2 unchanged sentences
The market sensitive instruments held by it are subject to the risk of trading loss.
−Removed: Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Fund’s main line of business.
−Removed: Market movements can produce frequent changes in the fair market value of the Fund’s open positions and, consequently, in its earnings and cash flow.
−Removed: The Fund’s market risk is primarily influenced by changes in the prices of commodities.
−Removed: QUANTIFYING THE FUND’S TRADING VALUE AT RISK
+Added: Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Fund’s main line of business.
+Added: Market movements can produce frequent changes in the fair market value of the Fund’s open positions and, consequently, in its earnings and cash flow.
+Added: The Fund’s market risk is primarily influenced by changes in the prices of commodities.
+Added: QUANTIFYING THE FUND’S TRADING VALUE AT RISK
Quantitative Forward-Looking Statements
−Removed: The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements”
−Removed: within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Exchange Act).
+Added: The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Exchange Act).
All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).
−Removed: Value at Risk (“VaR”) is a statistical measure of the value of losses that would not be expected to be exceeded over a given time horizon and at a given probability level arising from movement of underlying risk factors.
+Added: Value at Risk (“VaR”) is a statistical measure of the value of losses that would not be expected to be exceeded over a given time horizon and at a given probability level arising from movement of underlying risk factors.
Loss is measured as a decline in the fair value of the portfolio as a result of changes in any of the material variables by which fair values are determined.
VaR is measured over a specified holding period (one day) and to a specified level of statistical confidence (99th percentile).
−Removed: However, the inherent uncertainty in the markets in which the Fund trades and the recurrence in the markets traded by the Fund of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated VaR or the Fund’s experience to date (i.e., “risk of ruin”).
−Removed: In light of these considerations, as well as the risks and uncertainties intrinsic to all future projections, the following VaR presentation does not constitute any assurance or representation that the Fund’s losses in any market sector will be limited to VaR.
−Removed: THE FUND’S TRADING VALUE AT RISK
−Removed: The Fund calculates VaR using the actual historical market movements of the Fund’s net assets.
−Removed: The following table indicates the trading VaR associated with the Fund’s net assets as of September 30, 2023.
−Removed: For the Nine Months Ended
−Removed: September 30, 2023
+Added: However, the inherent uncertainty in the markets in which the Fund trades and the recurrence in the markets traded by the Fund of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated VaR or the Fund’s experience to date (i.e., “risk of ruin”).
+Added: In light of these considerations, as well as the risks and uncertainties intrinsic to all future projections, the
+Added: following VaR presentation does not constitute any assurance or representation that the Fund’s losses in any market sector will be limited to VaR.
+Added: THE FUND’S TRADING VALUE AT RISK
+Added: The Fund calculates VaR using the actual historical market movements of the Fund’s net assets.
+Added: The following table indicates the trading VaR associated with the Fund’s net assets as of March 31, 2024.
+Added: For the Three Months Ended
+Added: March 31, 2024
Daily Volatility
2 unchanged sentences
Invesco DB Agriculture Fund
−Removed: The following table indicates the trading VaR associated with the Fund’s net assets as of December 31, 2022.
+Added: The following table indicates the trading VaR associated with the Fund’s net assets as of December 31, 2023.
For the Year Ended
4 unchanged sentences
Invesco DB Agriculture Fund
−Removed: 1,072,706,930
* The VaR represents the one day downside risk, under normal market conditions, with a 99% confidence level.
−Removed: It is calculated using historical market moves of the Fund’s net assets and uses a one year look-back.
−Removed: THE FUND’S NON-TRADING MARKET RISK
+Added: It is calculated using historical market moves of the Fund’s net assets and uses a one year look-back.
+Added: THE FUND’S NON-TRADING MARKET RISK
The Fund has non-trading market risk as a result of investing in short-term United States Treasury Obligations, T-Bill ETFs and money market mutual funds.
2 unchanged sentences
QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING MARKET RISK EXPOSURES
−Removed: The following qualitative disclosures regarding the Fund’s market risk exposures—except for those disclosures that are statements of historical fact—constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act.
−Removed: The Fund’s primary market risk exposures are subject to numerous uncertainties, contingencies and risks.
+Added: The following qualitative disclosures regarding the Fund’s market risk exposures—except for those disclosures that are statements of historical fact—constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act.
+Added: The Fund’s primary market risk exposures are subject to numerous uncertainties, contingencies and risks.
Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures of the Fund.
−Removed: The Fund’s current market exposure may change materially.
+Added: The Fund’s current market exposure may change materially.
Investors may lose all or substantially all of their investment in the Fund.
−Removed: The following were the primary trading risk exposures of the Fund as of September 30, 2023 by market sector:
+Added: The following were the primary trading risk exposures of the Fund as of March 31, 2024 by market sector:
The price of corn is volatile.
33 unchanged sentences
QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE
−Removed: Under ordinary circumstances, the Managing Owner’s exercise of discretionary power is limited to determining whether the Fund will make a distribution.
−Removed: Under emergency or extraordinary circumstances, the Managing Owner’s use of its discretionary powers may increase.
+Added: Under ordinary circumstances, the Managing Owner’s exercise of discretionary power is limited to determining whether the Fund will make a distribution.
+Added: Under emergency or extraordinary circumstances, the Managing Owner’s use of its discretionary powers may increase.
These special circumstances, for example, include the unavailability of the Index or certain natural or man-made disasters.
The Managing Owner does not actively manage the Fund to avoid losses.
−Removed: The Fund only takes long positions in investments and does not employ “stop-loss”
+Added: The Fund only takes long positions in investments and does not employ “stop-loss” techniques.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.