DBE 10-K & 10-Q changes, risk factors and insider trading
Invesco DB Energy Fund · NYSE · Commodity Contracts Brokers & Dealers · CIK 1383062 · 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.
see in full comparisonHamas'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.
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 U.S. 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 conflicts,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'sFund’s Performance.
As a result of increasingly interconnected global economies and financial markets, political turmoil in the U.S. 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'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 RBOB Gasoline, Ultra-Low Sulphur Diesel (also commonly known as Heating Oil), Brent Crude Oil, LightGas Oil, Light, Sweet Crude OilOil, and Natural Gas. 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 fivesix Index Commodities, each of which areis allor may be subject to position limits imposed by the rules of the CFTC and/or the rules of futures exchanges on which the futures contracts for the applicable Index CommoditiesContracts 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, Ultra-Low Sulphur Diesel, 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.
With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the Fund is susceptible to operational and information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks includeinclude, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption.
Management's Discussion & Analysis (MD&A)
Largest changes
“Energy commodities posted sharp negative returns in 2023; while all Fund commodities were detractors, natural gas and NY Harbor Ultra Low Sulfur Diesel (ULSD) were the worst performing. 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 broad energy rally, gains were reversed in the fourth quarter, leaving natural gas prices down over 35% to end the year. …”see in full comparison
“Commodity futures quoted in U.S. Dollars and listed on major U.S. 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 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. …”see in full comparison
“The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on commodities in the energy 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
“The Fund delivered negative performance in 2025, largely driven by declines in crude oil. Crude oil prices weakened through the first half of the year and only partially recovered in the third quarter; however, the rebound remained limited as the market continued to balance concerns over a mounting supply glut against ongoing geopolitical tensions. NY Harbor Ultra-Low Sulfur Diesel was the Fund’s strongest contributor, supported by tightening inventories and resilient end‑user demand. …”see in full comparison
During the year ended December 31, 2025, there were no purchases of United States Treasury Obligations and $20.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2024, $54.6 million was paid to purchase United States Treasury Obligations and $80.6 million was received from sales and maturing United States Treasury Obligations.see in full comparisonDuring$38.8 million was received from sales of affiliated investments and $46.5 million was paid to purchase affiliated investments during the year ended December 31,2023, $137.6 million was paid to purchase United States Treasury Obligations and $200.0 million was received from sales and maturing United States Treasury Obligations.2025. $143.4 million was received from sales of affiliated investments and $139.5 million was paid to purchase affiliated investments during the year ended December 31, 2024.$273.9Duringmillionthe year ended December 31, 2025, net deposits to/from the Commodity Broker wasreceived$7.6 million. There were no net deposits to/fromsalestheofCommodityaffiliated investments and $257.9 million was paid to purchase affiliated investmentsBroker during the year ended December 31,2023.2024.
Full comparison: every changed paragraph (27)
Invesco DB Energy 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 Optimum Yield Energy 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 futures contracts on the energy 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 energy sector. The commodities comprising the Index are Light Sweet Crude Oil,Oil (WTI); Ultra-Low Sulphur Diesel (also commonly known as Heating Oil),; Brent Crude Oil,Oil; Gas Oil; RBOB Gasoline (reformulated gasoline blendstock for oxygen blending, or “RBOB”) and Natural Gas (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 commodities in the energy 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 U.S. Dollars and listed on major U.S. 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 energy 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.
When the Fund enters into futures contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any oneother member. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.
The Commodity Broker, when acting as the Fund’s FCM in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading. The Commodity Broker is not allowed to commingle such assets with other assets of the Commodity Broker. In addition, CFTC regulations also require the Commodity Broker to holdhold, in a secure accountaccount, assets of the Fund related to foreign futures trading. While these legal requirements are designed to protect the customers of FCMs, a failure by the Commodity Broker to comply with those requirements would be likely to have a material adverse effect on the Fund in the event that the Commodity Broker became insolvent or suffered other financial distress.
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 $30.4$3.5 million and $61.6$30.4 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 ObligationsObligations, affiliated investments and affiliatednet investments.deposits to/from Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds andfunds, 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 year ended December 31, 2025, there were no purchases of United States Treasury Obligations and $20.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2024, $54.6 million was paid to purchase United States Treasury Obligations and $80.6 million was received from sales and maturing United States Treasury Obligations. During$38.8 million was received from sales of affiliated investments and $46.5 million was paid to purchase affiliated investments during the year ended December 31, 2023, $137.6 million was paid to purchase United States Treasury Obligations and $200.0 million was received from sales and maturing United States Treasury Obligations.2025. $143.4 million was received from sales of affiliated investments and $139.5 million was paid to purchase affiliated investments during the year ended December 31, 2024. $273.9During millionthe year ended December 31, 2025, net deposits to/from the Commodity Broker was received$7.6 million. There were no net deposits to/from salesthe ofCommodity affiliated investments and $257.9 million was paid to purchase affiliated 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.
COMPARISON OF MARKET, NAV AND DBIQ OPTOPTIMUM YIELD ENERGY INDEX ER
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 energyeconomic sector. Past Index results are not necessarily indicativeperformance of future changes, positive or negative,investing in thefutures Indexcontracts closingon levels.a basket of commodities. The DBIQ Optimum Yield Energy Index Total Return™ (the “DBIQ-OY Energy TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the DBIQ-OY Energy TR™ are not necessarily indicative of future changes, positive or negative, in the index’s closing levels.
For the year ended December 31, 2025, the NYSE Arca market value of each Share decreased from $18.56 per Share to $17.47 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 $16.79 per Share (-9.54%) on April 8, 2025, and a high of $20.65 per Share (+11.26%) on June 20, 2025. On December 26, 2025, the Fund paid a distribution of $0.67476 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 -2.26%.
The Fund delivered negative performance in 2025, largely driven by declines in crude oil. Crude oil prices weakened through the first half of the year and only partially recovered in the third quarter; however, the rebound remained limited as the market continued to balance concerns over a mounting supply glut against ongoing geopolitical tensions. NY Harbor Ultra-Low Sulfur Diesel was the Fund’s strongest contributor, supported by tightening inventories and resilient end‑user demand. Gasoline, despite trending lower for much of the year, was the second‑largest contributor to performance, benefiting from reduced stock levels and pockets of robust travel demand. Natural gas finished the year roughly flat for the Fund, though prices experienced meaningful volatility driven by shifting weather expectations and sustained support from liquified natural gas export flows.
Energy commodities ended 2024 lower, with the largest detractors being NY Harbor Ultra-Low Sulfur Diesel (ULSD) and natural gas which were both pressured by weak demand and ample supply. However, cold winter weather significantly boosted USU.S. natural gas prices to end the year. Crude oil, the Fund’s only positive contributor, gained in the first quarter as escalating tensions in the Middle East and between Russia and Ukraine raised supply concerns. While prices were pressured in the third quarter due to low refining margins decreasing crude demand, the bearish Trump trade, expectations for a supply glut in 2025, and the OPEC spare capacity overhang, prices made a comeback to end the year. Additionally, increased tripwires between Iran and Israel, the Federal Reserve’s interest rate easing kickoff in September, and Chinese stimulus hopes raised bullish energy bets.
For the year ended December 31, 2023, the NYSE Arca market value of each Share decreased from $22.65 per Share to $19.19 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 $18.57 per Share (-18.01%) on May 3, 2023, and a high of $24.26 per Share (+7.11%) on September 14, 2023. On December 22, 2023, the Fund paid a distribution of $0.74176 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 -12.11%.
Energy commodities posted sharp negative returns in 2023; while all Fund commodities were detractors, natural gas and NY Harbor Ultra Low Sulfur Diesel (ULSD) were the worst performing. 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 broad energy rally, gains were reversed in the fourth quarter, leaving natural gas prices down over 35% to end the year. Diesel prices fell in the first quarter with Europe boosting imports of Russian supplies ahead of the February 5th ban and the weakness continued into the second quarter, and while prices recovered significantly in the third quarter, those gains were completely erased in the last quarter, leaving front month prices down nearly 18%. Crude oil prices had also plunged sharply in the first half of the year as macro recession concerns remained top of mind and China’s recovery continued to disappoint. However, crude oil prices recovered significantly in June and through the third quarter as Saudi Arabian and Russian supply curbs brought the global oil market back to a deficit and demand outperformed expectations. Macro sentiment also improved amid US economic resilience and ending Federal Reserve tightening, supporting broader risk appetite. However, like with natural gas and diesel, crude oil gains were erased in the fourth quarter.
For the year ended December 31, 2024,2025, the NAV of each Share decreased from $19.19$18.52 per Share to $18.52$17.47 per Share. Falling commodity futures contract prices for NaturalBrent GasCrude Oil and Ultra-LowLight SulphurSweet DieselCrude Oil were partially offset by rising commodity futures contract prices for BrentUltra-Low CrudeSulphur Diesel, Gas Oil, LightNatural Sweet Crude OilGas and RBOB Gasoline during the year ended December 31, 2024,2025, contributing to an overall 1.62%5.27% decrease in the level of the Index and to a 3.54%1.26% increasedecrease in the level of the DBIQ-OY Energy TR™. On December 27,26, 2024,2025, the Fund paid a distribution of $1.17198$0.67476 for each General Share and Share to holders of record as of December 23,22, 2024.2025. Therefore, the total return for the Fund on a NAV basis was +2.82%.-2.04%.
Net income (loss) for the year ended December 31, 2025 was $(1.1) million, primarily resulting from income of $2.1 million, net realized gain (loss) of $(0.4) million, net change in unrealized gain (loss) of $(2.5) million and net operating expenses of $0.4 million.
For the year ended December 31, 2024, the NAV of each Share decreased from $19.19 per Share to $18.52 per Share. Falling commodity futures contract prices for Natural Gas and Ultra-Low Sulphur Diesel were partially offset by rising commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil and RBOB Gasoline during the year ended December 31, 2024 contributed to an overall 1.62% decrease in the level of the Index and to a 3.54% decrease in the level of the DBIQ-OY Energy TR™. On December 27, 2024, the Fund paid a distribution of $1.17198 for each General Share and Share to holders of record as of December 23, 2024. Therefore, the total return for the Fund on a NAV basis was +2.82%.
For the year ended December 31, 2023, the NAV of each Share decreased from $22.65 per Share to $19.19 per Share. Falling commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, Natural Gas, RBOB Gasoline and Ultra-Low Sulphur Diesel during the year ended December 31, 2023 contributed to an overall 15.67% decrease in the level of the Index and to a 11.22% decrease in the level of the DBIQ-OY Energy TR™. On December 22, 2023, the Fund paid a distribution of $0.74176 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 -12.10%.
Net income (loss) for the year ended December 31, 2023 was $(17.9) million, primarily resulting from income of $4.8 million, net realized gain (loss) of $(20.4) million, net change in unrealized gain (loss) of $(1.6) million and net operating expenses of $0.7 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”
New heading “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”
New heading “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
“Energy commodities moved higher in the first quarter of 2025, led mostly by gains in Natural Gas. Front month Natural Gas futures ended the quarter 10% higher but price action was volatile, swinging in a range of more than 45% from peak to trough. Several cold spells through the winter season left heating demand stronger than expected, leading to notable inventory draws in the U.S. A bright outlook for liquified natural gas (LNG) exports also supported the commodity. …”see in full comparison
“Energy markets had mixed results in the first half of 2025, though the Fund’s commodity holdings ended the period in negative territory. However, interest income from the Fund’s collateral holdings offset that, leading to a gain for the Fund for the period. The year started well, led by gains in natural gas as cold winter weather boosted heating demand and liquefied natural gas export demand stayed strong. Gasoline also did well early on, helped by refinery maintenance and tighter inventory. …”see in full comparison
“Energy commodities struggled in the second quarter, with the Fund posting a loss as most components moved lower. Both Brent and WTI crude oil dropped, pressured by fresh Liberation Day tariffs, more OPEC+ production, and worries about global economic growth. The conflict between Iran and Israel, and later the U.S., pushed oil prices up in the first half of June, but the impact was short-lived given Iran’s more muted retaliatory response. Gasoline prices also fell, as supply stayed strong and demand eased after the spring peak season. …”see in full comparison
“NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR”see in full comparison
“NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR”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 (35)
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 $(14.323.3) million and $(6.65.6) 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, 2026,2026 there were no purchases and/or sales of United States Treasury Obligations. During threethe six months ended MarchJune 31,30, 2025,2025 there were no purchases of United States Treasury Obligations and $20.0 million was received from sales and maturing United States Treasury Obligations. $0.9$83.4 million was received from sales of affiliated investments and $44.8$120.7 million was paid to purchase affiliated investments during the threesix months ended MarchJune 31,30, 2026. $18.1$27.6 million was received from sales of affiliated investments and $36.9$43.8 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 $2.6$3.3 million and $10.3$9.4 million, respectively.
The Fund’s net cash flow provided by (used in) financing activities was $14.3$25.9 million and $5.9$5.0 million during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. This included $15.1$47.3 million and $9.7$18.0 million from Shares purchased by Authorized Participants and $0.9$21.3 million and $3.8$13.1 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
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD ENERGY 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 Energy 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 Energy TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Energy TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
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 $17.47$29.46 per Share to $29.46$26.22 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 $17.12$25.85 per Share (-2.00%-12.25%) on JanuaryJune 7,26, 2026, and a high of $30.60$34.20 per Share (+75.16%16.09%) on MarchMay 30,19, 2026. The total return for the Fund on a market value basis was +68.63%.-11.00%.
Energy markets performed negatively during the second quarter of 2026, with crude oil and refined products retracing a portion of the substantial gains recorded earlier in the year. Brent crude oil and WTI crude oil were the largest detractors as continued diplomatic engagement and signs of progress in U.S.-Iran negotiations reduced concerns over a prolonged disruption to crude flows through the Strait of Hormuz. While significant volumes of crude remained stranded in the Persian Gulf, inventory drawdowns, Strategic Petroleum Reserve releases, and lower Chinese crude imports helped offset the impact of the supply shock. Refined products also weakened despite distillate and gasoline inventories remaining historically tight due to refinery outages, maintenance activity, and years of underinvestment in refining capacity. Summer peak demand failed to provide its typical boost to gasoline and diesel prices but continued to draw down already depleted inventories, highlighting the disconnect between supportive fundamentals and declining prices. Natural gas also moved lower during the quarter, pressured by healthy storage levels and mild weather conditions.
Energy commodities moved sharply higher in the first quarter of 2026, leaving the Fund with over 60% in gains. Crude oil was the largest contributor to Fund performance, while natural gas was the only commodity to detract from performance. Crude oil prices experienced wide intra‑quarter volatility but ultimately rallied sharply as geopolitical tensions between Iran and the United States escalated and the Strait of Hormuz was closed, effectively halting oil and refined product flows through the critical chokepoint. The disruption materially heightened supply‑side concerns and drove a significant increase in geopolitical risk premiums across global energy markets. Refined products, including gasoline, gas oil, and diesel, also posted gains, supported by constrained flows, seasonal refinery maintenance, and tightening product balances. In contrast, natural gas prices declined overall amid volatile trading conditions, despite early‑quarter support from colder‑than‑normal weather, inventory draws, and a constructive longer‑term outlook for liquified natural gas exports.
For the three months ended MarchJune 31,30, 2025, the NYSE Arca market value of each Share increaseddecreased from $18.56$19.59 per Share to $19.59$18.62 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 $18.47$16.79 per Share (-0.48%-14.29%) on MarchApril 13,8, 2025, and a high of $20.32$20.65 per Share (+9.48%5.41%) on JanuaryJune 15,20, 2025. The total return for the Fund on a market value basis was +5.55%.-4.95%.
Energy commodities struggled in the second quarter, with the Fund posting a loss as most components moved lower. Both Brent and WTI crude oil dropped, pressured by fresh Liberation Day tariffs, more OPEC+ production, and worries about global economic growth. The conflict between Iran and Israel, and later the U.S., pushed oil prices up in the first half of June, but the impact was short-lived given Iran’s more muted retaliatory response. Gasoline prices also fell, as supply stayed strong and demand eased after the spring peak season. Natural gas was also weak, with prices decreasing as storage levels rose and mild weather limited demand, even with some volatility from global headlines. The only bright spot was NY harbor ultra-low sulphur diesel, which managed a small gain thanks to tighter supplies and steady demand from the transport sector.
Energy commodities moved higher in the first quarter of 2025, led mostly by gains in Natural Gas. Front month Natural Gas futures ended the quarter 10% higher but price action was volatile, swinging in a range of more than 45% from peak to trough. Several cold spells through the winter season left heating demand stronger than expected, leading to notable inventory draws in the U.S. A bright outlook for liquified natural gas (LNG) exports also supported the commodity. The other strong performer in the Fund was Gasoline as winter refinery maintenance went underway, helping to tighten inventories. While Crude Oil ended flat on the quarter, prices were volatile throughout the quarter. Crude Oil prices initially rallied in January on the prior U.S. administration’s farewell sanctions on Russian oil and gas but then retreated as ceasefire developments provided relief on the geopolitical front. The new U.S. administration's “drill, baby, drill” plans raised U.S. supply expectations, tariff headlines drove a risk-off move, and OPEC announced it would be gradually bringing back production. Oil prices recovered significantly in March as the U.S. imposed a 25% tariff on any country buying Venezuelan oil and/or gas and issued fresh sanctions on Chinese refineries processing Iranian Crude Oil.
For the three months ended MarchJune 31,30, 2026, the NAV of each Share increaseddecreased from $17.47$29.43 per Share to $29.43$26.07 per Share. RisingFalling commodity futures contract prices for Brent Crude Oil, Gas Oil, Light Sweet Crude Oil, RBOBNatural Gasoline,Gas, and Ultra-Low Sulphur Diesel were partially offset by rising commodity futures contract prices for NaturalRBOB GasGasoline during the three months ended MarchJune 31,30, 2026,2026 contributing to an overall 67.53%12.08% increasedecrease in the level of the Index and to aan 69.04%11.27% increasedecrease in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +68.46%.-11.42%.
Net income (loss) for the three months ended MarchJune 31,30, 2026 was $29.2$(12.3) million, primarily resulting from $0.4$0.9 million of income, net realized gain (loss) of $14.2$11.2 million, net change in unrealized gain (loss) of $14.7$(24.2) million and net operating expenses of $0.1$0.2 million.
For the three months ended MarchJune 31,30, 2025, the NAV of each Share increaseddecreased from $18.52$19.58 per Share to $19.58$18.64 per Share. RisingFalling commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline,Gasoline and Natural Gas were partially offset by rising commodity futures contract prices for Ultra-Low Sulphur Diesel and Natural Gas during the three months ended MarchJune 31,30, 2025,2025 contributing to an overall 4.91%5.66% increasedecrease in the level of the Index and to a 6.02%4.63% increasedecrease in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +5.72%.-4.80%.
Net income (loss) for the three months ended MarchJune 31,30, 2025 was $2.7$(2.7) million, primarily resulting from $0.6$0.5 million of income, net realized gain (loss) of $(0.50.4) million, net change in unrealized gain (loss) of $2.7$(2.7) million and net operating expenses of $0.1 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 $17.47 per Share to $26.22 per Share. The Share price low and high for the six months ended June 30, 2026 and related change from the Share price on December 31, 2025 was as follows: Shares traded at a low of $17.12 per Share (-2.00%) on January 7, 2026 and a high of $34.20 per Share (+95.76%) on May 19, 2026. The total return for the Fund on a market value basis was +50.09%.
Energy commodities generated strong positive returns through the first half of 2026, led by Brent and WTI crude oil. Energy prices surged during the first quarter as escalating tensions between the United States and Iran culminated in the closure of the Strait of Hormuz, disrupting crude oil and refined product flows through one of the world’s most critical energy chokepoints. The resulting supply shock drove a sharp repricing of geopolitical risk across global energy markets, supporting substantial gains in crude oil and refined products. During the second quarter, however, continued diplomatic engagement and signs of progress in U.S.-Iran negotiations prompted a partial retracement of those gains as markets reduced expectations for a prolonged disruption. While significant volumes of crude remained stranded in the Persian Gulf, inventory drawdowns, Strategic Petroleum Reserve releases, and lower Chinese crude imports helped offset the impact of trapped barrels. Refined products also retraced a portion of their earlier gains, although distillate and gasoline inventories remained historically tight due to refinery outages, maintenance activity, and years of underinvestment in refining capacity. Summer driving demand failed to provide its typical boost to gasoline prices but continued to draw down already depleted inventories. Natural gas was the lone detractor on a year-to-date basis, pressured by healthy storage levels despite a constructive longer-term outlook for liquefied natural gas exports.
For the six months ended June 30, 2025, the NYSE Arca market value of each Share increased from $18.56 per Share to $18.62 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 $16.79 per Share (-9.54%) on April 8, 2025, and a high of $20.65 per Share (+11.26%) on June 20, 2025. The total return for the Fund on a market value basis was +0.32%.
Energy markets had mixed results in the first half of 2025, though the Fund’s commodity holdings ended the period in negative territory. However, interest income from the Fund’s collateral holdings offset that, leading to a gain for the Fund for the period. The year started well, led by gains in natural gas as cold winter weather boosted heating demand and liquefied natural gas export demand stayed strong. Gasoline also did well early on, helped by refinery maintenance and tighter inventory. Crude oil was volatile in the first quarter, moving with changing headlines, OPEC+ plans, and new sanctions, but ended the quarter flat. In the second quarter, momentum faded as the energy complex came under pressure. Both Brent and U.S. crude oil fell, weighed down by new tariffs, more OPEC+ output, and global growth concerns. While rising tensions in the Middle East led to an oil price spike in the first half of June, the geopolitical risk premium was quickly erased as the situation eased. Gasoline and natural gas also lost ground as supply outpaced demand and storage levels rose. NY harbor ultra-low sulphur diesel was the only area of strength, with a small gain from tighter supplies and steady demand.
Fund Share Net Asset Performance
For the six months ended June 30, 2026, the NAV of each Share increased from $17.47 per Share to $26.07 per Share. Rising commodity futures contract prices for RBOB Gasoline, Ultra-Low Sulphur Diesel, Brent Crude Oil, Gas Oil, Light Sweet Crude Oil were partially offset by falling commodity futures contract prices for Natural Gas during the six months ended June 30, 2026 contributing to an overall 47.30% increase in the level of the Index and to a 49.99% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +49.23%.
Net income (loss) for the six months ended June 30, 2026 was $16.9 million, primarily resulting from $1.3 million of income, net realized gain (loss) of $25.4 million, net change in unrealized gain (loss) of $(9.6) million and net operating expenses of $0.3 million.
For the six months ended June 30, 2025, the NAV of each Share increased from $18.52 per Share to $18.64 per Share. Rising commodity futures contract prices for Natural Gas and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline during the six months ended June 30, 2025 contributing to an overall 1.03% decrease in the level of the Index and to a 1.11% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +0.65%.
Net income (loss) for the six months ended June 30, 2025 was $0.0 million, primarily resulting from $1.1 million of income, net realized gain (loss) of $(0.9) million, net change in unrealized gain (loss) of $0.0 million and net operating expenses of $0.2 million.
DBE 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 DBE (13F)
None of the 59 investors we track reported a position in their latest 13F.