Invesco DB Commodity Index Tracking 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
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 2026-06-30; filed 2026-08-07.
0001193125-26-338697
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.
0001193125-26-450288
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 103 previous paragraphs and 102 current paragraphs.
77 unchanged; 12 reworded; 13 added; 14 removed; 0 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 (13)
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 $26.67 per Share to $32.33 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 $26.46 per Share (-0.79%) on July 1, 2026, and a high of $33.68 per Share (+26.28%) on September 15, 2026. The total return for the Fund on a market value basis was +21.22%.
Current report
Commodities delivered strong positive performance during the third quarter, led overwhelmingly by energy. Crude oil was the top performer as renewed conflicts in the Middle East, restrictions on flows through the Strait of Hormuz and threats to key export infrastructure restored a significant geopolitical supply premium. Refined products also posted sizable gains as refinery outages, constrained exports and tight inventories supported gas oil and ultra-low sulfur diesel, while abundant US production and healthy storage levels weighed on US natural gas. Agriculture was the second-largest contributing sector, with strength in grains and products more than offsetting weakness in livestock. Grains benefited from lower US yield and production expectations, resilient export demand and concerns that El Niño could disrupt global growing conditions, while livestock declined as seasonal demand softened, expectations for increased beef imports and weaker pork demand pressured cattle and hog prices. Metals also contributed positively, led by copper amid tight concentrate availability, weaker-than-expected mine production and tariff-related shifts in inventories, while nickel was the main detractor.
Current 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%.
Current 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.
Current report
Net income (loss) for the three months ended September 30, 2026 was $336.8 million, primarily resulting from $16.2 million of income, net realized gain (loss) of $43.5 million, net change in unrealized gain (loss) of $280.7 million and net operating expenses of $3.6 million.
Current report
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 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.
Current report
Commodities posted strong gains year to date through the third quarter, driven mainly by energy. Crude oil and refined products benefited as the conflict in the Middle East tightened Gulf supply and raised shipping and input costs. US Natural gas was the sector’s main detractor, as abundant US production, healthy inventories and mild weather outweighed support from rising LNG export demand. Agriculture made the next-largest contribution, led by soybeans, soybean oil and wheat on firm export and biofuel demand, lower US production expectations and uncertainty surrounding Black Sea trade flows, while weakness in lean hogs and cocoa tempered the gains. Metals also advanced, with copper, zinc and aluminum performance was supported by tight concentrate markets, regional supply constraints and a constructive long-term demand outlook, more than offsetting declines in nickel and lead.
Current 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.
Current report
Net income (loss) for the nine months ended September 30, 2026 was $556.6 million, primarily resulting from $44.5 million of income, net realized gain (loss) of $363.2 million, net change in unrealized gain (loss) of $159.1 million and net operating expenses of $10.2 million.
Current 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.
Removed paragraphs (14)
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 $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
Previous 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%.
Previous 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.
Previous 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%.
Previous 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.
Previous 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.
Previous 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
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Reworded paragraphs (12)
Previous 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.
Current wording
Net cash flow provided by (used in) operating activities was $(153.8) million and $41.8 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 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.
Current wording
During the nine months ended September 30, 2026, there were no purchases or sales of U.S. Treasury Obligations. During the nine months ended September 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. $1,355.2 million was received from sales of affiliated investments and $2,149.6 million was paid to purchase affiliated investments during the nine months ended September 30, 2026. $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. During the nine months ended September 30, 2026, and 2025 net deposits to/from the Commodity Broker were $94.5 million and $230.6 million, respectively.
Previous 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.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $153.8 million and $(51.1) million during the nine months ended September 30, 2026 and 2025, respectively. This included $761.1 million and $225.5 million from Shares purchased by Authorized Participants and $607.3 million and $276.6 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2026 and 2025, respectively.
Previous 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
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY 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 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.
Current wording
The section “Summary of the DBIQ-OY Diversified 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 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 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 wording
For the three months ended September 30, 2026, the NAV of each Share increased from $26.60 per Share to $32.35 per Share. Rising commodity futures contracts prices for Aluminum, Brent Crude, Cocoa, Coffee, Copper Grade A, COMEX Copper, Corn, Cotton, Light Sweet Crude Oil (WTI), Gas Oil, Gold, Ultra-Low Sulphur Diesel, Wheat (Kansas Wheat), Platinum, RBOB Gasoline, Soybean Meal, Soybean Oil, Soybeans, Sugar, Wheat and Zinc were partially offset by falling commodity futures contracts prices for Feeder Cattle, Lean Hogs, Live Cattle, Natural Gas, Nickel, Silver and Lead during the three months ended September 30, 2026, contributing to an overall 20.78% increase in the level of the Index and to a 21.95% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +21.62%.
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 $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%.
Current wording
For the nine months ended September 30, 2026, the NYSE Arca market value of each Share increased from $22.39 per Share to $32.33 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 $22.41 per Share (+0.09%) on January 2, 2026, and a high of $33.68 per Share (+50.42%) on September 15, 2026. The total return for the Fund on a market value basis was +44.4%.
Previous 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%.
Current 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%.
Previous 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%.
Current wording
For the nine months ended September 30, 2026, the NAV of each Share increased from $22.40 per Share to $32.35 per Share. Rising commodity futures contracts prices for Aluminum, Brent Crude, Copper Grade A, COMEX Copper, Corn, Cotton, Light Sweet Crude Oil (WTI), Feeder Cattle, Gas Oil, Ultra-Low Sulphur Diesel, Wheat (Kansas Wheat), Live Cattle, RBOB Gasoline, Soybean Meal, Soybean Oil, Soybeans, Sugar, Wheat and Zinc were partially offset by falling commodity futures contracts prices for Cocoa, Coffee, Gold, Lean Hogs, Natural Gas, Nickel, Platinum, Silver and Lead during the nine months ended September 30, 2026, contributing to an overall 41.59% increase in the level of the Index and to a 45.60% increase in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +44.42%.
Previous 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%.
Current wording
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%.