INVESCO DB AGRICULTURE 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
DBA$26.11-0.2%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.
0001193125-26-338709
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.
0001193125-26-450292
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 101 current paragraphs.
75 unchanged; 12 reworded; 14 added; 16 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 (14)
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Current report
Commodity 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 $26.68 per Share to $28.14 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 $26.74 per Share (+0.22%) on July 2, 2026, and a high of $29.49 per Share (+10.53%) on September 1, 2026. The total return for the Fund on a market value basis was +5.47%.
Current report
Agricultural commodities generated positive performance during the third quarter of 2026, led by soybeans and corn. Corn benefited from lower US yield and ending-stock forecasts and resilient export and ethanol demand, while soybeans were supported by firm export demand and strong demand from the crushing and biofuel sectors despite expectations for a large US crop. More broadly, a strengthening El Niño raised the risk of disruptive weather across key global growing regions, while Middle East conflict-related constraints on natural gas and fertilizer production and shipments increased input-cost pressures and concerns over future crop yields. Livestock was the main source of weakness, with live cattle the largest detractor as prices pulled back from record highs amid seasonal demand softness and expectations for increased beef imports. Lean hogs also declined as weaker pork demand and lower wholesale prices weighed on the market. Overall, strength across grains and oilseeds more than offset losses in livestock.
Current report
For the three months ended September 30, 2025, the NYSE Arca market value of each Share increased from $26.16 per Share to $26.78 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 $25.63 per Share (-2.03%) on July 15, 2025, and a high of $27.92 per Share (+6.73%) on September 15, 2025. The total return for the Fund on a market value basis was +2.37%.
Current report
The Fund recovered in the third quarter of 2025 with a positive return overall. Coffee was the largest contributor to performance, with prices boosted by drought conditions in Brazil and heightened tariff fears after President Trump raised tariffs on Brazil. Livestock commodities also contributed positively to performance with US cattle herds and lean hog stockpiles continuing to contract, while demand was strong throughout the summer grilling season and tariffs began to raise the cost of imported beef. Cocoa was the biggest detractor from performance, as previously high prices and declining availability led to demand destruction, while weather improvements also helped ease supply concerns. Wheat, corn, sugar, cotton, and soybeans prices fell in the third quarter due to ample supply. For soybeans, export demand was also pressured by trade tensions with China.
Current report
For the three months ended September 30, 2026, the NAV of each Share increased from $26.69 per Share to $28.15 per Share. Rising commodity futures contract prices for Cocoa, Coffee, Corn, Cotton, Kansas City Wheat, Soybeans, Soybean Meal, Soybean Oil, Sugar and Wheat were partially offset by falling commodity futures contract prices for Feeder Cattle, Lean Hogs and Live Cattle during the three months ended September 30, 2026, contributing to an overall 4.87% increase in the level of the Index and to a 5.89% increase in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was +5.47%.
Current report
For the three months ended September 30, 2025, the NAV of each Share increased from $26.20 per Share to $26.80 per Share. Rising commodity futures contract prices for Coffee, Feeder Cattle, Lean Hogs and Live Cattle were partially offset by falling commodity futures contract prices for Cocoa, Corn, Cotton, Kansas City Wheat, Soybeans, Sugar and Wheat during the three months ended September 30, 2025, contributing to an overall 1.41% increase in the level of the Index and to a 2.48% increase in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was +2.29%.
Current report
Net income (loss) for the three months ended September 30, 2025 was $16.9 million, primarily resulting from $8.2 million of income, net realized gain (loss) of $(17.3) million, net change in unrealized gain (loss) of $27.6 million and net operating expenses of $1.6 million.
Current report
Agricultural commodities posted a positive return year-to-date through the third quarter of 2026, led by soybeans, soybean oil, and wheat. Soybeans and soybean oil benefited from firm export demand and strong demand from the crushing and biofuel sectors, while wheat was supported by lower US production expectations and continued uncertainty surrounding Black Sea trade flows as Russia-Ukraine tensions escalated. The broader backdrop also became more constructive for the agricultural sector as a strengthening El Niño increased the risk of weather-related production disruptions and the Middle East conflict constrained natural gas and fertilizer production and shipments, raising input costs. These gains more than offset weakness in lean hogs and cocoa. Lean hog prices were pressured by softer pork demand and lower wholesale prices, while cocoa declined as improving crop prospects and expectations for increased West African supplies eased earlier concerns over tight availability. Overall, strength across oilseeds and wheat produced a positive year-to-date result.
Current report
The Fund recovered in the third quarter after posting negative returns for the first half of 2025. Coffee and livestock were the main contributors to positive performance across this period. Despite falling in the second quarter, coffee was a strong performer overall due to recurring supply concerns and the 50% tariff on imports from Brazil. Livestock has consistently contributed to the Fund's performance, with prices getting a boost from tight US herds and robust demand. Cocoa prices dropped sharply in the third quarter due to deteriorating demand, making cocoa the largest detractor to performance year-to-date. Wheat and corn also detracted, as tariffs put pressure on exports while bumper harvests kept supply levels elevated.
Current report
Net income (loss) for the nine months ended September 30, 2026 was $79.2 million, primarily resulting from $30.0 million of income, net realized gain (loss) of $(4.2) million, net change in unrealized gain (loss) of $60.1 million and net operating expenses of $6.8 million.
Current report
Net income (loss) for the nine months ended September 30, 2025 was $0.4 million, primarily resulting from $25.5 million of income, net realized gain (loss) of $32.5 million, net change in unrealized gain (loss) of $(52.5) million and net operating expenses of $5.2 million.
Removed paragraphs (16)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous report
Commodity 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 $27.32 per Share to $26.68 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 $26.25 per Share (-3.92%) on June 12, 2026, and a high of $28.73 per Share (+5.16%) on May 13, 2026. The total return for the Fund on a market value basis was -2.34%.
Previous report
Agricultural commodities generated negative performance during the second quarter of 2026, as weakness across grains and several soft commodities more than offset strong gains in cocoa and coffee. Corn and lean hogs were the largest detractors, followed by wheat and sugar. Grain prices came under pressure as improving U.S. weather conditions, favorable crop development, and expectations for ample global supplies reduced concerns over production shortfalls, while higher global corn stock estimates reinforced the bearish outlook. Cocoa was the largest positive contributor to returns, with coffee also posting gains as renewed concerns over West African weather, disease pressures, and the potential impact of a developing El Niño supported soft commodity prices. Livestock performance was mixed. Live cattle posted modest gains as historically tight U.S. cattle supplies, the smallest beef cow herd in decades, and concerns surrounding the spread of New World screwworm supported prices, while lean hogs weakened. Agricultural markets also responded to broader geopolitical developments during the quarter. Escalating tensions between the U.S. and Iran increased volatility across commodity markets and raised concerns over agricultural input costs, while the Trump-Xi summit and China's renewed commitments to purchase U.S. agricultural products helped support sentiment.
Previous report
For the three months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $26.34 per Share to $26.16 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 $25.28 per Share (-4.02%) on April 8, 2025, and a high of $27.68 per Share (+5.09%) on May 21, 2025. The total return for the Fund on a market value basis was -0.68%.
Previous report
The Fund ended the second quarter of 2025 with a loss as agricultural markets faced several challenges. Coffee was the biggest drag on performance, dropping sharply because better weather and bigger harvests in Brazil and Central America led to an improved supply outlook. Sugar also struggled, as higher production forecasts in India and Brazil meant more supply to the market. Corn and wheat both fell, mainly due to strong plantings and good weather in the U.S. and Brazil. Trade and tariff uncertainty also weighed on prices more broadly. On the positive side, cocoa performed positively, supported by supply shortages and weather concerns in West Africa. Livestock markets were also a bright spot, with live cattle, feeder cattle, and lean hogs all benefiting from tight U.S. herds and strong demand, especially as the summer grilling season began. Soybeans were mostly flat, as good planting was balanced by trade issues and positive changes in biofuel policy.
Previous report
For the three months ended June 30, 2026, the NAV of each Share decreased from $27.26 per Share to $26.69 per Share. Falling commodity futures contract prices for Corn, Feeder Cattle, Kansas City Wheat, Lean Hogs, Soybeans, Soybean Meal, Sugar and Wheat were partially offset by rising commodity futures contract prices of Cocoa, Coffee, Cotton, Live Cattle and Soybean Oil during the three months ended June 30, 2026, contributing to an overall 2.65% decrease in the level of the Index and to a 1.75% decrease in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was -2.09%.
Previous report
For the three months ended June 30, 2025, the NAV of each Share decreased from $26.33 per Share to $26.20 per Share. Falling commodity futures contract prices for Coffee, Corn, Cotton, Kansas City Wheat, Sugar and Wheat were partially offset by rising commodity futures contract prices of Cocoa, Feeder Cattle, Lean Hogs, Live Cattle and Soybeans during the three months ended June 30, 2025, contributing to an overall 1.34% decrease in the level of the Index and to a 0.27% decrease in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was -0.50%.
Previous report
Net income (loss) for the three months ended June 30, 2025 was $(5.2) million, primarily resulting from $8.7 million of income, net realized gain (loss) of $(33.8) million, net change in unrealized gain (loss) of $21.7 million and net operating expenses of $1.8 million.
Previous report
Agricultural commodities generated positive returns for the first half of 2026, led by strong gains in soybean oil, soybeans, cattle, cotton, and wheat. Oilseeds benefited from continued biofuel demand, weather-related production risks, and expectations for increased U.S. agricultural exports after China committed to additional purchases of U.S. farm products and reaffirmed soybean import commitments following the Trump-Xi summit. Livestock was another key source of strength, with live cattle and feeder cattle prices supported by historically tight herd levels following years of herd liquidation, while concerns surrounding the spread of New
Previous report
World screwworm added to supply uncertainty. Geopolitical tensions, including the U.S.-Iran conflict and ongoing Russia-Ukraine war, further supported agricultural markets by increasing energy and input costs and creating uncertainty around global grain trade flows. These gains more than offset weakness in corn, cocoa, lean hogs, and coffee. Corn prices came under pressure during the second quarter as favorable U.S. growing conditions and expectations for ample global supplies weighed on prices, while cocoa and coffee recovered during the second quarter but remained negative contributors on a year-to-date basis following sharp declines earlier in the year.
Previous report
The Fund posted a negative return for the first half of 2025 as agricultural markets experienced large amounts of volatility, mainly from cocoa and coffee. Cocoa, which hurt performance in the first quarter due to surplus forecasts and weak demand, bounced back in the second quarter as supply shortages and weather issues in West Africa returned. Coffee, after a strong start in the first quarter from drought worries in Brazil and Vietnam, fell in the second quarter as weather improved and harvests grew. Sugar also went from an early strength to a later weakness as production forecasts in India and Brazil increased. Corn and wheat both finished the first half lower, as strong planting and good weather led to expectations of big harvests. Trade and tariff uncertainty continued to be a challenge for grains. Livestock markets were steadily positive, with live cattle, feeder cattle, and lean hogs all supported by tight U.S. herds and strong demand.
Previous report
Net income (loss) for the six months ended June 30, 2026 was $20.1 million, primarily resulting from $18.3 million of income, net realized gain (loss) of $7.8 million, net change in unrealized gain (loss) of $(1.7) million and net operating expenses of $4.1 million.
Previous report
Net income (loss) for the six months ended June 30, 2025 was $(16.4) million, primarily resulting from $17.3 million of income, net realized gain (loss) of $49.9 million, net change in unrealized gain (loss) of $(80.1) million and net operating expenses of $3.5 million.
Reworded paragraphs (12)
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 $(412.9) million and $(31.1) 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 and affiliated investments. The Fund invests in United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, or maintains excess deposits with brokers for margin and/or cash management purposes only. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
Current wording
Net cash flow provided by (used in) operating activities was $(527.1) million and $(17.5) 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 and affiliated investments and net deposits to/from the Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, or maintains excess deposits with brokers for margin and/or cash management purposes only. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
Previous wording
$563.0 million was received from sales of affiliated investments and $1,037.7 million was paid to purchase affiliated investments during the six months ended June 30, 2026. $365.9 million was received from sales of affiliated investments and $493.9 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 $49.0 million and $138.0 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 $250.0 million was received from sales and maturing United Sates Treasury Obligations. $840.9 million was received from sales of affiliated investments and $1,475.1 million was paid to purchase affiliated investments during the nine months ended September 30, 2026. $395.9 million was received from sales of affiliated investments and $515.0 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 $24.3 million and $149.5 million, respectively.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $412.9 million and $17.7 million during the six months ended June 30, 2026 and 2025, respectively. This included $923.3 million and $146.9 million from Shares purchased by Authorized Participants and $510.4 million and $129.3 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 $527.1 million and $4.0 million during the nine months ended September 30, 2026 and 2025, respectively. This included $1,240.2 million and $167.4 million from Shares purchased by Authorized Participants and $713.1 million and $163.4 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
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 Diversified Agriculture 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 DBIQ Diversified Agriculture 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 Diversified Agriculture TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method in trading certain Index Contracts 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 Diversified Agriculture 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 DBIQ Diversified Agriculture 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 Diversified Agriculture TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method in trading certain Index Contracts 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
Net income (loss) for the three months ended June 30, 2026 was $(35.5) million, primarily resulting from $11.3 million of income, net realized gain (loss) of $2.4 million, net change in unrealized gain (loss) of $(46.6) million and net operating expenses of $2.6 million.
Current wording
Net income (loss) for the three months ended September 30, 2026 was $59.0 million, primarily resulting from $11.8 million of income, net realized gain (loss) of $(12.0) million, net change in unrealized gain (loss) of $61.8 million and net operating expenses of $2.6 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 $25.54 per Share to $26.68 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 $25.50 per Share (-0.16%) on January 2, 2026, and a high of $28.73 per Share (+12.49%) on May 13, 2026. The total return for the Fund on a market value basis was +4.46%.
Current wording
For the nine months ended September 30, 2026, the NYSE Arca market value of each Share increased from $25.54 per Share to $28.14 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 $25.50 per Share (-0.16%) on January 20, 2026, and a high of $29.49 per Share (+15.47%) on September 1, 2026. The total return for the Fund on a market value basis was +10.18%.
Previous wording
For the six months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $26.59 per Share to $26.16 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 $25.28 per Share (-4.93%) on April 8, 2025, and a high of $28.35 per Share (+6.62%) on February 18, 2025. The total return for the Fund on a market value basis was -1.62%.
Current wording
For the nine months ended September 30, 2025, the NYSE Arca market value of each Share increased from $26.59 per Share to $26.78 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 $25.28 per Share (-4.93%) on April 8, 2025, and a high of $28.35 per Share (+6.62%) on February 18, 2025. The total return for the Fund on a market value basis was +0.71%.
Previous wording
For the six months ended June 30, 2026, the NAV of each Share increased from $25.54 per Share to $26.69 per Share. Rising commodity futures contract prices for Cotton, Feeder Cattle, Kansas City Wheat, Live Cattle, Soybeans, Soybean Oil and Wheat were partially offset by falling commodity futures contract prices of Cocoa, Coffee, Corn, Lean Hogs, Soybean Meal and Sugar during the six months ended June 30, 2026, contributing to an overall 3.20% increase in the level of the Index and to a 5.09% increase in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was +4.50%.
Current wording
For the nine months ended September 30, 2026, the NAV of each Share increased from $25.54 per Share to $28.15 per Share. Rising commodity futures contract prices for Corn, Cotton, Feeder Cattle, Kansas City Wheat, Live Cattle, Soybeans, Soybean Meal, Soybean Oil, Sugar and Wheat were partially offset by falling commodity futures contract prices for Cocoa, Coffee and Lean Hogs during the nine months ended September 30, 2026, contributing to an overall 8.22% increase in the level of the Index and to a 11.28% increase in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was +10.22%.
Previous wording
For the six months ended June 30, 2025, the NAV of each Share decreased from $26.60 per Share to $26.20 per Share. Falling commodity futures contract prices for Cocoa, Coffee, Corn, Cotton, Kansas City Wheat, Sugar and Wheat were partially offset by rising commodity futures contract prices of Feeder Cattle, Lean Hogs, Live Cattle and Soybeans during the six months ended June 30, 2025, contributing to an overall 3.07% decrease in the level of the Index and to a 0.98% decrease in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was -1.50%.
Current wording
For the nine months ended September 30, 2025, the NAV of each Share increased from $26.60 per Share to $26.80 per Share. Rising commodity futures contract prices for Coffee, Feeder Cattle, Lean Hogs, Live Cattle and Soybeans were partially offset by falling commodity futures contract prices for Cocoa, Corn, Cotton, Kansas City Wheat, Sugar and Wheat during the nine months ended September 30, 2025, contributing to an overall 1.71% decrease in the level of the Index and to a 1.47% increase in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was +0.75%.