31 unchanged sentences
Principal Financial and Accounting Officer, Investment Pools
−Removed: Melanie Zimdars
Chief Compliance Officer
50 unchanged sentences
Krugman managed the communication with Invesco Ltd.’s external stakeholders including equity shareholders, debt investors, rating agencies, and research analysts.
−Removed: Krugman earned a BA degree in American civilizations, with a US history concentration, from Middlebury College in Vermont in 1999, and earned an MBA from Santa Clara University in California in 2007.
+Added: Krugman earned a BA degree in American civilizations, with a U.S.
+Added: history concentration, from Middlebury College in Vermont in 1999, and earned an MBA from Santa Clara University in California in 2007.
He is a Certified Treasury Professional (CTP).
Krugman was listed as a principal of the Managing Owner on November 12, 2020.
−Removed: Terry Vacheron CPA (60) is the Chief Accounting Officer (since April 2022) and Head of Global Tax (since November 2020) at Invesco Ltd.
+Added: Terry Gibson Vacheron CPA (61) is the Chief Accounting Officer (since April 2022) and Head of Global Tax (since November 2020) at Invesco Ltd.
In this role, she leads the company’s financial reporting, accounting, corporate tax, payroll, and SOX functions.
32 unchanged sentences
Zimdars was listed as a principal of the Managing Owner on February 1, 2018.
−Removed: Melanie Ringold (48) has been a Member of the Board of Managers of the Sponsor since July 2024.
−Removed: Ringold has also served as Head of Legal for the Americas at Invesco Ltd., a global investment management company and affiliate of the Sponsor,since January 2023.
+Added: Melanie Ringold (49) has been a Member of the Board of Managers of the Managing Owner since July 2024.
+Added: Ringold has also served as Head of Legal for the Americas at Invesco Ltd., a global investment management company and affiliate of the Managing Owner, since January 2023.
In this role, she is responsible for overseeing legal support for all of Invesco’s Americas business.
Prior to her current position, Ms.
−Removed: Ringold served as Assistant General Counsel from March 2011 until January 2023, where she was responsible for overseeing legal support for the investments organization and co-chairing the firm’s US Regulatory Change Committee.
−Removed: Ms.58Ringold earned a JD from the University of Houston Law Center and a BA degree in political science from the University of Michigan.
−Removed: Ringold was listed as a principal of the Sponsor on July 31, 2024.
−Removed: David Hemming (43) joined the Managing Owner in September 2016 as a Senior Portfolio Manager and has been Head ofAlternatives Portfolio Management since November 2020, and a Vice President of the Managing Owner since November 2024.
+Added: Ringold served as Assistant General Counsel from March 2011 until January 2023, where she was responsible for overseeing legal support for the investments organization and co-chairing the firm’s US Regulatory Change
+Added: Ringold earned a JD from the University of Houston Law Center and a BA degree in political science from the University of Michigan.
+Added: Ringold was listed as a principal of the Managing Owner on July 31, 2024.
+Added: David Hemming (44) joined the Managing Owner in September 2016 as a Senior Portfolio Manager and has been Head of Alternatives Portfolio Management since November 2020, and a Vice President of the Managing Owner since November 2024.
In these roles, Mr.
−Removed: Hemming manages a team of two other portfolio managers and is responsible for portfolio management processes forover 20 commodity and alternatives-based registered investment companies and other pooled investment vehicles managed by the Managing Owner.
+Added: Hemming manages a team of two other portfolio managers and is responsible for portfolio management processes for over 20 commodity and alternatives-based registered investment companies and other pooled investment vehicles managed by the Managing Owner.
He is a graduate of University of St.
Andrews (Scotland), with an MA (honours) in Economics and International relations, and City University Business School, with a MSc in Investment Management.
−Removed: Hemming was listed as a principal of the Managing Owner on November 6, 2024, and he was registered as associated person and swap associated person the Managing Owneron April 19, 2017, and April 26, 2017, respectively.
+Added: Hemming was listed as a principal of the Managing Owner on November 6, 2024, and he was registered as associated person and swap associated person the Managing Owner on April 19, 2017, and April 26, 2017, respectively.
Invesco Group Services Inc., which is a wholly owned, indirect subsidiary of Invesco Ltd., has been a principal of the Managing Owner since September 27, 2018 and has periodically been listed with NFA as a principal of other NFA members since May 17, 1990.
14 unchanged sentences
For the year ended December 31, 2025, the Fund incurred brokerage commissions of $20,989 of which $20,989 had been paid at December 31, 2025.
−Removed: Brokerage commissions of $5,001 were unpaid at December 31, 2024 and are reported as a liability on the Statements of Financial Condition.
+Added: There were no unpaid brokerage commissions at December 31, 2025.
For the year ended December 31, 2024, the Fund incurred Management Fees of $446,202 of which $415,167 had been paid at December 31, 2024.
52 unchanged sentences
Distribution Services Agreement 8
−Removed: Insider Trading Policies and Procedures (filed herewith)
+Added: Insider Trading Policies and Procedures 9
Consent of PricewaterhouseCoopers LLP (filed herewith)
27 unchanged sentences
Previously filed as an exhibit to Form 10-K on February 26, 2025 and incorporated herein by reference.
+Added: Previously filed as an exhibit to Form 10-K on February 23, 2024 and incorporated herein by reference.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
20 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.