88 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.
62 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 $17.79 per Share (-7.30%) on September 10, 2024, and a high of $21.52 per Share (+12.14%) on April 12, 2024.
+Added: 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.
+Added: Therefore, the total return for the Fund on a market value basis was +3.02%.
+Added: 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.
+Added: However, cold winter weather significantly boosted US natural gas prices to end the year.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: For the year ended December 31, 2023, the NYSE Arca market value of each Share decreased from $22.65 per Share to $19.19
+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 $18.57 per Share (-18.01%) on May 3, 2023, and a high of $24.26 per Share (+7.11%) on September 14, 2023.
10 unchanged sentences
However, like with natural gas and diesel, crude oil gains were erased in the fourth quarter.
−Removed: For the year ended December 31, 2022, the NYSE Arca market value of each Share increased from $17.12 per Share to $22.65
−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 $17.37 per Share (+1.46%) on January 3, 2022, and a high of $30.39 per Share (+77.51%) on June 9, 2022.
−Removed: On December 23, 2022, the Fund paid a distribution of $0.17073 for each General Share and Share to holders of record as of December 20, 2022.
−Removed: Therefore, the total return for the Fund on a market value basis was +33.33%.
−Removed: Energy commodities rallied aggressively in 2022, with the Fund posting a return of over 30%.
−Removed: Despite the significant pull back towards the end of the second quarter through the third quarter due to intensifying recession fears, snowballing supply concerns fueled by Russia’s invasion of Ukraine and the resulting sanctions measures, most notably the EU’s ban of Russian oil and refined products, had sent both front month Brent and WTI crude oil prices into triple digit territory.
−Removed: Front month gasoline and NY Harbor ULSD prices were also up over 60% in the first half of the year on dwindling supplies but did reverse sharply starting in the third quarter on growing recession fears, before gaining a bit again in the fourth quarter.
−Removed: US natural gas also whipsawed through gains and losses as Europe scrambled to replace Russian supplies, while a fire at Freeport’s liquified natural gas (LNG) facility in Texas curbed US export capacity.
Fund Share Net Asset Performance
For the year ended December 31, 2024, the NAV of each Share decreased from $19.19 per Share to $18.52 per Share.
−Removed: 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.
+Added: 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, contributing to an overall 1.62% decrease in the level of the Index and to a 3.54% increase 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.
1 unchanged sentence
Net income (loss) for the year ended December 31, 2024 was $2.4 million, primarily resulting from income of $3.6 million, net realized gain (loss) of $(3.6) million, net change in unrealized gain (loss) of $2.9 million and net operating expenses of $0.5 million.
−Removed: For the year ended December 31, 2022, the NAV of each Share increased from $17.07 per Share to $22.65 per Share.
−Removed: Rising 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, 2022 contributed to an overall 32.69% increase in the level of the Index and to a 35.41% increase in the level of the DBIQ-OY Energy TR.
+Added: For the year ended December 31, 2023, the NAV of each Share decreased from $22.65 per Share to $19.19 per Share.
+Added: 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.
86 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.