106 unchanged sentences
The day on which a redemption order is settled is the redemption order settlement date.
−Removed: As provided below, the redemption order settlement date may occur up to two business days after the redemption order date.
+Added: As provided below, the redemption order settlement date may occur up to one business day after the redemption order date.
Redemption orders are irrevocable.
3 unchanged sentences
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.
−Removed: 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.
+Added: 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.
20 unchanged sentences
This cash is used to invest in United States Treasury Obligations, money market mutual funds and T-Bill ETFs, if any, and to meet margin requirements as a result of the positions taken in futures contracts to match the fluctuations of the Index.
−Removed: As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, 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, Jefferies LLC, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co.
+Added: 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 Markets LLC has executed a Participant Agreement and are the only Authorized Participants.
67 unchanged sentences
The Share price low and high for the year ended December 31, 2024 and related change from the Share price on December 31, 2023 was as follows:
+Added: Shares traded at a low of $20.52 per Share (-1.01%) on January 8, 2024, and a high of $27.84 per Share (+34.30%) on December 18, 2024.
+Added: On December 27, 2024, the Fund paid a distribution of $1.08408 for each General Share and Share to holders of record as of December 23, 2024.
+Added: Therefore, t he total return for the Fund on a market value basis was +33.53%.
+Added: Agricultural commodities wrapped up 2024 with strong positive performance, though cocoa accounted for the bulk of the gains.
+Added: Front month cocoa prices skyrocketed over 180% between the start of the year and peaked in mid-April, repeatedly surpassing all-time highs as crop-damaging disease and adverse weather in West Africa fueled worries for a global cocoa supply shortfall.
+Added: While prices did ease in the second and third quarters on increased profit-taking, cocoa again gained in the fourth quarter, locking in a yearly return of 180%.
+Added: The other top contributor was coffee, which rallied 70% for the year due to supply concerns.
+Added: Conversely, despite a short-lived rally in April and May that sent wheat skyrocketing due to renewed weather concerns, grains all retreated due to ample global supplies and lacking US competitiveness.
+Added: For the year ended December 31, 2023, the NYSE Arca market value of each Share increased from $20.15 per Share to $20.73 per Share.
+Added: The Share price low and high for the year ended December 31, 2023 and related change from the Share price on December 31, 2022 was as follows:
Shares traded at a low of $19.36 per Share (-3.92%) on January 19, 2023, and a high of $22.47 per Share (+11.51%) on November 6, 2023.
3 unchanged sentences
The cocoa rally was driven by supply shortfalls in the Ivory Coast, the largest global exporter, while sugar prices rallied on Indian export uncertainty.
−Removed: Coffee prices were also bolstered by supply concerns to end the year, with front month prices up nearly 30% in the last three months.
+Added: Coffee prices were also bolstered by
+Added: supply concerns to end the year, with front month prices up nearly 30% in the last three months.
In grains, robust wheat harvests from Russia and Australia, projections for bumper Brazilian corn and soybeans harvests, as well as the continued extension of the Black Sea Grain Initiative (BSGI), continued to ease supply concerns through the first half of the year.
1 unchanged sentence
US grains were also largely uncompetitive on global markets, adding further pressure.
−Removed: For the year ended December 31, 2022, the NYSE Arca market value of each Share increased from $19.75 per Share to $20.15 per Share.
−Removed: The Share price low and high for the year ended December 31, 2022 and related change from the Share price on December 31, 2021 was as follows:
−Removed: Shares traded at a low of $19.30 per Share (-2.28%) on July 22, 2022, and a high of $22.98 per Share (+16.35%) on May 17, 2022.
−Removed: On December 23, 2022, the Fund paid a distribution of $0.09643 for each General Share and Share to holders of record as of December 20, 2022.
−Removed: Therefore, t he total return for the Fund on a market value basis was +2.53%.
−Removed: Despite the negative performance for agricultural commodities in the second and third quarters of the year, the Fund still managed to lock in a small gain in 2022.
−Removed: The largest contributors were grains which rallied to multi-year highs in the first quarter
−Removed: following Russia’s invasion of Ukraine, given both countries are vital players in the global grains trade.
−Removed: Additionally, significant risk premium was added back to the grains market to end the third quarter after tensions in Ukraine escalated with Russian President Vladimir Putin threatening to use nuclear weapons and annexing territories in response to his military setbacks.
−Removed: Increasing energy prices also continued to drive up agricultural processing and transportation costs, though underperformance in some softs and livestock commodities dented returns.
−Removed: Coffee was the largest detractor with prices plunging in the last quarter amid growing warehouse stockpiles.
Fund Share Net Asset Performance
For the year ended December 31, 2024, the NAV of each Share increased from $20.74 per Share to $26.60 per Share.
−Removed: Rising commodity futures contract prices of Cocoa, Coffee, Cotton, Feeder Cattle, Live Cattle and Sugar were partially offset by falling commodity futures contract prices of Corn, Kansas City Wheat, Lean Hogs, Soybean and Wheat during the year ended December 31, 2023, contributing to an overall 3.20% increase in the level of the Index and to a 8.64% increase in the level of the DBIQ Diversified Agriculture TR.
+Added: Rising commodity futures contract prices of Cocoa, Coffee, Feeder Cattle, Lean Hogs and Live Cattle were partially offset by falling commodity futures contract prices of Corn, Cotton, Kansas City Wheat, Soybean, Sugar and Wheat during the year ended December 31, 2024, contributing to an overall 27.94% increase in the level of the Index and to a 34.65% increase in the level of the DBIQ Diversified Agriculture TR.
On December 27, 2024, the Fund paid a distribution of $1.08408 for each General Share and Share to holders of record as of December 23, 2024.
2 unchanged sentences
For the year ended December 31, 2023, the NAV of each Share increased from $20.16 per Share to $20.74 per Share.
−Removed: Rising commodity futures contract prices of Corn, Kansas City Wheat, Lean Hogs, Live Cattle, Soybean, Sugar and Wheat were partially offset by falling commodity futures contract prices of Cocoa, Coffee, Cotton and Feeder Cattle during the year ended December 31, 2022, contributing to an overall 2.11% increase in the level of the Index and to a 4.20% increase in the level of the DBIQ Diversified Agriculture TR.
+Added: Rising commodity futures contract prices of Cocoa, Coffee, Cotton, Feeder Cattle, Live Cattle and Sugar were partially offset by falling commodity futures contract prices of Corn, Kansas City Wheat, Lean Hogs, Soybean and Wheat during the year ended December 31, 2023, contributing to an overall 3.20% increase in the level of the Index and to a 8.64% increase in the level of the DBIQ Diversified Agriculture TR.
On December 22, 2023, the Fund paid a distribution of $0.96045 for each General Share and Share to holders of record as of December 19, 2023.
39 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.
52 unchanged sentences
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.