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INVESCO DB COMMODITY INDEX TRACKING FUND MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. (kind 10-Q)

Byadmin2

May 6, 2022
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This info needs to be learn together with the monetary statements and
notes included in Merchandise 1 of Half I of this Quarterly Report on Kind 10-Q (the
"Report"). This Report contains forward-looking statements inside the that means of
Part 27A of the Securities Act of 1933, as amended (the "Securities Act"),
and Part 21E of the Securities Trade Act of 1934, as amended (the
"Trade Act"), that contain substantial dangers and uncertainties. The issues
mentioned all through this Report that aren't historic details are
forward-looking statements. These forward-looking statements are primarily based on the
Fund's and Invesco Capital Administration LLC's (the "Managing Proprietor") present
expectations, estimates and projections in regards to the future outcomes, efficiency,
prospects and alternatives of the Fund and the Fund's enterprise and trade and
their beliefs and assumptions about future occasions and converse solely as of the date
on which they're made. Phrases similar to "anticipate," "count on," "intend," "plan,"
"imagine," "search," "outlook" and "estimate," in addition to related phrases and
phrases, signify forward-looking statements. Ahead-looking statements should not
ensures of future outcomes. Circumstances and essential components, dangers and
uncertainties within the markets for monetary devices that the Fund trades, in
the markets for associated bodily commodities, within the authorized and regulatory
regimes relevant to the Managing Proprietor, the Fund, and the Fund's service
suppliers, within the broader economic system and in world politics could trigger precise
outcomes to vary materially from these expressed by such forward-looking
statements.

You shouldn't place undue reliance on any forward-looking statements. Besides as
expressly required by the Federal securities legal guidelines, the Fund and the Managing
Proprietor undertake no obligation to publicly replace or revise any forward-looking
statements or the dangers, uncertainties or different components described on this
Report, because of new info, future occasions or modified circumstances
or for every other motive after the date of this Report.

Overview/Introduction


Invesco DB Commodity Index Monitoring Fund (the "Fund") was fashioned as a Delaware
statutory belief on Might 23, 2005. The time period of the Fund is perpetual (except
terminated earlier in sure circumstances) as supplied for within the Fifth
Amended and Restated Declaration of Belief and Belief Settlement of the Fund, as
amended (the "Belief Settlement"). The Fund has a limiteless variety of shares
approved for issuance.

Invesco Capital Administration LLC ("Invesco") has served because the managing proprietor (the
"Managing Proprietor"), commodity pool operator and commodity buying and selling advisor of the
Fund since February 23, 2015. The Managing Proprietor is registered with the
Commodity Futures Buying and selling Fee (the "CFTC") as a commodity pool operator
and a commodity buying and selling advisor, and it's a member agency of the Nationwide Futures
Affiliation ("NFA").

The Fund seeks to trace modifications, whether or not constructive or unfavorable, within the stage of
the DBIQ Optimum Yield Diversified Commodity Index Extra ReturnTM (the "Index")
over time, plus the surplus, if any, of the sum of the Fund's curiosity earnings
from its holdings of United States Treasury Obligations ("Treasury Revenue"),
dividends from its holdings in cash market mutual funds (affiliated or
in any other case) ("Cash Market Revenue") and dividends or distributions of capital
positive aspects from its holdings of T-Invoice ETFs (as outlined beneath) ("T-Invoice ETF Revenue")
over the bills of the Fund. The Fund invests in futures contracts in an
try to trace its Index. The Index is meant to mirror the change in
market worth of the commodity sector. The commodities comprising the Index are
Mild Candy Crude Oil, Extremely-Low Sulphur Diesel (additionally generally often known as Heating
Oil), Aluminum, Gold, Corn, Wheat, Brent Crude Oil, Copper Grade A, Pure Gasoline,
RBOB Gasoline (reformulated gasoline blendstock for oxygen mixing, or "RBOB"),
Silver, Soybeans, Sugar and Zinc (every, an "Index Commodity," and collectively,
the "Index Commodities").

The Fund could make investments immediately in United States Treasury Obligations. The Fund could
additionally acquire publicity to United States Treasury Obligations by way of investments in
exchange-traded funds ("ETFs") (affiliated or in any other case) that monitor indexes that
measure the efficiency of United States Treasury Obligations with a most
remaining maturity of as much as 12 months ("T-Invoice ETFs"). The Fund holds as
collateral United States Treasury Obligations, cash market mutual funds and
T-Invoice ETFs (affiliated or in any other case), if any, for margin and/or money administration
functions. Whereas the Fund's efficiency displays the appreciation and
depreciation of these holdings, the Fund's efficiency, whether or not constructive or
unfavorable, is pushed primarily by its technique of buying and selling futures contracts with
the intention of searching for to trace the Index.

The Fund pursues its funding goal by investing in a portfolio of
exchange-traded commodity futures contracts that expire in a particular month and
commerce on a particular alternate (the "Index Contracts") within the Index Commodities.
The notional quantities of every Index Commodity included within the Index are broadly
in proportion to historic ranges of the world's manufacturing and shares of the
Index Commodities. The Fund additionally holds United States Treasury Obligations and
T-Invoice ETFs, if any, for deposit with Morgan Stanley & Co. LLC, the Fund's
commodity dealer (the "Commodity Dealer") as margin, to the extent permissible
below CFTC guidelines and United States Treasury Obligations, money, cash market
mutual funds and T-Invoice ETFs (affiliated or in any other case), if any, on deposit with
The Financial institution of New York Mellon (the "Custodian"), for money administration functions. The
mixture notional worth of the commodity futures contracts owned by the Fund is
anticipated to approximate the mixture web asset worth ("NAV") of the Fund, as
against the mixture Index worth.

The CFTC and sure futures exchanges impose place limits on futures
contracts, together with on Index Contracts. Because the Fund approaches or reaches
place limits with respect to an Index Commodity, the Fund could start
investing in Index Contracts that reference different Index Commodities. In these
circumstances, the Fund may additionally commerce in futures contracts primarily based on commodities
apart from Index Commodities that the Managing Proprietor moderately believes are likely to
exhibit buying and selling costs that correlate with an Index Contract.

                                       17
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The Managing Proprietor could decide to spend money on different futures contracts if at any
time it's impractical or inefficient to achieve full or partial publicity to an
Index Commodity by way of using Index Contracts. These different futures
contracts could or is probably not primarily based on an Index Commodity. When they aren't, the
Managing Proprietor could search to pick futures contracts that it moderately believes
are likely to exhibit buying and selling costs that correlate with an Index Contract.

The Shares are meant to supply funding outcomes that usually correspond
to the modifications, constructive or unfavorable, within the ranges of the Index over time. The
worth of the Shares is predicted to fluctuate in relation to modifications within the worth
of the Fund's portfolio. The market value of the Shares is probably not equivalent to
the NAV per Share, however these two valuations are anticipated to be very shut.

Index Description

The Managing Proprietor pays Deutsche Financial institution Securities, Inc. (the “Index Sponsor”) a
licensing charge and an index companies charge for performing its duties.


These charges represent a portion of the routine operational, administrative and
different unusual bills that are paid out of the administration charge paid to the
Managing Proprietor ("Administration Charge") and should not charged to or reimbursed by the
Fund.

Neither the Managing Proprietor nor any affiliate of the Managing Proprietor has any
rights to affect the choice of the futures contracts underlying the Index.
The Managing Proprietor has entered right into a license settlement with the Index Sponsor
to make use of the Index.

The Fund isn't sponsored or endorsed by Deutsche Financial institution AG, Deutsche Financial institution
Securities, Inc. or any subsidiary or affiliate of Deutsche Financial institution AG or Deutsche
Financial institution Securities, Inc. (collectively, "Deutsche Financial institution"). The DBIQ Optimum Yield
Diversified Commodity Index Extra Return™ (the "Index") is the unique
property of Deutsche Financial institution Securities, Inc. "DBIQ" and "Optimum Yield" are
service marks of Deutsche Financial institution AG and have been licensed to be used for sure
functions by Deutsche Financial institution Securities, Inc. Neither Deutsche Financial institution nor every other
occasion concerned in, or associated to, making or compiling the Index makes any
illustration or guarantee, categorical or implied, regarding the Index, the Fund
or the advisability of investing in securities usually. Neither Deutsche Financial institution
nor every other occasion concerned in, or associated to, making or compiling the Index
has any obligation to take the wants of the Managing Proprietor or its purchasers into
consideration in figuring out, composing or calculating the Index. Neither
Deutsche Financial institution nor every other occasion concerned in, or associated to, making or
compiling the Index is chargeable for or has participated within the dedication
of the timing of, costs at, portions or valuation of the Fund. Neither
Deutsche Financial institution nor every other occasion concerned in, or associated to, making or
compiling the Index has any obligation or legal responsibility in reference to the
administration or buying and selling of the Fund.

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR
COMPILING THE INDEX, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS
OF THE INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY
ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER
PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY
WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO CAPITAL
MANAGEMENT LLC FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. NEITHER
DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR
COMPILING THE INDEX, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY
DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. 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.

No purchaser, vendor or holder of the Shares of this Fund, or every other individual
or entity, ought to use or confer with any Deutsche Financial institution commerce title, trademark or
service mark to sponsor, endorse, market or promote this Fund with out first
contacting Deutsche Financial institution to find out whether or not Deutsche Financial institution's permission is
required. On no account could any individual or entity declare any affiliation
with Deutsche Financial institution with out the written permission of Deutsche Financial institution.

The Index Sponsor could from time-to-time subcontract the availability of the
calculation and different companies described beneath to a number of third events.


The Index consists of notional quantities of every of the underlying Index
Commodities. The notional quantity of every Index Commodity included within the Index
is meant to mirror the modifications in market worth of every such Index Commodity
inside the Index. The closing stage of the Index is calculated on every enterprise
day by the Index Sponsor primarily based on the closing value of the commodity futures
contracts for every of the Index Commodities and the notional quantity of such
Index Commodity.

The Index is rebalanced yearly in November to make sure that every of the Index
Commodities is weighted in the identical proportion that such Index Commodities have been
weighted on September 3, 1997. The composition of the Index could also be adjusted in
the occasion that the Index Sponsor isn't in a position to calculate the closing costs of
the Index Commodities.

                                       18

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The next desk displays the Fund weights of every Index Commodity, or
associated futures contracts, as relevant, as of March 31, 2022:

Index Commodity                        Fund Weight (%)
Aluminum                                           4.53 %
Brent Crude Oil                                   12.84
Copper Grade A                                     3.67
Corn                                               5.83
Gold                                               6.91
Mild Candy Crude Oil (WTI)                       11.63
Pure Gasoline                                        6.33
RBOB Gasoline                                     12.46
Silver                                             1.66
Soybeans                                           5.40
Sugar                                              4.64
Extremely-Low Sulphur Diesel                          13.82
Wheat                                              5.90
Zinc                                               4.38
Closing Stage as of March 31, 2022:              100.00 %


Please see http://www.invesco.com/ETFs with respect to essentially the most just lately
obtainable weighted composition of the Fund and the composition of the Index.

Market Danger


Buying and selling in futures contracts includes the Fund getting into into contractual
commitments to buy a specific commodity at a specified date and value.
The market danger related to the Fund's commitments to buy commodities
is restricted to the gross or face quantity of the contracts held.

The Fund's publicity to market danger can also be influenced by numerous components
together with the volatility of rates of interest and international forex alternate charges,
the liquidity of the markets through which the contracts are traded and the
relationships among the many contracts held. The inherent uncertainty of the Fund's
buying and selling in addition to the event of drastic market occurrences may
finally result in a lack of all or considerably all the buyers' capital.

Credit score Danger


When the Fund enters into futures contracts, the Fund is uncovered to credit score danger
that the counterparty to the contract is not going to meet its obligations. The
counterparty for futures contracts traded on United States and on most international
futures exchanges is the clearing home related to the actual alternate.
On the whole, clearing homes are backed by their company members who could also be
required to share within the monetary burden ensuing from the nonperformance by
one in all their members and, as such, is designed to disperse and mitigate the
credit score danger posed by every other one member. In circumstances the place the clearing home is
not backed by the clearing members (i.e., some international exchanges), it might be
backed by a consortium of banks or different monetary establishments. There may be no
assurance that any counterparty, clearing member or clearinghouse will meet its
obligations to the Fund.

The Commodity Dealer, when appearing because the Fund's futures fee service provider
("FCM") in accepting orders for the acquisition or sale of home futures
contracts, is required by CFTC laws to individually account for and
segregate as belonging to the Fund all property of the Fund referring to home
futures buying and selling. The Commodity Dealer isn't allowed to commingle such property
with different property of the Commodity Dealer. As well as, CFTC laws additionally
require the Commodity Dealer to carry in a safe account property of the Fund
associated to international futures buying and selling. Whereas these authorized necessities are designed
to guard the purchasers of FCMs, a failure by the Commodity Dealer to conform
with these necessities could be more likely to have a cloth antagonistic impact on the
Fund within the occasion that the Commodity Dealer grew to become bancrupt or suffered different
monetary misery.

Liquidity

The Fund's total supply of capital is derived from the Fund's providing of
Shares to Licensed Individuals. The Fund in flip allocates its web property to
commodity futures buying and selling. A good portion of the NAV is held in United
States Treasury Obligations, which can be used as margin for the Fund's buying and selling
in commodity futures contracts and United States Treasury Obligations, cash
market mutual funds, money and T-Invoice ETFs, if any, which can be used for money
administration functions. The proportion that United States Treasury Obligations bear
to the whole web property will differ from interval to interval because the market values of
the Fund's commodity pursuits change. A portion of the Fund's United States
Treasury Obligations are held for deposit with the Commodity Dealer to fulfill
margin necessities. All remaining money, cash market mutual funds, T-Invoice ETFs,
if any, and United States Treasury Obligations are on deposit with the
Custodian. Curiosity earned on the Fund's interest-bearing funds and dividends
from the Fund's holdings of cash market mutual funds are paid to the Fund. Any
dividends or distributions of capital positive aspects obtained from the Fund's holdings of
T-Invoice ETFs, if any, are paid to the Fund.

                                       19
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The Fund's commodity futures contracts could also be topic to durations of illiquidity
due to market situations, regulatory concerns or for different causes.
For instance, U.S. futures exchanges and a few international exchanges have laws
that restrict the quantity of fluctuation in futures contract costs which will happen
throughout a single enterprise day. These limits are usually known as "each day
value fluctuation limits" or "each day limits," and the utmost or minimal value of
a contract on any given day because of these limits is known as a
"restrict value." As soon as a restrict value has been reached in a specific contract, it
is normally the case that no trades could also be made at a unique value than
specified within the restrict. The period of restrict costs usually varies. Restrict
costs could have the impact of precluding the Fund from buying and selling in a specific
contract or requiring the Fund to liquidate contracts at disadvantageous occasions
or costs. Both of these outcomes may adversely have an effect on the Fund's capacity to
pursue its funding goal.

As a result of the Fund trades futures contracts, its capital is in danger as a consequence of modifications
within the worth of futures contracts (market danger) or the shortcoming of
counterparties (together with the Commodity Dealer and/or alternate clearinghouses)
to carry out below the phrases of the contracts (credit score danger).

On any enterprise day, an Licensed Participant could place an order with the
Switch Agent to redeem a number of blocks of 100,000 Shares ("Creation
Models"). Redemption orders have to be positioned by 10:00 a.m., Jap Time. The day
on which the Managing Proprietor receives a legitimate redemption order is the redemption
order date. The day on which a redemption order is settled is the redemption
order settlement date. As supplied beneath, the redemption order settlement date
could happen as much as two enterprise days after the redemption order date. Redemption
orders are irrevocable. The redemption procedures permit Licensed Individuals
to redeem Creation Models. Particular person Shareholders could not redeem immediately from
the Fund. As a substitute, particular person Shareholders could solely redeem Shares in integral
multiples of 100,000 and solely by way of an Licensed Participant.

Until in any other case agreed to by the Managing Proprietor and the Licensed Participant
as supplied within the subsequent sentence, by inserting a redemption order, an Licensed
Participant agrees to ship the Creation Models to be redeemed by way of DTC's
book-entry system to the Fund no later than the redemption order settlement date
as of two:45 p.m., Jap Time, on the enterprise day instantly following the
redemption order date. Upon submission of a redemption order, the Licensed
Participant could request the Managing Proprietor to conform to a redemption order
settlement date as much as two enterprise days after the redemption order date. By
inserting a redemption order, and previous to receipt of the redemption proceeds, an
Licensed Participant's DTC account is charged the non-refundable transaction
charge due for the redemption order.

Redemption orders could also be positioned both (i) by way of the Steady Internet Settlement
("CNS") clearing processes of the Nationwide Securities Clearing Company (the
"NSCC") (the "CNS Clearing Course of") or (ii) if outdoors the CNS Clearing
Course of, solely by way of the amenities of The Depository Belief Firm ("DTC" or
the "Depository") (the "DTC Course of"), or a successor depository, and solely in
alternate for money. By inserting a redemption order, and previous to receipt of the
redemption proceeds, an Licensed Participant's DTC account is charged the
non-refundable transaction charge due for the redemption order and such charge isn't
borne by the Fund.

The Fund is unaware of any recognized traits or any recognized calls for, commitments,
occasions or uncertainties that can end in or which can be moderately more likely to
end result within the registrant's liquidity rising or reducing in any materials
manner.

Capital Sources

The Fund doesn’t have any materials money necessities as of the tip of the
newest fiscal interval. The Fund is unaware of any recognized materials traits,
favorable or unfavorable, within the Fund’s capital assets.


Within the regular course of its enterprise, the Fund is a celebration to monetary
devices with off-balance sheet danger. The time period "off-balance sheet danger"
refers to an unrecorded potential legal responsibility that, although it doesn't seem
on the steadiness sheet, could end in a future obligation or loss. The monetary
devices utilized by the Fund are commodity futures, the values of that are
primarily based upon an underlying asset and customarily characterize future commitments which
have an inexpensive chance to be settled in money or by way of bodily
supply. The monetary devices are traded on an alternate and are
standardized contracts.

The Fund has not utilized, nor does it count on to make the most of sooner or later, particular
function entities to facilitate off-balance sheet financing preparations and has
no mortgage assure preparations or off-balance sheet preparations of any sort,
apart from agreements entered into within the regular course of enterprise famous above,
which can embody indemnification provisions associated to sure dangers service
suppliers undertake in offering companies to the Fund. Whereas the Fund's publicity
below such indemnification provisions can't be estimated, these normal
enterprise indemnifications should not anticipated to have a cloth influence on the
Fund's monetary place. The Managing Proprietor expects the danger of loss relating
to indemnification to be distant.

The Fund has monetary obligations to the Managing Proprietor and the Commodity
Dealer below the Belief Settlement and its settlement with the Commodity Dealer
(the "Commodity Dealer Settlement"), respectively. Administration Charge funds made
to the Managing Proprietor, pursuant to the Belief Settlement, are calculated as a
fastened proportion of the Fund's NAV. Fee funds to the Commodity Dealer,
pursuant to the Commodity Dealer Settlement, are on a contract-by-contract, or
round-turn, foundation. As such, the Managing Proprietor can not anticipate the variety of
funds that shall be required below these preparations for future durations as
NAVs and buying and selling exercise is not going to be recognized till a future date. The Fund's
settlement with the Commodity Dealer could also be terminated by both occasion for
numerous causes. All Administration Charges and fee funds are paid to the
Managing Proprietor and the Commodity Dealer, respectively.

                                       20

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Money Flows


A major money move exercise of the Fund is to boost capital from Licensed
Individuals by way of the issuance of Shares. This money is used to spend money on
United States Treasury Obligations, cash market mutual funds and T-Invoice ETFs,
if any, and to fulfill margin necessities because of the positions taken in
futures contracts to match the fluctuations of the Index.

As of the date of this Report, every of BMO Capital Markets Corp., BNP Paribas
Securities Corp., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup
International Markets Inc., Credit score Suisse Securities (USA) LLC, Deutsche Financial institution
Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP,
Interactive Brokers LLC, Jefferies LLC, JP Morgan Securities Inc., Merrill Lynch
Skilled Clearing Corp., Morgan Stanley & Co. LLC, Nomura Securities
Worldwide Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS
Securities LLC, Virtu Americas LLC and Virtu Monetary Capital Markets LLC has
executed a Participant Settlement and are the one Licensed Individuals.

Working Actions


Internet money move supplied by (utilized in) working actions was $(609.7) million
and $(386.9) million for the three months ended March 31, 2022 and 2021,
respectively. These quantities primarily embody web earnings (loss), web purchases
and gross sales of cash market mutual funds and web purchases and gross sales of United
States Treasury Obligations and affiliated investments. The Fund invests in
United States Treasury Obligations, cash market mutual funds and T-Invoice ETFs
(affiliated or in any other case), if any, for margin and/or money administration functions.
Whereas the Fund's efficiency displays the appreciation and depreciation of these
holdings, the Fund's efficiency, whether or not constructive or unfavorable, is pushed
primarily by its technique of buying and selling futures contracts with the intention of searching for
to trace the Index.

Through the three months ended March 31, 2022, $678.9 million was paid to
buy United States Treasury Obligations and $622.0 million was obtained from
gross sales and maturing United States Treasury Obligations. Through the three months
ended March 31, 2021, $623.9 million was paid to buy United States Treasury
Obligations and $160.0 million was obtained from gross sales and maturing United
States Treasury Obligations. $1,397.9 billion was obtained from gross sales of
affiliated investments and $2,696.3 billion was paid to buy affiliated
investments through the three months ended March 31, 2022. $878.9 million was
obtained from gross sales of affiliated investments and $966.1 million was paid to
buy affiliated investments through the three months ended March 31, 2021.
Unrealized appreciation/depreciation on United States Treasury Obligations,
affiliated investments and futures contracts elevated (decreased) web money
supplied by (utilized in) working actions by $(62.0) million and $(11.2)
million through the three months ended March 31, 2022 and 2021, respectively.

Financing Actions


The Fund's web money move supplied by (utilized in) financing actions was $705.6
million and $379.4 million through the three months ended March 31, 2022 and
2021, respectively. This included $1,091.0 billion and $510.7 million from
Shares bought by Licensed Individuals and $385.4 million and $131.3
million from Shares redeemed by Licensed Individuals through the three months
ended March 31, 2022 and 2021, respectively.

Outcomes of Operations

FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021


The next graphs illustrate the share modifications in (i) the market value
of the Shares (as mirrored by the road "Market"), (ii) the Fund's NAV (as
mirrored by the road "NAV"), and (iii) the closing ranges of the Index (as
mirrored by the road "DBIQ Choose Yield Diversified Comm Index ER"). At any time when the
Treasury Revenue, Cash Market Revenue and T-Invoice ETF Revenue, if any, earned by
the Fund exceeds Fund bills, the worth of the Shares usually exceeds the
stage of the Index primarily as a result of the Share value displays Treasury Revenue,
Cash Market Revenue and T-Invoice ETF Revenue from the Fund's collateral holdings
whereas the Index doesn't contemplate such earnings. There may be no assurances that
the worth of the Shares or the Fund's NAV will exceed the Index ranges.

No illustration is being made that the Index will or is more likely to obtain
closing ranges in keeping with or just like these set forth herein. Equally,
no illustration is being made that the Fund will generate earnings or losses
just like the Fund's previous efficiency or modifications within the Index closing ranges.

                                       21

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COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX ER
               FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021


                               [[Image Removed]]

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.

                               [[Image Removed]]

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.



                                       22
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Efficiency Abstract

This Report covers the three months ended March 31, 2022 and 2021. Previous
efficiency of the Fund isn’t essentially indicative of future efficiency.


The Index is meant to mirror the change in market worth of the Index
Commodities. In flip, the notional quantities of every Index Commodity are broadly
in proportion to historic ranges of the world's manufacturing and shares of such
Index Commodities. The DBIQ Optimum Yield Diversified Commodity Index Complete
Return ™, (the "DBIQ-OY Diversified TR™") consists of the Index plus 3-month
United States Treasury Obligations returns. Previous outcomes of the Index and the
DBIQ-OY Diversified TR™ should not essentially indicative of future modifications,
constructive or unfavorable.

The part "Abstract of the DBIQ-OY Diversified TR™ and Underlying Index
Commodity Returns for the Three Months Ended March 31, 2022 and 2021" beneath
offers an outline of the modifications within the closing ranges of the DBIQ-OY
Diversified TR™ by disclosing the change in market worth of every underlying
part Index Commodity by way of a "surrogate" (and analogous) index that additionally
displays 3-month United States Treasury Obligations returns. Please word additionally
that the Fund's goal is to trace the Index (not the DBIQ-OY Diversified
TR™), and the Fund doesn't try and outperform or underperform the Index. The
Index employs the optimum yield roll technique with the target of mitigating the
unfavorable results of contango, the situation through which distant supply costs for
futures exceed spot costs, and maximizing the constructive results of
backwardation, a situation reverse of contango.

Abstract of the DBIQ-OY Diversified TR™ and Underlying Index Commodity

           Returns for the Three Months Ended March 31, 2022 and 2021
                                                         AGGREGATE RETURNS FOR INDICES IN THE DBIQ-OY
                                                                       DIVERSIFIED TR™
                                                                  Three Months Ended
                                                                       March 31,
Underlying Index                                            2022                      2021
DB Aluminum Indices                                              24.39 %                   10.79 %
DB Brent Crude Oil Indices                                       35.56                     18.29
DB Copper Grade A Indices                                         7.03                     13.14
DB Corn Indices                                                  23.80                     11.10
DB Gold Indices                                                   6.49                    (10.03 )
DB Mild Crude Oil Indices                                       28.01                     24.32
DB Pure Gasoline Indices                                           60.17                      2.09
DB RBOB Gasoline Indices                                         26.27                     25.90
DB Silver Indices                                                 7.51                     (7.32 )
DB Soybeans Indices                                              12.00                     13.01
DB Sugar Indices                                                  5.42                      5.28
DB Extremely-Low Sulphur Diesel Indices                              41.89                     18.95
DB Wheat Indices                                                 31.17                     (1.98 )
DB Zinc Indices                                                  20.31                      2.06
AGGREGATE RETURNS                                                26.11 %                   13.17 %


If the Fund's Treasury Revenue, Cash Market Revenue and T-Invoice ETF Revenue have been to
exceed the Fund's charges and bills, the mixture return on an funding in
the Fund could be anticipated to outperform the Index and underperform the DBIQ-OY
Diversified TR™. The one distinction between (i) the Index (the "Extra Return
Index") and (ii) the DBIQ-OY Diversified TR™ (the "Complete Return Index") is that
the Extra Return Index doesn't embody curiosity earnings from fastened earnings
securities whereas the Complete Return Index does embody such a part. Thus, the
distinction between the Extra Return Index and the Complete Return Index is
attributable totally to the curiosity earnings attributable to the fastened earnings
securities mirrored within the Complete Return Index. The Complete Return Index doesn't
really maintain any fastened earnings securities. If the Fund's Treasury Revenue, Cash
Market Revenue and T-Invoice ETF Revenue, if any, exceeds the Fund's charges and
bills, then the quantity of such extra is predicted to be distributed
periodically. The market value of the Shares is predicted to intently monitor the
Extra Return Index. The combination return on an funding within the Fund over any
interval is the sum of the capital appreciation or depreciation of the Shares over
the interval, plus the quantity of any distributions through the interval.
Consequently, the Fund's mixture return is predicted to outperform the Extra
Return Index by the quantity of the surplus, if any, of the Fund's Treasury Revenue,
Cash Market Revenue and T-Invoice ETF Revenue over its charges and bills. As a
results of the Fund's charges and bills, nonetheless, the mixture return on the
Fund is predicted to underperform the Complete Return Index. If the Fund's charges and
bills have been to exceed the Fund's Treasury Revenue, Cash Market Revenue and
T-Invoice ETF Revenue, if any, the mixture return on an funding within the Fund is
anticipated to underperform the Extra Return Index.

                                       23

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FOR THE THREE MONTHS ENDED MARCH 31, 2022 COMPARED TO THE THREE MONTHS ENDED
MARCH 31, 2021


Fund Share Value Efficiency

For the three months ended March 31, 2022, the NYSE Arca market worth of every
Share elevated from $20.78 per Share to $26.08 per Share. The Share value low
and excessive for the three months ended March 31, 2022 and associated change from the
Share value on December 31, 2021 was as follows: Shares traded at a low of
$20.89 per Share (+0.53%) on January 3, 2022, and a excessive of $28.02 per Share
(+34.85%) on March 8, 2022. The whole return for the Fund on a market worth
foundation was 25.50%.

Commodities had an exceptionally sturdy begin to 2022, with the Fund posting its
largest quarterly acquire since its inception. Because the geopolitical disaster between
Russia and Ukraine unfolded, an already basically tight commodities markets
have been additional challenged, buyers turned to the asset class for each
geopolitical cowl and inflation hedging functions. Given each nations' key roles
as commodities powerhouses, the continuing navy battle and rising
isolation of Russia, following western sanctions and self-sanctioning in opposition to
the nation, disrupted the move of products and despatched costs throughout all commodity
sectors to multi-year, and even historic highs.

For the three months ended March 31, 2021, the NYSE Arca market worth of every
Share elevated from $14.70 per Share to $16.61 per Share. The Share value low
and excessive for the three months ended March 31, 2021 and associated change from the
Share value on December 31, 2020 was as follows: Shares traded at a low of
$14.63 per Share (-0.48%) on January 4, 2021, and a excessive of $17.48 per Share
(+18.92%) on March 11, 2021. The whole return for the Fund on a market worth
foundation was 12.99%.

Commodities began off 2021 with constructive efficiency as rising vaccine
optimism and easing lockdown restrictions globally signaled the beginning of demand
restoration. Whereas vitality commodities drove the majority of the returns, efficiency
was constructive throughout the board, aside from treasured metals, because the
ongoing world financial restoration diminished demand for secure havens like gold. Section
one of many U.S. China commerce deal and rising greenification efforts, particularly
following Biden's presidential victory, additionally respectively supplied assist for
agricultural commodities and industrial metals.

Fund Share Internet Asset Efficiency


For the three months ended March 31, 2022, the NAV of every Share elevated from
$20.72 per Share to $26.06 per Share. Rising commodity futures contracts costs
for Aluminum, Brent Crude Oil, Copper Grade A, Corn, Gold, Mild Crude Oil,
Pure Gasoline, RBOB Gasoline, Silver, Soybeans, Sugar, Extremely-Low Sulphur Diesel,
Wheat and Zinc through the three months ended March 31, 2022, contributed to an
general 26.02% improve within the stage of the Index and to a 26.11% improve in
the extent of the DBIQ-OY Diversified TR™. The whole return for the Fund on a NAV
foundation was 25.77%.

Internet earnings (loss) for the three months ended March 31, 2022 was $764.2 million,
primarily ensuing from $0.9 million of earnings, web realized acquire (loss) of
$121.2 million, web change in unrealized acquire (loss) of $649.4 million and web
working bills of $7.3 million.
For the three months ended March 31, 2021, the NAV of every Share elevated from
$14.66 per Share to $16.56 per Share. Rising commodity futures contracts costs
for Aluminum, Brent Crude Oil, Copper Grade A, Corn, Mild Crude Oil, Pure
Gasoline, RBOB Gasoline, Soybeans, Sugar, Extremely-Low Sulphur Diesel and Zinc have been
partially offset by falling commodity futures contracts costs for Gold, Silver
and Wheat through the three months ended March 31, 2021, contributing to an
general 13.16% improve within the stage of the Index and to a 13.17% improve in
the extent of the DBIQ-OY Diversified TR™. The whole return for the Fund on a NAV
foundation was 12.96%.

Internet earnings (loss) for the three months ended March 31, 2021 was $175.1 million,
primarily ensuing from $0.2 million of earnings, web realized acquire (loss) of
$68.2 million, web change in unrealized acquire (loss) of $110.1 million and web
working bills of $3.4 million.

Essential Accounting Estimates


The monetary statements and accompanying notes are ready in accordance with
U.S. GAAP. The preparation of those monetary statements depends on estimates and
assumptions that influence the Fund's monetary place and outcomes of operations.
These estimates and assumptions have an effect on the Fund's software of accounting
insurance policies. As well as, please confer with Notice 2 to the monetary statements of the
Fund for additional dialogue of the Fund's accounting insurance policies and Merchandise 7 -
Administration's Discussions and Evaluation of Monetary Situation and Outcomes of
Operations - Essential Accounting Estimates on Kind 10-Ok for the yr ended
December 31, 2021.

There have been no materials estimates, which contain a major stage of
estimation uncertainty and had or are moderately more likely to have had a cloth
influence on the Fund’s monetary situation, used within the preparation of those
monetary statements.

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