What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-07 compared with 2026-05-07 · 84 added, 48 removed, 250 unchanged (35% of the section changed)

146 unchanged sentences

Operating Activities

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.

Net cash flow provided by (used in) operating activities was $106.7 million and $(26.9) million for the six months ended June 30, 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.

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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 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.

During the six months ended June 30, 2026, $354.5 million was received from sales of affiliated investments and $374.7 million was paid to purchase affiliated investments.

During the six months ended June 30, 2025, $54.0 million was received from proceeds from securities sold and matured.

$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.

During the six months ended June 30, 2026 and 2025, net deposits to/from the Commodity Broker were $9.2 million and $20.1 million, respectively.

Financing Activities

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.

The Fund’s net cash flow provided by (used in) financing activities was $(106.7) million and $25.9 million during the six months ended June 30, 2026 and 2025, respectively.

This included $108.9 million and $81.8 million from Shares purchased by Authorized Participants and $215.6 million and $56.0 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2026 and 2025, respectively.

No distributions were paid to Shareholders during the six months ended June 30, 2026 and 2025, respectively.

Results of Operations

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 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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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

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

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

Performance Summary

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

This Report covers the three and six months ended June 30, 2026 and 2025.

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

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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.

The section “Summary of the DBIQ-OY CL TR and Underlying Index Commodity Returns for the Three and Six Months Ended June 30, 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 Months Ended March 31, 2026 and 2025

Returns for the Three and Six Months Ended June 30, 2026 and 2025

Three Months Ended

Six Months Ended

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

FOR THE THREE MONTHS ENDED JUNE 30, 2026 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2025

Fund Share Price Performance

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.

For the three months ended June 30, 2026, the NYSE Arca market value of each Share decreased from $19.70 per Share to $17.63 per Share.

The Share price low and high for the three months ended June 30, 2026 and related change from the Share price on March 31, 2026 was as follows:

Shares traded at a low of $17.48 per Share (-11.27%) on June 26, 2026 and a high of $23.83 per Share (+20.96%) on May 19, 2026.

The total return for the Fund on a market value basis was -10.51%.

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.

WTI crude oil performed negatively during the second quarter of 2026 as continued diplomatic engagement and repeated signals of progress in U.S.-Iran negotiations prompted markets to unwind much of the geopolitical premium that had been built into oil prices since the conflict began in February.

Optimistic commentary from President Trump and expectations that a broader regional conflict could be avoided reduced concerns over prolonged disruptions to crude flows through the Strait of Hormuz.

While significant volumes remained stranded in the Persian Gulf, inventory drawdowns, Strategic Petroleum Reserve releases, and lower Chinese crude imports helped offset the supply gap.

As a result, oil prices moved lower despite ongoing geopolitical tensions, with the market increasingly focused on the likelihood that the worst-case disruption scenarios would be avoided.

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 05, 2025 and a high of $14.79 per Share (+3.14%) on June 20, 2025.

The total return for the Fund on a market value basis was -7.81%.

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.

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.

Fund Share Net Asset Performance

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 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 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.

For the three months ended June 30, 2026, the NAV of each Share decreased from $19.54 per Share to $17.49 per Share.

Falling commodity futures contract prices for Light Sweet Crude Oil during the three months ended June 30, 2026 contributed to an overall 11.17% decrease in the level of the Index and to a 10.35% decrease in the level of the DBIQ-OY CL TR.

The total return for the Fund on a NAV basis was -10.49%.

Net income (loss) for the three months ended June 30, 2026 was $(19.4) million, primarily resulting from $2.9 million of income, net realized gain (loss) of $20.1 million, net change in unrealized gain (loss) of $(41.9) million and net operating expenses of $0.5 million.

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.

The total return for the Fund on a NAV basis was -7.81%.

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 SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025

Fund Share Price Performance

For the six months ended June 30, 2026, the NYSE Arca market value of each Share increased from $12.20 per Share to $17.63 per Share.

The Share price low and high for the six months ended June 30, 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 $23.83 per Share (+95.33%) on May 19, 2026.

The total return for the Fund on a market value basis was +44.51%.

WTI crude oil generated strong positive returns in the first half of 2026, although gains were materially reduced in the second quarter as part of the geopolitical premium built into prices during the first quarter was unwound.

Early in the year, escalating tensions between the United States and Iran, coupled with concerns over potential disruptions to shipping through the Strait of Hormuz, drove a sharp repricing of supply risk and supported a strong rally in crude oil prices.

During the second quarter, continued diplomatic engagement, repeated signals of progress in U.S.-Iran negotiations, and optimistic commentary from President Trump reduced expectations of a broader regional conflict.

While significant volumes of crude remained stranded in the Persian Gulf, inventory drawdowns, Strategic Petroleum Reserve releases, and lower Chinese crude imports helped offset the impact of the supply shock.

As a result, crude oil retraced a portion of its first-quarter gains, though ongoing geopolitical uncertainty and the continued risk of supply disruptions kept prices well above where they began the year.

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:

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 -7.62%.

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.

Fund Share Net Asset Performance

For the six months ended June 30, 2026, the NAV of each Share increased from $12.19 per Share to $17.49 per Share.

Rising commodity futures contract prices for Light Sweet Crude Oil during the six months ended June 30, 2026 contributed to an overall 41.79% increase in the level of the Index and to a 44.39% increase in the level of the DBIQ-OY CL TR.

The total return for the Fund on a NAV basis was +43.48%.

Net income (loss) for the six months ended June 30, 2026 was $114.4 million, primarily resulting from $5.0 million of income, net realized gain (loss) of $120.2 million, net change in unrealized gain (loss) of $(9.6) million and net operating expenses of $1.0 million.

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.

The total return for the Fund on a NAV basis was -7.35%.

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.

Critical Accounting Estimates

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Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Exchange Act).

All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the U.S.

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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).

However, the inherent uncertainty in the markets in which the Fund trades and the recurrence in the markets traded by the Fund of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated VaR or the Fund’s experience to date (i.e., “risk of ruin”).

However, the inherent uncertainty in the markets in which the Fund trades and the recurrence in the markets traded by the Fund of market movements far

exceeding expectations could result in actual trading or non-trading losses far beyond the indicated VaR or the Fund’s experience to date (i.e., “risk of ruin”).

In light of these considerations, as well as the risks and uncertainties intrinsic to all future projections, the following VaR presentation does not constitute any assurance or representation that the Fund’s losses in any market sector will be limited to VaR.

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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 March 31, 2026.

For the Three Months Ended

March 31, 2026

The following table indicates the trading VaR associated with the Fund’s net assets as of June 30, 2026.

For the Six Months Ended

June 30, 2026

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 March 31, 2026:

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