DBA 10-K & 10-Q changes, risk factors and insider trading
Invesco Db Agriculture Fund · NYSE · Commodity Contracts Brokers & Dealers · CIK 1383082 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Removed heading “Pandemics and Other Public Health Emergencies, Including the Emergence of New COVID-19 Variants, Could Disrupt the Global Economy and Adversely Impact the Fund’s Performance.”
Largest changes
“Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect commodity futures markets. A decrease in U.S. …”see in full comparison
“The commodity futures markets may be subject to temporary distortions due to various factors, including, among others, lack of liquidity, congestion, disorderly closing periods, manipulation and disruptive conduct, limitations on deliverable supplies, excessive speculation, changes in trade regulation or economic sanctions (actual or threatened), government regulation and intervention, technical and operational or system failures, nuclear accidents, terrorism, riots and acts of God.”see in full comparison
“Pandemics and Other Public Health Emergencies, Including the Emergence of New COVID-19 Variants, Could Disrupt the Global Economy and Adversely Impact the Fund’s Performance.”see in full comparison
“Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Managing Owner and its service providers to operate. The COVID-19 pandemic or similar public health crises could adversely impact the Fund by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures). …”see in full comparison
Global or regional political, economic or financial events andsee in full comparisonsituations.situations, including changes in trade regulation or economic sanctions and government regulation and intervention.
Hamas' attack against Israel in October 2023 and the ensuing conflict, have had, and may continue to have, an impact on certain commodities markets and commodity futures markets. While this impact has been particularly pronounced in energy markets (such as natural gas and oil), the conflict has also disrupted certain global shipping and trade routes, which may have wide ranging impacts across commodity markets.see in full comparisonFor example, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for international trade. As a result of these disruptions, companies have re-routed vessels around the Cape of Good Hope rather than transiting through the Suez Canal and/or the Red Sea. While a ceasefire agreement has been reached, there is no guarantee that the parties will continue to comply with the terms of the agreement and the agreement does not mean the conflict will be resolved.The possibility of a prolonged conflict between Hamas and Israel, and the potential escalation and/or expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, including, for example, the escalation of armed conflict between Israel and Iran, could further destabilize the Middle East region and introduce new uncertainties in global commodities markets, including, but not limited to, energy markets.
Full comparison: every changed paragraph (17)
An investment in Shares involves a high degree of risk. Investors should consider carefully all of the risks described below, together with the other information contained in this Report and the Fund’s prospectus dated August 26, 20242025, as amended November 10, 2025 (the “Prospectus”), before making a decision to invest in Shares. If any of the following risks occur, the business, financial condition and results of operations of the Fund may be adversely affected.
As a result of increasingly interconnected global economies and financial markets, political turmoil in the US or in other countries, or armed conflict between countries or in a geographic region, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, may impact the Fund's investments. Such turmoil or conflicts, and other corresponding events, have had, and could continue to have, severe effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain commodities markets.
The commodity futures markets may be subject to temporary distortions due to various factors, including, among others, lack of liquidity, congestion, disorderly closing periods, manipulation and disruptive conduct, limitations on deliverable supplies, excessive speculation, changes in trade regulation or economic sanctions (actual or threatened), government regulation and intervention, technical and operational or system failures, nuclear accidents, terrorism, riots and acts of God.
Global or regional political, economic or financial events and situations.situations, including changes in trade regulation or economic sanctions and government regulation and intervention.
Further, in periods of heightened volatility, the bid and ask “spread” for purchasing shares of the Fund typically widen.widens. Accordingly, an investor’s return on investment may be negatively impacted when transacted in Shares.
International Armed Conflicts or Political Turmoil May Result in Market Volatility that Could Adversely Affect the Fund's Performance.
As a result of increasingly interconnected global economies and financial markets, political turmoil in the US or in other countries, or armed conflict between countries or in a geographic region, for example the current conflictsconflict between Russia and Ukraine in EuropeEurope, andthe ongoing conflict between Hamas and IsraelIsrael, and the escalation of related conflicts in the Middle East, may impact the Fund's investments. Such turmoil or conflicts, and other corresponding events, have had, and could continue to have, severe effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain commodities markets.
Hamas' attack against Israel in October 2023 and the ensuing conflict, have had, and may continue to have, an impact on certain commodities markets and commodity futures markets. While this impact has been particularly pronounced in energy markets (such as natural gas and oil), the conflict has also disrupted certain global shipping and trade routes, which may have wide ranging impacts across commodity markets. For example, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for international trade. As a result of these disruptions, companies have re-routed vessels around the Cape of Good Hope rather than transiting through the Suez Canal and/or the Red Sea. While a ceasefire agreement has been reached, there is no guarantee that the parties will continue to comply with the terms of the agreement and the agreement does not mean the conflict will be resolved. The possibility of a prolonged conflict between Hamas and Israel, and the potential escalation and/or expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, including, for example, the escalation of armed conflict between Israel and Iran, could further destabilize the Middle East region and introduce new uncertainties in global commodities markets, including, but not limited to, energy markets.
Pandemics and Other Public Health Emergencies, Including the Emergence of New COVID-19 Variants, Could Disrupt the Global Economy and Adversely Impact the Fund’s Performance.
Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Managing Owner and its service providers to operate. The COVID-19 pandemic or similar public health crises could adversely impact the Fund by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures). The COVID-19 pandemic, for example, had substantive effects on social, economic and financial systems, including significant uncertainty and volatility in the financial market.
Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect commodity futures markets. A decrease in U.S. imports or exports, changes in trade regulations, including the threat or actual imposition of tariffs, trade wars or other economic sanctions on traditional allies or adversaries and their responses thereto, inflation, and/or an economic recession in the U.S. may have a material adverse affect on the U.S. economy, global financial markets as a whole and the commodities markets to which the Fund has exposure. Proposed and adopted policy and legislative actions in the U.S. may impact many aspects of financial and other regulations and may have a significant effect, including potentially adversely, on U.S. markets generally. The continued maintenance of elevated debt levels by the U.S. government as projected by governmental agencies and non-governmental organizations, or the imposition of U.S. austerity measures, could potentially constrain future economic growth and the ability to effectively respond to economic downturns. If these trends were to continue, they could adversely impact the U.S. economy, global financial markets as a whole and the commodity futures markets in particular.
In seeking to track the performance of the Index, therefore, the Fund will be exposed to the effects of backwardation and contango when it rolls its positions in Index Contracts. A portion of theThe Index uses the Optimum YieldTM rolling methodology, which seeks to maximize the roll benefits in backwardated markets and to minimize the losses from rolling in contangoed markets. There can be no assurance that these outcomes will be obtained. In addition, the non-Optimum YieldTM portion of the Index is rolled to the next to expire futures contract without regard to whether the market for a given Index Contract is backwardated or in contango. This portion of the Index will be fully exposed to the potential adverse effects of contango, and will likely fail to capitalize fully on the potential benefits of backwardation, when Index Contracts contained therein are rolled. The impact of backwardation and contango may also cause the Fund’s performance to vary from the returns of other price references, including the spot prices of one or more Index Commodities.
The Index Commodities are Corn, Soybeans, Soybean Meal, Soybean Oil, Wheat, Kansas City Wheat, Sugar, Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle, and Lean Hogs. Other commodity indexes may contain a larger number of commodities than the Index. Accordingly, increased volatility in a single Index Commodity is expected tomay have a greater impact on the Index’s overall volatility than would likely be the case with increased volatility in a single commodity within a broader index. Because the Fund tracks the performance of the Index, your investment in the Fund will be exposed to the relatively greater impact on the Index of volatility in a single Index Commodity.
The Index is composed of eleventhirteen Index Commodities, each of which is or may be subject to position limits imposed by either the CFTC and/or the rules of the futures exchanges on which Index Contracts are traded. The CFTC amended its position limits rules in October 2020. Pursuant to the amended rules, federal position limits apply to 25 physical delivery commodity futures contracts and options thereon, as well as to swaps that are economically equivalent to such contracts and to futures and options thereon that are directly or indirectly linked to the price of such contracts or to the same commodity underlying such contracts (e.g., cash-settled look-a-like futures). Under the amended framework, position limits (i) for 25 core referenced futures contracts (including corn, oats, wheat, soybean, soybean meal, soybean oil, cotton, live cattle, rough rice, cocoa, coffee, frozen orange juice concentrate, sugar, gold, silver, copper, platinum, palladium, natural gas, crude oil, heating oil, and RBOB gasoline) are determined by the CFTC and (ii) for all other commodities are determined by the futures exchanges.
Position Aggregation. In general, a trader is required by CFTC or exchange rules, as applicable, to aggregate all positions in accounts as to which the trader has 10% or greater ownership or control. CFTC and exchange rules, as applicable,rules provide exemptions from this requirement. For example, a trader is not required to aggregate positions in multiple accounts that it owns or controls if that trader is able to satisfy the requirements of an exemption from aggregation of those accounts.
The CFTC amended its position aggregation rules in December 2016. The CFTC staff subsequently issued time-limited no-action relief from compliance with certain requirements under the amended aggregation rules, including the general requirement to aggregate positions in the same commodity futures contracts traded pursuant to substantially identical trading strategies. This no-action relief expireshas been extended via CFTC Letter 25-21, and will expire on Augustthe 12,later 2025.of the effective date or compliance date of a CFTC approved rulemaking that addresses position aggregation and notice filing obligations.
The CFTC requires FCMs, like the Commodity Broker, to implement and evaluate from time to time risk-based limits on futures positionpositions and order sizes. Under this regime, the Commodity Broker could determine to reduce its internal risk limits on the size of futures positions it will trade or clear for the Fund. Such a development would reduce the Fund’s capacity to transact in futures contracts. In this scenario, the Fund could seek to enter into clearing relationships with one or more other clearing brokers with the goal of increasing its overall capacity to trade and clear futures contracts. The introduction of one or more additional clearing broker relationships would be likely to increase the Fund’s trading costs and could make its overall trading less efficient or more prone to error. These consequences would be likely to detract from the Fund’s performance.
Management's Discussion & Analysis (MD&A)
Largest changes
“Commodity futures quoted in US Dollars and listed on major US and European exchanges are eligible for inclusion in the Index. Eligible commodities are selected based on their Three-Year Total Dollar Volume Average (i.e., commodities are initially screened for inclusion based on their relative three-year “Total Dollar Volume” traded, which is calculated by multiplying the total volume of futures traded during the last one-year period by the average close price of the front month contract on each month end during that one-year period). …”see in full comparison
“Despite a solid rebound in the third quarter, the Fund ended 2025 with negative performance, driven primarily by pronounced losses in the fourth quarter. Cocoa was the largest detractor for the year, as prices fell sharply in the third quarter amid weakening demand and continued to decline through year‑end. Sugar also weighed heavily on performance, pressured by supply increases. Grains detracted as well, with tariffs dampening export activity while abundant harvests kept global supplies elevated. These losses were offset by gains in coffee and cattle, the Fund’s strongest contributors. …”see in full comparison
“The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on commodities in the agriculture sector. The Index Sponsor selects and weights commodities in the Index on an annual basis based on (i) the value and liquidity of the market for associated commodity futures contracts and (ii) their production volume (in order to factor in the relative importance of the commodity in the global economy).”see in full comparison
“Agricultural commodities remained in positive territory in 2023, supported by gains in soft commodities (cocoa, sugar, and coffee), though losses in grains and lean hogs detracted from performance. The cocoa rally was driven by supply shortfalls in the Ivory Coast, the largest global exporter, while sugar prices rallied on Indian export uncertainty. Coffee prices were also bolstered by supply concerns to end the year, with front month prices up nearly 30% in the last three months. …”see in full comparison
“For the year ended December 31, 2025, the NAV of each Share decreased from $26.60 per Share to $25.54 per Share. Rising commodity futures contract prices of Coffee, Feeder Cattle, Lean Hogs, Live Cattle, Soybeans and Soybean Oil were partially offset by falling commodity futures contract prices of Cocoa, Corn, Cotton, Kansas City Wheat, Soybean Meal, Sugar and Wheat during the year ended December 31, 2025, contributing to an overall 3.72% decrease in the level of the Index and to a 0.35% increase in the level of the DBIQ Diversified Agriculture TR™. …”see in full comparison
“For the year ended December 31, 2023, the NAV of each Share increased from $20.16 per Share to $20.74 per Share. Rising commodity futures contract prices of Cocoa, Coffee, Cotton, Feeder Cattle, Live Cattle and Sugar were partially offset by falling commodity futures contract prices of Corn, Kansas City Wheat, Lean Hogs, Soybean and Wheat during the year ended December 31, 2023, contributing to an overall 3.20% increase in the level of the Index and to a 8.64% increase in the level of the DBIQ Diversified Agriculture TR™. …”see in full comparison
Full comparison: every changed paragraph (23)
Invesco DB Agriculture Fund (the “Fund”), a separate series of Invesco DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in seven separate series, was formed on August 3, 2006. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust,Fund, as amended (the “Trust Agreement”). The Fund has an unlimited number of shares authorized for issuance.
Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Trust and the Fund since February 23, 2015. The Managing Owner is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).
The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Diversified Agriculture Index Excess Return™ (the “Index”) over time, plus the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill ETF Income”) over the expenses of the Fund. The Index is intended to reflect the economic performance of investing in commodities in the agriculture sector. The Fund invests in futures contracts in an attempt to track its Index. TheEffective IndexNovember is10, intended to reflect2025, the change in market value of the agricultural sector. The commodities comprising the Index are Corn, Soybeans, Soybean Meal, Soybean Oil, Wheat, Kansas City Wheat, Sugar, Cocoa, Coffee, Cotton, Live Cattle, Feeder CattleCattle, and Lean Hogs (eacheach, an “Index CommodityCommodity,”, and collectively, the “Index Commodities”).
The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on commodities in the agriculture sector. The Index Sponsor selects and weights commodities in the Index on an annual basis based on (i) the value and liquidity of the market for associated commodity futures contracts and (ii) their production volume (in order to factor in the relative importance of the commodity in the global economy).
Commodity futures quoted in US Dollars and listed on major US and European exchanges are eligible for inclusion in the Index. Eligible commodities are selected based on their Three-Year Total Dollar Volume Average (i.e., commodities are initially screened for inclusion based on their relative three-year “Total Dollar Volume” traded, which is calculated by multiplying the total volume of futures traded during the last one-year period by the average close price of the front month contract on each month end during that one-year period). Each commodity’s three-year Total Dollar Volume traded is calculated in proportion to the three-year Total Dollar Volume traded of all commodities within its sector to determine its initial sector liquidity rate. A commodity with a proportionate weight of less than 2% (or 1.5% for a commodity included at the last rebalance) within its sector is excluded from the Index. Each remaining commodity’s three-year Total Dollar Volume traded is calculated in proportion to the three-year Total Dollar Volume traded of all eligible commodities (“Filtered Commodity Weight”).
Commodity weights in the Index are determined by the Parent Index. The Parent Index determines production weights for each eligible commodity based on the total dollar amount of the commodity produced within the year in proportion to the sum of the production dollar amounts within the agricultural sector (“Production Weights”). The weight of each commodity in the Index is generally based on the average of the Filtered Commodity Weight and the Production Weight, subject to the requirement that each commodity must have an allocation within the Index of no less than 5%.
The Index is rebalanced annually on the sixth business day in November. However, during periods of heightened volatility or when commodity prices experience significant movements, the commodities weights within the Index may be reset or reduced based on the weight implemented at the previous annual rebalance.
The Fund pursues its investment objective by investing in a portfolio of exchange-traded commodity futures contracts that expire in a specific month and trade on a specific exchange (the “Index Contracts”) in the Index Commodities. The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co. LLC, the Fund’s commodity broker (the “Commodity Broker”) as margin, to the extent permissible under CFTC rules and United States Treasury Obligations, cash, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with The Bank of New York Mellon (the “Custodian”), for cash management purposes. The aggregate notional value of the commodity futures contracts owned by the Fund is expected to approximate the aggregate net asset value (“NAV”) of the Fund, as opposed to the aggregate Index value.
The Fund’s entire source of capital is derived from the Fund’s offering of Shares to Authorized Participants. The Fund in turn allocates its net assets to commodity futures trading. A significant portion of the NAV ismay be held in United States Treasury Obligations,Obligations or cash, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes. The amount of cash and/or United States Treasury Obligations on deposit with the Commodity Broker may exceed the amount of margin required to be on deposit, depending on market conditions and comparative yields available from United States Treasury Obligations, money market funds, T-Bill ETFs and cash held on deposit with Commodity Broker. The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s commodity interests change. A portion of the Fund’s United States Treasury Obligations is held for deposit with the Commodity Broker to meet margin requirements. All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian. Interest earned on the Fund’s interest-bearing funds and dividends from the Fund’s holdings of money market mutual funds are paid to the Fund. Any dividends or distributions of capital gains received from the Fund’s holdings of T-Bill ETFs, if any, are paid to the Fund.
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, Virtu Americas LLC and Virtu Financial Capital MarketsAmericas LLC has executed a Participant Agreement and are the only Authorized Participants.
Net cash flow provided by (used in) operating activities was $137.5$38.7 million and $448.5$137.5 million for the years ended December 31, 20242025 and 2023,2024, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations and affiliated investments. The Fund invests in futures contracts in an attempt to track its Index. 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.
During the year ended December 31, 2025, there were no purchases of United States Treasury Obligations and $250.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2024, $536.7 million was paid to purchase United States Treasury Obligations and $650.0 million was received from sales and maturing United States Treasury Obligations. During$456.3 million was received from sales of affiliated investments and $524.0 million was paid to purchase affiliated investments during the year ended December 31, 2023, $1,077.2 million was paid to purchase United States Treasury Obligations and $1,325.0 million was received from sales and maturing United States Treasury Obligations.2025. $934.7 million was received from sales of affiliated investments and $1,088.8 million was paid to purchase affiliated investments during the year ended December 31, 2024. $1,611.5 million was received from sales of affiliated investments and $1,461.5 million was paid to purchase affiliated investments during the year ended December 31, 2023.
No representation is being made that the Index will or is likely to achieve closing levels consistent with or similar to those set forth herein. Similarly, no representation is being made that the Fund will generate profits or losses similar to the Fund’s past performance or changes in the Index closing levels. Effective November 10, 2025, the Index methodology underwent a change. Performance information included herein prior to November 10, 2025 may have differed had the new methodology been in place.
The Index is intended to reflect the changechanges in market valuevalue, positive or negative, of the Index Commodities. In turn, theThe Index is intended to reflect the economic performance of investing in commodities in the agriculture sector. The DBIQ Diversified Agriculture Index Total Return™ (the “DBIQ Diversified Agriculture TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the Index and the DBIQ Diversified Agriculture TR™ are not necessarily indicative of future changes, positive or negative.
For the year ended December 31, 2025, the NYSE Arca market value of each Share decreased from $26.59 per Share to $25.54 per Share. The Share price low and high for the year ended December 31, 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. On December 26, 2025, the Fund paid a distribution of $0.91237 for each General Share and Share to holders of record as of December 22, 2025. Therefore, the total return for the Fund on a market value basis was -0.51%.
Despite a solid rebound in the third quarter, the Fund ended 2025 with negative performance, driven primarily by pronounced losses in the fourth quarter. Cocoa was the largest detractor for the year, as prices fell sharply in the third quarter amid weakening demand and continued to decline through year‑end. Sugar also weighed heavily on performance, pressured by supply increases. Grains detracted as well, with tariffs dampening export activity while abundant harvests kept global supplies elevated. These losses were offset by gains in coffee and cattle, the Fund’s strongest contributors. Coffee delivered robust gains for the year despite pullbacks in the second quarter and fourth quarter, supported by persistent supply concerns and the temporary 50% tariff on imports from Brazil. Cattle continued its steady, positive contribution, with prices buoyed by historically tight U.S. herd levels and resilient consumer demand.
Agricultural commodities wrapped up 2024 with strong positive performance, though cocoa accounted for the bulk of the gains. Front month cocoa prices skyrocketed over 180% between the start of the year and peaked in mid-April, repeatedly surpassing all-time highs as crop-damaging disease and adverse weather in West Africa fueled worries for a global cocoa supply shortfall. While prices did ease in the second and third quarters on increased profit-taking, cocoa again gained in the fourth quarter, locking in a yearly return of 180%. The other top contributor was coffee, which rallied 70% for the year due to supply concerns. Conversely, despite a short-livedshort lived rally in April and May that sent wheat skyrocketing due to renewed weather concerns, grains all retreated due to ample global supplies and lacking US competitiveness.
For the year ended December 31, 2023, the NYSE Arca market value of each Share increased from $20.15 per Share to $20.73 per Share. The Share price low and high for the year ended December 31, 2023 and related change from the Share price on December 31, 2022 was as follows: Shares traded at a low of $19.36 per Share (-3.92%) on January 19, 2023, and a high of $22.47 per Share (+11.51%) on November 6, 2023. On December 22, 2023, the Fund paid a distribution of $0.96045 for each General Share and Share to holders of record as of December 19, 2023. Therefore, the total return for the Fund on a market value basis was +7.58%.
Agricultural commodities remained in positive territory in 2023, supported by gains in soft commodities (cocoa, sugar, and coffee), though losses in grains and lean hogs detracted from performance. The cocoa rally was driven by supply shortfalls in the Ivory Coast, the largest global exporter, while sugar prices rallied on Indian export uncertainty. Coffee prices were also bolstered by supply concerns to end the year, with front month prices up nearly 30% in the last three months. In grains, robust wheat harvests from Russia and Australia, projections for bumper Brazilian corn and soybeans harvests, as well as the continued extension of the Black Sea Grain Initiative (BSGI), continued to ease supply concerns through the first half of the year. While Russia did pull out of the BSGI in July, the impact was erased given strong Russian wheat exports and the availability of alternative shipping routes. US grains were also largely uncompetitive on global markets, adding further pressure.
For the year ended December 31, 2025, the NAV of each Share decreased from $26.60 per Share to $25.54 per Share. Rising commodity futures contract prices of Coffee, Feeder Cattle, Lean Hogs, Live Cattle, Soybeans and Soybean Oil were partially offset by falling commodity futures contract prices of Cocoa, Corn, Cotton, Kansas City Wheat, Soybean Meal, Sugar and Wheat during the year ended December 31, 2025, contributing to an overall 3.72% decrease in the level of the Index and to a 0.35% increase in the level of the DBIQ Diversified Agriculture TR™. On December 26, 2025, the Fund paid a distribution of $0.91237 for each General Share and Share to holders of record as of December 22, 2025. Therefore, the total return for the Fund on a NAV basis was -0.54%.
Net income (loss) for the year ended December 31, 2025 was $(9.8) million, resulting from $33.1 million of income, net realized gain (loss) of $24.1 million, net change in unrealized gain (loss) of $(60.3) million and net operating expenses of $6.7 million.
For the year ended December 31, 2023, the NAV of each Share increased from $20.16 per Share to $20.74 per Share. Rising commodity futures contract prices of Cocoa, Coffee, Cotton, Feeder Cattle, Live Cattle and Sugar were partially offset by falling commodity futures contract prices of Corn, Kansas City Wheat, Lean Hogs, Soybean and Wheat during the year ended December 31, 2023, contributing to an overall 3.20% increase in the level of the Index and to a 8.64% increase in the level of the DBIQ Diversified Agriculture TR™. On December 22, 2023, the Fund paid a distribution of $0.96045 for each General Share and Share to holders of record as of December 19, 2023. Therefore, the total return for the Fund on a NAV basis was +7.59%.
Net income (loss) for the year ended December 31, 2023 was $60.6 million, resulting from $43.4 million of income, net realized gain (loss) of $32.7 million, net change in unrealized gain (loss) of $(7.9) million and net operating expenses of $7.7 million.
What changed in the latest 10-Q
Risk Factors
There are no material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 2, 2026.
Full comparison: every changed paragraph (1)
There are no material changes from the risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 2, 2026.
Management's Discussion & Analysis (MD&A)
New heading “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.”
New heading “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.”
New heading “FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025”
New heading “Fund Share Price Performance”
New heading “Fund Share Net Asset Performance”
Largest changes
“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. …”see in full comparison
“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.”see in full comparison
“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.”see in full comparison
“FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025”see in full comparison
“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. …”see in full comparison
“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. …”see in full comparison
Full comparison: every changed paragraph (34)
The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of MarchJune 31,30, 2026:
Net cash flow provided by (used in) operating activities was $(435.9412.9) million and $(56.331.1) million for the threesix months ended MarchJune 31,30, 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.
$41.9$563.0 million was received from sales of affiliated investments and $578.9$1,037.7 million was paid to purchase affiliated investments during the threesix months ended MarchJune 31,30, 2026. $299.8$365.9 million was received from sales of affiliated investments and $199.6$493.9 million was paid to purchase affiliated investments during the threesix months ended MarchJune 31,30, 2025. During the threesix months ended MarchJune 31,30, 2026 and 2025, net deposits to/from the Commodity Broker were $52.8$49.0 million and $148.4$138.0 million, respectively.
The Fund’s net cash flow provided by (used in) financing activities was $435.9$412.9 million and $42.8$17.7 million during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. This included $480.7$923.3 million and $97.0$146.9 million from Shares purchased by Authorized Participants and $44.8$510.4 million and $54.2$129.3 million from Shares redeemed by Authorized Participants during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. No distributions were paid to Shareholders during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively.
FOR THE THREE AND SIX MONTHS ENDED MARCHJUNE 31,30, 2026 AND 2025
FOR THE THREE AND SIX MONTHS ENDED MARCHJUNE 31,30, 2026 AND 2025
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.
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.
This Report covers the three and six months ended MarchJune 31,30, 2026 and 2025. Past performance of the Fund is not necessarily indicative of future performance.
The section “Summary of the DBIQ Diversified Agriculture TR™ and Underlying Index Commodity Returns for the Three and Six Months Ended MarchJune 31,30, 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.
Commodity Returns for the Three and Six Months Ended MarchJune 31,30, 2026 and 2025
FOR THE THREE MONTHS ENDED MARCHJUNE 31,30, 2026 COMPARED TO THE THREE MONTHS ENDED MARCHJUNE 31,30, 2025
For the three months ended March 31, 2026, the NYSE Arca market value of each Share increased from $25.54 per Share to $27.32 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 $25.50 per Share (-0.16%) on January 20, 2026, and a high of $27.32 per Share (+6.97%) on March 31, 2026. The total return for the Fund on a market value basis was +6.97%.
Agricultural commodities delivered strong performance in the first quarter of 2026, led by meaningful gains in grains, particularly soybeans, soybean oil, and wheat, as supply constraints, steady export demand, and early‑season weather uncertainty supported prices. Livestock also contributed positively, with cattle prices remaining elevated amid historically tight herd levels following years of herd liquidation and resilient end‑market demand. Grain‑led strength, however, was partially offset by weakness in soft commodities, most notably cocoa and coffee. Heightened geopolitical tensions due to the ongoing conflict with Iran, and the associated risk to global energy flows through the Strait of Hormuz, provided a broader tailwind to commodity markets by lifting inflation expectations and reinforcing investor demand for real assets. Specific to agricultural markets, higher energy prices increased input costs for fertilizers and fuel, raised transportation expenses, and pressured production economics for agricultural producers.
For the three months ended MarchJune 31,30, 2025,2026, the NYSE Arca market value of each Share decreased from $26.59$27.32 per Share to $26.34$26.68 per Share. The Share price low and high for the three months ended MarchJune 31,30, 20252026 and related change from the Share price on DecemberMarch 31, 20242026 was as follows: Shares traded at a low of $26.07$26.25 per Share (-1.96%-3.92%) on MarchJune 3,12, 2025,2026, and a high of $28.35$28.73 per Share (+6.62%5.16%) on FebruaryMay 18,13, 2025.2026. The total return for the Fund on a market value basis was -0.94%.-2.34%.
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.
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%.
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.
Agricultural commodities performed negatively in the first quarter of 2025 with the largest detractor being Cocoa. Cocoa was the largest contributor to the sector's positive performance last year, but Cocoa was pressured by a weakening fundamental outlook due to demand concerns sparked by global trade concerns and the International Cocoa Organization’s forecast for the first global surplus in four years for 2024/2025. These considerations caused front month Cocoa prices to plunge by more than 30%. On the other hand, positive performance was led by Coffee, Live Cattle, and Sugar. Coffee rallied nearly 20% year-to-date, spurred by renewed supply concerns as the two largest global Coffee growers, Brazil and Vietnam, faced a severe drought to start the year and persistent adverse weather, respectively. Cattle and Sugar also rallied on supply-side concerns, with the former receiving an additional boost from strengthening demand, and a weaker U.S. dollar was a tailwind for commodities overall.
For the three months ended MarchJune 31,30, 2026, the NAV of each Share increaseddecreased from $25.54$27.26 per Share to $27.26$26.69 per Share. RisingFalling commodity futures contract prices for Corn, Cotton, Feeder Cattle, Kansas City Wheat, Lean Hogs, Live Cattle, Soybeans, Soybean Meal, Soybean OilSugar and Wheat were partially offset by fallingrising commodity futures contract prices of Cocoa, CoffeeCoffee, Cotton, Live Cattle and SugarSoybean Oil during the three months ended MarchJune 31,30, 2026, contributing to an overall 6.01%2.65% increasedecrease in the level of the Index and to a 6.97%1.75% increasedecrease in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was +6.73%.-2.09%.
Net income (loss) for the three months ended MarchJune 31,30, 2026 was $55.7$(35.5) million, primarily resulting from $7.0$11.3 million of income, net realized gain (loss) of $5.3$2.4 million, net change in unrealized gain (loss) of $44.9$(46.6) million and net operating expenses of $1.5$2.6 million.
For the three months ended MarchJune 31,30, 2025, the NAV of each Share decreased from $26.60$26.33 per Share to $26.33$26.20 per Share. Falling commodity futures contract prices for Cocoa,Coffee, Corn, Cotton, LeanKansas HogsCity Wheat, Sugar and Wheat were partially offset by rising commodity futures contract prices of Coffee,Cocoa, Feeder Cattle, KansasLean City Wheat,Hogs, Live Cattle, SoybeansCattle and SugarSoybeans during the three months ended MarchJune 31,30, 2025, contributing to an overall 1.76%1.34% decrease in the level of the Index and to a 0.72%0.27% decrease in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was -1.01%.-0.50%.
Net income (loss) for the three months ended MarchJune 31,30, 2025 was $(11.35.2) million, primarily resulting from $8.6$8.7 million of income, net realized gain (loss) of $83.7$(33.8) million, net change in unrealized gain (loss) of $(101.8)$21.7 million and net operating expenses of $1.8 million.
FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025
Fund Share Price Performance
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%.
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 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.
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%.
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.
Fund Share Net Asset Performance
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%.
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.
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%.
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.
DBA insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
No Form 4 stock transactions in this period.
Well-known investors holding DBA (13F)
None of the 59 investors we track reported a position in their latest 13F.