What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-11-07 compared with 2025-08-07 · 71 added, 72 removed, 247 unchanged (37% of the section changed)

86 unchanged sentences

A significant portion of the NAV may be held in United States Treasury

Obligations or cash, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations or cash, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes.

Obligations or cash, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations or cash, money market mutual funds 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.

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Operating Activities

Net cash flow provided by (used in) operating activities was $(26.9) million and $40.6 million for the six months ended June 30, 2025 and 2024, respectively.

Net cash flow provided by (used in) operating activities was $(15.4) million and $38.0 million for the nine months ended September 30, 2025 and 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 Obligations, affiliated investments and net deposits to/from the Commodity Broker.

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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, 2025, there were no purchases of United States Treasury Obligations and $54.0 million was received from sales and maturing United States Treasury Obligations.

During the six months ended June 30, 2024, $66.2 million was paid to purchase United States Treasury Obligations and $83.0 million was received from sales and maturing United States Treasury Obligations.

$115.8 million was received from sales of affiliated investments and $167.4 million was paid to purchase affiliated investments during the six months ended June 30, 2025.

$157.5 million was received from sales of affiliated investments and $162.8 million was paid to purchase affiliated investments during the six months ended June 30, 2024.

During the six months ended June 30, 2025, net deposits to/from the Commodity Broker was $20.1 million.

There were no net deposits to/from the Commodity Broker during the six months ended June 30, 2024.

During the nine months ended September 30, 2025, there were no purchases of United States Treasury Obligations and $54.0 million was received from sales and maturing United States Treasury Obligations.

During the nine months ended September 30, 2024, $79.9 million was paid to purchase United States Treasury Obligations and $97.0 million was received from sales and maturing United States Treasury Obligations.

$151.8 million was received from sales of affiliated investments and $193.1 million was paid to purchase affiliated investments during the nine months ended September 30, 2025.

$276.4 million was received from sales of affiliated investments and $255.5 million was paid to purchase affiliated investments during the nine months ended September 30, 2024.

During the nine months ended September 30, 2025, net deposits to/from the Commodity Broker was $22.7 million.

There were no net deposits to/from the Commodity Broker during the nine months ended September 30, 2024.

Financing Activities

The Fund’s net cash flow provided by (used in) financing activities was $25.9 million and $(40.6) million during the six months ended June 30, 2025 and 2024, respectively.

This included $81.8 million and $29.4 million from Shares purchased by Authorized Participants and $56.0 million and $69.8 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2025 and 2024, respectively.

During the six months ended June 30, 2025 and 2024, distributions paid to Shareholders were $0.0 and $0.2 million, respectively.

The Fund’s net cash flow provided by (used in) financing activities was $14.3 million and $(38.0) million during the nine months ended September 30, 2025 and 2024, respectively.

This included $108.8 million and $48.3 million from Shares purchased by Authorized Participants and $94.4 million and $86.1 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2025 and 2024, respectively.

During the nine months ended September 30, 2025 and 2024, distributions paid to Shareholders were $0.0 and $0.2 million, respectively.

Results of Operations

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

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 Opt Yield Crude Oil Index ER TM ”).

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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.

COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ER TM FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024

COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ER TM FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

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, 2025 and 2024.

This Report covers the three and nine months ended September 30, 2025 and 2024.

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

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Past results of the DBIQ-OY CL TR are not necessarily indicative of future changes, positive or negative, in the closing levels of the DBIQ-OY CL TR.

The section “Summary of the DBIQ-OY CL TR and Underlying Index Commodity Returns for the Six Months Ended June 30, 2025 and 2024” below provides an overview of the changes in the closing levels of the DBIQ-OY CL TR by disclosing the change in market value of the 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-OY CL TR and Underlying Index Commodity Returns for the Nine Months Ended September 30, 2025 and 2024” below provides an overview of the changes in the closing levels of the DBIQ-OY CL TR by disclosing the change in market value of the 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 CL TR), and the Fund does not attempt to outperform or underperform the Index.

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Summary of the DBIQ-OY CL TR and Underlying Index Commodity

Returns for the Three and Six Months Ended June 30, 2025 and 2024

Returns for the Three and Nine Months Ended September 30, 2025 and 2024

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Underlying Index

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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, 2025 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2024

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2024

Fund Share Price Performance

For the three months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $14.34 per Share to $13.22 per Share.

The Share price low and high for the three months ended June 30, 2025 and related change from the Share price on March 31, 2025 was as follows:

Shares traded at a low of $11.91 per Share (-16.95%) on May 5, 2025 and a high of $14.79 per Share (+3.14%) on June 20, 2025.

For the three months ended September 30, 2025, the NYSE Arca market value of each Share increased from $13.22 per Share to $13.45 per Share.

The Share price low and high for the three months ended September 30, 2025 and related change from the Share price on June 30, 2025 was as follows:

Shares traded at a low of $13.17 per Share (-0.38%) on August 19, 2025 and a high of $14.60 per Share (+10.44%) on July 30, 2025.

The total return for the Fund on a market value basis was +1.74%.

Crude oil prices moved lower in the second quarter of 2025, with the Fund posting a significant loss as oil markets faced several headwinds.

The quarter started with sharp declines in April, driven by the Liberation Day tariffs, more OPEC+ production, and concerns about global economic growth.

There were brief recoveries tied to increasing geopolitical tensions in the Middle East and resulting supply risks, but these were outweighed by rising inventories and softer demand.

By the end of the quarter, oil markets were back under pressure as supply outpaced demand expectations, and trade and policy volatility continued.

Overall, the Fund’s performance reflected a tough environment for oil, with prices trending down after a volatile start to the year.

For the three months ended June 30, 2024, the NYSE Arca market value of each Share increased from $15.54 per Share to $15.87 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 $14.50 per Share (-6.66%) on June 4, 2024 and a high of $16.12 per Share (+3.73%) on April 15, 2024.

Crude oil ended the third quarter of 2025 with a narrow gain.

Prices were volatile but rangebound, with advances often short-lived as any gains due to geopolitical headlines were curtailed by the looming prospect of oversupply.

Output rose, both from OPEC+ and non-OPEC producers, and the International Energy Agency forecasted a record annual surplus in 2026.

This coincided with accelerating refinery maintenance and softening global growth, both of which weighed on the demand outlook for crude oil.

Conversely, oil markets got support from geopolitical developments.

Markets debated whether the U.S.

would be willing to risk fragile trade relationships and derail its goal to lower energy prices by enforcing sanctions on Russian oil buying.

Union's new sanctions package targeting Russia, Ukraine's strikes on Russian energy infrastructure, escalating tensions in the Middle East, and robust Chinese stockpiling also lent support to oil prices.

For the three months ended September 30, 2024, the NYSE Arca market value of each Share decreased from $15.87 per Share to $13.97 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 $13.36 per Share (-15.82%) on September 10, 2024 and a high of $16.21 per Share (+2.14%) on July 03, 2024.

The total return for the Fund on a market value basis was -11.97%.

Crude oil experienced a small loss in the second quarter of 2024.

While some of that loss was driven by broader risk off sentiment due to the repeated delays of Federal Reserve rate cut expectations, other drivers included fading geopolitical risk premium, U.S.

crude inventory builds due to unplanned refinery outages and unattractive refining margins, and OPEC announcing plans to gradually bring back barrels later this year.

While OPEC also announced an extension of some cuts, this was largely expected and had a minimal impact on prices.

Crude oil ended the third quarter of 2024 lower.

There were several bearish drivers including low refining margins decreasing demand for crude oil and expectations for a second Trump presidential term who is seen as bearish for energy given his stated plans to increase domestic production.

Bearish sentiment on China also fueled demand concerns amid expectations for a supply glut in 2025 and OPEC’s spare capacity overhang.

Rising geopolitical tensions and the start of the Federal Reserve interest rate easing cycle, as well as the surprise stimulus from China in September provided some support, but gains were short lived;

the market remained in wait-and-see mode for any actual oil supply disruptions in the Middle East and follow through on Chinese stimulus measures.

Fund Share Net Asset Performance

For the three months ended June 30, 2025, the NAV of each Share decreased from $14.35 per Share to $13.23 per Share.

Falling commodity futures contract prices for Light Sweet Crude Oil during the three months ended June 30, 2025 contributed to an overall 8.57% decrease in the level of the Index and to a 7.59% decrease in the level of the DBIQ-OY CL TR.

For the three months ended September 30, 2025, the NAV of each Share increased from $13.23 per Share to $13.42 per Share.

Rising commodity futures contract prices for Light Sweet Crude Oil during the three months ended September 30, 2025 contributed to an overall 0.50% increase in the level of the Index and to a 1.56% increase in the level of the DBIQ-OY CL TR.

The total return for the Fund on a NAV value basis was +1.44%.

Net income (loss) for the three months ended June 30, 2025 was $(13.8) million, primarily resulting from $1.9 million of income, net realized gain (loss) of $0.4 million, net change in unrealized gain (loss) of $(15.8) million and net operating expenses of $0.3 million.

For the three months ended June 30, 2024, the NAV of each Share increased from $15.57 per Share to $15.86 per Share.

Rising commodity futures contract prices for Light Sweet Crude Oil during the three months ended June 30, 2024 contributed to an overall 0.71% increase in the level of the Index and to a 2.06% increase in the level of the DBIQ-OY CL TR.

Net income (loss) for the three months ended September 30, 2025 was $4.0 million, primarily resulting from $2.4 million of income, net realized gain (loss) of $(0.1) million, net change in unrealized gain (loss) of $2.1 million and net operating expenses of $0.4 million.

For the three months ended September 30, 2024, the NAV of each Share decreased from $15.86 per Share to $13.94 per Share.

Falling commodity futures contract prices for Light Sweet Crude Oil during the three months ended September 30, 2024 contributed to an overall 13.17% decrease in the level of the Index and to a 12.02% decrease in the level of the DBIQ-OY CL TR.

The total return for the Fund on a NAV value basis was -12.11%.

Net income (loss) for the three months ended June 30, 2024 was $4.0 million, primarily resulting from $3.2 million of income, net realized gain (loss) of $1.8 million, net change in unrealized gain (loss) of $(0.6) million and net operating expenses of $0.4 million.

FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2024

Net income (loss) for the three months ended September 30, 2024 was $(26.8) million, primarily resulting from $2.8 million of income, net realized gain (loss) of $1.0 million, net change in unrealized gain (loss) of $(30.2) million and net operating expenses of $0.4 million.

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Fund Share Price Performance

For the six months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $14.31 per Share to $13.22 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:

For the nine months ended September 30, 2025, the NYSE Arca market value of each Share decreased from $14.31 per Share to $13.45 per Share.

The Share price low and high for the nine months ended September 30, 2025, and related change from the Share price on December 31, 2024 was as follows:

Shares traded at a low of $11.91 per Share (-16.77%) on May 05, 2025 and a high of $15.90 per Share (+11.11%) on January 15, 2025.

The total return for the Fund on a market value basis was -6.01%.

Crude oil markets were volatile in the first half of 2025, leading to a negative return for the Fund.

The year began with sharp price swings as markets reacted to new U.S.

sanctions on Russian oil and gas, fluctuating geopolitical developments, and shifting expectations for U.S.

OPEC’s plan to gradually bring back production and ongoing tariff headlines added to the uncertainty.

Oil prices briefly recovered in March after new U.S.

tariffs on Venezuelan oil and more sanctions on Chinese refineries, but this did not continue into the second quarter.

Oil prices moved lower as countries were hit with fresh U.S.

tariffs, higher OPEC+ output, and ongoing worries about global growth.

Occasional rebounds from geopolitical risks were also outweighed by rising inventories and softer demand, especially following Iran's muted retaliatory response.

By mid-year, oil prices were back under pressure, with a supply surplus and policy uncertainty keeping sentiment cautious.

For the six months ended June 30, 2024, the NYSE Arca market value of each Share increased from $13.92 per Share to $15.87 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 $13.81 per Share (-0.79%) on January 2, 2024 and a high of $16.12 per Share (+15.81%) on April 15, 2024.

Year-to-date, 2025 has been challenging for oil markets, with the Fund posting negative returns in the first three quarters.

The common theme has been oil’s balancing act between geopolitical risks and supply-demand fundamentals that remain in a surplus.

OPEC+ began unwinding production cuts in the second quarter and continued through the end of the period, while non-OPEC+ supply also surged to record highs.

In addition, slowing global growth and tariff headlines weighed on demand, though Chinese stockpiling did provide a relief valve, which limited further downside.

Prices pared losses on headlines that pointed towards escalation in the conflicts in Ukraine and the Middle East, but these advances were often short-lived.

For the nine months ended September 30, 2024, the NYSE Arca market value of each Share increased from $13.92 per Share to $13.97 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 $13.36 per Share (-4.02%) on September 10, 2024 and a high of $16.21 per Share (+16.46%) on July 03, 2024.

The total return for the Fund on a market value basis was +0.36%.

Crude oil performed positively in the first half of 2024.

Prices gained as escalating tensions in the Middle East and Russia/Ukraine raised supply concerns, ending the first half of the year up around 15%.

In addition to geopolitics, an improving macro backdrop amid a resilient U.S.

economy, and expected Federal Reserve easing also supported broader risk assets like energy.

However, this tailwind eased in the second quarter as the Federal Reserve stuck to its higher for longer rhetoric amid persistent inflation, weighing down the entire energy complex.

Other factors like fading geopolitical risk premium, US inventory builds and OPEC’s production plans also played a role.

Crude oil performed negatively in the first three quarters of 2024.

Prices gained as escalating tensions in the Middle East and Russia/Ukraine raised supply concerns and Federal Reserve interest rate easing expectations grew, ending the first half of the year up around 15%.

However, crude oil was pressured in the third quarter by low refining margins decreasing crude demand, the bearish "Trump trade", expectations for a supply glut in 2025, and the OPEC spare capacity overhang.

While heightened geopolitical turmoil, the Federal Reserve easing kickoff and the surprise China stimulus boosted overall sentiment in September, those gains faded as the market remained in wait-and-see mode.

Fund Share Net Asset Performance

For the six months ended June 30, 2025, the NAV of each Share decreased from $14.28 per Share to $13.23 per Share.

Falling commodity futures contract prices for Light Sweet Crude Oil during the six months ended June 30, 2025 contributed to an overall 8.90% decrease in the level of the Index and to a 6.94% decrease in the level of the DBIQ-OY CL TR.

For the nine months ended September 30, 2025, the NAV of each Share decreased from $14.28 per Share to $13.42 per Share.

Rising commodity futures contract prices for Light Sweet Crude Oil during the nine months ended September 30, 2025 contributed to an overall 8.45% decrease in the level of the Index and to a 5.49% decrease in the level of the DBIQ-OY CL TR.

The total return for the Fund on a NAV value basis was -6.02%.

Net income (loss) for the six months ended June 30, 2025 was $(11.1) million, primarily resulting from $4.0 million of income, net realized gain (loss) of $0.4 million, net change in unrealized gain (loss) of $(14.8) million and net operating expenses of $0.7 million.

For the six months ended June 30, 2024, the NAV of each Share increased from $13.96 per Share to $15.86 per Share.

Rising commodity futures contract prices for Light Sweet Crude Oil during the six months ended June 30, 2024 contributed to an overall 11.15% increase in the level of the Index and to a 14.15% increase in the level of the DBIQ-OY CL TR.

Net income (loss) for the nine months ended September 30, 2025 was $(7.1) million, primarily resulting from $6.4 million of income, net realized gain (loss) of $0.3 million, net change in unrealized gain (loss) of $(12.7) million and net operating expenses of $1.1 million.

For the nine months ended September 30, 2024, the NAV of each Share decreased from $13.96 per Share to $13.94 per Share.

Falling commodity futures contract prices for Light Sweet Crude Oil during the nine months ended September 30, 2024 contributed to an overall 3.49% decrease in the level of the Index and to a 0.43% increase in the level of the DBIQ-OY CL TR.

The total return for the Fund on a NAV value basis was -0.14%.

Net income (loss) for the six months ended June 30, 2024 was $30.8 million, primarily resulting from $6.5 million of income, net realized gain (loss) of $1.7 million, net change in unrealized gain (loss) of $23.5 million and net operating expenses of $0.9 million.

Net income (loss) for the nine months ended September 30, 2024 was $4.1 million, primarily resulting from $9.3 million of income, net realized gain (loss) of $2.7 million, net change in unrealized gain (loss) of $(6.7) million and net operating expenses of $1.3 million.

Critical Accounting Estimates

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These estimates and assumptions affect the Fund’s application of accounting policies.

In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2024.

There were no material estimates, which involve a significant level of estimation uncertainty and had or are reasonably likely to have had a material impact on the Fund’s financial condition, used in the preparation of these financial statements.

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The Fund calculates VaR using the actual historical market movements of the Fund’s net assets.

The following table indicates the trading VaR associated with the Fund’s net assets as of June 30, 2025.

For the Six Months Ended

June 30, 2025

The following table indicates the trading VaR associated with the Fund’s net assets as of September 30, 2025.

For the Nine Months Ended

September 30, 2025

Daily Volatility

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Investors may lose all or substantially all of their investment in the Fund.

The following were the primary trading risk exposures of the Fund as of June 30, 2025:

The following were the primary trading risk exposures of the Fund as of September 30, 2025:

Light Sweet Crude Oil

16 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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis