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Item 2. Management’s Discussion and Analysis

2026-05-07 compared with 2025-11-07 · 88 added, 108 removed, 210 unchanged (48% of the section changed)

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There can be no assurance that the forward-looking statements included in this Report will prove to be accurate.

Factors that could cause results to differ from those expressed in the forward-looking statements are subject to a number of risks, uncertainties and other factors, including those described in the “Risk Factors” section of the Fund’s Prospectus and elsewhere in the Prospectus and in other SEC filings by the Fund, such as its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, together with the modified risk factor included in Item 1A of this Report, as well as the following:

Factors that could cause results to differ from those expressed in the forward-looking statements are subject to a number of risks, uncertainties and other factors, including those described in the “Risk Factors” section of the Fund’s Prospectus and elsewhere in the Prospectus and in other Securities and Exchange Commission (the "SEC") filings by the Fund, such as its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as the following:

• Risks related to market volatility and fluctuations in the price of assets held by the Fund, including as a result of global trade, macroeconomic events, the imposition of trading limitations or trading halts, and the potential loss of investment;

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• Risks related to the impact of regulatory actions, such as position limits, accountability levels and daily limits;

• Risks and uncertainty related to public health emergencies and other adverse public health developments, geopolitical conflict, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience.

• Risks and uncertainty related to public health emergencies and other adverse public health developments, geopolitical conflicts, including armed conflicts, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience.

You should not place undue reliance on any forward-looking statements.

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Invesco DB Oil Fund (the “Fund”), a separate series of Invesco DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in five separate series, was formed on August 3, 2006.

The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended (the “Trust Agreement”).

The Fund has an unlimited number of shares authorized for issuance.

Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Trust and the Fund since February 23, 2015.

The Fund has an unlimited number of common units of beneficial interest (the "Shares") authorized for issuance.

Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Fund since February 23, 2015.

The Managing Owner is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Crude Oil Index Excess Return (the “Index”) over time, plus the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill ETF Income”) over the expenses of the Fund.

The Index is intended to reflect the economic performance of investing in futures contracts on the crude oil sector.

The Fund invests in futures contracts in an attempt to track its Index.

The Index is intended to reflect the change in market value of the crude oil sector.

The single commodity comprising the Index is Light Sweet Crude Oil (WTI) (the “Index Commodity”).

Effective November 10, 2025, the single commodity comprising the Index is Light, Sweet Crude Oil (WTI) (the “Index Commodity”).

The Fund may invest directly in United States Treasury Obligations.

The Fund may also gain exposure to United States Treasury Obligations through investments in exchange-traded funds (“ETFs”) (affiliated or otherwise) that track indexes that measure the performance of United States Treasury Obligations with a maximum remaining maturity of up to 12 months (“T-Bill ETFs”).

The Fund may also gain exposure to United States Treasury Obligations through investments in ETFs (affiliated or otherwise) that track indexes that measure the performance of United

States Treasury Obligations with a maximum remaining maturity of up to 12 months (“T-Bill ETFs”).

The Fund may hold as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes.

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.

The Fund pursues its investment objective by investing in a portfolio of exchange-traded commodity futures contracts that expire in a specific month and trade on a specific exchange (the “Index Contracts”).

The Fund also holds United States Treasury Obligations, T-Bill ETFs and cash, if any, for deposit with Morgan Stanley & Co.

The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on the Index Commodity.

The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co.

LLC,the Fund’s commodity broker (the “Commodity Broker”) as margin, to the extent permissible under CFTC rules and United States Treasury Obligations, cash, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with The Bank of New York Mellon (the “Custodian”), for cash management purposes.

The aggregate notional value of the commodity futures contracts owned by the Fund is expected to approximate the aggregate net asset value (“NAV”) of the Fund, as opposed to the aggregate Index value.

The CFTC and certain futures exchanges impose position limits on Index Contracts.

The CFTC and certain futures exchanges impose position limits on futures contracts, including on Index Contracts.

The Managing Owner may determine to invest in other futures contracts if at any time it is impractical, including in scenarios wherein the futures market for an Index Contract is thinly traded, or inefficient to gain full or partial exposure to the Index Commodity through the use of Index Contracts.

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Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation to take the needs of the Managing Owner or its clients into consideration in determining, composing or calculating the Index.

Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Fund.

Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation or liability in connection with the administration or trading of the Fund.

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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.

EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO CAPITAL MANAGEMENT LLC.

EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY

BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO CAPITAL MANAGEMENT LLC.

No purchaser, seller or holder of the Shares of this Fund, or any other person or entity, should use or refer to any Deutsche Bank trade name, trademark or service mark to sponsor, endorse, market or promote this Fund without first contacting Deutsche Bank to determine whether Deutsche Bank’s permission is required.

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The Index Sponsor may from time to time subcontract the provision of the calculation and other services described below to one or more third parties.

The Index is composed of one underlying Index Commodity.

The notional amount of the Index Commodity included in the Index is intended to reflect the changes in market value of the Index Commodity within the Index.

The closing level of the Index is calculated on each business day by the Index Sponsor based on the closing price of the commodity futures contracts for the Index Commodity and the notional amount of such Index Commodity.

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

The Index is intended to reflect the economic performance of investing in futures contracts on the crude oil sector.

Commodity futures quoted in U.S.

Dollars and listed on major U.S.

and European exchanges are eligible for inclusion in the Index.

The Index Sponsor selects the futures contract with the highest implied roll yield, aiming to maximize the potential roll benefits in backwardated markets and minimize the loss from rolling in contango markets.

If two futures contracts have the same implied roll yield, the futures contract with the minimum number of months to the exchange expiry month is selected.

“Implied roll yield” is calculated by dividing the closing price of the commodity futures contract which is to be notionally exited by the closing price of the relevant futures contract, raised to the power of one divided by the fraction of the year between the base futures contract and the relevant eligible futures contract, minus one.

On the first Index business day of each month, the futures contract currently included in the Index is tested for continued inclusion in the Index based on its delivery month.

If the delivery month for the contract is the next calendar month, a new contract is selected.

This takes place between the second and sixth Index business day of the month.

Effective November 10, 2025, the single Index Commodity comprising the Index is Light, Sweet Crude Oil (WTI).

Trading in futures contracts involves the Fund entering into contractual commitments to purchase a particular commodity at a specified date and price.

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The Fund in turn allocates its net assets to commodity futures trading.

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 and T-Bill ETFs, if any, which may be used for cash management purposes.

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, money market mutual funds, cash 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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futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day.

These limits are generally referred to as “daily price fluctuation limits” or “daily limits,” and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a “limit price.” Once a limit price has been reached in a particular contract, it is usually the case that no trades may be made at a different price than specified in the limit.

Once a limit price has been reached in a particular contract, it is usually the case that no trades may be made at a different price than specified in the limit.

The duration of limit prices generally varies.

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In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk.

“off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss.

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss.

The financial instruments used by the Fund are commodity futures, the values of which are based upon an underlying asset and generally represent future commitments which have a reasonable possibility to be settled in cash or through physical delivery.

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Management Fee payments made to the Managing Owner, pursuant to the Trust Agreement, are calculated as a fixed percentage of the Fund’s NAV.

Commission payments to the Commodity Broker, pursuant to the Commodity Broker Agreement, are on a contract-by-contract, or round-turn, basis.

Commission payments to

the Commodity Broker, pursuant to the Commodity Broker Agreement, are on a contract-by-contract, or round-turn, basis.

As such, the Managing Owner cannot anticipate the number of payments that will be required under these arrangements for future periods as NAVs and trading activity will not be known until a future date.

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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.

LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.

Operating Activities

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.

The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, for margin and/or cash management purposes.

Net cash flow provided by (used in) operating activities was $(26.8) million and $11.5 million for the three months ended March 31, 2026 and 2025, 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.

The Fund may hold United States Treasury Obligations, affiliated investments and net deposits to/from the Commodity Broker.

The Fund invests in futures contracts in an attempt to track its Index.

The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise), and cash, if any, or maintains excess deposits with brokers for margin and/or cash management purposes only.

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.

During the three months ended March 31, 2026, $48.7 million was received from sales of affiliated investments and $218.2 million was paid to purchase affiliated investments.

During the the three months ended March 31, 2025 $14.0 million was received from proceeds from securities sold and matured.

$82.3 million was received from sales of affiliated investments and $68.7 million was paid to purchase affiliated investments during the three months ended March 31, 2025.

During the three months ended March 31, 2026 and 2025, net deposits to/from the Commodity Broker were $14.0 million and $20.7 million, respectively.

Financing Activities

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.

The Fund’s net cash flow provided by (used in) financing activities was $26.8 million and $(12.5) million during the three months ended March 31, 2026 and 2025, respectively.

This included $106.8 million and $17.4 million from Shares purchased by Authorized Participants and $80.0 million and $29.9 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2026 and 2025, respectively.

No distributions were paid to Shareholders during the three months ended March 31, 2026 and 2025, respectively.

Results of Operations

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

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

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 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.

Effective November 10, 2025, the Index methodology underwent a change.

Performance information included herein prior to November 10, 2025 may have differed had the revised methodology been in place.

COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ER TM FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

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 nine months ended September 30, 2025 and 2024.

This Report covers the three months ended March 31, 2026 and 2025.

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

The Index is intended to reflect the change in market value of the Index Commodity.

The DBIQ Optimum Yield Crude Oil Index Total Return (the “DBIQ-OY CL TR”) consists of the same components as the Index plus 3-month United States Treasury Obligations returns.

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 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.

The Index is intended to reflect the changes in market value, positive or negative, of the Index Commodity.

In turn, the Index is intended to reflect the oil sector.

The DBIQ Optimum Yield Crude Oil Index Total Return (the “DBIQ-OY CL TR”) consists of the Index plus 3-month United States Treasury Obligations returns.

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

The section “Summary of the DBIQ-OY CL TR and Underlying Index Commodity Returns for the Three Months Ended March 31, 2026 and 2025” 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 plus 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 Nine Months Ended September 30, 2025 and 2024

Returns for the Three Months Ended March 31, 2026 and 2025

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

Fund Share Price Performance

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 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 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 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 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 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

FOR THE THREE MONTHS ENDED MARCH 31, 2026 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2025

Fund Share Price Performance

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.

For the three months ended March 31, 2026, the NYSE Arca market value of each Share increased from $12.20 per Share to $19.70 per Share.

The Share price low and high for the three months ended March 31, 2026 and related change from the Share price on December 31, 2025 was as follows:

Shares traded at a low of $11.98 per Share (-1.80%) on January 07, 2026 and a high of $21.06 per Share (+72.62%) on March 18, 2026.

The total return for the Fund on a market value basis was +61.47%.

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.

Crude oil prices were volatile but finished higher in the first quarter of 2026, largely supported by rising geopolitical risk and concerns surrounding global supply security.

Prices were pressured early in the quarter by economic uncertainty and expectations for stable supply, but sentiment shifted meaningfully as tensions between Iran and the United States intensified.

Escalating rhetoric around the possibility of disruptions to shipping through the Strait of Hormuz, through which a significant share of global crude oil exports pass, led to a repricing of geopolitical risk and supported a late‑quarter rally in oil prices.

Despite significant volatility, crude ended the quarter higher, contributing to the Fund's positive performance.

For the three months ended March 31, 2025, the NYSE Arca market value of each Share increased from $14.31 per Share to $14.34 per Share.

The Share price low and high for the three months ended March 31, 2025 and related change from the Share price

on December 31, 2024 was as follows:

Shares traded at a low of $13.36 per Share (-6.64%) on March 10, 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 +0.21%.

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.

Crude Oil ended flat on the quarter but prices were volatile throughout the period.

Crude Oil prices initially rallied in January on the prior U.S.

administration's farewell sanctions on Russian oil and gas but then retreated as ceasefire developments provided relief on the geopolitical front.

administration's “drill, baby, drill” plans raised U.S.

supply expectations, tariff headlines drove a risk-off move, and OPEC announced it would be gradually bringing back production.

Oil prices recovered significantly in March, as the U.S.

imposed a 25% tariff on any country buying Venezuelan oil and gas and issued fresh sanctions on Chinese refineries processing Iranian Crude Oil.

Fund Share Net Asset Performance

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.

For the three months ended March 31, 2026, the NAV of each Share increased from $12.19 per Share to $19.54 per Share.

Rising commodity futures contract prices for Light Sweet Crude Oil during the three months ended March 31, 2026 contributed to an overall 59.62% increase in the level of the Index and to a 61.06% increase in the level of the DBIQ-OY CL TR.

The total return for the Fund on a NAV value basis was +60.29%.

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.

Net income (loss) for the three months ended March 31, 2026 was $133.9 million, primarily resulting from $2.1 million of income, net realized gain (loss) of $100.1 million, net change in unrealized gain (loss) of $32.2 million and net operating expenses of $0.5 million.

For the three months ended March 31, 2025, the NAV of each Share increased from $14.28 per Share to $14.35 per Share.

Rising commodity futures contract prices for Light Sweet Crude Oil during the three months ended March 31, 2025 contributed to an overall 0.36% decrease in the level of the Index and to a 0.70% increase in the level of the DBIQ-OY CL TR.

The total return for the Fund on a NAV value basis was +0.49%.

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.

Net income (loss) for the three months ended March 31, 2025 was $2.7 million, primarily resulting from $2.1 million of income, net realized gain (loss) of $0.0 million, net change in unrealized gain (loss) of $1.0 million and net operating expenses of $0.4 million.

Critical Accounting Estimates

2 unchanged sentences

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, as filed with the SEC on February 26, 2025.

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 Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 2, 2026.

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.

11 unchanged sentences

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.

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).

3 unchanged sentences

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 September 30, 2025.

For the Nine Months Ended

September 30, 2025

The following table indicates the trading VaR associated with the Fund’s net assets as of March 31, 2026.

For the Three Months Ended

March 31, 2026

Daily Volatility

21 unchanged sentences

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 September 30, 2025:

The following were the primary trading risk exposures of the Fund as of March 31, 2026:

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