What changed in this filing

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Item 2. Management’s Discussion and Analysis

2024-11-07 compared with 2024-08-07 · 71 added, 67 removed, 212 unchanged (39% of the section changed)

64 unchanged sentences

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO CAPITAL MANAGEMENT LLC FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN.

NEITHER DEUTSCHE BANK NOR

ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN.

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN.

WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

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The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.

The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of June 30, 2024:

The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of September 30, 2024:

Index Commodity

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Kansas City Wheat

Closing Level as of June 30, 2024:

Closing Level as of September 30, 2024:

Please see http://www.invesco.com/ETFs with respect to the most recently available weighted composition of the Fund and the composition of the Index.

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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 other one 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.

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.

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The day on which a redemption order is settled is the redemption order settlement date.

As provided below, the redemption order settlement date may occur up to two business days after the redemption order date.

As provided below, the redemption order settlement date may occur up to one business day after the redemption order date.

Redemption orders are irrevocable.

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Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the Fund no later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date.

Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to two business days after the redemption order date.

Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to one business day after the redemption order date.

By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.

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Operating Activities

Net cash flow provided by (used in) operating activities was $94.2 million and $285.9 million for the six months ended June 30, 2024 and 2023, respectively.

Net cash flow provided by (used in) operating activities was $124.7 million and $319.4 million for the nine months ended September 30, 2024 and 2023, 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.

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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 six months ended June 30, 2024, $292.1 million was paid to purchase United States Treasury Obligations and $350.0 million was received from sales and maturing United States Treasury Obligations.

During the six months ended June 30, 2023, $711.8 million was paid to purchase United States Treasury Obligations and $950.0 million was received from sales and maturing United States Treasury Obligations.

$477.2 million was received from sales of affiliated investments and $516.9 million was paid to purchase affiliated investments during the six months ended June 30, 2024.

$1,175.2 million was received from sales of affiliated investments and $1,146.4 million was paid to purchase affiliated investments during the six months ended June 30, 2023.

During the nine months ended September 30, 2024, $292.1 million was paid to purchase United States Treasury Obligations and $350.0 million was received from sales and maturing United States Treasury Obligations.

During the nine months ended September 30, 2023, $760.8 million was paid to purchase United States Treasury Obligations and $1,000.0 million was received from sales and maturing United States Treasury Obligations.

$659.0 million was received from sales of affiliated investments and $744.5 million was paid to purchase affiliated investments during the nine months ended September 30, 2024.

$1,336.8 million was received

from sales of affiliated investments and $1,305.4 million was paid to purchase affiliated investments during the nine months ended September 30, 2023.

Financing Activities

The Fund’s net cash flow provided by (used in) financing activities was $(99.0) million and $(285.9) million during the six months ended June 30, 2024 and 2023, respectively.

This included $86.2 million and $78.2 million from Shares purchased by Authorized Participants and $184.8 million and $364.1 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2024 and 2023, respectively.

During the six months ended June 30, 2024, distributions paid to Shareholders were $0.3 million.

No distributions were paid to Shareholders during the six months ended June 30, 2023.

The Fund’s net cash flow provided by (used in) financing activities was $(129.4) million and $(319.4) million during the nine months ended September 30, 2024 and 2023, respectively.

This included $96.4 million and $95.5 million from Shares purchased by Authorized Participants and $225.4 million and $414.9 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2024 and 2023, respectively.

During the nine months ended September 30, 2024, distributions paid to Shareholders were $0.3 million.

No distributions were paid to Shareholders during the nine months ended September 30, 2023.

Results of Operations

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ Diversified Agriculture Index ER”).

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COMPARISON OF MARKET, NAV AND DBIQ DIVERSIFIED AGRICULTURE INDEX ER TM

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

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.

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Performance Summary

This Report covers the three and six months ended June 30, 2024 and 2023.

This Report covers the three and nine months ended September 30, 2024 and 2023.

Past performance of the Fund is not necessarily indicative of future performance.

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Past results of the Index and the DBIQ Diversified Agriculture TR are not necessarily indicative of future changes, positive or negative.

The section “Summary of the DBIQ Diversified Agriculture TR and Underlying Index Commodity Returns for the Three and Six Months Ended June 30, 2024 and 2023” below provides an overview of the changes in the closing levels of the DBIQ Diversified Agriculture TR by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns.

The section “Summary of the DBIQ Diversified Agriculture TR and Underlying Index Commodity Returns for the Three and Nine Months Ended September 30, 2024 and 2023” below provides an overview of the changes in the closing levels of the DBIQ Diversified Agriculture TR by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns.

Please note also that the Fund’s objective is to track the Index (not the DBIQ Diversified Agriculture TR) and the Fund does not attempt to outperform or underperform the Index.

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Summary of the DBIQ Diversified Agriculture TR and Underlying Index

Commodity Returns for the Three and Six Months Ended June 30, 2024 and 2023

Commodity Returns for the Three and Nine Months Ended September 30, 2024 and 2023

AGGREGATE RETURNS FOR INDICES IN THE DBIQ AGRICULTURE TR

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Underlying Index

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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.

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 THREE MONTHS ENDED JUNE 30, 2024 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2023

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024 COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2023

Fund Share Price Performance

For the three months ended June 30, 2024, the NYSE Arca market value of each Share decreased from $24.75 per Share to $23.81 per Share.

The Share price low and high for the three months ended June 30, 2024 and related change from the Share price on March 31, 2024 was as follows:

Shares traded at a low of $23.47 per Share (-5.17%) on May 13, 2024, and a high of $26.53 per Share (+7.19%) on April 24, 2024.

For the three months ended September 30, 2024, the NYSE Arca market value of each Share increased from $23.81 per Share to $26.10 per Share.

The Share price low and high for the three months ended September 30, 2024 and related change from the Share price on June 30, 2024 was as follows:

Shares traded at a low of $23.26 per Share (-2.31%) on August 1, 2024, and a high of $26.56 per Share (+11.55%) on September 27, 2024.

The total return for the Fund on a market value basis was +9.62%.

Agricultural commodities moved lower in the second quarter of 2024.

The largest detractors for the Fund were Cocoa, Corn, Sugar, and Lean Hogs.

While fundamentals remained supportive, with no end in sight for the shortfalls in West Africa, front month Cocoa prices plunged sharply in May and June on increased profit-taking and demand destruction fears.

For corn, while prices were on an uptrend for most of the quarter on resurfaced supply concerns and strong US export sales, it plunged through June on reports of ample supplies.

Sugar has been in a consistent decline since its peak late last year, pressured by improving global production prospects in India, Thailand, and Brazil.

The one positive standout was Coffee which saw front month prices gain over 20% in the quarter on ramped up weather concerns in Vietnam.

For the three months ended June 30, 2023, the NYSE Arca market value of each Share increased from $20.43 per Share to $21.08 per Share.

The Share price low and high for the three months ended June 30, 2023 and related change from the Share price on March 31, 2023 was as follows:

Shares traded at a low of $20.36 per Share (-0.34%) on April 4, 2023, and a high of $22.12 per Share (+8.27%) on June 21, 2023.

Agricultural commodities continued to move higher in the third quarter of 2024, however the bifurcation between grains and soft commodities continued.

Cocoa and coffee were the top contributors, supported by persisting supply shortfalls.

In contrast, for grains, while there were pockets of adverse weather, specifically in Europe and the US, the markets largely expected there to be enough cushion to weather those losses, keeping prices capped.

Soybeans and corn were the largest detractors in the quarter, followed by feeder and live cattle, which fell on the availability of cheaper alternatives.

For the three months ended September 30, 2023, the NYSE Arca market value of each Share increased from $21.08 per Share to $21.40 per Share.

The Share price low and high for the three months ended September 30, 2023 and related change from the Share price on June 30, 2023 was as follows:

Shares traded at a low of $21.09 per Share (+0.05%) on August 15, 2023, and a high of $22.37 per Share (+6.12%) on July 25, 2023.

The total return for the Fund on a market value basis was +1.52%.

Agricultural commodities posted a slight gain in the second quarter of 2023 with soft commodities Cocoa and Sugar, as well as Live Cattle, being the top contributors, offset by losses seen in Corn and Wheat.

Cocoa prices continued to rally on weather-driven supply concerns affecting the Ivory Coast, the world’s largest exporter (prompt month futures hit the highest levels since 2015), while Sugar prices receded from the spike in the first quarter of 2023, albeit still holding at elevated levels.

As in the first quarter, Live Cattle futures continued to be supported by tight herd supplies following US droughts during the preceding year and resilient beef demand.

On the other hand, despite several spikes from US weather and geopolitical concerns, Corn and Wheat were both pressured in the second quarter as supplies remained abundant, the Black Sea Grain Initiative kept the Ukrainian corridor open and US grains were uncompetitive.

Agricultural commodities posted slight positive performance in the third quarter of 2023, with most of the gains coming from sugar.

Front month sugar prices rose nearly 15% over the quarter as concerns over a domestic supply shortfall rose with India, the world’s second largest sugar exporter, closing in on an export ban.

Cocoa also rose on deteriorating crops in West Africa but fell sharply to end the quarter.

While grains gained in July after Russia pulled out of the Black Sea Grain Initiative (BSGI) and escalated attacks on Ukraine’s grain export infrastructure, prices retreated starting the last week of July.

Improving weather outlooks across the US Midwest, another bumper Russian wheat harvest, strong corn and soybean harvests in Brazil and the availability of alternative shipping routes all helped ease the blow from escalating tensions in Ukraine.

US grains remained largely uncompetitive on global markets, sending prices even lower in September.

Fund Share Net Asset Performance

For the three months ended June 30, 2024, the NAV of each Share decreased from $24.76 per Share to $23.92 per Share.

Falling commodity futures contract prices for Cocoa, Corn, Cotton, Lean Hogs, Soybeans, Sugar and Wheat were partially offset by rising commodity futures contract prices of Coffee, Feeder Cattle, Kansas City Wheat and Live Cattle during the three months ended June 30, 2024, contributing to an overall 4.47% decrease in the level of the Index and to a 3.19% decrease in the level of the DBIQ Diversified Agriculture Index TR.

For the three months ended September 30, 2024, the NAV of each Share increased from $23.92 per Share to $26.05 per Share.

Rising commodity futures contract prices for Cocoa, Coffee, Cotton, Lean Hogs, Live Cattle, Sugar and Wheat were partially offset by falling commodity futures contract prices of Corn, Feeder Cattle, Kansas City Wheat and Soybeans during the three months ended September 30, 2024, contributing to an overall 7.67% increase in the level of the Index and to a 9.09% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +8.90%.

Net income (loss) for the three months ended June 30, 2024 was $(26.5) million, primarily resulting from $10.2 million of income, net realized gain (loss) of $81.1 million, net change in unrealized gain (loss) of $(116.2) million and net operating expenses of $1.7 million.

For the three months ended June 30, 2023, the NAV of each Share increased from $20.42 per Share to $21.10 per Share.

Rising commodity futures contract prices for Cocoa, Cotton, Feeder Cattle, Lean Hogs, Live Cattle, Soybeans and Sugar were partially offset by falling commodity futures contract prices of Coffee, Corn, Kansas City Wheat and Wheat during the three months ended June 30, 2023, contributing to an overall 2.29% increase in the level of the Index and to a 3.61% increase in the level of the DBIQ Diversified Agriculture Index TR.

Net income (loss) for the three months ended September 30, 2024 was $59.8 million, primarily resulting from $9.2 million of income, net realized gain (loss) of $(33.5) million, net change in unrealized gain (loss) of $85.7 million and net operating expenses of $1.6 million.

For the three months ended September 30, 2023, the NAV of each Share increased from $21.10 per Share to $21.42 per Share.

Rising commodity futures contract prices for Cocoa, Cotton, Feeder Cattle, Lean Hogs, Live Cattle and Sugar were partially offset by falling commodity futures contract prices of Coffee, Corn, Kansas City Wheat, Soybeans and Wheat during the three months ended September 30, 2023, contributing to an overall 0.42% increase in the level of the Index and to a 1.78% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +1.52%.

Net income (loss) for the three months ended June 30, 2023 was $28.7 million, primarily resulting from $10.7 million of income, net realized gain (loss) of $18.3 million, net change in unrealized gain (loss) of $1.7 million and net operating expenses of $2.0 million.

FOR THE SIX MONTHS ENDED JUNE 30, 2024 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2023

Net income (loss) for the three months ended September 30, 2023 was $13.2 million, primarily resulting from $11.2 million of income, net realized gain (loss) of $13.0 million, net change in unrealized gain (loss) of $(9.2) million and net operating expenses of $1.8 million.

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2023

Fund Share Price Performance

For the six months ended June 30, 2024, the NYSE Arca market value of each Share increased from $20.73 per Share to $23.81 per Share.

The Share price low and high for the six months ended June 30, 2024 and related change from the Share price on December 31, 2023 was as follows:

Shares traded at a low of $20.52 per Share (-1.01%) on January 8, 2024, and a high of $26.53 per Share (+27.99%) on April 24, 2024.

For the nine months ended September 30, 2024, the NYSE Arca market value of each Share increased from $20.73 per Share to $26.10 per Share.

The Share price low and high for the nine months ended September 30, 2024 and related change from the Share price on December 31, 2023 was as follows:

Shares traded at a low of $20.52 per Share (-1.01%) on January 8, 2024, and a high of $26.56 per Share (+28.13%) on September 27, 2024.

The total return for the Fund on a market value basis was +25.90%.

Agricultural commodities ended the first half of 2024 with strong positive performance, though Cocoa was more or less the sole positive driver.

Agricultural commodities ended the first three quarters of 2024 with strong positive performance, though cocoa was the dominant driver.

Front month prices skyrocketed over 180% between the start of the year and its peak in mid-April, repeatedly surpassing all-time highs as crop-damaging disease and adverse weather in West Africa fueled worries for a global supply shortfall.

However, prices did ease in the second quarter with increased profit-taking dealing a heavy blow.

However, front month prices did ease in the second and end of third quarter on increased profit-taking.

The other contributors were coffee and livestock commodities which also faced supply concerns.

Grains, on the other hand, all retreated on ample global supplies and the lack of US competitiveness.

While renewed weather concerns did take the market by surprise in April and May, sending wheat prices skyrocketing, the rally was short-lived, and all gains were erased by the end of June.

For the six months ended June 30, 2023, the NYSE Arca market value of each Share increased from $20.15 per Share to $21.08 per Share.

The Share price low and high for the six months ended June 30, 2023 and related change from the Share price on December 31, 2022 was as follows:

Shares traded at a low of $19.36 per Share (-3.92%) on January 19, 2023, and a high of $22.12 per Share (+9.78%) on June 21, 2023.

Grains, on the other hand, all retreated on ample global supplies and lacking US competitiveness.

While renewed weather concerns did take the market by surprise in April and May, sending wheat skyrocketing, the rally was short-lived.

Corn and soybeans led the losses year-to-date as the US is expected to have close to record yields due to favorable weather.

For the nine months ended September 30, 2023, the NYSE Arca market value of each Share increased from $20.15 per Share to $21.40 per Share.

The Share price low and high for the nine months ended September 30, 2023 and related change from the Share price on December 31, 2022 was as follows:

Shares traded at a low of $19.36 per Share (-3.92%) on January 19, 2023, and a high of $22.37 per Share (+11.02%) on July 25, 2023.

The total return for the Fund on a market value basis was +6.20%.

Agricultural commodities remained in positive territory for the first two quarters of 2023, supported by gains in Cocoa, Sugar, Live Cattle, and Feeder Cattle.

Agricultural commodities remained in positive territory for the first three quarters of 2023, supported by gains in sugar, cocoa, live cattle, and feeder cattle.

The cocoa rally was driven by supply shortfalls in the Ivory Coast, the largest global exporter, while sugar prices rallied on Indian export uncertainty.

Live cattle and feeder cattle also added positive performance on dwindled herd counts, while grains (wheat, corn, soybeans) were all detractors.

Robust wheat harvests from Russia and Australia, projections for bumper Brazilian corn and soybeans harvests, as well as the continued extension of the Black Sea Grain Initiative, continued to ease supply concerns.

While Russia did pull out of the BSGI in July, the impact was mitigated given strong Russian wheat exports and the availability of alternative shipping routes.

US grains were also largely uncompetitive on global markets, adding further pressure.

Fund Share Net Asset Performance

For the six months ended June 30, 2024, the NAV of each Share increased from $20.74 per Share to $23.92 per Share.

Rising commodity futures contract prices for Cocoa, Coffee, Feeder Cattle, Lean Hogs and Live Cattle, were partially offset by falling commodity futures contract prices of Corn, Cotton, Kansas City Wheat, Soybeans, Sugar and Wheat during the six months ended

June 30, 2024, contributing to an overall 12.88% increase in the level of the Index and to a 15.92% increase in the level of the DBIQ Diversified Agriculture Index TR.

For the nine months ended September 30, 2024, the NAV of each Share increased from $20.74 per Share to $26.05 per Share.

Rising commodity futures contract prices for Cocoa, Coffee, Feeder Cattle, Lean Hogs, Live Cattle and Sugar were partially offset by falling commodity futures contract prices of Corn, Cotton, Kansas City Wheat, Soybeans and Wheat during the nine months ended September 30, 2024, contributing to an overall 21.53% increase in the level of the Index and to a 26.47% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +25.60%.

Net income (loss) for the six months ended June 30, 2024 was $102.5 million, primarily resulting from $19.7 million of income, net realized gain (loss) of $125.5 million, net change in unrealized gain (loss) of $(39.5) million and net operating expenses of $3.3 million.

For the six months ended June 30, 2023, the NAV of each Share increased from $20.16 per Share to $21.10 per Share.

Rising commodity futures contract prices for Cocoa, Cotton, Feeder Cattle, Live Cattle and Sugar, were partially offset by falling commodity futures contract prices of Coffee, Corn, Kansas City Wheat, Lean Hogs, Soybeans and Wheat during the six months ended June 30, 2023, contributing to an overall 2.68% increase in the level of the Index and to a 5.22% increase in the level of the DBIQ Diversified Agriculture Index TR.

Net income (loss) for the nine months ended September 30, 2024 was $162.2 million, primarily resulting from $28.9 million of income, net realized gain (loss) of $92.0 million, net change in unrealized gain (loss) of $46.2 million and net operating expenses of $4.8 million.

For the nine months ended September 30, 2023, the NAV of each Share increased from $20.16 per Share to $21.42 per Share.

Rising commodity futures contract prices for Cocoa, Cotton, Feeder Cattle, Live Cattle and Sugar, were partially offset by falling commodity futures contract prices of Coffee, Corn, Kansas City Wheat, Lean Hogs, Soybeans and Wheat during the nine months ended September 30, 2023, contributing to an overall 3.11% increase in the level of the Index and to a 7.10% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +6.25%.

Net income (loss) for the six months ended June 30, 2023 was $36.8 million, primarily resulting from $21.4 million of income, net realized gain (loss) of $18.3 million, net change in unrealized gain (loss) of $1.1 million and net operating expenses of $4.1 million.

Net income (loss) for the nine months ended September 30, 2023 was $49.9 million, primarily resulting from $32.5 million of income, net realized gain (loss) of $31.3 million, net change in unrealized gain (loss) of $(8.0) million and net operating expenses of $5.9 million.

Critical Accounting Estimates

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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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis