DBC 10-K & 10-Q changes, risk factors and insider trading
Invesco DB Commodity Index Tracking Fund · NYSE · Commodity Contracts Brokers & Dealers · CIK 1328237 · 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 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 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 (16)
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.
Supply-related factors may affect crude oil prices. For example, increased supply from the development of new oil supply sources and technologies to enhance recovery from existing sources tends to reduce crude oil prices to the extent that such supply increases are not offset by commensurate growth in demand, and increases in industry refining or petrochemical manufacturing capacity may impact the supply of crude oil. World oil supply levels can also be affected by factors that reduce available supplies, such as adherence by member countries to the Organization of the Petroleum Exporting Countries (“OPEC”) production quotas and/or voluntary cuts to production, and the occurrence of wars, hostile actions, political turmoil, natural disasters, disruptions in competitors’ operations, or unexpected unavailability of distribution channels that may disrupt supplies. Technological change can also alter the relative costs for companies in the petroleum industry to find, produce, and refine oil and to manufacture petrochemicals, which in turn may affect the supply of and demand for oil.
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 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.
The Index Commodities are Light Sweet Crude Oil (WTI), Gas Oil, Ultra-Low Sulphur Diesel (also commonly known as Heating Oil), RBOB Gasoline, Natural Gas, Brent Crude, Gold, Silver, Platinum, Aluminum, Zinc, Comex Copper, Copper Grade A, Lead, Nickel, Feeder Cattle, Cocoa, Coffee, Corn, Cotton, Lean Hogs, Live Cattle, Wheat, Wheat (Kansas Wheat), Soybean Meal, Soybean Oil, Soybeans, and Sugar. 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 1428 Index Commodities, each of which 11is Indexor Commoditiesmay arebe subject to position limits imposed by the CFTC and/or the rules of 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.
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
“The Fund generated a positive return in 2025, as strength in metals outweighed losses in agriculture and energy. Within metals, precious metals were the standout performers. Gold advanced to all‑time highs, supported by a combination of macroeconomic and geopolitical forces, including ongoing de‑dollarization, sustained central bank purchases, and elevated demand for safe‑haven assets. Silver outpaced gold on a percentage basis, benefiting from both precious‑metal momentum and industrial‑metal tailwinds, though gold contributed more to Fund returns due to its larger weighting. …”see in full comparison
“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
“The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on a variety of commodities in the energy, precious metals, industrial metals and/or agriculture sectors. 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
“Despite the strong rebound in the third quarter, driven by crude oil, commodities still finished 2023 in negative territory. While energy was the top contributing sector in the third quarter, it drove the bulk of the underperformance in the first half of the year and the fourth quarter, with most of the losses coming from natural gas and NY Harbor ULSD. In the first quarter, US natural gas prices went into freefall, pressured by persistently warm temperatures in both the US and Europe. …”see in full comparison
If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income were to exceed the Fund’s fees and expenses, the aggregate return on an investment in the Fund would be expected to outperform the Index and underperform the DBIQ–OY Diversified TR™. The only difference between (i) the Index (the “Excess Return Index”) and (ii) the DBIQ–OY Diversified TR™ (the “Total Return Index”) is that the Excess Return Index does not include interest income from fixed income securities while the Total Return Index does include such a component. Thus, the difference between the Excess Return Index and the Total Return Index is attributable entirely to the interest income attributable to the fixed income securities reflected in the Total Return Index. The Total Return Index does not actually hold any fixed income securities. If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, exceeds the Fund’s fees and expenses, then the amount of such excess is expected to be distributed periodically.see in full comparisonThe market price of the Shares is expected to closely track the Excess Return Index. The aggregate return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. Consequently, the Fund’s aggregate return is expected to outperform the Excess Return Index by the amount of the excess, if any, of the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income over its fees and expenses. As a result of the Fund’s fees and expenses, however, the aggregate return on the Fund is expected to underperform the Total Return Index. If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.
“For the year ended December 31, 2025, the NAV of each Share increased from $21.35 per Share to $22.40 per Share. …”see in full comparison
Full comparison: every changed paragraph (26)
The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Diversified Commodity Index Excess ReturnTM (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 futures contracts on a basket of commodities. 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 commodity sector. The commodities comprising the Index are Light Sweet Crude Oil (WTI), Gas Oil, Ultra-Low Sulphur Diesel (also commonly known as Heating Oil), Aluminum,RBOB Gasoline, Natural Gas, Brent Crude, Gold, Corn,Silver, Wheat,Platinum, BrentAluminum, CrudeZinc, Oil,Comex Copper, Copper Grade A, NaturalLead, Gas,Nickel, RBOBFeeder GasolineCattle, Cocoa, Coffee, Corn, Cotton, Lean Hogs, Live Cattle, Wheat, Wheat (reformulatedKansas gasoline blendstock for oxygen blending, or “RBOB”Wheat), Silver,Soybean Meal, Soybean Oil, Soybeans, Sugar and ZincSugar (each, an “Index Commodity,” and collectively, the “Index Commodities”).
The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on a variety of commodities in the energy, precious metals, industrial metals and/or agriculture sectors. 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”).
In order to determine the weighting of the Index, the 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 of each of the energy, precious metals, industrial metals and agricultural sectors (“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 following weight caps:
• No single sector will have a weight greater than 40%;
• No single commodity in the Index will have a weight greater than 12.5%; and
• Each sector will have a floor such that a single commodity will have an allocation within the sector of 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 notional amounts of each Index Commodity included in the Index are broadly in proportion to historic levels of the world’s production and stocks of 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 $431.5$141.9 million and $809.1$431.5 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 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. 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 $400.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2024, $1,072.9 million was paid to purchase United States Treasury Obligations and $1,500.0 million was received from sales and maturing United States Treasury Obligations. During$637.2 million was received from sales of affiliated investments and $712.8 million was paid to purchase affiliated investments during the year ended December 31, 2023, $2,725.8 million was paid to purchase United States Treasury Obligations and $3,260.0 million was received from sales and maturing United States Treasury Obligations.2025. $2,239.4 million was received from sales of affiliated investments and $2,208.0 million was paid to purchase affiliated investments during the year ended December 31, 2024. $4,072.9During millionthe wasyear receivedended December 31, 2025, net deposits to/from salesthe ofCommodity affiliatedBroker investmentswere and$252.7 $3,555.3million. millionThere waswere paidno net deposits to/from purchasethe affiliatedCommodity investmentsBroker during the year ended December 31, 2023.2024.
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. InThe turn,Index is intended to reflect the notionaleconomic amountsperformance of each Index Commodity are broadlyinvesting in proportionfutures tocontracts historicon levelsa basket of the world’s production and stocks of such Index Commodities.commodities. The DBIQ Optimum Yield Diversified Commodity Index Total Return ™, (the “DBIQ-OY Diversified TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the Index and the DBIQ-OY Diversified TRTM are not necessarily indicative of future changes, positive or negative.
If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income were to exceed the Fund’s fees and expenses, the aggregate return on an investment in the Fund would be expected to outperform the Index and underperform the DBIQ–OY Diversified TR™. The only difference between (i) the Index (the “Excess Return Index”) and (ii) the DBIQ–OY Diversified TR™ (the “Total Return Index”) is that the Excess Return Index does not include interest income from fixed income securities while the Total Return Index does include such a component. Thus, the difference between the Excess Return Index and the Total Return Index is attributable entirely to the interest income attributable to the fixed income securities reflected in the Total Return Index. The Total Return Index does not actually hold any fixed income securities. If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, exceeds the Fund’s fees and expenses, then the amount of such excess is expected to be distributed periodically. The market price of the Shares is expected to closely track the Excess Return Index. The aggregate return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. Consequently, the Fund’s aggregate return is expected to outperform the Excess Return Index by the amount of the excess, if any, of the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income over its fees and expenses. As a result of the Fund’s fees and expenses, however, the aggregate return on the Fund is expected to underperform the Total Return Index. If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.
The market price of the Shares is expected to closely track the Excess Return Index. The aggregate return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. Consequently, the Fund’s aggregate return is expected to outperform the Excess Return Index by the amount of the excess, if any, of the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income over its fees and expenses. As a result of the Fund’s fees and expenses, however, the aggregate return on the Fund is expected to underperform the Total Return Index. If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.
For the year ended December 31, 2025, the NYSE Arca market value of each Share increased from $21.38 per Share to $22.39 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 $20.17 per Share (-5.66%) on April 8, 2025, and a high of $23.35 per Share (+9.21%) on December 5, 2025. On December 26, 2025, the Fund paid a distribution of $0.74424 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 +8.20%.
The Fund generated a positive return in 2025, as strength in metals outweighed losses in agriculture and energy. Within metals, precious metals were the standout performers. Gold advanced to all‑time highs, supported by a combination of macroeconomic and geopolitical forces, including ongoing de‑dollarization, sustained central bank purchases, and elevated demand for safe‑haven assets. Silver outpaced gold on a percentage basis, benefiting from both precious‑metal momentum and industrial‑metal tailwinds, though gold contributed more to Fund returns due to its larger weighting. Industrial metals also delivered strong results. Copper led the industrial metals group, buoyed by tariff‑driven front‑loading of demand, a weaker U.S. dollar, and mine supply disruptions during the third quarter, which tightened the supply outlook. More broadly, industrial metals were supported by expectations for increased spending across defense, power‑grid infrastructure, and Artificial Intelligence‑related technologies. Energy performance was mixed. NY Harbor Ultra-Low Sulphur Diesel posted gains amid tight inventories and resilient consumption. Natural gas was supported by colder‑than‑expected weather early in the year and steady liquified natural gas export demand. Crude oil, however, declined as mounting concerns over a potential supply glut outweighed geopolitical risks. Agriculture was the weakest sector for the Fund. Grains and sugar detracted throughout the year, pressured by improving supply prospects. Soybeans also faced headwinds for most of 2025 due to reduced Chinese import demand amid tariff disputes, though the U.S.–China trade truce reached in October improved sentiment and helped prices recover into year‑end.
For the year ended December 31, 2023, the NYSE Arca market value of each Share decreased from $24.67 per Share to $22.06 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 $22.06 per Share (-10.58%) on May 31, 2023, and a high of $25.61 per Share (+3.81%) on September 14, 2023. On December 22, 2023, the Fund paid a distribution of $1.08926 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 -6.22%.
Despite the strong rebound in the third quarter, driven by crude oil, commodities still finished 2023 in negative territory. While energy was the top contributing sector in the third quarter, it drove the bulk of the underperformance in the first half of the year and the fourth quarter, with most of the losses coming from natural gas and NY Harbor ULSD. In the first quarter, US natural gas prices went into freefall, pressured by persistently warm temperatures in both the US and Europe. While prices did recover in the second and third quarter on hotter-than-expected weather forecasts and a broader energy rally, losses in the fourth quarter left front month natural gas down over 35% for the year. Diesel prices were pressured by abundant supplies. Grains were also significant detractors, falling on ample global supplies even in the aftermath of Russia pulling out of the Black Sea Grain Initiative. The outlier in the agricultural space was sugar, the top contributor for the Fund, which saw prices rally on growing fears of a global supply shortfall. Gold was also a bright spot as heightened geopolitical tensions boosted its safe haven appeal and rate cut expectations grew as the year closed out.
For the year ended December 31, 2025, the NAV of each Share increased from $21.35 per Share to $22.40 per Share. Rising commodity futures contracts prices for Aluminum, Coffee, Copper Grade A, Comex Copper, Feeder Cattle, Gas Oil, Gold, Ultra-Low Sulphur Diesel , Lean Hogs, Live Cattle, Natural Gas, Nickel, Platinum, RBOB Gasoline and Silver were partially offset by falling commodity futures contracts prices for Brent Crude, Cocoa, Corn, Cotton, Light Sweet Crude Oil (WTI), Wheat (Kansas Wheat) and Soybean Meal during the year ended December 31, 2025, contributing to an overall 5.04% increase in the level of the Index and to a 9.48% increase in the level of the DBIQ-OY Diversified TR™. On December 26, 2025, the Fund paid a distribution of $0.74424 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 +8.41%.
Net income (loss) for the year ended December 31, 2025 was $92.5 million, primarily resulting from $51.8 million of income, net realized gain (loss) of $14.2 million, net change in unrealized gain (loss) of $36.9 million and net operating expenses of $10.4 million.
For the year ended December 31, 2023, the NAV of each Share decreased from $24.65 per Share to $22.05 per Share. Falling commodity futures contracts prices for Aluminum, Brent Crude Oil, Corn, Light Crude Oil, Natural Gas, RBOB Gasoline, Silver, Soybean, Ultra-Low Sulphur Diesel, Wheat and Zinc were partially offset by rising commodity futures contracts prices for Copper Grade A, Gold and Sugar during the year ended December 31, 2023, contributing to an overall 10.07% decrease in the level of the Index and to a 5.33% decrease in the level of the DBIQ-OY Diversified TR™. On December 22, 2023, the Fund paid a distribution of $1.08926 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 -6.18%.
Net income (loss) for the year ended December 31, 2023 was $(151.7) million, primarily resulting from $108.1 million of income, net realized gain (loss) of $(248.5) million, net change in unrealized gain (loss) of $6.6 million and net operating expenses of $17.9 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
“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. …”see in full comparison
“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. …”see in full comparison
“Commodities delivered strong gains in the first quarter of 2026, resulting in robust positive performance for the Fund. Strength was driven largely by energy commodities, as crude oil and refined products rallied on escalating geopolitical tensions tied to the ongoing conflict between Iran and the United States. Repeated threats of a potential disruption or closure of the Strait of Hormuz, a critical chokepoint for global oil and refined product flows, significantly increased geopolitical risk premiums and pushed energy prices higher. …”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
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:
As of the date of this Report, each of Bank of America Securities, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, Virtu Americas LLC and Virtu Financial Capital MarketsAmericas LLC has executed a Participant Agreement and are the only Authorized Participants.
Net cash flow provided by (used in) operating activities was $(101.0137.7) million and $2.9$76.5 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, 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.
During the threesix months ended MarchJune 31,30, 20262026, $81.4there 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 $669.2$1,352.7 million was paid to purchase affiliated investments.investments $282.0during the six months ended June 30, 2026. $479.1 million was received from sales of affiliated investments and $205.1$604.9 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 $103.8$102.0 million and $143.3$205.1 million, respectively.
The Fund’s net cash flow provided by (used in) financing activities was $101.0$137.7 million and $(12.285.8) million during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. This included $197.6$499.4 million and $58.7$153.1 million from Shares purchased by Authorized Participants and $96.6$361.7 million and $70.8$238.9 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 three months ended March 31, 2026 and 2025, respectively.
FOR THE THREE AND SIX MONTHS ENDED MARCHJUNE 31,30, 2026 AND 2025
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX ER 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-OY Diversified 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 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.
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 MarchJune 31,30, 2026, the NYSE Arca market value of each Share increaseddecreased from $22.39$28.96 per Share to $28.96$26.67 per Share. The Share price low and high for the three months ended MarchJune 31,30, 2026 and related change from the Share price on DecemberMarch 31, 20252026 was as follows: Shares traded at a low of $22.41$26.45 per Share (+0.09%-8.67%) on JanuaryJune 2,24, 2026, and a high of $29.27$31.67 per Share (+30.73%9.36%) on MarchMay 18,12, 2026. The total return for the Fund on a market value basis was +29.34%.-7.91%.
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.
Commodities delivered strong gains in the first quarter of 2026, resulting in robust positive performance for the Fund. Strength was driven largely by energy commodities, as crude oil and refined products rallied on escalating geopolitical tensions tied to the ongoing conflict between Iran and the United States. Repeated threats of a potential disruption or closure of the Strait of Hormuz, a critical chokepoint for global oil and refined product flows, significantly increased geopolitical risk premiums and pushed energy prices higher. Precious metals also contributed positively as investors sought safe‑haven assets amid rising uncertainty, while select agricultural and industrial commodities benefited from broader inflationary pressures and investor inflows into commodities. These factors combined to support broad‑based gains during the quarter.
For the three months ended MarchJune 31,30, 2025, the NYSE Arca market value of each Share increaseddecreased from $21.38$22.52 per Share to $22.52$21.81 per Share. The Share price low and high for the three months ended MarchJune 31,30, 2025 and related change from the Share price on DecemberMarch 31, 20242025 was as follows: Shares traded at a low of $21.48$20.17 per Share (+0.47%-10.44%) on JanuaryApril 3,8, 2025, and a high of $22.98$23.26 per Share (+7.48%3.29%) on FebruaryJune 20, 2025. The total return for the Fund on a market value basis was +5.33%.-3.15%.
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.
Broad-based commodities ended the first quarter of 2025 higher, largely driven by gains in energy and metals with the top two contributors being Natural Gas and Gold. Front month Natural Gas futures ended the quarter 10% higher as frigid winter weather drove up heating demand, leading to notable inventory draws in the U.S. A bright outlook for U.S. Liquified Natural Gas (LNG) exports also supported the commodity. Gold continued its breakneck rally through the first quarter of 2025 as drastic policy changes under the new U.S. administration fueled macroeconomic uncertainty and rerouted investors toward haven assets. U.S. dollar weakness was also a tailwind. Other positive contributors were Copper and Silver; Copper rallied on Chinese restocking, stimulus optimism and frontloading to the U.S. in anticipation of tariffs, while Silver saw equivalent front month gains to Gold, supported by tailwinds from both precious and industrial metals. On the other hand, Grains were the laggards of the group, with prices moving lower as weather turned more favorable and fears grew that both U.S. and retaliatory tariffs could hurt U.S. exports.
For the three months ended MarchJune 31,30, 2026, the NAV of each Share increaseddecreased from $22.40$28.91 per Share to $28.91$26.60 per Share. RisingFalling commodity futures contracts prices for Aluminum, Brent Crude, Cocoa, Coffee, Comex Copper, Copper Grade A, Corn, Cotton, Lead, Light Sweet Crude Oil (WTI), Feeder Cattle, Gas Oil, Gold, Ultra-Low Sulphur Diesel, Natural Gas, Platinum, Wheat (Kansas Wheat), Lean Hogs, LiveNatural Cattle,Gas, Nickel, RBOB Gasoline,Platinum, Silver, Soybean Meal, Soybean Oil, Soybeans, Sugar,Lead, WheatSugar and ZincWheat were partially offset by fallingrising commodity futures contracts prices for Cocoa, Coffee, ComexCopper Grade A, COMEX Copper, NaturalCotton, Gas,Live Platinum,Cattle, LeadRBOB Gasoline, Soybean Oil and SugarZinc during the three months ended MarchJune 31,30, 2026, contributing to an overall 28.32%8.64% increasedecrease in the level of the Index and to a 29.48%7.79% increasedecrease in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +29.06%.-7.99%.
Net income (loss) for the three months ended MarchJune 31,30, 2026 was $367.8$(147.9) million, primarily resulting from $11.7$16.6 million of income, net realized gain (loss) of $183.7$136.0 million, net change in unrealized gain (loss) of $175.2$(296.8) million and net operating expenses of $2.8$3.7 million.
For the three months ended MarchJune 31,30, 2025, the NAV of each Share increaseddecreased from $21.35$22.50 per Share to $22.50$21.80 per Share. RisingFalling commodity futures contracts prices for Brent Crude Oil, Copper Grade A, Gold,Corn, Light Sweet Crude Oil, Natural Gas, RBOB Gasoline, Silver,Sugar, Soybeans, SugarWheat and Ultra-Low Sulphur DieselZinc were partially offset by fallingrising commodity futures contracts prices for Aluminum, Corn,Copper WheatGrade A, Gold, Silver, Soybeans and ZincUltra-Low Sulphur Diesel during the three months ended MarchJune 31,30, 2025, contributing to an overall 4.56%3.90% increasedecrease in the level of the Index and to a 5.67%2.86% increasedecrease in the level of the DBIQ–OY Diversified TR™. The total return for the Fund on a NAV basis was +5.39%.-3.11%.
Net income (loss) for the three months ended MarchJune 31,30, 2025 was $69.2$(51.2) million, primarily resulting from $14.0$12.4 million of income, net realized gain (loss) of $(4.639.3) million, net change in unrealized gain (loss) of $62.4$(21.7) million and net operating expenses of $2.7$2.5 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 $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%.
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.
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%.
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.
Fund Share Net Asset Performance
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%.
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.
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%.
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.
DBC 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 DBC (13F)
None of the 59 investors we track reported a position in their latest 13F.