contract prices for Brent Crude Oil and Light Sweet Crude Oil during the nine months ended September 30, 2025, contributing to an overall 0.18% decrease in the level of the Index and to a 3.05% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +2.43%.
Removed paragraphs (31)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous report
Returns for the Three and Six Months Ended June 30, 2026 and 2025
Previous report
For the three months ended June 30, 2026, the NYSE Arca market value of each Share decreased from $29.46 per Share to $26.22 per Share. The Share price low and high for the three months ended June 30, 2026 and related change from the Share price on March 31, 2026 was as follows: Shares traded at a low of $25.85 per Share (-12.25%) on June 26, 2026, and a high of $34.20 per Share (+16.09%) on May 19, 2026. The total return for the Fund on a market value basis was -11.00%.
Previous report
Energy markets performed negatively during the second quarter of 2026, with crude oil and refined products retracing a portion of the substantial gains recorded earlier in the year. Brent crude oil and WTI crude oil were the largest detractors as continued diplomatic engagement and signs of progress in U.S.-Iran negotiations reduced concerns over a prolonged disruption to crude flows through the Strait of Hormuz. While significant volumes of crude remained stranded in the Persian Gulf, inventory drawdowns, Strategic Petroleum Reserve releases, and lower Chinese crude imports helped offset the impact of the supply shock. Refined products also weakened despite distillate and gasoline inventories remaining historically tight due to refinery outages, maintenance activity, and years of underinvestment in refining capacity. Summer peak demand failed to provide its typical boost to gasoline and diesel prices but continued to draw down already depleted inventories, highlighting the disconnect between supportive fundamentals and declining prices. Natural gas also moved lower during the quarter, pressured by healthy storage levels and mild weather conditions.
Previous report
Energy commodities struggled in the second quarter, with the Fund posting a loss as most components moved lower. Both Brent
Previous report
and WTI crude oil dropped, pressured by fresh Liberation Day tariffs, more OPEC+ production, and worries about global economic
Previous report
growth. The conflict between Iran and Israel, and later the U.S., pushed oil prices up in the first half of June, but the impact was short-lived given Iran’s more muted retaliatory response. Gasoline prices also fell, as supply stayed strong and demand eased after the
Previous report
spring peak season. Natural gas was also weak, with prices decreasing as storage levels rose and mild weather limited demand, even
Previous report
with some volatility from global headlines. The only bright spot was NY harbor ultra-low sulphur diesel, which managed a small gain
Previous report
thanks to tighter supplies and steady demand from the transport sector.
Previous report
For the three months ended June 30, 2025, the NAV of each Share decreased from $19.58 per Share to $18.64 per Share. Falling
Previous report
by rising commodity futures contract prices for Ultra-Low Sulphur Diesel during the three months ended June 30, 2025 contributing to an overall 5.66% decrease in the level of the Index and to a 4.63% decrease in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was -4.80%.
Previous report
Energy commodities generated strong positive returns through the first half of 2026, led by Brent and WTI crude oil. Energy prices surged during the first quarter as escalating tensions between the United States and Iran culminated in the closure of the Strait of Hormuz, disrupting crude oil and refined product flows through one of the world’s most critical energy chokepoints. The resulting supply shock drove a sharp repricing of geopolitical risk across global energy markets, supporting substantial gains in crude oil and refined products. During the second quarter, however, continued diplomatic engagement and signs of progress in U.S.-Iran negotiations prompted a partial retracement of those gains as markets reduced expectations for a prolonged disruption. While significant volumes of crude remained stranded in the Persian Gulf, inventory drawdowns, Strategic Petroleum Reserve releases, and lower Chinese crude imports helped offset the impact of trapped barrels. Refined products also retraced a portion of their earlier gains, although distillate and gasoline inventories remained historically tight due to refinery outages, maintenance activity, and years of underinvestment in refining capacity. Summer driving demand failed to provide its typical boost to gasoline prices but continued to draw down already depleted inventories. Natural gas was the lone detractor on a year-to-date basis, pressured by healthy storage levels despite a constructive longer-term outlook for liquefied natural gas exports.
Previous report
per Share. The Share price low and high for the six months ended June 30, 2025 and related change from the Share price on
Previous report
Energy markets had mixed results in the first half of 2025, though the Fund’s commodity holdings ended the period in negative
Previous report
territory. However, interest income from the Fund’s collateral holdings offset that, leading to a gain for the Fund for the period. The
Previous report
year started well, led by gains in natural gas as cold winter weather boosted heating demand and liquefied natural gas export demand
Previous report
stayed strong. Gasoline also did well early on, helped by refinery maintenance and tighter inventory. Crude oil was volatile in the first
Previous report
quarter, moving with changing headlines, OPEC+ plans, and new sanctions, but ended the quarter flat. In the second quarter,
Previous report
momentum faded as the energy complex came under pressure. Both Brent and U.S. crude oil fell, weighed down by new tariffs, more
Previous report
OPEC+ output, and global growth concerns. While rising tensions in the Middle East led to an oil price spike in the first half of June,
Previous report
the geopolitical risk premium was quickly erased as the situation eased. Gasoline and natural gas also lost ground as supply outpaced
Previous report
demand and storage levels rose. NY harbor ultra-low sulphur diesel was the only area of strength, with a small gain from tighter
Previous report
supplies and steady demand.
Previous report
For the six months ended June 30, 2025, the NAV of each Share increased from $18.52 per Share to $18.64 per Share. Rising
Previous report
commodity futures contract prices for Natural Gas and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures
Previous report
contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline during the six months ended June 30, 2025 contributing
Previous report
to an overall 1.03% decrease in the level of the Index and to a 1.11% increase in the level of the DBIQ-OY Energy TR™. The total
Previous report
return for the Fund on a NAV basis was +0.65%.
Previous report
Net income (loss) for the six months ended June 30, 2025 was $0.0 million, primarily resulting from $1.1 million of income, net
Previous report
realized gain (loss) of $(0.9) million, net change in unrealized gain (loss) of $0.0 million and net operating expenses of $0.2 million.
Reworded paragraphs (16)
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, and Virtu Americas 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 USA 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 $(23.3) million and $(5.6) 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
Current wording
Net cash flow provided by (used in) operating activities was $(29.7) million and $(0.9) million for the nine months ended September 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 six months ended June 30, 2026 there were no purchases and/or sales of United States Treasury Obligations. During the six months ended June 30, 2025 there were no purchases of United States Treasury Obligations and $20.0 million was received from sales and maturing United States Treasury Obligations. $83.4 million was received from sales of affiliated investments and $120.7 million was paid to purchase affiliated investments during the six months ended June 30, 2026. $27.6 million was received from sales of affiliated investments and $43.8 million was paid to purchase affiliated investments during six months ended June 30, 2025. During the six months ended June 30, 2026 and 2025, net deposits to/from the Commodity Broker were $3.3 million and $9.4 million, respectively.
Current wording
During the nine months ended September 30, 2026 there were no purchases and/or sales of United States Treasury Obligations. During the nine months ended September 30, 2025 there were no purchases of United States Treasury Obligations and $20.0 million was received from sales and maturing United States Treasury Obligations. $129.5 million was received from sales of affiliated investments and $203.0 million was paid to purchase affiliated investments during the nine months ended September 30, 2026. $32.5 million was received from sales of affiliated investments and $44.3 million was paid to purchase affiliated investments during nine months ended September 30, 2025. During the nine months ended September 30, 2026 and 2025, net deposits to/from the Commodity Broker were $5.0 million and $10.0 million, respectively.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $25.9 million and $5.0 million during the six months ended June 30, 2026 and 2025, respectively. This included $47.3 million and $18.0 million from Shares purchased by Authorized Participants and $21.3 million and $13.1 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2026 and 2025, respectively. No distributions were paid to Shareholders during the six months ended June 30, 2026 and 2025, respectively.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $29.7 million and $0.2 million during the nine months ended September 30, 2026 and 2025, respectively. This included $58.8 million and $18.0 million from Shares purchased by Authorized Participants and $29.1 million and $17.8 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2026 and 2025, respectively. No distributions were paid to Shareholders during the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD ENERGY INDEX ER FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD ENERGY INDEX ER FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Previous 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.
Current wording
This Report covers the three and nine months ended September 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 Energy 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 Energy TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Energy TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
Current wording
The section “Summary of the DBIQ-OY Energy TR™ and Underlying Index Commodity Returns for the Three and Nine Months Ended September 30, 2026 and 2025” below provides an overview of the changes in the closing levels of the DBIQ-OY Energy TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Energy TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
Previous wording
For the three months ended June 30, 2026, the NAV of each Share decreased from $29.43 per Share to $26.07 per Share. Falling commodity futures contract prices for Brent Crude Oil, Gas Oil, Light Sweet Crude Oil, Natural Gas, and Ultra-Low Sulphur Diesel were partially offset by rising commodity futures contract prices for RBOB Gasoline during the three months ended June 30, 2026 contributing to an overall 12.08% decrease in the level of the Index and to an 11.27% decrease in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was -11.42%.
Current wording
For the three months ended September 30, 2026, the NAV of each Share increased from $26.07 per Share to $36.65 per Share. Rising commodity futures contract prices for Brent Crude Oil, Gas Oil, Light Sweet Crude Oil, RBOB Gasoline, and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contract prices for Natural Gas during the three months ended September 30, 2026, contributing to an overall 39.62% increase in the level of the Index and to a 40.98% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +40.58%.
Previous wording
Net income (loss) for the three months ended June 30, 2026 was $(12.3) million, primarily resulting from $0.9 million of income, net realized gain (loss) of $11.2 million, net change in unrealized gain (loss) of $(24.2) million and net operating expenses of $0.2 million.
Current wording
Net income (loss) for the three months ended September 30, 2026 was $34.2 million, primarily resulting from $1.0 million of income, net realized gain (loss) of $4.6 million, net change in unrealized gain (loss) of $28.8 million and net operating expenses of $0.2 million.
Previous wording
commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline and Natural Gas were partially offset
Current wording
For the three months ended September 30, 2025, the NAV of each Share increased from $18.64 per Share to $18.97 per Share. Rising commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contract prices for Natural Gas during the three months ended September 30, 2025, contributing to an overall 0.86% decrease in the level of the Index and to a 1.93% decrease in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +1.77%.
Previous wording
Net income (loss) for the three months ended June 30, 2025 was $(2.7) million, primarily resulting from $0.5 million of income, net realized gain (loss) of $(0.4) million, net change in unrealized gain (loss) of $(2.7) million and net operating expenses of $0.1 million.
Current wording
Net income (loss) for the three months ended September 30, 2025 was $0.9 million, primarily resulting from $0.5 million of income, net realized gain (loss) of $1.5 million, net change in unrealized gain (loss) of $(1.0) million and net operating expenses of $0.1 million.
Previous wording
FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025
Current wording
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2025
Previous wording
For the six months ended June 30, 2026, the NYSE Arca market value of each Share increased from $17.47 per Share to $26.22 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 $17.12 per Share (-2.00%) on January 7, 2026 and a high of $34.20 per Share (+95.76%) on May 19, 2026. The total return for the Fund on a market value basis was +50.09%.
Current wording
For the nine months ended September 30, 2026, the NYSE Arca market value of each Share increased from $17.47 per Share to $36.61 per Share. The Share price low and high for the nine months ended September 30, 2026 and related change from the Share price on December 31, 2025 was as follows: Shares traded at a low of $17.12 per Share (-2.00%) on January 7, 2026 and a high of $38.74 per Share (+121.75%) on September 15, 2026. The total return for the Fund on a market value basis was +109.56%.
Previous wording
For the three months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $19.59 per Share to $18.62 per Share. The Share price low and high for the three months ended June 30, 2025 and related change from the Share price on March 31, 2025 was as follows: Shares traded at a low of $16.79 per Share (-14.29%) on April 8, 2025, and a high of $20.65 per Share (+5.41%) on June 20, 2025. The total return for the Fund on a market value basis was -4.95%.
Current wording
For the nine months ended September 30, 2025, the NYSE Arca market value of each Share increased from $18.56 per Share to $19.01 per Share. The Share price low and high for the nine months ended September 30, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $16.79 per Share (-9.54%) on April 8, 2025 and a high of $20.65 per Share (+11.26%) on June 20, 2025. The total return for the Fund on a market value basis was +2.42%.
Previous wording
For the six months ended June 30, 2026, the NAV of each Share increased from $17.47 per Share to $26.07 per Share. Rising commodity futures contract prices for RBOB Gasoline, Ultra-Low Sulphur Diesel, Brent Crude Oil, Gas Oil, Light Sweet Crude Oil were partially offset by falling commodity futures contract prices for Natural Gas during the six months ended June 30, 2026 contributing to an overall 47.30% increase in the level of the Index and to a 49.99% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +49.23%.
Current wording
For the nine months ended September 30, 2026, the NAV of each Share increased from $17.47 per Share to $36.65 per Share. Rising commodity futures contract prices for RBOB Gasoline, Ultra-Low Sulphur Diesel, Brent Crude Oil, Gas Oil, and Light Sweet Crude Oil were partially offset by falling commodity futures contract prices for Natural Gas during the nine months ended September 30, 2026, contributing to an overall 105.66% increase in the level of the Index and to a 111.47% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +109.79%.
Previous wording
Net income (loss) for the six months ended June 30, 2026 was $16.9 million, primarily resulting from $1.3 million of income, net realized gain (loss) of $25.4 million, net change in unrealized gain (loss) of $(9.6) million and net operating expenses of $0.3 million.
Current wording
Net income (loss) for the nine months ended September 30, 2025 was $0.9 million, primarily resulting from $1.6 million of income, net realized gain (loss) of $0.6 million, net change in unrealized gain (loss) of $(1.0) million and net operating expenses of $0.3 million.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
performance reflects the appreciation and depreciation of those holdings, the Fund’s performance, whether positive or negative, is
Previous report — wording carried elsewhere
driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
Previous report — wording carried elsewhere
For the six months ended June 30, 2025, the NYSE Arca market value of each Share increased from $18.56 per Share to $18.62
Previous report — wording carried elsewhere
December 31, 2024 was as follows: Shares traded at a low of $16.79 per Share (-9.54%) on April 8, 2025, and a high of $20.65 per
Previous report — wording carried elsewhere
Share (+11.26%) on June 20, 2025. The total return for the Fund on a market value basis was +0.32%.