<SEC-DOCUMENT>0001193125-24-172430.txt : 20240628
<SEC-HEADER>0001193125-24-172430.hdr.sgml : 20240628
<ACCEPTANCE-DATETIME>20240628172234
ACCESSION NUMBER:		0001193125-24-172430
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20240628
DATE AS OF CHANGE:		20240628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco DB Commodity Index Tracking Fund
		CENTRAL INDEX KEY:			0001328237
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				326042243
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-280601
		FILM NUMBER:		241086984

	BUSINESS ADDRESS:	
		STREET 1:		3500 LACEY ROAD
		STREET 2:		SUITE 700
		CITY:			DOWNERS GROVE
		STATE:			IL
		ZIP:			60515
		BUSINESS PHONE:		800-983-0903

	MAIL ADDRESS:	
		STREET 1:		3500 LACEY ROAD
		STREET 2:		SUITE 700
		CITY:			DOWNERS GROVE
		STATE:			IL
		ZIP:			60515

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PowerShares DB Commodity Index Tracking Fund
		DATE OF NAME CHANGE:	20060810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DB Commodity Index Tracking Fund
		DATE OF NAME CHANGE:	20050525
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>d834327ds3.htm
<DESCRIPTION>S-3
<TEXT>
<HTML><HEAD>
<TITLE>S-3</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on June&nbsp;28, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-&#8195;&#8195;&#8195;&#8195;</FONT> </B></P>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:1pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">S-3</FONT></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman" ALIGN="center"><B>INVESCO DB COMMODITY INDEX TRACKING FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">32-6042243</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>c/o Invesco Capital Management LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>3500 Lacey Road, Suite 700 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Downers Grove, Illinois </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>60515 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(800) <FONT
STYLE="white-space:nowrap">983-0903</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center"><B>(Address, including zip code, and telephone number, including area code, of
registrant&#146;s principal executive offices) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Adam Henkel
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>c/o Invesco Capital </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Management LLC </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>3500 Lacey
Road, Suite 700 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Downers Grove, Illinois 60515 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(800)&nbsp;983-0903</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address, including zip code, and telephone number, including area code, of agent for service) </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to: </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Erin E.
Martin, Esq. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Morgan, Lewis&nbsp;&amp; Bockius LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>1111 Pennsylvania Avenue, NW </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20004-2541 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(202) <FONT STYLE="white-space:nowrap">739-3000</FONT> </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Approximate date of
commencement of proposed sale to the public</B>: From time to time after this registration statement becomes effective. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">If the only securities being
registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.&#8194;&#9744; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">If any of the
securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check
the following box.&#8194;&#9746; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act,
please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#8194;&#9744; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering.&#8194;&#9744; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">If this Form is a registration statement
pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box.&#8194;&#9744; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or
additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box.&#8194;&#9744; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a <FONT STYLE="white-space:nowrap">non-accelerated</FONT> filer, a smaller reporting company or an emerging growth company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting company&#148; and &#147;emerging growth company&#148; in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
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<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-accelerated</FONT> filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Emerging&nbsp;growth&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of Securities Act.&#8194;&#9744; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>The Registrant hereby amends
this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in
accordance with Section&nbsp;8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may determine. </B></P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><FONT COLOR="#ff4338"><B>SUBJECT TO COMPLETION. THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE
CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT SOLICITING AN OFFER TO BUY THESE
SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.</B></FONT></P>
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  <div> <div><a name="xx_e2ce62d8-ee2c-4387-bb44-79cb4220bdd0_1"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:54pt;margin-top:42pt;width:120pt;z-index:-1;min-height:78pt;"> <div style="text-align:left;">
<img src="g918572invesco_global.jpg" alt=" " style="height:20pt;width:113pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:1pt;">&#8201;</font></div> </div>
<div style="float:left;margin-left:6pt;margin-top:42pt;width:360pt;min-height:78pt;"> <div style="line-height:0.5pt;text-align:left;">
<hr style="background-color:#000000;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0pt;position:relative;text-align:left;top:-1pt;width:360pt;"> </div> <div> <div style="clear:both;margin-top:3.0pt;position:relative;width:100%;">
<div style="float:left;line-height:11.20pt;text-align:left;width:54.69pt;"><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;">Prospectus</font></div> <div style="float:right;line-height:11.20pt;text-align:right;"><font
style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;">June 28, 2024</font>
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:8.5pt;position:relative;text-align:left;top:-2pt;width:360pt;"><font style="color:#000000;font-family:Arial;font-size:1pt;font-weight:bold;line-height:0.00pt;">&#8195;
</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:0.0pt;">
<table style="empty-cells:show;width:363.51pt;" cellpadding="0" cellspacing="0">
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<td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:39.08pt;"> <div style="line-height:20pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;margin-top:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial Narrow;font-size:18pt;font-weight:bold;margin-left:0.0pt;">DBC</font><font style="color:#000000;font-family:Arial;font-size:15.30pt;font-weight:bold;line-height:20pt;margin-left:0.0pt;"> </font></div> </div>
</td>
<td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:324.43pt;"> <div style="line-height:20pt;text-align:left;"> <div style="margin-left:6pt;margin-right:3pt;margin-top:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial Narrow;font-size:18pt;font-weight:bold;margin-left:0.0pt;">Invesco DB Commodity Index Tracking Fund</font></div> </div> </td> </tr> </table> </div> <div style="line-height:0.0pt;text-align:left;"><font
style="color:#000000;font-family:Arial;font-size:1pt;font-weight:bold;">&#8195;</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:54pt;margin-top:6pt;width:487pt;min-height:11pt;">
<div style="margin-top:0.0pt;">
<table style="empty-cells:show;margin-left:469pt;width:18pt;" cellpadding="0" cellspacing="0">
<tr style="height:auto;">
<td style="vertical-align:Top;width:9pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="vertical-align:Top;width:9pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:6pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:11.04pt;">&nbsp;</font></div> </div> </td> </tr> </table> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:54pt;margin-top:9pt;width:233pt;min-height:211pt;"> <div style="line-height:9.200pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Invesco DB Commodity Index
Tracking Fund (the &#8220;Fund&#8221;) is </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">organized as a Delaware statutory trust. The Fund issues common </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">units of beneficial interest (&#8220;Shares&#8221;), which represent units of </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">fractional
undivided beneficial interest in and ownership of the </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Fund. Shares may be purchased from the Fund only by certain </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">eligible financial institutions (&#8220;Authorized Participants&#8221;) and only in </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">one
or more blocks of 50,000 Shares (&#8220;Creation Units&#8221;). The Fund </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">issues Shares in Creation Units on a continuous basis at the </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">applicable net asset value (&#8220;NAV&#8221;) per Share as of the closing time of </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">the
NYSE Arca, Inc. (&#8220;NYSE Arca&#8221;) or the last to close of the </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">exchanges on which the Fund&#8217;s futures contracts are traded, </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;">whichever is later, on the creation order date.</font></div> <div style="line-height:9.200pt;margin-top:2.5pt;text-align:left;"> <div style="margin-top:2.5pt;"><font
style="color:#000000;font-family:Arial;font-size:7.820pt;">The Shares trade on the NYSE Arca under the symbol &#8220;DBC.&#8221;</font></div> </div> <div style="line-height:9.200pt;margin-top:2.5pt;text-align:justify;">
<div style="margin-top:2.5pt;"><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Invesco Capital Management LLC serves as the Fund&#8217;s managing </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">owner (the &#8220;Managing Owner&#8221;), commodity pool operator and </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">commodity trading
advisor. The Fund trades exchange-traded </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">futures contracts on Light Sweet Crude Oil (WTI), Ultra-Low Sulphur </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Diesel (also commonly known as Heating Oil), RBOB Gasoline, </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Natural Gas, Brent Crude,
Gold, Silver, Aluminum, Zinc, Copper </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Grade A, Corn, Wheat, Soybeans, and Sugar (each an &#8220;Index </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Commodity&#8221; and collectively the &#8220;Index Commodities&#8221;), the </font></div> </div> </div>
<div style="float:left;margin-left:21pt;margin-top:9pt;width:233pt;min-height:211pt;"> <div style="line-height:9.200pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">commodities comprising the
DBIQ Optimum Yield Diversified </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Commodity Index Excess
Return</font><font style="color:#000000;font-family:Arial;font-size:5.5pt;position:relative;top:-3.5pt;">TM</font><font style="color:#000000;font-family:Arial;font-size:7.820pt;"> (the &#8220;Index&#8221;). The Fund seeks to </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">track the Index over time. The Fund also earns interest income </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">(&#8220;Treasury
Income&#8221;) from United States Treasury securities </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">(&#8220;Treasury Securities&#8221;) and dividend income from its holdings in </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">money market mutual funds (affiliated or otherwise) (&#8220;Money </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Market Income&#8221;).
The Fund also gains exposure to Treasury </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Securities through an investment in exchange-traded funds </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">(affiliated or otherwise) (&#8220;ETFs&#8221;) that track indexes that measure the
</font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">performance of U.S. Treasury obligations with a maximum </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">remaining maturity
of up to twelve months (&#8220;T-Bill ETFs&#8221;), and the </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Fund may receive dividends or distributions of capital gains from </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">those investments (&#8220;T-Bill ETF Income&#8221;). While the Fund&#8217;s </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">performance
will reflect the appreciation or depreciation of its </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">investments in Treasury Securities, money market mutual funds and </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">T-Bill ETFs, the Fund&#8217;s performance, whether positive or negative, </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">will be driven
primarily by its strategy of trading futures contracts </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;">with the aim of seeking to track the Index.</font></div>
<div style="line-height:9.200pt;margin-top:2.5pt;text-align:justify;"> <div style="margin-top:2.5pt;"><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Except when aggregated in Creation Units, the Shares are not
</font><font style="color:#000000;font-family:Arial;font-size:7.820pt;">redeemable securities.</font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:54pt;margin-top:9pt;width:487pt;min-height:16pt;">
<div style="line-height:8.50pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;">INVESTING IN THE SHARES INVOLVES SIGNIFICANT RISKS.</font> <br><font
style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;">PLEASE REFER TO &#8220;RISK FACTORS&#8221; BEGINNING ON PAGE </font><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;">12</font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:54pt;margin-top:9pt;width:233pt;min-height:48pt;"> <div> <div style="clear:both;position:relative;width:100%;">
<div style="float:left;line-height:7pt;text-align:left;width:4.85pt;"><font style="color:#000000;font-family:Arial;font-size:6pt;">&#9632;&#8201;</font></div>
<div style="float:left;line-height:8.820pt;margin-left:7.15pt;text-align:left;width:216.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.820pt;">Futures trading is volatile and even a small movement in market </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;">prices could cause large losses.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.0pt;position:relative;width:100%;">
<div style="float:left;line-height:7pt;text-align:left;width:4.85pt;"><font style="color:#000000;font-family:Arial;font-size:6pt;">&#9632;&#8201;</font></div>
<div style="float:left;line-height:8.820pt;margin-left:7.15pt;text-align:left;width:216.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.820pt;">The success of the Fund&#8217;s trading program depends upon the </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;">skill of the Managing Owner and its trading principals.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:2.0pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;text-align:left;width:4.85pt;"><font style="color:#000000;font-family:Arial;font-size:6pt;">&#9632;&#8201;</font></div>
<div style="float:left;line-height:8.820pt;margin-left:7.15pt;text-align:left;width:216.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.820pt;">You could lose all or substantially all of your investment.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> </div> <div style="float:left;margin-left:21pt;margin-top:9pt;width:233pt;min-height:48pt;"> <div> <div style="clear:both;position:relative;width:100%;">
<div style="float:left;line-height:7pt;text-align:left;width:4.85pt;"><font style="color:#000000;font-family:Arial;font-size:6pt;">&#9632;&#8201;</font></div>
<div style="float:left;line-height:8.820pt;margin-left:7.15pt;text-align:left;width:216.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.820pt;">Investors pay fees in connection with their investment in Shares, </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;">including asset-based fees of 0.85% per annum. Additional </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;">charges include brokerage fees of approximately 0.02% per
</font><font style="color:#000000;font-family:Arial;font-size:7.820pt;">annum in the aggregate.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:54pt;margin-top:9pt;width:487pt;min-height:284pt;"> <div style="line-height:9.35pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">Authorized
Participants may offer to the public, from time to time, Shares from any Creation Units they create. Because </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">the Shares will trade at market
prices, rather than the NAV of the Fund, Shares may trade at prices greater than NAV (at </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">a premium), at NAV, or less than NAV (at a discount).
Authorized Participants will not receive from the Fund, the Managing</font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;"> Owner or any of their affiliates, any fee or other compensation in connection
with their sale of Shares to the </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">public.</font></div> <div style="line-height:9.35pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">An Authorized Participant may receive commissions or fees from investors who purchase Shares through their commission</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;"> or fee-based brokerage accounts. In addition, the Managing Owner pays a distribution services fee to Invesco </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">Distributors, Inc. without reimbursement from the Fund. For more information regarding items of compensation paid </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">to Financial Industry Regulatory Authority, Inc. (&#8220;FINRA&#8221;) members, please see the &#8220;Plan of Distribution&#8221; section on </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">page </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">86</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">.</font></div> </div> <div style="line-height:9.35pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">These securities have not been approved or disapproved by the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) or </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">any state securities commission nor has the SEC or any state securities commission passed upon the accuracy or adequacy </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">of this Prospectus. Any representation to the contrary is a criminal offense.</font></div> </div> <div style="line-height:9.35pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">The Fund is not a mutual fund or any other type of investment company within the meaning of the Investment Company</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;"> Act of 1940, as amended (the &#8220;1940 Act&#8221;), and is not subject to regulation thereunder.</font></div> </div>
<div style="line-height:9.35pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED
UPON THE MERITS OF PARTICIPATING IN THIS </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">POOL NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.</font></div> </div>
<div style="line-height:11.0pt;text-align:left;"> </div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_e2ce62d8-ee2c-4387-bb44-79cb4220bdd0_2"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:42pt;width:432pt;min-height:636pt;"> <div style="line-height:9.35pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">COMMODITY FUTURES TRADING
COMMISSION</font> <br><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">RISK DISCLOSURE STATEMENT</font></div> <div style="line-height:9.35pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;"> IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE AWARE THAT COMMODITY INTEREST TRADING</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;"> CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">THE NET ASSET VALUE OF THE POOL AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL. IN </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;"> IN THE POOL.</font></div> </div> <div style="line-height:9.35pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT, AND </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT TO THESE </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">CHARGED THIS POOL AT PAGE </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">42</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;"> AND A STATEMENT OF THE PERCENTAGE RETURNS NECESSARY TO BREAK </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">EVEN, THAT IS, TO
RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">31</font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">.</font></div> </div>
<div style="line-height:9.35pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND
OTHER FACTORS NECESSARY TO EVALUATE</font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;"> YOUR PARTICIPATION IN THIS COMMODITY POOL. THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE DOCUMENT, INCLUDING </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">A DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT, AT PAGES </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">12</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:9.35pt;"> </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">THROUGH
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">28</font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">.</font></div> </div>
<div style="line-height:9.35pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY
TRADE FOREIGN FUTURES OR OPTIONS </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;"> FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND ITS PARTICIPANTS. FURTHER, UNITED STATES </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;"> AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">THE POOL MAY BE EFFECTED.</font></div> </div> <div style="line-height:10.5pt;margin-top:6pt;text-align:center;">
<hr style="background-color:#000000;height:0.5pt;margin-bottom:0pt;margin-top:13.0pt;width:180pt;"> </div> <div style="line-height:9.35pt;margin-top:10pt;text-align:justify;"> <div style="margin-top:10pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">THIS PROSPECTUS DOES NOT INCLUDE ALL OF THE INFORMATION OR EXHIBITS IN THE REGISTRATION </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">STATEMENT OF THE FUND. YOU CAN READ AND COPY THE ENTIRE REGISTRATION STATEMENT AT THE </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">PUBLIC REFERENCE FACILITIES MAINTAINED BY THE SEC IN WASHINGTON, D.C.</font></div> </div> <div style="line-height:9.35pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">THE FUND FILES QUARTERLY AND ANNUAL REPORTS WITH THE SEC. YOU CAN READ AND COPY THESE </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">REPORTS AT THE SEC PUBLIC REFERENCE FACILITIES IN WASHINGTON, D.C. PLEASE CALL THE SEC AT 1-800-SEC-0330</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;"> FOR FURTHER INFORMATION.</font></div> </div> <div style="line-height:9.35pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">THE FILINGS OF THE FUND ARE POSTED AT THE SEC WEBSITE AT </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">HTTPS://WWW.SEC.GOV</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">.</font></div> </div> <div style="line-height:10.5pt;margin-top:6pt;text-align:center;">
<hr style="background-color:#000000;height:0.5pt;margin-bottom:0pt;margin-top:13.0pt;width:180pt;"> </div> <div style="line-height:9.35pt;margin-top:5pt;text-align:center;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">REGULATORY NOTICES</font></div> </div> <div style="line-height:9.35pt;margin-top:10pt;text-align:justify;"> <div style="margin-top:10pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">NO DEALER, SALESMAN OR ANY OTHER PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">TO MAKE ANY REPRESENTATION NOT CONTAINED IN THIS PROSPECTUS, AND, IF GIVEN OR MADE, SUCH </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">OTHER INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">BY THE FUND, THE MANAGING OWNER, THE AUTHORIZED PARTICIPANTS OR ANY OTHER PERSON.</font></div> </div> <div style="line-height:9.35pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO SELL OR A SOLICITATION OF AN </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">OFFER TO BUY, NOR SHALL THERE BE ANY OFFER, SOLICITATION, OR SALE OF THE SHARES IN ANY JURISDICTION</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;"> IN WHICH SUCH OFFER, SOLICITATION, OR SALE IS NOT AUTHORIZED OR TO ANY PERSON TO </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">WHOM IT IS UNLAWFUL TO MAKE ANY SUCH OFFER, SOLICITATION, OR SALE.</font></div> </div> <div style="line-height:9.35pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">THE BOOKS AND RECORDS OF THE FUND ARE MAINTAINED AS FOLLOWS: ALL MARKETING MATERIALS </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">ARE MAINTAINED AT THE OFFICES OF INVESCO DISTRIBUTORS, INC., 11 GREENWAY PLAZA, SUITE 1000, </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">HOUSTON, TEXAS 77046-1173; TELEPHONE NUMBER (800) 983-0903; CREATION UNIT TRANSACTION BOOKS </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">AND RECORDS, ACCOUNTING AND CERTAIN OTHER FINANCIAL BOOKS AND RECORDS (INCLUDING FUND </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">ACCOUNTING RECORDS, LEDGERS WITH RESPECT TO ASSETS, LIABILITIES, CAPITAL, INCOME AND EXPENSES, </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">THE REGISTRAR, TRANSFER JOURNALS AND RELATED DETAILS) AND TRADING AND RELATED DOCUMENTS </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">RECEIVED FROM FUTURES COMMISSION MERCHANTS ARE MAINTAINED BY THE BANK OF NEW YORK MELLON, </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">240 GREENWICH STREET, NEW YORK, NEW YORK 10007, TELEPHONE NUMBER (718) 315-7500. ALL OTHER </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:15pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">i</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_e2ce62d8-ee2c-4387-bb44-79cb4220bdd0_3"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:42pt;width:432pt;min-height:636pt;">
<div style="line-height:10.20pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;text-decoration:underline;">Notes to Cover Page (cont&#8217;d)</font></div>
<div style="line-height:9.35pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">BOOKS AND RECORDS OF THE FUND (INCLUDING MINUTE BOOKS AND OTHER GENERAL CORPORATE RECORDS, </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">TRADING RECORDS AND RELATED REPORTS AND OTHER ITEMS RECEIVED FROM THE FUND&#8217;S COMMODITY</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;"> BROKERS) ARE MAINTAINED AT THE FUND&#8217;S PRINCIPAL OFFICE, C/O INVESCO CAPITAL MANAGEMENT </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">LLC, 3500 LACEY ROAD, SUITE 700, DOWNERS GROVE, ILLINOIS 60515; TELEPHONE NUMBER (800) 983-0903.</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;"> BOOKS AND RECORDS OF THE MANAGING OWNER (INCLUDING THOSE RELATED TO ACCOUNTING, </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">PORTFOLIO MANAGEMENT, COMPLIANCE, LEGAL, MARKETING AND OPERATIONS): IRON MOUNTAIN, 341 </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">S. ARI CT., ADDISON, ILLINOIS 60101; 121 FOSTER AVE., BENSENVILLE, ILLINOIS, 60106; 2625 W. ROOSEVELT </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">RD., CHICAGO, ILLINOIS 60608; 2425 S. HALSTED ST., CHICAGO, ILLINOIS, 60608; 4175 CHANDLER DR., </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">HANOVER PARK, ILLINOIS 60133; 901 S. MENARD AVE., CHICAGO, ILLINOIS 60644; 2221 W. PERSHING RD., </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">CHICAGO, ILLINOIS 60609; 1301 S. ROCKWELL ST., CHICAGO, ILLINOIS 60608; 331 S. SWIFT RD., ADDISON, </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">ILLINOIS 60101. BOOKS AND RECORDS OF THE MANAGING OWNER THAT ARE REQUIRED BY SECTION 204 </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">OF THE INVESTMENT ADVISERS ACT OF 1940 ARE MAINTAINED AT THE MANAGING OWNER&#8217;S OFFICE AT </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">1166 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK, 10036; INVESCO DISTRIBUTORS, INC., 11 GREENWAY </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">PLAZA, HOUSTON, TEXAS 77046; AND THE BANK OF NEW YORK MELLON, 100 COLONIAL CENTER PARKWAY,</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;"> LAKE MARY, FLORIDA, 32746. SHAREHOLDERS WILL HAVE THE RIGHT, DURING NORMAL BUSINESS </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">HOURS, TO HAVE ACCESS TO AND COPY (UPON PAYMENT OF REASONABLE REPRODUCTION COSTS) SUCH </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">BOOKS AND RECORDS IN PERSON OR BY THEIR AUTHORIZED ATTORNEY OR AGENT. MONTHLY ACCOUNT </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">STATEMENTS FOR THE FUND CONFORMING TO COMMODITY FUTURES TRADING COMMISSION (&#8220;CFTC&#8221;) </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">AND THE NATIONAL FUTURES ASSOCIATION (&#8220;NFA&#8221;) REQUIREMENTS ARE POSTED ON THE MANAGING </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">OWNER&#8217;S WEBSITE AT HTTPS://WWW.INVESCO.COM/ETFS. ADDITIONAL REPORTS MAY BE POSTED ON </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">THE MANAGING OWNER&#8217;S WEBSITE IN THE DISCRETION OF THE MANAGING OWNER OR AS REQUIRED BY </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">REGULATORY AUTHORITIES. INFORMATION ON THE MANAGING OWNER&#8217;S WEBSITE SHALL NOT BE DEEMED </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">TO BE A PART OF THIS PROSPECTUS OR INCORPORATED BY REFERENCE HEREIN UNLESS OTHERWISE EXPRESSLY </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">STATED. THERE WILL SIMILARLY BE DISTRIBUTED TO SHAREHOLDERS, NOT MORE THAN 90 DAYS AFTER </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">THE CLOSE OF THE FUND&#8217;S FISCAL YEAR, CERTIFIED AUDITED FINANCIAL STATEMENTS AND (IN NO EVENT </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">LATER THAN MARCH 15 OF THE IMMEDIATELY FOLLOWING YEAR) THE TAX INFORMATION RELATING TO </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">SHARES OF THE FUND NECESSARY FOR THE PREPARATION OF SHAREHOLDERS&#8217; ANNUAL FEDERAL INCOME </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">TAX RETURNS.</font></div> <div style="line-height:10.5pt;margin-top:6pt;text-align:center;">
<hr style="background-color:#000000;height:0.5pt;margin-bottom:0pt;margin-top:13.0pt;width:180pt;"> </div> <div style="line-height:9.35pt;margin-top:10pt;text-align:justify;"> <div style="margin-top:10pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">AUTHORIZED PARTICIPANTS MAY BE REQUIRED TO DELIVER A PROSPECTUS WHEN TRANSACTING IN SHARES. </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">SEE &#8220;PLAN OF DISTRIBUTION.&#8221;</font></div> </div> <div style="line-height:10.5pt;margin-top:6pt;text-align:center;">
<hr style="background-color:#000000;height:0.5pt;margin-bottom:0pt;margin-top:13.0pt;width:180pt;"> </div> <div style="line-height:11.0pt;margin-top:10pt;text-align:left;"> <div style="margin-top:10pt;"> </div> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:15pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">ii</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_a5fdb264-2c9a-4853-aa6b-61d6191f1053_toc_1"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:60pt;"> <div style="line-height:11.05pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:17.00pt;font-weight:bold;">Table of Contents</font><br>
<div> </div><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;"><a href="#xx_14039b62-5052-496b-8f3f-a5a73ca6a596_1">Part One &#8211; Disclosure Document</A></font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;width:207pt;min-height:528pt;"> <div style="line-height:0.0pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:1pt;font-weight:bold;">&#8195;</font></div>
<div style="margin-top:0.0pt;">
<table style="empty-cells:show;width:207pt;" cellpadding="0" cellspacing="0">
<tr style="height:13pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_14039b62-5052-496b-8f3f-a5a73ca6a596_1">Summary Information</A></font></div> </div>
</td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">1</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_1">Risk Factors</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">12</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_17">Forward-Looking Statements</A></font></div>
</div> </td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">28</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_18">Investment Objective</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">29</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_20">Breakeven Analysis</A></font></div> </div>
</td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">31</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_20">Breakeven Table</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">31</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:28pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_22">Performance of Invesco DB Commodity Index
</A></font></div> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_22">Tracking Fund (Ticker:
DBC)</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">33</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:28pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_24">Description of the DBIQ Optimum Yield </A></font></div>
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_24">Diversified Commodity Index Excess
Return</A></font><font style="color:#000000;font-family:Arial;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_24">TM</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">35</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_30">Use of Proceeds</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">41</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_31">Charges</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">42</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_33">Who May Subscribe</A></font></div> </div> </td>

<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">44</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_33">Creation and Redemption of Shares</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">44</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_37">The Commodity Broker</A></font></div> </div>
</td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">48</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_41">Conflicts of Interest</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">52</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:28pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_43">Description of the Shares; Certain Material
</A></font></div> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_43">Terms of the Trust
Agreement</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">54</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_51">Distributions</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">62</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:28pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_51">The Administrator, Custodian and Transfer
</A></font></div> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_51">Agent</A></font></div> </div>
</td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">62</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_52">Invesco Distributors, Inc.</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">63</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_53">Index Sponsor</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">64</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:28pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_54">The Securities Depository; Book-Entry-Only </A></font></div>
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_54">System; Global Security</A></font></div> </div>
</td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">65</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_55">Share Splits</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">66</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_55">Material Contracts</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">66</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:28pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_60">Material U.S. Federal Income Tax
</A></font></div>
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_60">Considerations</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">71</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_73">Purchases by Employee Benefit Plans</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">84</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_75">Plan of Distribution</A></font></div> </div>
</td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">86</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_78">Legal Matters</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">89</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_78">Experts</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">89</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr> </table> </div> </div> <div style="float:left;margin-left:18pt;width:207pt;min-height:528pt;"> <div style="margin-top:0.0pt;">
<table style="empty-cells:show;width:207pt;" cellpadding="0" cellspacing="0">
<tr style="height:12pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_78">Additional Information</A></font></div> </div>
</td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">89</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:28pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_78">Recent Financial Information and Annual </A></font></div>
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_78">Reports</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">89</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:24pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_79">Incorporation by Reference of Certain
</A></font></div> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_79">Documents</A></font></div>
</div> </td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">90</font></div>
</div> </td> </tr> </table> </div> <div style="line-height:11.05pt;margin-top:12pt;text-align:left;"> <div style="margin-top:12pt;"><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;"><a href="#xx_800adf24-abba-412d-9e69-8dcea6cb9739_1">Part
 Two &#8211; Statement of Additional </A></font><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;"><a href="#xx_800adf24-abba-412d-9e69-8dcea6cb9739_1">Information</A></font><font
style="color:#000000;font-family:Arial;font-size:1pt;font-weight:bold;line-height:0.00pt;">&#8195;</font></div> </div> <div style="margin-top:0.0pt;">
<table style="empty-cells:show;width:207pt;" cellpadding="0" cellspacing="0">
<tr style="height:24pt;">
<td style="vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_5d78b8ca-a140-44f4-8bde-d81a0cb7710a_1">General Information Relating to Invesco Capital
</A></font></div> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_5d78b8ca-a140-44f4-8bde-d81a0cb7710a_1">Management
LLC</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">93</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </td> </tr>
<tr style="height:14pt;">
<td style="background-color:azure;vertical-align:Bottom;width:194.88pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;"><a href="#xx_5d78b8ca-a140-44f4-8bde-d81a0cb7710a_1">The Futures Markets</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:12.12pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">93</font></div> </div> </td> </tr> </table> </div> <div style="line-height:11.0pt;text-align:left;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:15pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">iii</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_14039b62-5052-496b-8f3f-a5a73ca6a596_1"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:54pt;width:432pt;min-height:33pt;"> <div style="line-height:11.05pt;margin-left:6pt;margin-top:3pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:-6pt;margin-top:0pt;text-align:left;top:-2pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;">Part One</font></div>
<div style="line-height:11.05pt;margin-top:3pt;text-align:left;"> <div style="margin-top:3pt;"><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;margin-left:6pt;">Disclosure Document</font>
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:0.5pt;position:relative;text-align:left;top:-2pt;width:432pt;"> </div> </div> </div> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:3pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:11pt;width:432pt;z-index:-1;min-height:573pt;"> <div style="text-align:left;">
<img src="g918572invesco_global.jpg" alt=" " style="height:20pt;width:113pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;line-height:1pt;">&#8201;</font><font
style="color:#000000;font-family:Arial;font-size:1pt;font-weight:bold;line-height:0.00pt;">&#8195;</font></div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"> </div> </div>
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style="color:#000000;font-family:Arial;font-size:11.90pt;font-weight:bold;margin-left:0.0pt;">Summary Information</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:6pt;padding-top:6pt;vertical-align:Top;width:131.29pt;"> <div style="line-height:13.60pt;text-align:left;"> <div style="margin-left:52.81pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:11.90pt;font-weight:bold;margin-left:0.0pt;">June 28, 2024</font></div> </div> </td> </tr> </table> </div> <div style="line-height:0.0pt;text-align:left;"><font
style="color:#000000;font-family:Arial;font-size:1pt;font-weight:bold;">&#8195;</font></div> <div style="margin-top:0.0pt;">
<table style="border-bottom:0.5pt solid #000000;empty-cells:show;margin-left:120pt;width:312pt;" cellpadding="0" cellspacing="0">
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<td style="background-color:#FFFFFF;padding-bottom:6pt;padding-top:6pt;vertical-align:Top;width:35.01pt;"> <div style="line-height:19pt;text-align:left;"> <div style="margin-right:6.64pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial Narrow;font-size:17pt;font-weight:bold;margin-left:0.0pt;">DBC</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:6pt;padding-top:6pt;vertical-align:Top;width:276.99pt;"> <div style="line-height:19pt;text-align:left;"> <div style="margin-left:6.64pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial Narrow;font-size:17pt;font-weight:bold;margin-left:0.0pt;">Invesco DB Commodity Index Tracking Fund</font></div> </div> </td> </tr> </table> </div>
<div style="line-height:10.12pt;margin-top:6pt;text-align:justify;"> <div style="margin-top:6pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">This summary of material information contained or
incorporated by reference in this Prospectus is intended </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">for quick reference only and does not contain all of the information that may be
important to you. The </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">remainder of this Prospectus contains more detailed information. You should read the entire Prospectus, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">including the information incorporated by reference in this Prospectus, before deciding whether to invest in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">Shares. Please see the section &#8220;Incorporation by Reference of Certain Documents&#8221; for information on how </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">you can obtain the information that is incorporated by reference in this Prospectus.</font></div> </div> <div style="line-height:10.5pt;margin-top:6pt;text-align:center;">
<hr style="background-color:#000000;height:0.5pt;margin-bottom:0pt;margin-top:13.0pt;width:180pt;"> </div> <div style="line-height:9.35pt;margin-top:12pt;text-align:left;"> <div style="margin-top:12pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">The Fund</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco DB Commodity Index Tracking Fund (the &#8220;Fund&#8221;) was formed as a Delaware statutory trust on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">May 23, 2005. The Fund issues common units of beneficial interest (&#8220;Shares&#8221;), which represent units of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">fractional undivided beneficial interest in and ownership of the Fund. The term of the Fund is perpetual </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(unless terminated earlier in certain circumstances). The principal executive offices of the Fund are located </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">at c/o Invesco Capital Management LLC, 3500 Lacey Road, Suite 700, Downers Grove, IL 60515, and its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">telephone number is (800) 983-0903. Information regarding the offered Fund is available at https://www.invesco.com/ETFs.</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Shares Listed on the NYSE Arca</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Shares are listed on the NYSE Arca under the symbol
&#8220;DBC.&#8221; Secondary market purchases and sales of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Shares are subject to ordinary brokerage commissions and charges.</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Purchases and Sales of Shares</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund issues and redeems Shares at net asset value
(&#8220;NAV&#8221;) with Authorized Participants and only in </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">large blocks of 50,000 Shares (each block of Shares is called a &#8220;Creation Unit&#8221;) or
multiples thereof in </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exchange for cash. Except when aggregated in Creation Units, the Shares are not redeemable securities of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">the Fund.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Individual Shares may be purchased and sold only on the NYSE Arca through brokers. Because the Shares </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">will trade at market prices rather than NAV, Shares may trade at prices greater than NAV (at a premium),
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">at NAV, or less than NAV (at a discount).</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Retail investors may purchase and sell Shares through traditional brokerage accounts. Purchases or sales </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of Shares may be subject to brokerage commissions. Investors are encouraged to review the terms of their
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">brokerage accounts for applicable charges.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Pricing Information Available on the NYSE Arca and Other Sources</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The following table lists additional NYSE Arca symbols and their meanings with respect to the Fund and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Index:</font><font style="color:#000000;font-family:Arial;font-size:1pt;line-height:0.00pt;">&#8195;</font></div> </div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left;">
<div style="margin-top:6pt;"> </div> </div> <div style="margin-top:0.0pt;">
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<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Symbol</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:8.50pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Meaning</font></div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">DBC</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Market price per Share on NYSE Arca</font></div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">DBCIIV</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Intra-day indicative value (&#8220;IIV&#8221;) per Share</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">DBCNAV</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">End of day NAV of the Fund</font></div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">DBLCIX</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Intra-day Index level</font></div> </div> </td> </tr>
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<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">DBLCDBCE</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">End of day Index closing level as of close of NYSE Arca</font></div> </div> </td> </tr> </table> </div> </div> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:3pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="margin-top:13.61pt;"> </div> <div style="clear:both;"> </div> <div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:0;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">1</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
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</div> <div> <div><a name="xx_14039b62-5052-496b-8f3f-a5a73ca6a596_2"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:90pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:11pt;width:432pt;min-height:570pt;">
<div style="line-height:8.50pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Summary Information (cont&#8217;d)</font></div>
<div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The intra-day data in the above table, including the IIV, is published once every fifteen seconds throughout </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">each trading day. The Index Sponsor (as defined herein) calculates and publishes the closing level of the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Index daily. The Managing Owner publishes the NAV of the Fund and the NAV per Share daily.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">All of the foregoing information is published as follows:</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The intra-day level of the Index (symbol: DBLCIX) and the IIV per Share (symbol: DBCIIV) (each quoted in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">U.S. dollars) are published once every fifteen seconds throughout each trading day on the consolidated </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">tape, Reuters and/or Bloomberg. The IIV per Share (symbol: DBCIIV) is also published on the Managing
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Owner&#8217;s website at </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.invesco.com/ETFs</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">, or any successor thereto.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The current trading price per Share (symbol: DBC) (quoted in U.S. dollars) is published continuously as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trades occur throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Managing Owner&#8217;s website at </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.invesco.com/ETFs</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">, or any successor thereto.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The most recent end-of-day Index closing level (symbol: DBLCDBCE) is published as of the close of business
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">for the NYSE Arca each trading day on the consolidated tape, Reuters and/or Bloomberg.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The most recent end-of-day NAV of the Fund (symbol: DBCNAV) is published as of the close of business on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Reuters and/or Bloomberg and on the Managing Owner&#8217;s website at </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.invesco.com/ETFs</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">, or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">any successor thereto. In addition, the most recent end-of-day NAV of the Fund (symbol: DBCNAV) is
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">published the following morning on the consolidated tape.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">All of the foregoing information with respect to the Index, including the Index&#8217;s history, is also published at </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">https://index.db.com</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index Sponsor obtains information for inclusion in, or for use in the calculation of, the Index from </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">sources the Index Sponsor considers reliable. None of the Index Sponsor, the Managing Owner, the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or any of their respective affiliates accepts responsibility for or guarantees the accuracy and/or
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">completeness of the Index or any data included in the Index.</font></div> </div> <div style="line-height:9.35pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">Information on the Managing Owner&#8217;s website shall not be deemed to be a part of this Prospectus or </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">incorporated by reference herein unless otherwise expressly stated.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">CUSIP Number</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">The Fund&#8217;s CUSIP number is 46138B103.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Risk Factors</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">An investment in Shares is speculative and involves a high degree of risk. The summary risk factors set forth </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">below are intended merely to highlight certain risks of the Fund. The Fund has additional risks that are set </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">forth elsewhere in this Prospectus.</font></div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Past performance is not necessarily indicative of future results; all or substantially
all of an </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">investment in the Fund could be lost.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Fund is subject to fees and expenses in the aggregate amount of approximately 0.87%
per </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">annum and will be successful only if its annual returns from futures trading, plus its annual </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Treasury
Income, Money Market Income and T-Bill ETF Income, exceed such fees and expenses.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Fund is subject to position limits imposed by the Commodity Futures Trading
Commission </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">(&#8220;CFTC&#8221;) and/or futures exchange rules. If the Fund were to reach a position limit, its ability to issue </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">new Creation Units or to reinvest income in additional futures contracts may be impaired or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">limited. This may adversely
affect the correlation between the market price of the Shares and the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">NAV of the Fund, which could result in Shares trading at a premium or discount to the NAV of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Fund.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> </div> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:6pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="margin-top:13.61pt;"> </div> <div style="clear:both;"> </div> <div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:0;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">2</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_14039b62-5052-496b-8f3f-a5a73ca6a596_3"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:90pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:11pt;width:432pt;min-height:570pt;">
<div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Summary Information (cont&#8217;d)</font></div> <div>
<div style="clear:both;margin-top:12.65pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">There can be no assurance that the Fund will achieve profits or avoid losses,
significant or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">otherwise.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Performance of the Fund may not track the Index during particular periods or over the
long term. </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Such tracking error may cause the Fund to outperform or underperform the Index.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Disruptions in the ability to create or redeem Creation Units may adversely affect
investors.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Certain potential conflicts of interest exist between the Managing Owner, the Commodity
Broker </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">(as defined herein) and their affiliates and the Fund&#8217;s shareholders (&#8220;Shareholders&#8221;). Although the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Managing Owner attempts to monitor for conflicts, it is extremely difficult, if not impossible, for </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the Managing Owner
to ensure that the conflicts will not, in fact, result in adverse consequences to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the Fund and the Shareholders.</font></div> </div> <div style="clear:both;position:relative;">
</div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Fund&#8217;s NAV may not always correspond to the market price of the Shares and,
as a result, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">discount).</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Shareholders will be subject to taxation on their allocable share of the Fund&#8217;s
taxable income, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">whether or not they receive cash distributions.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">As a result of increasingly interconnected global economies and financial markets,
armed conflict </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">between countries or in a geographic region, for example the current conflicts between Russia and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Ukraine in Europe and Hamas and Israel in the Middle East, may impact the Fund's investments. </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Such conflicts, and other
corresponding events, including the escalation and/or expansion of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">conflict in the surrounding areas, have had, and could continue to have, severe effects on regional </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">and global economic and financial markets, including increased volatility, reduced liquidity, and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">overall uncertainty.
The negative impacts may be particularly acute in certain commodities </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">markets.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Fund&#8217;s trading of futures contracts takes place in very volatile markets. In
the past, oil markets </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">have experienced extreme volatility. For example, the WTI futures contract for May 2020 physical </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">delivery reached negative prices on April 20, 2020. If a futures contract on an Index Commodity (an </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">&#8220;Index
Contract&#8221;), currently held by the Fund, or any other futures contract held by the Fund at a </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">future date, were to reach a negative price, investors in the Fund could lose a
significant portion of, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">or their entire, investment.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:9.35pt;margin-top:9.88pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">The Trustee</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Wilmington Trust Company (the &#8220;Trustee&#8221;), a Delaware trust
company, is the sole trustee of the Fund. The </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trustee&#8217;s duties and liabilities with respect to the offering of the Shares and the management of the Fund
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">are limited to its express obligations under the Fifth Amended and Restated Declaration of Trust and Trust </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Agreement of the Fund (the &#8220;Trust Agreement&#8221;). The Trustee has no duty or liability to supervise or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">monitor the performance of the Managing Owner, nor does the Trustee have any liability for the acts or
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">omissions of the Managing Owner.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Investment Objective</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Diversified Commodity Index Excess Return&#8482; (the &#8220;Index&#8221;) over time, plus the excess, if any, of the sum of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund&#8217;s Treasury Income, Money Market Income and T-Bill ETF Income, over the expenses of the Fund. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund invests in futures contracts in an attempt to track its Index. The Fund holds Treasury Securities, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">money market mutual funds and T-Bill ETFs only for margin and/or cash management purposes. While the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund&#8217;s performance will reflect the appreciation or depreciation of those holdings, the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">performance, whether positive or negative, will be driven primarily by its strategy of trading futures
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">contracts with the aim of seeking to track the Index.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:6pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="margin-top:13.61pt;"> </div> <div style="clear:both;"> </div> <div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:0;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">3</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_14039b62-5052-496b-8f3f-a5a73ca6a596_4"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:90pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:11pt;width:432pt;min-height:570pt;">
<div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Summary Information (cont&#8217;d)</font></div>
<div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Investing in the Fund does not insulate Shareholders from certain risks, including volatility in the spot </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">prices of the Index Commodities. In addition, the Index utilizes an Optimum Yield</font><font
style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">TM</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> methodology, which </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">seeks to minimize the effects of negative roll yield that may be experienced by conventional commodities </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">indexes. &#8220;Negative roll yield&#8221; is a term that describes the adverse impact of an upward-sloping price curve </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for futures contracts, which makes it more expensive to replace expiring contracts with new contracts. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">However, the Optimum Yield</font><font style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">TM</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;"> methodology may not be successful, and in such instances, the Fund, by </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">tracking the Index, may be negatively
impacted.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund pursues its investment objective by
investing in a portfolio of exchange-traded futures on Light </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Sweet Crude Oil (WTI), Ultra-Low Sulphur Diesel (also commonly known as Heating Oil), RBOB Gasoline,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Natural Gas, Brent Crude, Gold, Silver, Aluminum, Zinc, Copper Grade A, Corn, Wheat, Soybeans, and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Sugar. The Index is composed of notional amounts of each of these commodities (&#8220;Index Commodities&#8221;). </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The notional amounts of the Index Commodities included in the Index are broadly in proportion to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">historical levels of the world&#8217;s production and supplies of the Index Commodities. The sponsor of the Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">is Deutsche Bank Securities, Inc. (the &#8220;Index Sponsor&#8221; or &#8220;DBSI&#8221;).</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The closing level of the Index is calculated by the Index Sponsor based on the closing price of the futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">contracts for each of the Index Commodities and the notional amount of such Index Commodity.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index is rebalanced annually in November to ensure that each of the Index Commodities is weighted in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the same proportion that such Index Commodities were weighted on September 3, 1997 (the &#8220;Base </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Date&#8221;). The following table reflects the index base weights (&#8220;Index Base Weights&#8221;), of each Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Commodity on the Base Date:</font><font style="color:#000000;font-family:Arial;font-size:1pt;line-height:0.00pt;">&#8195;</font></div> </div>
<div style="line-height:0.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"> </div> </div> <div style="margin-top:0.0pt;">
<table style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:432pt;" cellpadding="0" cellspacing="0">
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Index Commodity</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:8.50pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Index Base Weight (%)</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Light Sweet Crude Oil (WTI)</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">12.375</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Ultra-Low Sulphur Diesel</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">12.375</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">RBOB Gasoline</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">12.375</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Natural Gas</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">5.500</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Brent Crude</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">12.375</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Gold</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">8.000</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Silver</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">2.000</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Aluminum</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">4.167</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Zinc</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">4.167</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Copper Grade A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">4.167</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Corn</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">5.625</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Wheat</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">5.625</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Soybeans</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">5.625</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Sugar</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">5.625</font></div> </div> </td> </tr>
<tr style="height:10pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Closing Level on Base Date</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:8.50pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">100.000</font></div> </div> </td> </tr> </table> </div> <div style="line-height:10.12pt;margin-top:6pt;text-align:justify;"> <div style="margin-top:6pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the closing prices of the Index Commodities.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index includes provisions for the replacement of futures contracts as they approach maturity. This </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">replacement takes place over a period of time in order to lessen the impact on the market for the futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts being replaced. With respect to each Index Commodity, the Fund employs a rule-based approach </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">when it &#8216;rolls&#8217; from one futures contract to another. Rather than select a new futures contract based on a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">predetermined schedule (e.g., monthly), each Index Commodity rolls from one contract to another futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contract that is intended to generate the most favorable &#8216;implied roll yield&#8217; under prevailing market </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">conditions. Where there is an upward-sloping price curve for futures contracts, the implied roll yield is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">expected to be negative, which is a market condition called &#8220;contango.&#8221; Contango exists when contract </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">prices are higher in distant delivery months than in nearer delivery months, typically due to costs </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:6pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="margin-top:13.61pt;"> </div> <div style="clear:both;"> </div> <div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:0;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">4</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_14039b62-5052-496b-8f3f-a5a73ca6a596_5"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:90pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:11pt;width:432pt;min-height:570pt;">
<div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Summary Information (cont&#8217;d)</font></div>
<div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">associated with storing a given physical commodity for a longer period. Rolling in a contangoed market will </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">tend to cause a drag on returns from futures trading. The Index&#8217;s selection of a new futures contract on an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index Commodity in such market conditions is designed to minimize the impact of negative roll yield. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Additionally, in instances of particular market stress, futures contracts for the month next to occur (e.g., </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the October 2024 futures contract available in September 2024) may trade significantly lower than futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts with delivery in later months, typically indicating an oversupply of the reference commodity, in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">what is referred to as a &#8220;super contango&#8221; market. See the &#8220;Risk Factors&#8221; section below for a discussion of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">the risks associated with a &#8220;super contango&#8221; market.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Conversely, where there is a downward-sloping price curve for futures contracts, the implied roll yield is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">expected to be positive, which is a market condition called backwardation. Backwardation exists when </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">prices are higher for contracts with shorter-term expirations than those with longer-term expirations, a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">condition that is typically associated with commodities that are consumed quickly instead of being held in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">storage. Rolling in a backwardated market will tend to enhance returns from futures trading. The Index&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">selection of a new futures contract on an Index Commodity in such market conditions is designed to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">maximize the impact of positive roll yield. The Index takes the impact of implied roll yield into </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">consideration by selecting, as the replacement for an expiring futures contract, the futures contract with a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">delivery month within the next thirteen months that generates the most favorable implied roll yield under
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the current market conditions.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund&#8217;s returns from futures trading are called excess return, which is the combined return based on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the spot prices of Index Commodities and the roll yield from trading futures contracts on Index
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Commodities.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund trades Index Contracts that are subject to position limits under regulations of the CFTC or futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exchange rules, as applicable. The Managing Owner may determine to invest in other futures contracts if </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">at any time it is impractical, including in scenarios wherein the futures market for an Index Contract is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">thinly traded, or inefficient to gain full or partial exposure to an Index Commodity through the use of Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Contracts. These other futures contracts may or may not be based on an Index Commodity. When they are </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">not, the Managing Owner may seek to select futures contracts that it reasonably believes tend to exhibit </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trading prices that correlate with an Index Contract. As the Fund approaches or reaches position limits </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with respect to an Index Commodity, the Fund may commence investing in Index Contracts that reference </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other Index Commodities. In those circumstances, the Fund may also trade in futures contracts based on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodities other than Index Commodities that the Managing Owner reasonably believes tend to exhibit
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">trading prices that correlate with an Index Contract.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index is calculated in U.S. dollars (&#8220;USD&#8221;) on an excess return (unfunded) basis, which means that the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index only reflects the return associated with spot prices for Index Commodities and the roll yield </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">associated with trading futures contracts on Index Commodities. Unlike the Index&#8217;s methodology, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund also holds as collateral securities that are expected to generate income, including Treasury Securities </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and shares of money market mutual funds and T-Bill ETFs. These securities are held with the Custodian (as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">defined herein). In addition, Treasury Securities for deposit may be held with the commodity broker as
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">margin for the Fund&#8217;s futures positions.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">The Managing Owner</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco Capital Management LLC, a Delaware limited liability company, serves as Managing Owner of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund. The Managing Owner was formed on February 7, 2003. The Managing Owner is an affiliate of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco Ltd. The Managing Owner was formed to be the managing owner of investment vehicles such as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">ETFs and has been managing non-commodity futures based ETFs since 2003 and commodity futures based </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">ETFs since 2014. The Managing Owner serves as the commodity pool operator and commodity trading </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">advisor of the Fund. The Managing Owner is registered as a commodity pool operator and commodity </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trading advisor with the CFTC and is a member of, and approved as a swap firm by, the National Futures </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:6pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="margin-top:13.61pt;"> </div> <div style="clear:both;"> </div> <div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:0;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">5</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
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<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:90pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:11pt;width:432pt;min-height:570pt;">
<div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Summary Information (cont&#8217;d)</font></div>
<div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Association (the &#8220;NFA&#8221;). As a registered commodity pool operator and commodity trading advisor, with
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">respect to the Fund, the Managing Owner must comply with various regulatory requirements under the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">United States Commodity Exchange Act of 1936, as amended (the &#8220;Commodity Exchange Act&#8221;), and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">rules and regulations of the CFTC and the NFA, including investor protection requirements, antifraud </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">prohibitions, disclosure requirements, and reporting and recordkeeping requirements. The Managing </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Owner
also is subject to periodic inspections and audits by the CFTC and NFA.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The principal office of the Managing Owner is located at 3500 Lacey Road, Suite 700, Downers Grove, IL
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">60515. The telephone number of the Managing Owner is (800) 983-0903.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund pays the Managing Owner a management fee, monthly in arrears, in an amount equal to 0.85% </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">per annum of the daily NAV of the Fund (the &#8220;Management Fee&#8221;). The Management Fee is paid in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">consideration of the Managing Owner&#8217;s services related to the management of the Fund&#8217;s business and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">affairs, including the provision of commodity futures trading advisory services.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund may, for margin and/or cash management purposes, invest in money market mutual funds </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and/or T-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">management fees that the Fund may incur through such investments is in addition to the Management </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">fees that it receives from the Fund in an amount equal to the indirect management fees that the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">incurs through its investments in affiliated money market mutual funds and/or affiliated T-Bill ETFs. The
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Managing Owner may terminate this waiver on 60 days&#8217; notice.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">The Commodity Broker</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">A variety of executing brokers execute futures transactions on behalf of the Fund. Such executing brokers </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">give-up all such transactions to Morgan Stanley &amp; Co. LLC, a Delaware limited liability company, which </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">serves as the Fund&#8217;s clearing broker (the &#8220;Commodity Broker&#8221;). In its capacity as clearing broker, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commodity Broker may execute or receive transactions executed by others, clears all of the Fund&#8217;s futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">transactions and performs certain administrative services for the Fund. The Commodity Broker is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">registered with the CFTC as a futures commission merchant (&#8220;FCM&#8221;) and is a member of the NFA in such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">capacity.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund pays the Commodity Broker all brokerage commissions, including applicable exchange fees, NFA </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">connection with trading activities. On average, total charges paid to the Commodity Broker are expected </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to be less than $7.00 per round-turn trade, although the Commodity Broker&#8217;s brokerage commissions and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trading fees are determined on a contract-by-contract basis. The Managing Owner estimates the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">brokerage commissions and fees will be approximately 0.02% of the NAV of the Fund in any year, although
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the actual amount of brokerage commissions and fees in any year or any part of any year may be greater.</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">The Administrator, Custodian and Transfer Agent</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Bank of New York Mellon is the administrator (the
&#8220;Administrator&#8221;) and serves as the custodian (the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">&#8220;Custodian&#8221;) and the transfer agent (the &#8220;Transfer Agent&#8221;) of the Fund. The
Bank of New York Mellon has </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">entered into a Fund Administration and Accounting Agreement (the &#8220;Administration Agreement&#8221;), a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Global Custody Agreement (the &#8220;Custody Agreement&#8221;), and a Transfer Agency and Service Agreement, in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">connection therewith.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">services necessary for the operation and administration of the Fund (other than making investment
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">decisions), including NAV calculations, accounting and other fund administrative services.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Key terms of the Administration Agreement are summarized under the heading &#8220;Material Contracts.&#8221;</font></div> </div> </div>
<div style="clear:both;"> </div> <div style="background-color:#000000;float:left;margin-left:81pt;margin-top:6pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="margin-top:13.61pt;"> </div>
<div style="clear:both;"> </div> <div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:0;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">6</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
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<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:90pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:11pt;width:432pt;min-height:570pt;">
<div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Summary Information (cont&#8217;d)</font></div>
<div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Administrator&#8217;s monthly fees are paid on behalf of the Fund by the Managing Owner out of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Management Fee.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Pursuant to the Transfer Agency and Service Agreement, the Transfer Agent receives a transaction </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">processing fee in connection with receiving and processing orders from Authorized Participants to create </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or redeem Creation Units in the amount of $500 per order. These transaction processing fees are paid </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">directly by the Authorized Participants and not by the Fund. From time to time, the Managing Owner, in its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">sole discretion, may reimburse Authorized Participants for all or a portion of the processing fees from the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Managing Owner&#8217;s own assets.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Invesco Distributors, Inc.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco Distributors, Inc. (&#8220;Invesco Distributors&#8221;) assists the Managing Owner with certain functions and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">duties relating to distribution and marketing, including reviewing and approving marketing materials. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco Distributors retains all marketing materials at c/o Invesco Distributors, Inc., 11 Greenway Plaza, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Suite 1000, Houston, Texas 77046-1173. Investors may contact Invesco Distributors toll-free in the U.S. at </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(800) 983-0903. The Fund has entered into a Distribution Services Agreement with Invesco Distributors.
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Invesco Distributors is affiliated with the Managing Owner.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner, out of the Management Fee, pays Invesco Distributors $25,000 annually ($6,250 per </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">quarter) for performing its duties on behalf of the Fund. Such services may include, among other services, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reviewing distribution related legal documents and contracts, consulting on marketing or sales strategy, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">maintaining certain books and records in respect of the Fund and performing additional marketing and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">distribution related services as may be agreed upon by Invesco Distributors and the Managing Owner.</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Index Sponsor</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner, on behalf of the Fund, has appointed DBSI to serve
as the Index Sponsor. The Index </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Sponsor calculates and publishes the daily index levels and the indicative intraday index levels. The Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Sponsor also calculates the IIV per Share throughout each day on which the Exchange is open for business
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">(a &#8220;Business Day&#8221;).</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Management
Fee for performing its duties.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">&#8220;800&#8221;
Number for Investors</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Investors may contact the Managing Owner toll
free in the U.S. at (800) 983-0903.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Limitation of
Liabilities</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">You cannot lose more than your
investment, including any appreciation in your investment, in the Shares. </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders are entitled to limitation on liability equivalent to the limitation on
liability enjoyed by </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">stockholders of a Delaware business corporation for profit. An investor may be required to return some or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">all of its capital in the event of a bankruptcy of the Fund.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Creation and Redemption of Shares</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund creates and redeems Shares from time to time, but only in one or more Creation Units. A </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Creation Unit is a block of 50,000 Shares. Creation Units may be created or redeemed only by Authorized </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Participants. Creation Units are created and redeemed continuously on the creation order settlement date </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or redemption order settlement date, as applicable, as of 2:45 p.m., Eastern time, on the business day </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">immediately following the date on which a valid order to create or redeem a Creation Unit is accepted by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund. The creation or redemption will be at the NAV of 50,000 Shares as of the closing time of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">NYSE Arca or the last to close of the exchanges on which the Index Commodities are traded, whichever is </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:6pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="margin-top:13.61pt;"> </div> <div style="clear:both;"> </div> <div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:0;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">7</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
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</div> <div> <div><a name="xx_14039b62-5052-496b-8f3f-a5a73ca6a596_8"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:90pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:11pt;width:432pt;min-height:570pt;">
<div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Summary Information (cont&#8217;d)</font></div>
<div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">later, on the date that a valid order to create or redeem a Creation Unit is accepted by the Fund. Upon </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">submission of a creation order or redemption order, the Authorized Participant may request the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner to agree to a creation order settlement or redemption order settlement date up to one business </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">day
after the creation order date or redemption order date.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">For
purposes of processing both purchase and redemption orders, a &#8220;business day&#8221; means any day other </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">than a day when banks in New York City are required or
permitted to be closed. Except when aggregated </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">in Creation Units, the Shares are not redeemable securities.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">See &#8220;Creation and Redemption of Shares&#8221; for more details.</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Authorized Participants</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Creation Units may be created or redeemed only by Authorized
Participants. Each Authorized Participant </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">must: (1) be a registered broker-dealer or other securities market participant such as a bank or other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">financial institution which is not required to register as a broker-dealer to engage in securities </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">transactions; (2) be a participant in the Depository Trust Company (&#8220;DTC&#8221;); and (3) have entered into an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">agreement with the Fund and the Managing Owner (a &#8220;Participant Agreement&#8221;). The Participant </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Agreement sets forth the procedures for the creation and redemption of Creation Units and for the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">delivery of cash required for such creations or redemptions. See &#8220;Creation and Redemption of Shares&#8221; for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">more details.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">NAV</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">NAV means the total assets of the Fund including, but not limited to, all cash and cash equivalents or other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">debt securities less total liabilities of the Fund, each determined on the basis of generally accepted
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">accounting principles in the United States, consistently applied under the accrual method of accounting.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">NAV per Share is the NAV of the Fund divided by the number of outstanding
Shares.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">See &#8220;Description of the Shares; Certain Material Terms
of the Trust Agreement &#8211; NAV&#8221; for more details.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Clearance and Settlement</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Shares are evidenced by global certificates that the Fund issues to DTC. The Shares are available only </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in book-entry form. Shareholders may hold their Shares through DTC, if they are participants in DTC, or
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">indirectly through entities that are participants in DTC.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Segregated Accounts/Treasury Income, Money Market Income and T-Bill ETF Income</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund has arranged for the proceeds of the continuous offering of the Shares to be deposited as cash in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">a segregated account in the name of the Fund at the Custodian (or another eligible financial institution, as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">applicable) in accordance with CFTC investor protection and segregation requirements. The Fund is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">credited with 100% of the interest earned on its average net assets on deposit with the Custodian or such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other financial institution each week. The Fund&#8217;s non-margin assets are generally invested in Treasury </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Securities, money market mutual funds (affiliated or otherwise) and T-Bill ETFs (affiliated or otherwise).
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">See &#8220;Fees and Expenses&#8221; for more details.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:6pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="margin-top:13.61pt;"> </div> <div style="clear:both;"> </div> <div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:0;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">8</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_14039b62-5052-496b-8f3f-a5a73ca6a596_9"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:90pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:11pt;width:432pt;min-height:570pt;">
<div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Summary Information (cont&#8217;d)</font></div>
<div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Fees and
Expenses</font><font style="color:#000000;font-family:Arial;font-size:1pt;font-weight:bold;line-height:0.00pt;">&#8195;</font></div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"> </div> </div>
<div style="margin-top:0.0pt;">
<table style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:432pt;" cellpadding="0" cellspacing="0">
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:151pt;"> <div style="line-height:8.50pt;text-align:left;"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Fee</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:281pt;"> <div style="line-height:8.50pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Description</font></div> </div> </td> </tr>
<tr style="height:141pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:151pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Management Fee</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:281pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">The Fund pays the Managing Owner a Management Fee, monthly in arrears, </font></div>
<div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">in an amount equal to 0.85% per annum of the daily NAV of the Fund. The
</font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Management Fee is paid in consideration of the Managing
Owner&#8217;s services </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">related to the management of the
Fund&#8217;s business and affairs, including the </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">provision of
commodity futures trading advisory services. The Fund may, for </font></div>
<div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">margin and/or cash management purposes, invest in money market mutual
</font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">funds and/or T-Bill ETFs that are managed by affiliates of the
Managing </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Owner. The indirect portion of the management fees that
the Fund may </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">incur through such investments is in addition to
the Management Fee paid </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">to the Managing Owner. The Managing
Owner has contractually agreed to </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">waive indefinitely the fees
that it receives in an amount equal to the indirect </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">management
fees that the Fund incurs through its investments in affiliated </font></div>
<div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">money market mutual funds and/or affiliated T-Bill ETFs. The Managing
</font></div> <div style="margin-left:4pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Owner may terminate the fee waiver on 60 days&#8217;
notice.</font></div> </div> </td> </tr>
<tr style="height:21pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:151pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Offering Expenses</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:281pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Expenses incurred in connection with the continuous offering of Shares are </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">paid by the Managing Owner.</font></div> </div> </td> </tr>
<tr style="height:111pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:151pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Brokerage Commissions and Fees</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:281pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">The Fund pays to the Commodity Broker all brokerage commissions, </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">including applicable exchange fees, NFA fees, give-up fees, pit brokerage </font></div>
<div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">fees and other transaction related fees and expenses charged in connection
</font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">with its trading activities. On average, total charges paid to
the Commodity </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Broker are expected to be less than $7.00 per
round-turn trade, although </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">the Commodity Broker&#8217;s
brokerage commissions and trading fees are </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">determined on a
contract-by-contract basis. The Managing Owner </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">estimates the
brokerage commissions and fees will be approximately 0.02% </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">of
the NAV of the Fund in any year, although the actual amount of </font></div>
<div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">brokerage commissions and fees in any year or any part of any year may be
</font></div> <div style="margin-left:4pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">greater.</font></div> </div> </td> </tr>
<tr style="height:51pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:151pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Routine Operational, Administrative </font></div> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">and Other Ordinary Expenses</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:281pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">The Managing Owner pays all of the routine operational, administrative and </font></div>
<div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">other ordinary expenses of the Fund, including, but not limited to, the fees
</font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">and expenses of the Trustee, license and service fees paid to
DBSI as Index </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Sponsor, legal and accounting fees and expenses,
tax preparation expenses, </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">filing fees, and printing, mailing and
duplication costs.</font></div> </div> </td> </tr>
<tr style="height:61pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:151pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Non-Recurring Fees and Expenses</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:281pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">The Fund pays all of the non-recurring and unusual fees and expenses </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">(referred to as extraordinary fees and expenses in the Trust Agreement), if </font></div>
<div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">any, as determined by the Managing Owner. Non-recurring and unusual
</font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">fees and expenses include items such as legal claims and
liabilities, litigation </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">costs, indemnification expenses and
other expenses that are not currently </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">anticipated obligations of the
Fund or of managed futures funds in general.</font></div> </div> </td> </tr>
<tr style="height:130pt;">
<td style="background-color:#FFFFFF;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:151pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Management Fee and Expenses to be </font></div> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Paid First out of Treasury Income, </font></div> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Money Market Income and/or T-Bill </font></div> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">ETF Income</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:281pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">The Management Fee and the brokerage commissions and fees of the Fund </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">are paid first out of Treasury Income from the Fund&#8217;s holdings of Treasury </font></div>
<div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Securities, Money Market Income from the Fund&#8217;s holdings of money
</font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">market mutual funds (affiliated or otherwise) and T-Bill ETF
Income from </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">the Fund&#8217;s holdings of T-Bill ETFs (affiliated
or otherwise), as applicable, on </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">deposit with the Commodity
Broker as margin, the Custodian, or otherwise. </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">If the sum of the
Treasury Income, the Money Market Income and the T-Bill </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">ETF
Income is not sufficient to cover the fees and expenses of the Fund that </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">are payable by the Fund during any period, the excess of such fees and </font></div>
<div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">expenses over such Treasury Income, Money Market Income and T-Bill ETF
</font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Income, as applicable, will be paid out of income from futures
trading, if </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">any, or from sales of the Fund&#8217;s holdings in
Treasury Securities, money </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">market mutual funds, and/or holdings in
T-Bill ETFs.</font></div> </div> </td> </tr> </table> </div> </div> <div style="clear:both;"> </div> <div style="background-color:#000000;float:left;margin-left:81pt;margin-top:6pt;width:453pt;z-index:-1;min-height:1pt;"> </div>
<div style="clear:both;"> </div> <div style="margin-top:13.61pt;"> </div> <div style="clear:both;"> </div> <div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:0;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">9</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_14039b62-5052-496b-8f3f-a5a73ca6a596_10"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:90pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:11pt;width:432pt;min-height:570pt;">
<div style="line-height:1.70pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Summary Information (cont&#8217;d)</font></div>
<div style="margin-top:2.30pt;">
<table style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:432pt;" cellpadding="0" cellspacing="0">
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:151pt;"> <div style="line-height:8.50pt;text-align:left;"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Fee</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:281pt;"> <div style="line-height:8.50pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Description</font></div> </div> </td> </tr>
<tr style="height:51pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:151pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Selling Commission</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:281pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">Retail investors may purchase and sell Shares through traditional brokerage </font></div>
<div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">accounts. Investors are expected to be charged a commission by their
</font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">brokers in connection with purchases of Shares that will vary
from investor </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align-last:Justify;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">to investor. Investors are encouraged to review
the terms of their </font></div> <div style="margin-left:4pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">brokerage accounts for applicable
charges.</font></div> </div> </td> </tr>
<tr style="height:10pt;">
<td style="background-color:#FFFFFF;vertical-align:Top;width:432pt;" colspan="2"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.5pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td> </tr> </table> </div> <div style="line-height:9.20pt;margin-top:9pt;text-align:center;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;">[Remainder of page left blank intentionally]</font></div> </div> <div style="line-height:10.0pt;text-align:left;"> </div> </div> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:6pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="margin-top:13.61pt;"> </div> <div style="clear:both;"> </div> <div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:0;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">10</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
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</div> <div> <div><a name="xx_14039b62-5052-496b-8f3f-a5a73ca6a596_11"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:90pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:11pt;width:432pt;min-height:570pt;">
<div style="line-height:8.50pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Summary Information (cont&#8217;d)</font></div>
<div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Distributions</font></div> <div style="line-height:10.12pt;margin-top:6pt;text-align:justify;">
<div style="margin-top:6pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund will make distributions at the discretion of the Managing Owner. To the extent that the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">actual and projected Treasury Income, the Fund&#8217;s actual and projected Money Market Income and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund&#8217;s actual and projected T-Bill ETF Income, as applicable, exceed the actual and projected fees and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">expenses of the Fund, the Managing Owner expects periodically to make distributions of the amount of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">such excess. The Managing Owner currently does not expect to make distributions with respect to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund&#8217;s capital gains. Depending on the Fund&#8217;s performance for the taxable year and a Shareholder&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">particular tax situation for such year, a Shareholder&#8217;s income tax liability for the taxable year for such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder&#8217;s allocable share of the Fund&#8217;s net ordinary income or loss and capital gain or loss may exceed </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">any distributions received with respect to such year.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Fiscal Year</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">The Fund&#8217;s fiscal year ends on December 31 of each year.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">U.S. Federal Income Tax Considerations</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">General</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Subject to the discussion below in &#8220;Material U.S. Federal Income Tax Considerations,&#8221; the Fund will be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will generally not </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">incur U.S. federal income tax liability; rather, each Shareholder will be required to take into account its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">allocable share of the Fund&#8217;s income, gain, loss, deduction and other items for the Fund&#8217;s taxable year </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">ending with or within the Shareholder&#8217;s taxable year.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Please refer to the &#8220;Material U.S. Federal Income Tax Considerations&#8221; section below for information on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">the potential U.S. federal income tax consequences of the purchase, ownership and disposition of Shares.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">UBTI</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">An organization that is otherwise exempt from U.S. federal income tax is nonetheless subject to taxation </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with respect to its &#8220;unrelated business taxable income&#8221; (&#8220;UBTI&#8221;). Subject to the discussion below in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">&#8220;Material U.S. Federal Income Tax Considerations,&#8221; all of the income realized by the Fund is expected to be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">short-term or long-term capital gain income, interest income or other passive investment income of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">type specifically exempt from treatment as UBTI. The Fund will not borrow funds for the purpose of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">acquiring or holding any investments or otherwise incur &#8220;acquisition indebtedness&#8221; with respect to such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investments. Therefore, a tax-exempt entity purchasing Shares is not expected to incur any UBTI by reason </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of its investment in the Shares or upon sale of such Shares, provided that such tax-exempt entity does not
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">borrow funds for the purpose of investing in the Shares.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Breakeven Amounts</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">A Shareholder should expect that the Fund&#8217;s fees and expenses during the first twelve months of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder&#8217;s investment will equal 0.87% of the Fund&#8217;s NAV. This amount equates to $0.2028 per annum </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">per Share at $23.25, the Fund&#8217;s NAV per Share as of May 31, 2024. Based on market rates observed as of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">May 31, 2024, the Fund&#8217;s Treasury Income is expected to be earned at a rate of 5.20%, Money Market </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Income is expected to be earned at a rate of 5.20%, and T-Bill ETF Income is expected to be earned at a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">rate of 5.00%. This means that, during those first twelve months, the Fund would have to experience </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trading losses that would exceed the positive difference between the Fund&#8217;s income and its expenses. As a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">result, the breakeven amount is reflected as $0.00 and 0% of NAV for the Fund.</font></div> </div> <div style="line-height:8.50pt;margin-top:7pt;text-align:center;">
<div style="margin-top:7pt;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;">THE SHARES ARE SPECULATIVE AND INVOLVE A HIGH DEGREE OF RISK</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:6pt;width:453pt;z-index:-1;min-height:1pt;"> </div> <div style="clear:both;"> </div> <div style="margin-top:13.61pt;"> </div> <div style="clear:both;"> </div> <div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:0;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">11</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_1"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:0pt;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Risk Factors</font><font
style="color:#000000;font-family:Arial;font-size:12.88pt;line-height:13.80pt;"> </font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">You could lose money investing in Shares. You should consider carefully the risks described below before </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">making an investment decision. You should also refer to the other information included in this Prospectus.</font></div> </div>
<div style="line-height:10.5pt;margin-top:6pt;text-align:center;"> <hr style="background-color:#000000;height:0.5pt;margin-bottom:0pt;margin-top:13.0pt;width:180pt;"> </div> <div style="line-height:9.35pt;margin-top:12pt;text-align:left;">
<div style="margin-top:12pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Market Risks</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Fluctuations in the Price of Assets Held by the Fund
Could Have a Materially Adverse Effect on the Value </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">of an Investment in Shares.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Shares are designed to reflect as closely as possible the changes,
positive or negative, in the level of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Index, over time, through the Fund&#8217;s portfolio of exchange-traded Index Contracts. The value of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shares relates directly to the value of the portfolio, less the liabilities (including estimated accrued but </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">unpaid expenses) of the Fund. The price of the Index Commodities may fluctuate widely. Several factors
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">may affect the prices of the Index Commodities, including, but not limited to:</font></div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Global supply and demand of each of the Index Commodities, which may be influenced by
such </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">factors as forward selling by the various commodities producers, purchases made by the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">commodities&#8217; producers to unwind their hedge positions and production and cost levels in the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">major
markets of each of the Index Commodities;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Domestic and foreign interest rates and investors&#8217; expectations concerning interest
rates;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Domestic and foreign inflation rates and investors&#8217; expectations concerning
inflation rates;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Investment and trading activities of mutual funds, ETFs, closed-end funds, hedge funds
and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">commodity funds;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">A significant change in investor interest, including as a result of online campaigns or
other activities </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">targeting investments in an Index Commodity;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Weather and other environmental conditions;</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div> <div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Acts
of God;</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">War or acts of terrorism; and</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Global or regional political, economic or financial events and situations.</font></div>
</div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:9.35pt;margin-top:9.88pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Investing in Oil Markets Has Unique Risks, As Demonstrated in 2020.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The oil markets are characterized by extreme volatility. As the impact of the COVID-19 pandemic-related </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">price volatility was realized by various sectors of the financial and commodity markets, unusual </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">developments in the crude oil markets occurred. A collapse of demand for fuel following government </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">restrictions on travel created an oversupply of crude oil production that rapidly filled most available oil </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">storage facilities. As a result, in April 2020 crude oil futures contracts traded below zero for the first time in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">history. Similar storage shortages may occur in the future. The oversupply of oil may arise due to a number </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of different factors, including: (i) disruptions in oil pipelines and other means to get oil out of storage and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">delivered to refineries (as might occur due to infrastructure deterioration, work stoppages, or weather/disaster);</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;"> (ii) investor demand for futures contracts as an investment opportunity driving increased
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">production; or (iii) potential U.S. government intervention (in the form of grants or other aid) to keep oil </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">producers, and the workers they employ, in service. If an Index Contract held by the Fund were to reach a
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">negative price, investors in the Fund could lose a significant portion of, or their entire, investment.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Factors that may affect the demand for crude oil and, therefore, its
price include technological </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">improvements in energy efficiency; seasonal weather patterns, including those associated with heating </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and cooling; increased competitiveness of alternative energy sources; changes in technology or consumer </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">preferences that alter fuel choices, such as preferences for electric and alternative-fueled vehicles; and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">remote working and government lockdowns resulting from pandemics.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">12</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_2"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Supply-related factors may
affect crude oil prices. For example, increased supply from the development of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">new oil supply sources and technologies to enhance recovery from existing sources
tends to reduce crude </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">oil prices to the extent that such supply increases are not offset by commensurate growth in demand, and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">increases in industry refining or petrochemical manufacturing capacity may impact the supply of crude oil. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">World oil supply levels can also be affected by factors that reduce available supplies, such as adherence by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">member countries to the Organization of the Petroleum Exporting Countries (&#8220;OPEC&#8221;) production quotas </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and/or voluntarily cuts to production, and the occurrence of wars, hostile actions, natural disasters, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">disruptions in competitors&#8217; operations, or unexpected unavailability of distribution channels that may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">disrupt supplies. Technological change can also alter the relative costs for companies in the petroleum </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">industry to find, produce, and refine oil and to manufacture petrochemicals, which in turn may affect the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">supply of and demand for oil.</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">NAV May Not Always Correspond to Market Price and, as a Result, Creation Units May Be Created or </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Redeemed at a Value that Differs from the Market Price of the Shares.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shares may trade at, above or below their NAV. The NAV fluctuates with
changes in the market value of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund&#8217;s assets. The trading price of Shares fluctuates in accordance with changes in the NAV, intraday </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">changes in the value of the Index Contracts and market supply and demand. The amount of the discount or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">premium in the trading price of the Shares relative to their NAV may be influenced by non-concurrent </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trading hours between NYSE Arca (the exchange on which the Shares trade) and the exchanges on which </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Index Contracts are traded. While the Shares are expected to trade on NYSE Arca until 4:00 p.m. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(Eastern time), liquidity in the markets for the Index Contracts is expected to be reduced whenever the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">principal markets for those contracts are closed. As a result, trading spreads, and the resulting premium or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">discount on Shares, may widen during these gaps in market trading hours.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">The NYSE Arca May Halt Trading in the Shares Which Would
Adversely Impact Your Ability to Sell </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Shares.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Shares are listed for trading on the NYSE Arca. Trading in Shares may be halted due to market </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">conditions or in light of certain procedures and safeguards under NYSE Arca rules. In addition, trading is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">subject to trading halts caused by extraordinary market volatility pursuant to &#8220;circuit breaker&#8221; rules that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">require trading to be halted for a specified period based on a specified market decline. If the Fund were no </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">longer to meet the requirements necessary to maintain the listing of its Shares, the Shares would be
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">delisted. In such a scenario, the Fund would be terminated.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">The Lack of an Active Trading Market for the Shares May Result in Losses on Your Investment at the </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Time of Disposition of Your Shares.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Although the Shares are listed and traded on the NYSE Arca, there can be no guarantee that an active </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trading market for the Shares will be maintained. If you need to sell your Shares at a time when no active </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">market for them exists, the price you receive for your Shares, assuming that you are able to sell them,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">likely will be lower than the price you would receive if an active market did exist.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;">
</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Volatility May Cause the Total Loss
of Your Investment.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Futures contract prices have a
high degree of volatility and are subject to rapid and substantial changes. </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Consequently, there is a risk that the value of your investment in the Fund could
decrease significantly due </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to rapid and substantial changes in the prices of futures contracts held by the Fund. The Index&#8217;s average </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">annual volatility since inception is 15.54%. Average annual volatility is the average of the Index&#8217;s volatility </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">each year since its inception. Yearly volatility is the relative rate at which the price of the Index moves up </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and down, found by calculating the annualized standard deviation of the daily change in price for each </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">business day in the given year. However, the average annual volatility should not be interpreted as the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">most-likely outcome. As demonstrated during the unprecedented market conditions in 2020, volatility in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">certain futures contracts may spike significantly during periods of global economic and social stress. At </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">such times, if the Fund holds a futures contract that experiences the full impact of such market stresses,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the volatility of its investments could greatly surpass the Index&#8217;s average annual volatility.</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">13</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_3"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In addition, the Fund enters
sell orders with the Commodity Broker from time to time, to liquidate Index </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Contract positions in order to satisfy redemption requests or to pay expenses and
liabilities. The Fund is </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">subject to the risk that temporary aberrations or distortions will occur in the market for Index Contracts at </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the time those orders are executed. The prices received by the Fund from the liquidation of its positions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">could be adversely affected, which in turn could adversely affect the value of the Shares. Those </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">aberrations or distortions may result from trading activities by other market participants or actions taken </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">by the Commodity Broker, the CFTC, the exchanges or other regulatory authorities. If the Fund&#8217;s positions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">are liquidated at inopportune times or during times when the market is temporarily distorted or otherwise
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">experiencing a pricing aberration, the value of the Shares may be adversely affected.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Further, in periods of heightened volatility, the bid and ask &#8220;spread&#8221; for purchasing shares of the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">typically widen. Accordingly, an investor&#8217;s return on investment may be negatively impacted when
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">transacted in Shares.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Other Market Participants&#8217; Trading of Index Contracts May Adversely Affect the Price that the Fund Pays </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">for Index Contracts.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The prices that the Fund pays for Index Contracts may be adversely affected by the trading of Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Contracts by other market participants. Transactions by other market participants may be based on their </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">awareness of the Fund&#8217;s positions in Index Contracts. If other market participants are able to anticipate </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the timing of the Fund&#8217;s Index Contract transactions, for instance, they may be able to execute </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">transactions in advance of the Fund. If that were to occur, those market participants may receive more </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">favorable pricing for their Index Contract transactions than the Fund does for its own, subsequent Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Contract transactions. If the Fund&#8217;s Index Contract positions represent a significant part of the open long </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">interest in those Index Contracts, moreover, other market participants may take that fact into account and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trade in a manner that adversely affects the prices that the Fund obtains when trading Index Contracts. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund may not be able to counteract adverse pricing effects of its own positions and transactions in
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Index Contracts.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Withdrawal from Participation by Authorized Participants
May Affect the Liquidity of Shares.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">If one or more
Authorized Participants withdraws from participation, it may become more difficult to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">create or redeem Creation Units, which may reduce the liquidity of the
Shares. Such circumstances may be </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">more pronounced in market conditions of increased volatility. If it becomes more difficult to create or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">redeem Creation Units, the correlation between the price of the Shares and the NAV may be affected, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">which may affect the trading market for the Shares. Having fewer participants in the market for the Shares </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">could also adversely affect the ability to arbitrage any price difference between futures contracts and the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Shares, which may also affect the trading market and liquidity of the Shares.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;">
</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Possible Illiquid Markets May
Exacerbate Losses.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Futures positions cannot always
be liquidated at the desired price. It is difficult to execute a trade at a </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">specific price when there is a relatively small volume of buy and sell orders in a
market. A market </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">disruption, such as when foreign governments may take or be subject to political actions which disrupt the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">markets in their currencies or major commodities exports, can also make it difficult to liquidate a position.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Illiquidity may cause losses for the Fund. The large size of the
positions which the Fund may acquire </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">increases the risk of illiquidity by both making its positions more difficult to liquidate and increasing the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">losses incurred while trying to do so.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Trading on Futures Exchanges Outside the United States
Is Not Subject to U.S. Regulation.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trading on
futures exchanges located outside the United States is not regulated by any United States </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">governmental agency and may involve certain risks not applicable to
trading on U.S. exchanges, including </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">different or diminished investor protections. If the Fund trades contracts denominated in currencies other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">than U.S. dollars, the Fund will be exposed to the risk of adverse exchange-rate movements between the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">dollar and the currencies in which those contracts are denominated.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">14</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_4"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In addition, trading on
non-U.S. exchanges is subject to the risks presented by exchange controls, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">expropriation, increased tax burdens and exposure to local economic declines and
political instability, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">among other factors. An adverse development with respect to any of these factors could reduce the profit </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">or increase the loss earned on the Fund&#8217;s trades on non-U.S. exchanges.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">International Armed Conflicts May Result in Market
Volatility that Could Adversely Affect the Fund&#8217;s </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Performance.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">As a result of increasingly interconnected global economies and
financial markets, armed conflict between </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">countries or in a geographic region, for example the current conflicts between Russia and Ukraine in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Europe and Hamas and Israel in the Middle East, may impact the Fund's investments. Such conflicts, and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other corresponding events, have had, and could continue to have, severe effects on regional and global </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty.
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The negative impacts may be particularly acute in certain commodities markets.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Hamas' attack against Israel in October 2023 and the ensuing conflict, have had, and may continue to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">have, an impact on certain commodities markets and commodity futures markets. While this impact has </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">been particularly pronounced in energy markets (such as natural gas and oil), the conflict has also </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">disrupted certain global shipping and trade routes, which may have wide ranging impacts across </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodity markets. For example, the Houthi movement, which controls parts of Yemen, launched a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">international trade. As a result of these disruptions, companies have re-routed vessels around the Cape of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Good Hope rather than transiting through the Suez Canal and/or the Red Sea. The possibility of a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">prolonged conflict between Hamas and Israel, and the potential escalation and/or expansion of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">conflict in the surrounding areas and the involvement of other nations in such conflict, could further </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">destabilize the Middle East region and introduce new uncertainties in global commodities markets,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">including, but not limited to, energy markets.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Following Russia's invasion of Ukraine in late February 2022, various countries, including the United States, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Australia, Canada, the United Kingdom, Switzerland, Germany, France, and Japan, as well as NATO and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">European Union, issued broad-ranging economic sanctions against Russia and Belarus. Russia may take </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">additional countermeasures or retaliatory actions (including cyberattacks), which could exacerbate </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">negative consequences on global financial markets. The duration of ongoing hostilities and corresponding </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">sanctions and related events cannot be predicted. Impacts from the conflict and related events may result </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in increased volatility in the value of Index Commodities and may have an adverse effect on the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">performance of the Fund and value of the Shares.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Pandemics and Other Public Health Emergencies, Including the Emergence of New COVID-19 Variants, </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Could Disrupt the Global Economy and Adversely Impact the Fund&#8217;s Performance.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The impact of the COVID-19 pandemic was extensive in many aspects of
society. The outbreak resulted in </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">a significant number of deaths, adversely impacted global commercial activity, and led to significant </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">uncertainty and disruptions in the global economy and financial markets. Many countries reacted by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and other public venues. Businesses also implemented similar precautionary measures. While restrictions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">have eased, it is possible that they may be reinstated in the future in response to new variants or new </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">public health emergencies. Such measures, as well as the general uncertainty surrounding the dangers and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">impact of a future public health crisis, may result in significant disruption in supply chains and economic </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">activity. Consumer, corporate and financial confidence may be materially adversely affected by a future </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">outbreak. Such erosion of confidence may lead to or extend to a localized or global economic downturn. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Future pandemics and other public health emergencies could exacerbate political, social, and economic </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">risks and result in significant breakdowns, delays, and other disruptions to the economy, with potential
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">corresponding results on the performance of the Fund and its investments.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div>
</div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">15</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_5"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">The Effect of
Market Disruptions and Government Interventions Are Unpredictable and May Have an </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Adverse Effect on the Value of Your Shares.</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The commodity futures markets may be subject to temporary distortions
due to various factors, including </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">lack of liquidity, congestion, disorderly closing periods, manipulation and disruptive conduct, limitations on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">deliverable supplies, excessive speculation, government regulation and intervention, technical and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">operational or system failures, nuclear accidents, terrorism, riots and acts of God.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Government intervention has in certain cases been implemented on an &#8220;emergency&#8221; basis, suddenly and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">substantially eliminating market participants&#8217; ability to continue to implement certain strategies or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">manage the risk of their outstanding positions. These interventions have typically been unclear in scope </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and application, resulting in confusion and uncertainty which in itself has been materially detrimental to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the efficient functioning of the markets as well as previously successful investment strategies.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The financial crisis of 2008-2009 and associated regulatory changes,
including the Dodd-Frank Wall Street </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;), are generally considered to have </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contributed to less credit being available to financial market participants. This is particularly the case for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">credit extended by banks and other traditional lending sources. The Fund does not borrow from lenders </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for the purpose of pursuing its investment objective. Nonetheless, restrictions on the availability of credit </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may adversely affect investors who borrow to purchase Shares and participants in the markets for financial </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">instruments in which the Fund trades, including futures markets. Limitations on the availability of credit, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">whether in stressed market conditions or otherwise, may have a material adverse effect on investors and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">financial market participants, which in turn could affect the Fund&#8217;s ability to pursue its investment </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">objective. Among other things, fewer prospective investors may adversely affect the Fund&#8217;s asset levels, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and fewer financial market participants may reduce liquidity and adversely affect pricing for the financial
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">instruments that the Fund seeks to trade.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund may incur major losses in the event of disrupted markets and other extraordinary events in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">which historical pricing relationships become materially distorted. The risk of loss from pricing distortions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">is compounded by the fact that in disrupted markets many positions become illiquid, making it difficult or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">impossible to close out or liquidate positions against which the markets are moving. The large size of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">positions which the Fund may acquire increases the risk of illiquidity by both making its positions more
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">difficult to liquidate and increasing the losses incurred while trying to do so.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;">
</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">An Investment in the Shares May Be
Adversely Affected by Competition from Other Methods of </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Investing in Commodities.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund competes with other financial vehicles, including mutual funds,
ETFs and other investment </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">companies, other index tracking commodity pools, actively traded commodity pools, hedge funds, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">traditional debt and equity securities issued by companies in the commodities industry, other securities </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">backed by or linked to commodities, and direct investments in the underlying commodities or commodity </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures contracts. Market and financial conditions, and other conditions beyond the Managing Owner&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">control, may make it more attractive to invest in other financial vehicles or to invest in such commodities
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">directly, which could limit the market for the Shares and therefore reduce the liquidity of the Shares.</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">The NAV Calculation of the Fund May Be Overstated or Understated Due to the Valuation Method </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Employed When a Settlement Price is Not Available on the Date of NAV Calculation.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Calculating the NAV of the Fund includes, in part, any unrealized
profits or losses on open commodity </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures contracts. Under normal circumstances, the NAV of the Fund reflects the settlement price of open </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodity futures contracts on the date when the NAV is being calculated. However, if a settlement price </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for a commodity futures contract could not be determined for any reason, the Managing Owner may value </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the futures contract pursuant to policies the Managing Owner has adopted. In such a situation, there is a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">risk that the resulting calculation of the Fund&#8217;s NAV could be understated or overstated, perhaps to a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">significant degree.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">16</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_6"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Fund Closures
and Trading Halts may Impact the Price of Shares.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Extraordinary market circumstances may result in other exchange traded products that provide their </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investors with exposure to certain commodities having to liquidate or temporarily halt issuing creation </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">units. Outflows or liquidations in other commodity pooled investment vehicles that provide exposure to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the same commodities to which the Fund is exposed may result in downward price pressure on the related
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">futures contracts as the commodity pools liquidate positions.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Futures Risks</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Margin Requirements and Risk Limits for Futures Contracts may Limit the Fund&#8217;s Ability to Achieve </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Sufficient Exposure and Prevent the Fund from Achieving its Investment Objective.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">&#8220;Initial&#8221; or &#8220;original&#8221; margin is the minimum
amount of funds that must be deposited by a futures trader </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with his commodity broker in order to initiate futures trading or to maintain an open position in
futures </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts. &#8220;Maintenance&#8221; margin is the amount (generally less than initial margin) to which a trader&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">account may decline before he must deliver additional margin. A margin deposit is like a cash performance </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">bond. It helps assure the futures trader&#8217;s performance of the futures contract that the trader purchases or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">sells. Futures contracts are customarily bought and sold on margin that represents a very small percentage </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(ranging upward from less than 2%) of the purchase price of the underlying commodity being traded. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Because of such low margins, price fluctuations occurring in the futures markets may create profits and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">losses that are greater, in relation to the amount invested, than are customary in other forms of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investments. The minimum amount of margin required in connection with a particular futures contract is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">set from time to time by the exchange on which such contract is traded, and may be modified from time to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">time by the exchange during the term of the contract. With respect to the Managing Owner&#8217;s trading, only </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">the Managing Owner, and not the Fund or its Shareholders personally, will be subject to margin calls.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Brokerage firms carrying accounts for traders in futures contracts may not accept lower, and generally </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">require higher, amounts of margin as a matter of policy in order to afford further protection for
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">themselves.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">An FCM may compute margin requirements multiple times per day and must do so at least once per day. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">When the Fund has an open futures contract position, it is subject to daily variation margin calls by an FCM </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that could be substantial in the event of adverse price movements. Because futures contracts require only </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">a small initial investment in the form of a deposit or initial margin, they involve a high degree of leverage. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">A Fund with open positions is subject to maintenance or variation margin on its open positions. When the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">market value of a particular open futures contract position changes to a point where the margin on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">deposit does not satisfy maintenance margin requirements, a margin call is made by the FCM. If the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">margin call is not met within a reasonable time, the FCM may close out the Fund&#8217;s position, which may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">result in reduced returns to the Fund&#8217;s investors or impair the Fund from achieving its investment </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">objective. If the Fund has insufficient cash to meet daily variation margin requirements, it may need to sell </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">assets at a time when doing so is disadvantageous. Futures markets are highly volatile in general, and may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">become more volatile during periods of market or economic volatility, and the use of or exposure to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">futures contracts may increase volatility of the Fund&#8217;s NAV.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In addition, an FCM may impose margin requirements in addition to those imposed by the clearinghouse. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Margin requirements are subject to change on any given day, and may be raised in the future on a single </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">day or on multiple or successive days by either or both of the clearinghouse and the FCM. High margin </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">requirements could prevent the Fund from obtaining sufficient exposure to futures contracts and may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">adversely affect the Fund&#8217;s ability to achieve its investment objective. An FCM&#8217;s failure to return required </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">margin to the Fund on a timely basis may cause the Fund to delay redemption settlement dates or restrict,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">postpone, or limit the right of redemption.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Futures contracts are subject to liquidity risk. An FCM may impose risk limits on the Fund, which restrict </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the amount of exposure to futures contracts that the Fund can obtain through the FCM. If the risk limits </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">imposed by an FCM do not provide sufficient exposure, the Fund may not be able to achieve its investment
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">objective.</font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">17</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_7"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Trading
Limitations Could Be Imposed on the Fund.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Market volatility
and economic turbulence that occurred in 2020 led to FCMs increasing margin </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">requirements for certain futures contracts. Some FCMs and futures exchanges may impose
trading </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">limitations, whether in the form of limits or prohibitions on trading certain futures contracts. If the Fund is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">subject to increased margin requirements, it will incur increased costs in achieving its investment </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">objective. The Fund may not be able to achieve its investment objective if it becomes subject to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">heightened trading limitations.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Because the Index Contracts Have No Intrinsic Value, the Positive Performance of Your Investment Is </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Wholly Dependent Upon an Equal and Offsetting Loss.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trading in futures contracts transfers the risk of future price movements from one market participant to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">another. For every gain in futures trading, there is an equal and offsetting loss. Accordingly, whether a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures trade is profitable for one party depends on whether the price paid, value received, or cost of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">delivery under the related futures contract is favorable to that party. The prices of stocks, bonds, and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other assets could rise significantly, and the economy as a whole could prosper, while the Fund
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">experiences losses as a result of pursuing its investment objective through trading Index Contracts.</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">The Fund May Not Provide a Diversification Benefit to Investments in Other Asset Classes and May </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Result in Additional Losses to Your Portfolio.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Historically, commodity futures returns have tended not to be correlated with the returns of other assets </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">such as stocks and bonds. Commodity futures contracts therefore have the potential to help diversify </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investor portfolios consisting of stocks and bonds, to the extent there is low or negative correlation </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">between commodity futures contracts and other assets held in those portfolios. However, the fact that the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index is not inversely correlated with other assets such as stocks and bonds means that, in seeking to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">replicate the performance of the Index, the Fund will not necessarily be profitable during unfavorable </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">periods for the stock or bond markets. If the Shares perform in a manner that correlates with the stock or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">bond markets or otherwise do not perform successfully, the Shares may not provide any diversification </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">from losses in those markets. In such a scenario, the Shares may produce no gains to offset losses from
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">investments in stocks, bonds, or related assets and may result in additional investment losses.</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">The Fund&#8217;s Returns from Futures Trading Will Be
Affected by Market Conditions When Replacing </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Expiring Futures Contracts With New Futures Contracts on Index Commodities.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund&#8217;s returns from futures trading are called excess return,
which is the combined return based on </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the spot prices of the Index Commodities and the roll yield from trading Index Contracts. Market </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">conditions at the time the Fund replaces expiring Index Contracts with new Index Contracts &#8211; i.e., when </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index Contracts are &#8220;rolled&#8221; &#8211; will affect the Fund&#8217;s roll yield. Those market conditions are referred to as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">backwardation and contango, which will generally affect the Fund&#8217;s roll yield as set forth below:</font></div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Rolling in a backwardated market will tend to enhance returns from futures trading.
Backwardation </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">exists when prices are higher for contracts with shorter-term expirations than those with longer-</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">term expirations, a condition that is typically associated with commodities that are consumed </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">quickly instead of being
put in storage.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Rolling in a contangoed market will tend to cause a drag on returns from futures
trading. Contango </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">exists when contract prices are higher in distant delivery months than in nearer delivery months, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">typically due to costs associated with storing a given physical commodity for a longer period.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:10.12pt;margin-top:5.88pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In seeking to track the performance of the Index, therefore, the Fund
will be exposed to the effects of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">backwardation and contango when it rolls its positions in Index Contracts. The Index uses the Optimum </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Yield</font><font style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">TM</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> rolling
 methodology, which seeks to maximize the roll benefits in backwardated markets and to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">minimize the losses from rolling in contangoed markets. There can be no
assurance that these outcomes </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">will be obtained. The impact of backwardation and contango may also cause the Fund&#8217;s performance to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">vary from the returns of other price references, including the spot prices of one or more Index
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Commodities.</font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">18</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_8"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Super contango exists when
the futures contracts for the month next to occur (e.g., the October 2024 </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures contract available in September 2024) trade significantly lower than futures
contracts with delivery </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in later months. Super contango typically occurs when the inventory space available to store the physical </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodity has significantly decreased as a result of excess supply, meaning that a futures contract&#8217;s cost </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of carry (e.g., the cost of storing a physical commodity) has increased. The effects of rolling in a super </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contangoed market generally are more exaggerated than rolling in a contangoed market. Should an Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Contract experience super contango, the drag on returns may be exacerbated and ripple effects may </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">impact
the performance of futures contracts with later delivery months.</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Index Risks</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">The Fund&#8217;s Performance May Not Always Replicate the Changes in the Levels of its Index.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Tracking the Index requires trading of the Fund&#8217;s portfolio with a
view to tracking the Index over time and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">is dependent upon the skills of the Managing Owner and its trading principals, among other factors. It is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">possible that the Fund&#8217;s performance may not fully replicate the changes in levels of the Index due to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">disruptions in the markets for the relevant Index Commodities, the imposition of position limits, or due to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">other extraordinary circumstances.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner may determine to invest in other futures contracts if at any time it is impractical, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">including in scenarios wherein the futures market for an Index Contract is thinly traded, or inefficient to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">gain full or partial exposure to an Index Commodity through the use of Index Contracts. These other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures contracts may or may not be based on an Index Commodity. When they are not, the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner may seek to select futures contracts that it reasonably believes tend to exhibit trading prices that
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">correlate with an Index Contract.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">As the Fund approaches or reaches position limits with respect to an Index Commodity, the Fund may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commence investing in Index Contracts that reference other Index Commodities. In those circumstances, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund may also trade in futures contracts based on commodities other than Index Commodities that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Contract.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In addition, the Fund may not be able to replicate the changes in levels
of the Index because the total </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">return generated by the Fund is reduced by expenses and transaction costs, including those incurred in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">connection with the Fund&#8217;s trading activities, and increased by, as applicable, Treasury Income, Money </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Market Income and T-Bill ETF Income.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">There can be no guarantee that the Index or the underlying methodology is free from error. It is also </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">possible that third parties may seek to manipulate the value of the Index or the Index Commodities which,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">if successful, would be likely to have an adverse effect on the Fund&#8217;s performance.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">The Fund Is Not Actively Managed and Tracks the Index During Periods in Which the Index Is Flat or </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Declining as Well as When the Index Is Rising.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund is not actively managed on the basis of judgments relating to economic, financial and market </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">conditions with a view to obtaining positive results under all market conditions. Instead, the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner seeks to cause the NAV to track the performance of the Index during periods in which the Index is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">flat or declining as well as when the Index is rising. Therefore, under normal market conditions, if positions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in any one or more of the Index Commodities are declining in value, the Fund will not close out such
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">positions, except in connection with a change in the composition or weighting of the Index.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Fewer Representative Commodities May Result in Greater Index Volatility.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index Commodities are Light Sweet Crude Oil (WTI), Ultra-Low Sulphur
Diesel</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;">&#8194;</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">(also commonly known </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">as Heating Oil), RBOB Gasoline, Natural Gas, Brent Crude, Gold, Silver, Aluminum, Zinc, Copper Grade A, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Corn, Wheat, Soybeans, and Sugar. Other commodity indexes may contain a larger number of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodities than the Index. Accordingly, increased volatility in a single Index Commodity is expected to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">have a greater impact on the Index&#8217;s overall volatility than would likely be the case with increased volatility </font></div> </div> </div> <div style="clear:both;">
</div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">19</font></div>
</div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_9"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in a single commodity within
a broader index. Because the Fund tracks the performance of the Index, your </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investment in the Fund will be exposed to the relatively greater impact on the Index of
volatility in a single </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Index Commodity.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Unusually Long Peak-to-Valley Drawdown Periods with
Respect to the Index May Be Reflected in Equally </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Long Peak-to-Valley Drawdown Periods with Respect To the Performance of the
Shares.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">&#8220;Peak-to-valley drawdown&#8221;
represents the cumulative percentage decline in month-end NAV per Share </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">due to losses sustained during any period in which the initial month-end NAV per Share is
not equaled or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">exceeded by a subsequent month-end NAV per Share.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Although past Index levels are not necessarily indicative of future Index levels, the peak-to-valley </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">drawdown periods that the Index has experienced occasionally have been unusually long and have lasted </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for multi-year drawdown periods. Please see the chart on page </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">33</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;"> for information regarding worst peak-to-valley</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> drawdown periods with respect to the Index.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Because it is expected that the Fund&#8217;s performance will track the
change of its underlying Index, the Fund </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">would experience a continuous drawdown during the period that the Index experiences such a drawdown. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">The value of your Shares will also decrease during such a period.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Regulatory Risks</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Position Limits and Other Potential Limitations on Futures Trading May Restrict the Creation of Creation </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Units and the Operation of the Fund.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;text-decoration:underline;">Position Limits.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> CFTC and futures exchange rules impose position limits on
market participants, including </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund, trading in certain commodity futures contracts. These position limits prohibit any person from </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">holding a position of more than a specific number of futures contracts. Generally, position limits in the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">physical delivery markets are set at a stricter level during the spot month, which is the month when the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures contract matures and becomes deliverable, versus the limits for any other month or for all months </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">combined. Limits are generally applied on an aggregate basis to positions held in accounts that are subject </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to 10% or greater common ownership or control. In December 2016, the CFTC adopted rule amendments </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that provide exemptions from the general requirement to aggregate all positions that are held pursuant to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">10% or greater common ownership or control.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index is composed of 14 Index Commodities, of which 11 Index Commodities are subject to position </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">limits imposed by the CFTC and/or the rules of futures exchanges on which Index Contracts are traded. The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">CFTC amended its position limits rules in October 2020. Pursuant to the amended rules, federal position </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">limits apply to 25 physical delivery commodity futures contracts and options thereon, as well as to swaps </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that are economically equivalent to such contracts and to futures and options thereon that are directly or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">indirectly linked to the price of such contracts or to the same commodity underlying such contracts (e.g., </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">cash-settled look-a-like futures). Under the amended framework, position limits (i) for 25 core referenced </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures contracts (including corn, oats, wheat, soybean, soybean meal, soybean oil, cotton, live cattle, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">rough rice, cocoa, coffee, frozen orange juice concentrate, sugar, gold, silver, copper, platinum, palladium, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">natural gas, crude oil, heating oil, and RBOB gasoline) are determined by the CFTC and (ii) for all other
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">commodities are determined by the futures exchanges.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Futures exchanges have the authority to amend their existing position limits rules or adopt new </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">requirements subject to the federal limits. New or more restrictive position limits could reduce liquidity in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the market, which would be likely to have adverse effects on the pricing of commodity futures contracts. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Changes in CFTC and/or exchange-level position limits rules therefore could adversely affect the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">ability to pursue its investment objective or achieve favorable performance.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;text-decoration:underline;">Position Aggregation.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> In general, a trader
is required by CFTC or exchange rules, as applicable, to aggregate </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">all positions in accounts as to which the trader has 10% or greater ownership or control. CFTC
and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exchange rules provide exemptions from this requirement. For example, a trader is not required to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">aggregate positions in multiple accounts that it owns or controls if that trader is able to satisfy the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">requirements of an exemption from aggregation of those accounts.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">20</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_10"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The CFTC amended its position
aggregation rules in December 2016. The CFTC staff subsequently issued </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">time-limited no-action relief from compliance with certain requirements under the amended
aggregation </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">rules, including the general requirement to aggregate positions in the same commodity futures contracts </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">traded pursuant to substantially identical trading strategies. This no-action relief expires on August 12,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">2025.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Since coming into effect on January 3, 2018, Markets in Financial Instruments Directive II (&#8220;MiFID II&#8221;), as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">implemented in the European Economic Area (&#8220;EEA&#8221;) and the United Kingdom (&#8220;UK&#8221;), requires the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">competent authorities of member states in the EEA and the UK to impose position limits on certain </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodity derivatives contracts which are applicable to any person, whether or not based in the EEA or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the UK. Pursuant to laws and regulations that implemented MiFID II in the UK, the UK regulatory authority, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Financial Conduct Authority (&#8220;FCA&#8221;), has established position limits applicable to, among other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodity derivative contracts, aluminum, copper, lead, nickel, tin and zinc commodity derivative </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts traded on the London Metal Exchange (&#8220;LME&#8221;). LME may also impose accountability levels in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">certain contracts, where further directions in respect of those positions can then be required. If the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">were to trade commodity derivatives contracts on other exchanges in the EEA or the UK, position limits </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may apply to such trading activity pursuant to the relevant national laws and regulations that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">implemented MiFID II. On January 31, 2020, the UK formally withdrew from the European Union (&#8220;EU&#8221;), </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">subject to a transition period that expired on December 31, 2020. At this time, it is difficult to predict what </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the longer-term economic, tax, fiscal, legal, regulatory, and other implications of the UK&#8217;s withdrawal from </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the EU will be for the UK, the EU and the global financial markets generally and for the Fund and its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investments specifically. Any UK firm that was trading derivatives in EEA markets using a MiFID passport </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">prior to the conclusion of the transition period can no longer use a MiFID II passport to do so and instead </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">needs to look to any MiFID II third country regime to access the EEA market or establish a MiFID II </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">compliant EEA branch or subsidiary. The loss of MiFID II passports by UK-based firms could adversely affect
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the Fund&#8217;s ability to trade derivatives in EEA markets through UK-based firms.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;text-decoration:underline;">Accountability Levels.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> Exchanges may
establish accountability levels applicable to futures contracts instead </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of position limits, provided that the futures contract is not subject to federal position
limits. An exchange </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may order a person who holds or controls a position in excess of a position accountability level not to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">further increase its position, to comply with any prospective limit that exceeds the size of the position </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">owned or controlled, or to reduce any open position that exceeds the position accountability level if the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exchange determines that such action is necessary to maintain an orderly market. Position accountability </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">levels could adversely affect the Fund&#8217;s ability to establish and maintain positions in commodity futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts to which such levels apply, if the Fund were to trade in such contracts. Such an outcome could
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">adversely affect the Fund&#8217;s ability to pursue its investment objective.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;text-decoration:underline;">Daily Limits.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> U.S. futures exchanges and
some foreign exchanges have regulations that limit the amount of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">fluctuation in futures contract prices that may occur during a single business day. These limits
are </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">generally referred to as &#8220;daily price fluctuation limits&#8221; or &#8220;daily limits,&#8221; and the maximum or minimum </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">price of a contract on any given day as a result of these limits is referred to as a &#8220;limit price.&#8221; Once a limit </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">price has been reached in a particular contract, it is usually the case that no trades may be made at a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">different price than specified in the limit. The duration of limit prices generally varies. Limit prices may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">have the effect of precluding the Fund from trading in a particular contract or requiring the Fund to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">liquidate contracts at disadvantageous times or prices. Either of those outcomes could adversely affect the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Fund&#8217;s ability to pursue its investment objective.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;text-decoration:underline;">Potential Effects of Positions Limits, Accountability Levels, and Daily Limits.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">
The Fund is currently subject to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">position limits and may be subject to new and more restrictive position limits in the future. If the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reached a position limit or accountability level or became subject to a daily limit, its ability to issue new </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Creation Units or reinvest income in additional commodity futures contracts may be limited to the extent </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">these restrictions limit its ability to establish new futures positions, add to existing positions, or otherwise </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">transact in futures. Limiting the size of the Fund, or restricting the Fund&#8217;s futures trading, under these </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">requirements could adversely affect the Fund&#8217;s ability to pursue its investment objective.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">21</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_11"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Failure of
FCMs or Commodity Brokers to Segregate Assets May Cause Losses for the Fund.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Commodity Exchange Act requires an FCM to segregate all funds received from customers from such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">FCM&#8217;s proprietary assets. If the Commodity Broker fails to segregate customer assets as required, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">assets of the Fund might not be fully protected in the event of the Commodity Broker&#8217;s distress, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">impairment or bankruptcy. Furthermore, in the event of the Commodity Broker&#8217;s distress, impairment or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">bankruptcy, the Fund could be delayed in recovering Fund assets, limited to recovering a pro rata share of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">all available funds segregated on behalf of the Commodity Broker&#8217;s combined customer accounts or the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund may not recover any assets at all, even though certain property specifically traceable to the Fund was
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">held by the Commodity Broker.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Commodity Exchange Act requires an approved derivatives clearing organization to segregate all funds </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and other property received from a clearing member&#8217;s customers in connection with U.S. futures and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">options contracts from any funds held at the clearing organization to support the clearing member&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">proprietary trading. Nevertheless, customer funds held at a clearing organization in connection with any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures or options contracts may be held in a commingled omnibus account, which may not identify the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">name of the clearing member&#8217;s individual customers. With respect to futures and options contracts, a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">clearing organization may use assets of a non-defaulting customer held in an omnibus account at the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">clearing organization to satisfy payment obligations of a defaulting customer of the clearing member to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the clearing organization. In the event of a default of the clearing FCM&#8217;s other clients or the clearing FCM&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">failure to extend its own funds in connection with any such default, a customer may not be able to recover </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the full amount of assets deposited by the clearing FCM with the clearing organization on the customer&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">behalf.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In the event of a bankruptcy or insolvency of any exchange or a clearing house, the Fund could experience </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">a loss of the funds deposited through the Commodity Broker as margin with the exchange or clearing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">house, a loss of any unrealized profits on its open positions on the exchange, and the loss of unrealized
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">profits on its closed positions on the exchange.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">The Fund&#8217;s Performance Could Be Adversely Affected if the Commodity Broker Reduces its Internal Risk </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Limits for the Fund.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The CFTC requires FCMs, like the Commodity Broker, to implement and evaluate from time to time risk-based</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;"> limits on futures position and order sizes. Under this regime, the Commodity Broker could
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">determine to reduce its internal risk limits on the size of futures positions it will trade or clear for the Fund. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Such a development would reduce the Fund&#8217;s capacity to transact in futures contracts. In this scenario, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund could seek to enter into clearing relationships with one or more other clearing brokers with the goal </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of increasing its overall capacity to trade and clear futures contracts. The introduction of one or more </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">additional clearing broker relationships would be likely to increase the Fund&#8217;s trading costs and could </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">make its overall trading less efficient or more prone to error. These consequences would be likely to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">detract from the Fund&#8217;s performance.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Regulatory Changes or Actions May Alter the Operations and Profitability of the Fund.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Governmental and regulatory changes or actions may have unexpected or
adverse consequences on </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">particular markets, transactions, or investments, which may adversely impact the Fund and impair how it </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">is managed. Policy and legislative changes in the United States and in other countries affect many aspects </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of financial regulation, and may in some instances contribute to decreased liquidity, increased costs and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">increased volatility in the financial markets. The impact of any such changes on the markets, and the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">practical implications for market participants, likely would not be fully known for some time.</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">The Fund and the Managing Owner Are Subject to Extensive
Legal and Regulatory Requirements.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund is
subject to a comprehensive scheme of regulation under the federal commodity futures trading </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and securities laws, as well as futures market rules and the rules and
listing standards for its Shares. The </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund and the Managing Owner could each be subject to sanctions for a failure to comply with those </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">requirements, which could adversely affect the Fund&#8217;s financial performance and its ability to pursue its </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">22</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_12"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investment objective. In
addition, the SEC, CFTC, and exchanges are empowered to intervene in their </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">respective markets in response to extreme market conditions. Any such interventions
could adversely </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">affect the Fund&#8217;s ability to pursue its investment objective and could lead to losses for the Fund and its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders. See the section &#8220;The Futures Markets &#8211; Regulations&#8221; for more information regarding the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">CFTC&#8217;s authority to regulate certain activities of the Managing Owner.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In addition, the Fund is subject to significant disclosure, internal control, governance, and financial
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">reporting requirements because the Shares are publicly traded.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">For example, the Fund is responsible for establishing and maintaining internal controls over financial </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reporting. Under this requirement, the Fund must adopt, implement and maintain an internal control </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">system designed to provide reasonable assurance to its management regarding the preparation and fair </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">presentation of published financial statements. The Fund is also required to adopt, implement, and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">maintain disclosure controls and procedures that are designed to ensure information required to be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">disclosed by the Fund in reports that it files or submits to the SEC is recorded, processed, summarized and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reported within the time periods specified by the SEC. There is a risk that the Fund&#8217;s internal controls over </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">financial reporting and disclosure controls and procedures could fail to work properly or otherwise fail to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">satisfy SEC requirements. Such a failure could result in the reporting or disclosure of incorrect information </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or a failure to report information on a timely basis. Such a failure could be to the disadvantage of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders and could expose the Fund to penalties or otherwise adversely affect the Fund&#8217;s status under </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">the federal securities laws and SEC regulations.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">All internal control systems, no matter how well designed, have inherent limitations. Therefore, even </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">those systems determined to be effective may provide only reasonable assurance with respect to financial
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">statement preparation and presentation and other disclosure matters.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">Tax Risks</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Shareholders Will Be Subject to Taxation on Their Allocable Share of the Fund&#8217;s Taxable Income, </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Whether or Not They Receive Cash Distributions.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders will be subject to U.S. federal income taxation and, in some cases, state, local, or foreign </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">income taxation on their allocable share of the Fund&#8217;s taxable income, whether or not they receive cash </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">distributions from the Fund. Shareholders may not receive cash distributions equal to their share of the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Fund&#8217;s taxable income or even the tax liability that results from such income.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Items of Income, Gain, Loss and Deduction with Respect to Shares Could Be Reallocated if the Internal </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Revenue Service Does Not Accept the Assumptions or Conventions Used by the Fund in Allocating Such </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Items.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">U.S. federal income tax rules applicable to partnerships are complex and often difficult to apply to publicly </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">traded partnerships. The Fund will apply certain assumptions and conventions in an attempt to comply </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with applicable rules and to report items of income, gain, loss and deduction to Shareholders in a manner </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that reflects the Shareholders&#8217; beneficial interest in such tax items, but these assumptions and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">conventions may not be in compliance with all aspects of the applicable tax requirements. It is possible </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that the United States Internal Revenue Service (the &#8220;IRS&#8221;) will successfully assert that the conventions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and assumptions used by the Fund do not satisfy the technical requirements of the Internal Revenue Code </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of 1986, as amended (the &#8220;Code&#8221;), and/or the Federal Tax Regulations codified under 26 C.F.R., referred to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">herein as the Treasury Regulations, and could require that items of income, gain, loss and deduction be
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">adjusted or reallocated in a manner that adversely affects one or more Shareholders.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund is a partnership, which is generally not subject to U.S. federal income taxes. Rather, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">partnership&#8217;s taxable income flows through to the owners, who are responsible for paying the applicable </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">income taxes on the income allocated to them. The Fund is subject to partnership audit rules in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Subchapter C of Chapter 63 of the Code (the &#8220;Centralized Partnership Audit Regime&#8221;). Under the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Centralized Partnership Audit Regime, any IRS audit of the Fund would be conducted at the Fund level, and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">if the IRS determines an adjustment, the default rule is that the Fund would pay an &#8220;imputed </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">23</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_13"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">underpayment&#8221; including
interest and penalties, if applicable. The Fund may instead elect to make a </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">&#8220;push-out&#8221; election, in which case the shareholders for the year that is
under audit would be required to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">take into account the adjustments on their own personal income tax returns.</font></div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">No Deduction for Qualified Publicly Traded Partnership
Income.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">For taxable years beginning before January
1, 2026, there is a 20% deduction for &#8220;qualified publicly traded </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">partnership income&#8221; within the meaning of Section 199A(e)(4) of the Code. In general,
&#8220;qualified publicly </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">traded partnership income&#8221; for this purpose is an item of income, gain, deduction or loss that is effectively </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">connected with a United States trade or business and includable in determining taxable income for the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">year, but does not include certain investment income. It is currently not expected that the Fund&#8217;s income </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">will be eligible for such deduction because as discussed below, although the matter is not free from doubt, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund believes that the activities directly conducted by the Fund will not result in the Fund being </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">engaged in a trade or business within the United States. Potential investors should consult their tax </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">advisors regarding the availability of such deduction for their allocable share of the Fund&#8217;s items of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">income, gain, deduction and loss.</font></div> </div> <div style="line-height:9.35pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">PROSPECTIVE INVESTORS ARE STRONGLY URGED TO CONSULT THEIR OWN TAX ADVISORS AND </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">COUNSEL WITH RESPECT TO THE POSSIBLE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN THE </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">SHARES; SUCH TAX CONSEQUENCES MAY DIFFER WITH RESPECT TO DIFFERENT INVESTORS.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;text-decoration:underline;">General Risks</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Disruptions in the Ability to Create and Redeem Creation
Units May Adversely Affect Investors.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">It is
generally expected that the public trading price per Share will track the NAV per Share closely over </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">time. The relationship between the public trading price per
Share and the NAV per Share depends, to a </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">considerable degree, on the ability of Authorized Participants or their clients or customers to purchase and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">redeem Creation Units in the ordinary course. If the process for creating or redeeming Shares is impaired </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for any reason, Authorized Participants and their clients or customers may not be able to purchase and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">redeem Creation Units or, even if possible, may choose not to do so. The inability to purchase and redeem </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Creation Units, or the partial impairment of the ability to purchase and redeem Creation Units, could result </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in Shares trading at a premium or discount to the NAV of the Fund. Such a premium or discount could be
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">significant, depending upon the nature or duration of the impairment.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In addition, the Fund may, in its discretion, suspend the creation of Creation Units. Suspension of creations </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may adversely affect how the Shares are traded and could cause Shares to trade at a premium or discount
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">to the NAV of the Fund, perhaps to a significant degree.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">The Shares Could Decrease in Value if Unanticipated Operational or Trading Problems Arise.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The mechanisms and procedures governing the creation, redemption and
offering of the Shares have been </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">developed specifically for the Fund. Consequently, there may be unanticipated problems with respect to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the mechanics of the operations of the Fund and the trading of the Shares that could have a material </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">adverse effect on an investment in the Shares. To the extent that unanticipated operational or trading </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">problems arise, the Managing Owner&#8217;s past experience and qualifications may not be suitable for solving </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">those problems.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Historical Performance of the Fund and the Index is Not Indicative of Future Performance.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Past performance of the Fund or the Index is not necessarily indicative
of future results. Therefore, past </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">performance of the Fund or the Index should not be relied upon in deciding whether to buy Shares of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Fund.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Fees and Expenses May Deplete the Fund&#8217;s Assets if the Fund&#8217;s Investment Performance is Not </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Favorable.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund pays fees and expenses regardless of its investment performance. Such fees and expenses </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">include asset-based fees of 0.85% per annum. Additional charges include brokerage fees of approximately </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">24</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_14"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">0.02% per annum in the
aggregate and selling commissions. Selling commissions are not included in the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund&#8217;s breakeven calculation. The sum of the Fund&#8217;s Treasury Income,
Money Market Income and/or T-Bill </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">ETF Income may not exceed its fees and expenses. If such income does not exceed its fees and expenses, in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">order to break even, the Fund&#8217;s futures trading activity will need to have a favorable performance that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exceeds the difference between the sum of the Fund&#8217;s Treasury Income, Money Market Income and/or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">T-Bill ETF Income and its fees and expenses. If the Fund&#8217;s futures trading performance is not sufficiently </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">favorable, the Fund&#8217;s expenses could deplete its assets over time. In such a scenario, the value of your </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Shares will decrease.</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">There May Be Circumstances That Could Prevent the Fund from Being Operated in a Manner Consistent </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">With its Investment Objective.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">There may be circumstances outside the control of the Managing Owner and/or the Fund that make it, for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">all practical purposes, impossible to re-position the Fund and/or to process a purchase or redemption </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">order. Examples of such circumstances include: natural disasters; public service disruptions or utility </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">problems such as those caused by fires, floods, extreme weather conditions, and power outages resulting </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in telephone, telecopy, and computer failures; market conditions or activities causing trading halts; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">systems failures involving computer or other information systems affecting the aforementioned parties, as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">well as DTC, or any other participant in the purchase process, and similar extraordinary events. While the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner has established and implemented a disaster recovery plan, circumstances such as those </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">identified above may prevent the Fund from being operated in a manner consistent with its investment
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">objective.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Additionally, natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and other severe weather-related phenomena generally, and widespread disease, including pandemics </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and epidemics, have been and may be highly disruptive to economies and markets, adversely impacting </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investor sentiment, and other factors affecting the value of the Fund&#8217;s investments. Given the increasing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">interdependence among global economies and markets, conditions in one country, market, or region are </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">including the U.S. Any such events could have a significant adverse impact on the value of the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investments and could result in increased premiums or discounts to the Fund&#8217;s NAV. Additionally, the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index&#8217;s rebalance </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">schedule will result in corresponding changes to the Fund&#8217;s rebalance schedule.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div>
</div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Redemption Orders for Creation Units May Be
Subject to Postponement, Suspension or Rejection Under </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Certain Circumstances.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner may, in its discretion, suspend the right of
redemption or postpone the redemption </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">order settlement date with respect to Creation Units for (1) any period during which an emergency exists </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">as a result of which the redemption distribution is not reasonably practicable, or (2) such other period as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Managing Owner determines to be necessary for the protection of the Shareholders. In addition, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund will reject a redemption order if the order is not in proper form as described in the Participant </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Agreement with the Authorized Participant, or if the fulfillment of the order, in the opinion of the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">counsel, might be unlawful. Any such postponement, suspension or rejection could adversely affect a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">redeeming Authorized Participant. For example, the resulting delay may adversely affect the value of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Authorized Participant&#8217;s redemption proceeds if the NAV of the Fund declines during the period of delay. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund disclaims any liability for any loss or damage that may result from any such suspension or
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">postponement.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Shareholders Do Not Have the Protections Associated With Ownership of Shares in an Investment </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Company Registered Under the 1940 Act.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund is not registered as an investment company under the 1940 Act. Consequently, Shareholders do </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">not have the legal and regulatory protections provided to the investors in investment companies that are
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">registered as such.</font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">25</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_15"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Shareholders
Do Not Have the Rights Enjoyed by Investors in Certain Other Vehicles.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Shares have none of the statutory rights normally associated with the ownership of shares of a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">corporation. However, under Delaware law, a beneficial owner of a business trust (such as a Shareholder) </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may, under certain circumstances, institute legal action on behalf of himself and all other similarly situated </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">beneficial owners to recover damages from a third party where a managing owner has failed or refused to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">institute legal action on behalf of himself and all other similarly situated beneficial owners to recover </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">damages from a managing owner for violations of fiduciary duties, or on behalf of a business trust to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">recover damages from a third party where a managing owner has failed or refused to institute proceedings </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to recover such damages. The Shares have limited voting and distribution rights (for example, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders do not have the right to elect directors and the Fund is not required to pay regular
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">distributions, although the Fund may pay distributions in the discretion of the Managing Owner).</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Various Actual and Potential Conflicts of Interest May
Be Detrimental to Shareholders.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund is subject
to actual and potential conflicts of interest involving the Managing Owner or any of its </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">affiliates, the Commodity Broker, including its principals and its
affiliates, the Index Sponsor, and Invesco </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Distributors. The Managing Owner and its principals, all of whom are engaged in other investment </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">activities, are not required to devote substantially all of their time to the business of the Fund, which also </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">presents the potential for numerous conflicts of interest with the Fund. The Managing Owner and its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">principals and affiliates are engaged in a broad array of asset management and financial services activities </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and may engage in activities during the ordinary course of business that cause their interests or those of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">their other clients to conflict with those of the Fund and its Shareholders.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">As a result of these and other relationships, parties involved with the Fund have a financial incentive to act </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in a manner other than in the best interests of the Fund and the Shareholders. For example, by investing in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">affiliated money market mutual funds and/or T-Bill ETFs for margin and/or cash management purposes, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Managing Owner may select affiliated money market mutual funds and/or T-Bill ETFs that may pay </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">dividends that are lower than non-affiliated money market mutual funds and/or T-Bill ETFs. In addition, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Managing Owner would have a conflict of interest if it sought to redeem the Fund&#8217;s interest in an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">affiliated money market mutual fund or T-Bill ETF in circumstances when such a redemption would be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">unfavorable for the affiliated fund. The Managing Owner has not established any formal procedure to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">resolve conflicts of interest. Consequently, investors are dependent on the good faith of the respective </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">parties subject to such conflicts to resolve them equitably. Although the Managing Owner attempts to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">monitor these conflicts, it is extremely difficult, if not impossible, for the Managing Owner to ensure that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">these conflicts do not, in fact, result in adverse consequences to the Fund and the Shareholders.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund may be subject to certain conflicts with respect to the Commodity Broker, including, but not </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">limited to, conflicts that result from receiving greater amounts of compensation from other clients, or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">purchasing opposite or competing positions on behalf of third party accounts traded through the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commodity Broker. Because the Managing Owner and Invesco Distributors are affiliates, the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner has a disincentive to replace Invesco Distributors. Furthermore, the Managing Owner did not </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">conduct
an arm&#8217;s length negotiation when it retained Invesco Distributors.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">You May Be Adversely Impacted by the Lack of Independent Advisers Representing Investors.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner has consulted with counsel, accountants and other
advisers regarding the operation </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the Fund. No counsel has been appointed to represent you in connection with the Fund&#8217;s continuous </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">offering of Shares. Accordingly, you should consult your own legal, tax and financial advisers about
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">whether you should invest in the Fund.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Possibility of Termination of the Fund May Adversely Affect Your Portfolio.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">It is ultimately within the discretion of the Managing Owner whether it
will continue to operate and advise </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund. The Managing Owner may withdraw from the Fund upon 120 days&#8217; prior written notice to all </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders and the Trustee, which would cause the Fund to terminate unless a substitute managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">owner was obtained. Shareholders owning 50% or more of the Shares have the power to terminate the </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">26</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_16"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund. If it is so exercised,
investors who may wish to continue to invest in a vehicle that tracks the Fund&#8217;s </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index will have to find another vehicle, and may not be able to find another
vehicle that offers the same </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">features as the Fund. See &#8220;Description of the Shares; Certain Material Terms of the Trust Agreement &#8211; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Termination Events&#8221; for a summary of termination events. Such detrimental developments could cause </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">you to liquidate your investments and upset the overall maturity and timing of your investment portfolio. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In addition, Shareholders could receive less from the sale of the Fund&#8217;s assets in the event of its liquidation </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and termination than amounts that could be realized from sales of those assets other than in the case of a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">liquidation and termination. If the registrations with the CFTC or memberships in the NFA of the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner or the Commodity Broker were revoked or suspended, such entity would no longer be able to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">provide
services to the Fund.</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Competing Claims Over
Ownership of Intellectual Property Rights Related to the Fund Could Adversely </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Affect the Fund and an Investment in the Shares.</font></div>
</div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">While the Managing Owner believes that all intellectual property
rights needed to operate the Fund in the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">manner described in this Prospectus are either owned by or licensed to the Managing Owner or have been </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">obtained, third parties may allege or assert ownership of intellectual property rights which may be related </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to the design, structure and operations of the Fund. To the extent any claims of such ownership are </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">brought or any proceedings are instituted to assert such claims, the issuance of any restraining orders or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">injunctions, the negotiation, litigation or settlement of such claims, or the ultimate disposition of such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">claims in a court of law may adversely affect the Fund and an investment in the Shares. For example, such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">actions could result in expenses or damages payable by the Fund, suspension of activities or the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">termination of the Fund.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">The Value of the Shares Will Be Adversely Affected if the Fund Is Required to Indemnify the Trustee or </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">the Managing Owner.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Under the Trust Agreement, the Trustee and the Managing Owner have the right to be indemnified for any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">liability or expense they incur, except for any expenses resulting from gross negligence or willful </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">misconduct. That means the Managing Owner may require the assets of the Fund to be sold in order to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">cover losses or liability suffered by it or by the Trustee. Any sale of that kind would reduce the NAV of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Fund and, consequently, the value of the Shares.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Although the Shares Are Limited Liability Investments, Certain Circumstances such as Bankruptcy of the </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Fund or Indemnification of the Fund by the Shareholders Will Increase a Shareholder&#8217;s Liability.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Shares are limited liability investments; investors may not lose
more than the amount that they invest </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">including any appreciation in their investments. However, Shareholders could be required, as a matter of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">bankruptcy law, to return to the estate of the Fund any distribution they received at a time when the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">was in fact insolvent or in violation of the Trust Agreement. In addition, Shareholders agree in the Trust
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Agreement that they will indemnify the Fund for any harm suffered by it as a result of:</font></div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Shareholders&#8217; actions unrelated to the business of the Fund, or</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">taxes imposed on the Shares by the states or municipalities in which such investors
reside.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:9.35pt;margin-top:9.88pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">The Fund May Lose Money on Its Holdings of Money Market Mutual Funds.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund may invest in government money market funds that have chosen to
not rely on the ability to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">impose fees on shareholder redemptions, or liquidity fees, or temporarily to suspend redemption </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">privileges, or gates, if the government money market fund&#8217;s weekly liquid assets fall below a certain </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">threshold. Although such government money market funds seek to preserve the value of an investment at </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">$1.00 per share, there is no guarantee that they will be able to do so. As a result, the Fund may lose money </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">by investing in a government money market fund. An investment in a government money market fund is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any other government </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">agency. The share price of a government money market fund can fall below the $1.00 share price. The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund cannot rely on or expect a government money market fund&#8217;s adviser or its affiliates to enter into </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">support agreements or take other actions to maintain the government money market fund&#8217;s $1.00 share </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">27</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_17"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">price. The credit quality of
a government money market fund&#8217;s holdings can change rapidly in certain </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">markets, and the default of a single holding could have an adverse impact on the
government money </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">market fund&#8217;s share price. Due to fluctuations in interest rates, the market value of securities held by a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">government money market fund may vary. A government money market fund&#8217;s share price can also be
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">negatively affected during periods of high redemption pressures and/or illiquid
markets.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Due to the Increased Use of Technologies, Intentional and Unintentional Cyber Attacks Pose Operational </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">and Information Security Risks.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">With the increased use of technologies such as the Internet and the dependence on computer systems to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">perform necessary business functions, the Fund is susceptible to operational and information security </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">include, but are not limited to gaining unauthorized access to digital systems for purposes of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">misappropriating assets or sensitive information, corrupting data, or causing operational disruption.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Cyber attacks may also be carried out in a manner that does not require
gaining unauthorized access, such </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">as causing denial-of-service attacks on websites. Cyber security failures or breaches of the Fund&#8217;s third </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">party service providers (including, but not limited to, the Index Sponsor, the Administrator and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Transfer Agent) or money market mutual funds and T-Bill ETFs in which the Fund invests, have the ability </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to cause disruptions and impact business operations, potentially resulting in financial losses, the inability </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of Shareholders or Authorized Participants to transact business in Shares and Creation Units respectively, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">costs may be incurred in order to prevent any cyber incidents in the future. The Fund and its Shareholders
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">could be negatively impacted as a result.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">While the Managing Owner has established business continuity plans and systems reasonably designed to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">detect and prevent such cyber attacks from being effective, there are inherent limitations in such plans </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and systems. For instance, it is possible that certain existing risks have not been identified or that new risks </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">will emerge before countervailing measures can be implemented. Furthermore, the Fund cannot control, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or even necessarily influence, the cyber security plans and systems put in place by the Fund&#8217;s third party </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">service providers. Since the Fund is dependent upon third party service providers (including the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner) for substantially all of its operational needs, the Fund is subject to the risk that a cyber attack on a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">service provider will materially impair its normal operations even if the Fund itself is not subject to such an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">attack. A cyber security incident that affects any of the Fund&#8217;s service providers could result in loss or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">unintended disclosure of information or loss or theft of the Fund&#8217;s assets, and could adversely impact the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">ability of the Fund&#8217;s service providers to conduct their business, including their business on behalf of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund. In addition, a service provider that has experienced a cyber security incident may divert resources </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">normally devoted to servicing the Fund to addressing the incident, which would be likely to have an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">adverse effect on the Fund&#8217;s operations. Cyber attacks may also cause disruptions to the futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exchanges and clearinghouses through which the Fund invests in futures contracts and to the exchanges </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">on which the Fund buys and sells shares of T-Bill ETFs, which could result in disruptions to the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">ability to pursue its investment objective, resulting in financial losses to the Fund and
Shareholders.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Forward-Looking
Statements</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">This Prospectus includes forward-looking
statements within the meaning of Section 27A of the Securities </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Act of 1933, as amended (the &#8220;Securities Act&#8221;), and Section 21E of the Securities
Exchange Act of 1934, as </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">amended (the &#8220;Exchange Act&#8221;), that involve substantial risks and uncertainties. The matters discussed in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Prospectus that are not historical facts are forward-looking statements. These forward-looking </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">statements are based on the Fund&#8217;s and Managing Owner&#8217;s current expectations, estimates and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">projections about the future results, performance, prospects and opportunities of the Fund and the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">business and industry and their beliefs and assumptions about future events and speak only as of the date </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">on which they are made. Words such as &#8220;anticipate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;seek,&#8221;
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">&#8220;outlook,&#8221; and &#8220;estimate,&#8221; as well as similar words and phrases, signify forward-looking statements. </font></div> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">28</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_18"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Forward-looking statements
are not guarantees of future results. Future economic and industry trends </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that could potentially impact the Fund and its performance are difficult to predict.
Conditions and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">important factors, risks and uncertainties in the markets for financial instruments that the Fund trades, in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the markets for related physical commodities, in the legal and regulatory regimes applicable to Invesco </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Capital Management LLC, the Fund, and the Fund&#8217;s service providers, in the broader economy and in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">global politics may cause actual results to differ materially from those expressed by such forward-looking </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">statements. There can be no assurance that the forward-looking statements included in this Prospectus </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">will prove to be accurate. Factors that could cause results to differ from those expressed in the forward-looking</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;"> statements are subject to a number of risks, uncertainties and other factors, including those </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">described in the &#8220;Risk Factors&#8221; and elsewhere in this Prospectus and in other SEC filings by the Fund, such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">as its Annual Report on </font><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1328237/000095017024019059/dbc-20231231.htm"><font style="font-family:Arial;font-size:9.20pt;">Form 10-K
</font></A><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> for the fiscal year ended December 31, 2023, as well as the following:</font></div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Risks related to market volatility and fluctuations in the price of assets held by the
Fund, including </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the imposition of trading limitations or trading halts, and the potential loss of investment;</font></div> </div> <div style="clear:both;position:relative;">
</div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Risks that the market price of Shares will not correspond to NAV;</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Risks related to market competition;</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Risks related to the market conditions unique to futures contracts;</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Risks related to the impact of regulatory actions, such as position limits,
accountability levels and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">daily limits; and</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Risks related to global economic and financial conditions, adverse public health
emergencies, or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">geopolitical conflicts, including the conflicts between Russia and Ukraine or Israel and Hamas and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">the expansion of conflict in the surrounding areas, acts of terrorism, mass casualty events, social </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">unrest, civil
disturbance or disobedience.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:10.12pt;margin-top:5.88pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">You should not place undue reliance on any forward-looking statements. Except as expressly required by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the federal securities laws, the Managing Owner undertakes no obligation to publicly update or revise any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">forward-looking statements or the risks, uncertainties or other factors described in this Prospectus, as a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">result of new information, future events or changed circumstances or for any other reason after the date
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">of this Prospectus.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Investment
Objective</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund seeks to track changes, whether positive
or negative, in the level of the Index over time, plus the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">excess, if any, of the sum of the Fund&#8217;s Treasury Income, Money Market Income and T-Bill ETF
Income over </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the expenses of the Fund. The Fund invests in futures contracts in an attempt to track its Index. The Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">holds Treasury Securities, money market mutual funds and T-Bill-ETFs only for margin and/or cash </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">management purposes. While the Fund&#8217;s performance will reflect the appreciation or depreciation of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">those holdings, the Fund&#8217;s performance, whether positive or negative, will be driven primarily by its
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">strategy of trading futures contracts with the aim of seeking to track the Index.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Investing in the Fund does not insulate Shareholders from certain risks, including price volatility. In </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">addition, the Index utilizes an Optimum Yield</font><font style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">TM</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;"> methodology, which seeks to minimize the effects of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">negative roll yield that may be experienced by other
commodities indexes. &#8220;Negative roll yield&#8221; is a term </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that describes the adverse impact of an upward-sloping price curve for futures contracts, which
makes it </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">more expensive to replace expiring contracts with new contracts. However, the Optimum Yield</font><font
style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">TM</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">methodology may not be successful, and in such instances, the Fund, by tracking the Index, may be
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">negatively impacted.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Shares are intended to provide investment results that generally correspond to changes, positive or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">negative, in the levels of the Index over time. The value of the Shares is expected to fluctuate in relation to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">changes in the value of the Fund&#8217;s portfolio. The market price of the Shares may not be identical to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">NAV per Share, but these two valuations are generally expected to be very close. See &#8220;Risk Factors &#8211; NAV </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">May Not Always Correspond to Market Price and, as a Result, Creation Units may be Created or Redeemed </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">at
a Value that Differs from the Market Price of the Shares.&#8221;</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">29</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_19"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund trades Index
Contracts that are subject to position limits under regulations of the CFTC or futures </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exchange rules, as applicable. As the Fund approaches or reaches position
limits with respect to an Index </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commodity, the Fund may commence investing in Index Contracts that reference other Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commodities. In those circumstances, the Fund may also trade in futures contracts based on commodities </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other than Index Commodities that the Managing Owner reasonably believes tend to exhibit trading prices </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that correlate with an Index Contract. The Managing Owner may determine to invest in other futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts if at any time it is impractical, including in scenarios wherein the futures market for an Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Contract is thinly traded, or inefficient to gain full or partial exposure to an Index Commodity through the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">use of Index Contracts. These other futures contracts may or may not be based on an Index Commodity. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">When they are not, the Managing Owner seeks to select futures contracts that it reasonably believes tend
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">to exhibit trading prices that correlate with an Index Contract.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Under the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(the &#8220;Trust Agreement&#8221;), the Managing Owner has exclusive management and control of all aspects of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">business of the Fund. The Trustee&#8217;s duties and liabilities with respect to the offering of the Shares and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">management of the Fund are limited to its express obligations under the Trust Agreement. The Trustee will </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">have no duty or liability to supervise or monitor the performance of the Managing Owner, nor will the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Trustee have any liability for the acts or omissions of the Managing Owner.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">There can be no assurance that the Fund will achieve its investment objective or avoid substantial losses.</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Temporary Defensive Positions</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Because the Fund seeks to track changes, whether positive or negative,
in the level of the Index over time, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund will not ordinarily take temporary defensive positions during periods of adverse market, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">economic or other conditions. However, in highly stressed markets, such as the potential for a super </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contango environment (where futures contracts for the month next to occur are trading significantly lower </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">than futures contracts with delivery in later months, typically indicating an oversupply of the reference </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodity), the Managing Owner may, in its discretion, take a temporary defensive position and hold a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">portion of the Fund&#8217;s assets in cash or cash equivalents, money market funds and/or T-Bill ETFs (including </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">money market funds and T-Bill ETFs that are managed by affiliates of the Managing Owner) or in futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts other than Index Contracts. Taking such positions may mean lost investment opportunities in a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">period of rising market prices. During these periods, the Fund may not achieve its investment objective to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">track the Index.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Role of Managing Owner</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner serves as the commodity pool operator and commodity trading advisor of the Fund.
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Specifically, with respect to the Fund, the Managing Owner:</font></div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">selects the Trustee, Commodity Broker, Administrator, Index Sponsor, Custodian,
Transfer Agent, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">distributor and auditor;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">negotiates various agreements and fees;</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">performs such other services as the Managing Owner believes that the Fund may from time
to time </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">require; and</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">monitors the performance results of the Fund&#8217;s portfolio and reallocates assets
within the portfolio </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">with a view to causing the performance of the Fund&#8217;s portfolio to track that of the Index over time.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div style="line-height:10.12pt;margin-top:5.88pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The
Managing Owner is registered as a commodity pool operator and commodity trading advisor with the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">CFTC and is a member of the NFA. The Managing Owner is an NFA-approved swap
firm.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The principal office of the Managing Owner is
located at c/o Invesco Capital Management LLC, 3500 Lacey </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Road, Suite 700, Downers Grove, IL 60515. The telephone number of the Managing Owner is (800)
983-0903.</font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">30</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_20"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:0pt;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Breakeven Analysis</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">A Shareholder should expect that the Fund&#8217;s fees and expenses
during the first twelve months of the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder&#8217;s investment will equal 0.87% of the Fund&#8217;s NAV. This amount equates to $0.2028 per annum </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">per Share at $23.25, the Fund&#8217;s NAV per Share as of May 31, 2024. Based on market rates observed as of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">May 31, 2024, the Fund&#8217;s Treasury Income is expected to be earned at a rate of 5.20%, Money Market </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Income is expected to be earned at a rate of 5.20%, and T-Bill ETF Income is expected to be earned at a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">rate of 5.00%. This means that, during those first twelve months, the Fund would have to experience </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trading losses that would exceed the positive difference between the Fund&#8217;s income and its expenses. As a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">result, the breakeven amount is reflected as $0.00 and 0% of NAV for the Fund. While the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">performance will reflect the appreciation or depreciation of those holdings, the Fund&#8217;s performance, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">whether positive or negative, will be driven primarily by its strategy of trading futures contracts with the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">aim of seeking to track the Index.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Breakeven Table</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Breakeven Table on the following page indicates the approximate
percentage and dollar returns </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">required for the value of an initial $23.25 investment in a Share to equal the amount originally invested </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">twelve months after issuance, based on the NAV per Share as of May 31, 2024.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The amounts reflected in this discussion and the accompanying table reflect the effect of
rounding.</font></div> </div> <div style="line-height:11.0pt;text-align:left;"> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">31</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_21"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Breakeven Table</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">The Breakeven Table, as presented, is an approximation
only. Because a constant NAV per Share has been </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">assumed, the actual capitalization of the Fund does not directly affect the level of its charges
as a </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">percentage of its NAV.</font><font style="color:#000000;font-family:Arial;font-size:1pt;line-height:0.00pt;">&#8195;</font></div> </div>
<div style="line-height:0.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"> </div> </div> <div style="margin-top:0.0pt;">
<table style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:432pt;" cellpadding="0" cellspacing="0">
<tr style="height:24pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:286.33pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:3pt;margin-right:4.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:145.68pt;" colspan="2"> <div style="line-height:9.35pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Dollar Amount and Percentage of</font></div>
<div style="margin-left:2.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Expenses and Interest Income</font></div> </div> </td> </tr>
<tr style="height:12.25pt;">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Bottom;width:286.33pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:3pt;margin-right:4.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0.0pt;">Expense</font><font
style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-4.25pt;">1</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Bottom;width:77.86pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:2.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0.0pt;">$</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Bottom;width:67.82pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0.00pt;">%</font></div> </div> </td> </tr>
<tr style="height:12.25pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:1.5pt;vertical-align:Bottom;width:286.33pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-left:3pt;margin-right:4.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;">Management Fee</font><font
style="color:#000000;font-family:Arial;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">2</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:1.5pt;vertical-align:Bottom;white-space:nowrap;width:77.86pt;">
<div style="line-height:10.12pt;margin-left:5pt;margin-right:5pt;text-align:right;width:67.86pt;"> <div style="display:flex;margin:auto;width:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">$</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">0.1976</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:1.5pt;vertical-align:Bottom;white-space:nowrap;width:67.82pt;"> <div style="line-height:10.12pt;margin-left:5pt;margin-right:1.5pt;text-align:right;width:59.82pt;">
<div style="display:flex;margin:auto;width:26.84pt;"> <div style="display:flex;white-space:nowrap;width:26.84pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">0.85%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:286.33pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-left:3pt;margin-right:4.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;">Offering Expense Reimbursement</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:77.86pt;">
<div style="line-height:10.12pt;margin-left:5pt;margin-right:5pt;text-align:right;width:67.86pt;"> <div style="display:flex;margin:auto;width:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">$</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">0.0000</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:67.82pt;"> <div style="line-height:10.12pt;margin-left:5pt;margin-right:1.5pt;text-align:right;width:59.82pt;">
<div style="display:flex;margin:auto;width:26.84pt;"> <div style="display:flex;white-space:nowrap;width:26.84pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">0.00%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:286.33pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-left:3pt;margin-right:4.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;">Brokerage Commissions and Fees</font><font
style="color:#000000;font-family:Arial;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">3</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:77.86pt;">
<div style="line-height:10.12pt;margin-left:5pt;margin-right:5pt;text-align:right;width:67.86pt;"> <div style="display:flex;margin:auto;width:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">$</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">0.0052</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:67.82pt;"> <div style="line-height:10.12pt;margin-left:5pt;margin-right:1.5pt;text-align:right;width:59.82pt;">
<div style="display:flex;margin:auto;width:26.84pt;"> <div style="display:flex;white-space:nowrap;width:26.84pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">0.02%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:286.33pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-left:3pt;margin-right:4.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;">Routine Operational, Administrative and Other Ordinary Expenses</font><font
style="color:#000000;font-family:Arial;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">4</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:77.86pt;">
<div style="line-height:10.12pt;margin-left:5pt;margin-right:5pt;text-align:right;width:67.86pt;"> <div style="display:flex;margin:auto;width:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">$</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">0.0000</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:67.82pt;"> <div style="line-height:10.12pt;margin-left:5pt;margin-right:1.5pt;text-align:right;width:59.82pt;">
<div style="display:flex;margin:auto;width:26.84pt;"> <div style="display:flex;white-space:nowrap;width:26.84pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">0.00%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:286.33pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-left:3pt;margin-right:4.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;">Treasury Income, Money Market Income and T-Bill ETF Income</font><font
style="color:#000000;font-family:Arial;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">5</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:77.86pt;">
<div style="line-height:10.12pt;margin-left:5pt;margin-right:5pt;text-align:right;width:67.86pt;"> <div style="display:flex;margin:auto;width:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">$</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">1.1974</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:67.82pt;"> <div style="line-height:10.12pt;margin-left:5pt;margin-right:1.5pt;text-align:right;width:59.82pt;">
<div style="display:flex;margin:auto;width:26.84pt;"> <div style="display:flex;white-space:nowrap;width:26.84pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">5.15%</font></div> </div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Bottom;width:286.33pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-left:3pt;margin-right:4.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;">12-Month Breakeven</font><font
style="color:#000000;font-family:Arial;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">6, 7</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:77.86pt;">
<div style="line-height:10.12pt;margin-left:5pt;margin-right:5pt;text-align:right;width:67.86pt;"> <div style="display:flex;margin:auto;width:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">$</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:10.12pt;">0.00</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:67.82pt;"> <div style="line-height:10.12pt;margin-left:5pt;margin-right:1.5pt;text-align:right;width:59.82pt;">
<div style="display:flex;margin:auto;width:26.84pt;"> <div style="display:flex;white-space:nowrap;width:26.84pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">0.00%</font></div> </div> </div> </td> </tr>
</table> </div> <div> <div style="clear:both;margin-top:10.0pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">1.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">See the &#8220;Charges&#8221; section for an explanation of the expenses included in the
Breakeven Table.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:3.72pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">2.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">The Managing Owner, out of its own assets, pays the fees and expenses of the
Administrator, Invesco Distributors, and the </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">Index Sponsor. The Fund may, for margin and/or cash management purposes, invest in money market mutual funds and/or </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">T-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the management fees that the
</font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">Fund may incur through such investments is in addition to the Management Fee paid to the Managing Owner. The
</font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">Managing Owner has contractually agreed indefinitely to waive the fees that it receives in an amount equal to the indirect </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">management fees that the Fund incurs through its investments in affiliated money market mutual funds and/or affiliated
</font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">T-Bill ETFs. The Managing Owner may terminate this waiver on 60 days&#8217; notice. As of May 31, 2024, this waiver was </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">approximately $0.02 per Share per annum.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:3.72pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">3.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">The actual amount of brokerage commissions and trading fees to be incurred will vary
based upon the trading frequency of </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">the Fund and the specific futures contracts traded.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:3.72pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">4.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">The Managing Owner is responsible for paying all routine operational, administrative and
other ordinary expenses of the </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">Fund.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:3.72pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">5.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">Treasury Income is assumed to be earned at a rate of 5.20%, Money Market Income is
assumed to be earned at a rate of </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">5.20%, and T-Bill ETF Income is assumed to be earned at a rate of 5.00%. These assumed rates are based on market rates as </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">of May 31, 2024. T-Bill ETF Income reflects dividend income from the Fund&#8217;s holdings in T-Bill ETFs, if any. Actual Treasury </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">Income, Money Market Income and T-Bill ETF Income could be higher or lower than the levels shown.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:3.72pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">6.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">Investors may pay brokerage commissions in connection with purchases of the Shares.
Brokerage commissions have not </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">been included in the Breakeven Table because they are borne by investors rather than the Fund and will generally vary from </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">investor to investor. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.</font></div> </div> <div style="clear:both;position:relative;"> </div>
</div> <div> <div style="clear:both;margin-top:3.72pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">7.
</font></div> <div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">The table indicates that the breakeven amount during the first 12 months
of an investment in the Fund is $0.00 and 0% of </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">NAV. These figures reflect that, during those first 12 months, the Fund&#8217;s Treasury Income, Money Market Income, and T-Bill
</font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">ETF Income are expected to exceed the Fund&#8217;s fees and expenses.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:9.20pt;margin-top:9.72pt;text-align:center;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;">[Remainder of page left blank intentionally]</font></div> </div>
<div style="line-height:10.0pt;margin-top:0.0pt;text-align:left;"> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">32</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_22"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:0pt;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Performance of Invesco DB Commodity Index Tracking
Fund (Ticker: DBC)</font></div> <div style="line-height:0.0pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:1pt;">&#8195;</font></div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left;">
<div style="margin-top:6pt;"> </div> </div> <div style="margin-top:0.0pt;">
<table style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:432pt;" cellpadding="0" cellspacing="0">
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Name of Pool</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:8.50pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Invesco DB Commodity Index Tracking Fund</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Type of Pool</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Public, Exchange-Listed Commodity Pool</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Inception of Trading</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">February 2006</font></div> </div> </td> </tr>
<tr style="height:21pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Aggregate Gross Capital Subscriptions as of May 31, </font></div>
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">2024</font><font
style="color:#000000;font-family:Arial;font-size:5.5pt;margin-left:0.0pt;position:relative;top:-3.75pt;">1</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">$20,687,283,269</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">NAV as of May 31, 2024</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">$1,772,481,637</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">NAV per Share as of May 31, 2024</font><font
style="color:#000000;font-family:Arial;font-size:5.5pt;margin-left:0.0pt;position:relative;top:-3.75pt;">2</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">$23.25</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Worst Monthly Drawdown</font><font
style="color:#000000;font-family:Arial;font-size:5.5pt;margin-left:0.0pt;position:relative;top:-3.75pt;">3</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;"> </font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">(16.86)% March 2020</font></div> </div> </td> </tr>
<tr style="height:10pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Worst Peak-to-Valley Drawdown</font><font
style="color:#000000;font-family:Arial;font-size:5.5pt;margin-left:0.0pt;position:relative;top:-3.75pt;">4</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">(74.61)% June 2008 - April 2020</font></div> </div> </td> </tr> </table> </div> <div style="line-height:0.0pt;text-align:left;"><font
style="color:#000000;font-family:Arial;font-size:1pt;">&#8195;</font></div> <div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0pt;">
<table style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:432pt;" cellpadding="0" cellspacing="0">
<tr style="height:12.5pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:169.63pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Monthly Rate of Return</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:44.2pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:3.75pt;margin-right:3.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;">2024 (%)</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:44.2pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:3.75pt;margin-right:3.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;">2023 (%)</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:44.2pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:3.75pt;margin-right:3.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;">2022 (%)</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:44.2pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:3.75pt;margin-right:3.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;">2021 (%)</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:44.36pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:3.75pt;margin-right:3.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;">2020 (%)</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:41.2pt;"> <div style="line-height:8.50pt;text-align:left;"> <div style="margin-left:3.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;">2019 (%)</font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:169.63pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">January</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:27.08pt;"> <div style="display:flex;white-space:nowrap;width:27.08pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.72pt;">1.50</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:29.8pt;"> <div style="display:flex;white-space:nowrap;width:29.8pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.72pt;">0.61</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.56pt;">7.87</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.56pt;">3.55</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.36pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.36pt;"> <div style="display:flex;margin:auto;width:34.36pt;"> <div style="display:flex;white-space:nowrap;width:34.36pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">(8.60)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.2pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:32.2pt;">
<div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.56pt;">7.34</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:169.63pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">February</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:27.08pt;"> <div style="display:flex;white-space:nowrap;width:27.08pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;">(1.65)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:29.8pt;"> <div style="display:flex;white-space:nowrap;width:29.8pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;">(3.99)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">6.49</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;">10.28</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.36pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.36pt;"> <div style="display:flex;margin:auto;width:34.36pt;"> <div style="display:flex;white-space:nowrap;width:34.36pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">(6.80)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.2pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:32.2pt;">
<div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">3.03</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:169.63pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">March</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:27.08pt;"> <div style="display:flex;white-space:nowrap;width:27.08pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.72pt;">4.41</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:29.8pt;"> <div style="display:flex;white-space:nowrap;width:29.8pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">(0.21)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.56pt;">9.50</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(1.08)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.36pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.36pt;"> <div style="display:flex;margin:auto;width:34.36pt;"> <div style="display:flex;white-space:nowrap;width:34.36pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;">(16.86)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.2pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:32.2pt;">
<div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(0.38)</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:169.63pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">April</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:27.08pt;"> <div style="display:flex;white-space:nowrap;width:27.08pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.72pt;">1.83</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:29.8pt;"> <div style="display:flex;white-space:nowrap;width:29.8pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;">(0.88)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">6.18</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">8.15</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.36pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.36pt;"> <div style="display:flex;margin:auto;width:34.36pt;"> <div style="display:flex;white-space:nowrap;width:34.36pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">(3.37)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.2pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:32.2pt;">
<div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">1.19</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:169.63pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">May</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:27.08pt;"> <div style="display:flex;white-space:nowrap;width:27.08pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.00pt;">(0.64)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:29.8pt;"> <div style="display:flex;white-space:nowrap;width:29.8pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">(6.16)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.56pt;">3.47</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.56pt;">3.52</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.36pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.36pt;"> <div style="display:flex;margin:auto;width:34.36pt;"> <div style="display:flex;white-space:nowrap;width:34.36pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">8.43</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.2pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:32.2pt;">
<div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(5.71)</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:169.63pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">June</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:27.08pt;"> <div style="display:flex;white-space:nowrap;width:27.08pt;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:29.8pt;"> <div style="display:flex;white-space:nowrap;width:29.8pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.72pt;">2.81</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(7.06)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">3.72</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.36pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.36pt;"> <div style="display:flex;margin:auto;width:34.36pt;"> <div style="display:flex;white-space:nowrap;width:34.36pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">3.97</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.2pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:32.2pt;">
<div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">3.89</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:169.63pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">July</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:27.08pt;"> <div style="display:flex;white-space:nowrap;width:27.08pt;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:29.8pt;"> <div style="display:flex;white-space:nowrap;width:29.8pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.72pt;">8.49</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(1.69)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.56pt;">1.61</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.36pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.36pt;"> <div style="display:flex;margin:auto;width:34.36pt;"> <div style="display:flex;white-space:nowrap;width:34.36pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">5.20</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.2pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:32.2pt;">
<div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(0.76)</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:169.63pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">August</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:27.08pt;"> <div style="display:flex;white-space:nowrap;width:27.08pt;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:29.8pt;"> <div style="display:flex;white-space:nowrap;width:29.8pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;">(0.24)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(1.22)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(1.69)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.36pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.36pt;"> <div style="display:flex;margin:auto;width:34.36pt;"> <div style="display:flex;white-space:nowrap;width:34.36pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">4.25</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.2pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:32.2pt;">
<div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(4.98)</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:169.63pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">September</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:27.08pt;"> <div style="display:flex;white-space:nowrap;width:27.08pt;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:29.8pt;"> <div style="display:flex;white-space:nowrap;width:29.8pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.72pt;">1.38</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(7.39)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.56pt;">5.00</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.36pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.36pt;"> <div style="display:flex;margin:auto;width:34.36pt;"> <div style="display:flex;white-space:nowrap;width:34.36pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">(2.97)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.2pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:32.2pt;">
<div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.56pt;">0.94</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:169.63pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">October</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:27.08pt;"> <div style="display:flex;white-space:nowrap;width:27.08pt;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:29.8pt;"> <div style="display:flex;white-space:nowrap;width:29.8pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;">(1.81)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">5.22</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">5.90</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.36pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.36pt;"> <div style="display:flex;margin:auto;width:34.36pt;"> <div style="display:flex;white-space:nowrap;width:34.36pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">(3.21)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.2pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:32.2pt;">
<div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">2.20</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:169.63pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">November</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:27.08pt;"> <div style="display:flex;white-space:nowrap;width:27.08pt;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:29.8pt;"> <div style="display:flex;white-space:nowrap;width:29.8pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">(1.80)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.56pt;">0.91</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(9.04)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.36pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.36pt;"> <div style="display:flex;margin:auto;width:34.36pt;"> <div style="display:flex;white-space:nowrap;width:34.36pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.72pt;">10.02</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.2pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:32.2pt;">
<div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(0.46)</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:169.63pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">December</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:0.5pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:27.08pt;"> <div style="display:flex;white-space:nowrap;width:27.08pt;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:29.8pt;"> <div style="display:flex;white-space:nowrap;width:29.8pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;">(3.80)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(2.40)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">6.64</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.36pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.36pt;"> <div style="display:flex;margin:auto;width:34.36pt;"> <div style="display:flex;white-space:nowrap;width:34.36pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">5.16</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.2pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:32.2pt;">
<div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">6.06</font></div> </div> </div> </td> </tr>
<tr style="height:10.5pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:3pt;vertical-align:Bottom;width:169.63pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Compound Rate of Return</font><font
style="color:#000000;font-family:Arial;font-size:5.5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.75pt;">5</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:27.08pt;"> <div style="display:flex;white-space:nowrap;width:27.08pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.72pt;">5.44%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:29.8pt;"> <div style="display:flex;white-space:nowrap;width:29.8pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">(6.18)%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.00pt;">19.69%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.2pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.2pt;"> <div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.00pt;">41.34%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:44.36pt;">
<div style="line-height:9.20pt;margin-left:6pt;margin-right:6pt;text-align:right;width:32.36pt;"> <div style="display:flex;margin:auto;width:34.36pt;"> <div style="display:flex;white-space:nowrap;width:34.36pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">(8.03)%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.5pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.2pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;text-align:right;width:32.2pt;">
<div style="display:flex;margin:auto;width:28.91pt;"> <div style="display:flex;white-space:nowrap;width:28.91pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.00pt;">12.16%</font></div> </div> </div> </td> </tr>
</table> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Annual Total Returns &#8211; Calendar Years (past 10
years)</font><font style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">6</font></div> </div> <div style="margin-top:9pt;text-align:left;">
<img src="g918572dbc.jpg" alt=" " style="height:86pt;width:267pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;line-height:1pt;">&#8201;</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Average Annual Returns (as of May 31, 2024)</font><font
style="color:#000000;font-family:Arial;font-size:1pt;font-weight:bold;line-height:0.00pt;">&#8195;</font></div> </div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"> </div> </div>
<div style="margin-top:0.0pt;">
<table style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:432pt;" cellpadding="0" cellspacing="0">
<tr style="height:25.25pt;">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #7F7F7F;border-right:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:78.12pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:3pt;margin-right:11.87pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #7F7F7F;border-right:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:60.43pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:9.87pt;margin-right:9.87pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Fund (%)</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #7F7F7F;border-right:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:62.76pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:9.87pt;margin-right:9.87pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Index (%)</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #7F7F7F;border-right:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:102.1pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:9.87pt;margin-right:9.87pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">DBIQ Index TR</font><font
style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">7</font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">(%)</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #7F7F7F;padding-bottom:1.25pt;padding-top:1.25pt;vertical-align:Bottom;width:128.59pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:9.87pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">S&amp;P GSCI Commodity Index</font></div>
<div style="margin-left:9.87pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Total Return</font><font
style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">8</font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">(%)</font></div> </div> </td> </tr>
<tr style="height:13.25pt;">
<td style="background-color:azure;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Bottom;width:78.12pt;"> <div style="line-height:9.35pt;text-align:left;">
<div style="margin-left:3pt;margin-right:11.87pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0.0pt;">1 Year</font></div> </div> </td>
<td style="background-color:azure;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:60.43pt;">
<div style="line-height:10.12pt;margin-left:12.12pt;margin-right:12.12pt;text-align:right;width:36.19pt;"> <div style="display:flex;margin:auto;width:34.92pt;"> <div style="display:flex;white-space:nowrap;width:34.92pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">10.34%</font></div> </div> </div> </td>
<td style="background-color:azure;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:62.76pt;">
<div style="line-height:10.12pt;margin-left:12.12pt;margin-right:12.12pt;text-align:right;width:38.53pt;"> <div style="display:flex;margin:auto;width:32.89pt;"> <div style="display:flex;white-space:nowrap;width:32.89pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:3.03pt;">5.53%</font></div> </div> </div> </td>
<td style="background-color:azure;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:102.1pt;">
<div style="line-height:10.12pt;margin-left:12.12pt;margin-right:12.12pt;text-align:right;width:77.86pt;"> <div style="display:flex;margin:auto;width:31.89pt;"> <div style="display:flex;white-space:nowrap;width:31.89pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;">11.36%</font></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Bottom;white-space:nowrap;width:128.59pt;"> <div style="line-height:10.12pt;margin-left:12.12pt;margin-right:1.5pt;text-align:right;width:113.47pt;">
<div style="display:flex;margin:auto;width:34.92pt;"> <div style="display:flex;white-space:nowrap;width:34.92pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">18.37%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:78.12pt;"> <div style="line-height:9.35pt;text-align:left;">
<div style="margin-left:3pt;margin-right:11.87pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0.0pt;">5 Year</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:60.43pt;">
<div style="line-height:10.12pt;margin-left:12.12pt;margin-right:12.12pt;text-align:right;width:36.19pt;"> <div style="display:flex;margin:auto;width:34.92pt;"> <div style="display:flex;white-space:nowrap;width:34.92pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">10.43%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:62.76pt;">
<div style="line-height:10.12pt;margin-left:12.12pt;margin-right:12.12pt;text-align:right;width:38.53pt;"> <div style="display:flex;margin:auto;width:32.89pt;"> <div style="display:flex;white-space:nowrap;width:32.89pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:3.03pt;">9.00%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:102.1pt;">
<div style="line-height:10.12pt;margin-left:12.12pt;margin-right:12.12pt;text-align:right;width:77.86pt;"> <div style="display:flex;margin:auto;width:31.89pt;"> <div style="display:flex;white-space:nowrap;width:31.89pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">11.41%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:128.59pt;"> <div style="line-height:10.12pt;margin-left:12.12pt;margin-right:1.5pt;text-align:right;width:113.47pt;">
<div style="display:flex;margin:auto;width:34.92pt;"> <div style="display:flex;white-space:nowrap;width:34.92pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">8.91%</font></div> </div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:azure;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Bottom;width:78.12pt;"> <div style="line-height:9.35pt;text-align:left;">
<div style="margin-left:3pt;margin-right:11.87pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0.0pt;">10 Year</font></div> </div> </td>
<td style="background-color:azure;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:60.43pt;">
<div style="line-height:10.12pt;margin-left:12.12pt;margin-right:12.12pt;text-align:right;width:36.19pt;"> <div style="display:flex;margin:auto;width:34.92pt;"> <div style="display:flex;white-space:nowrap;width:34.92pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:2.03pt;">(0.30)%</font></div> </div> </div> </td>
<td style="background-color:azure;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:62.76pt;">
<div style="line-height:10.12pt;margin-left:12.12pt;margin-right:12.12pt;text-align:right;width:38.53pt;"> <div style="display:flex;margin:auto;width:32.89pt;"> <div style="display:flex;white-space:nowrap;width:32.89pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">(0.75)%</font></div> </div> </div> </td>
<td style="background-color:azure;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:102.1pt;">
<div style="line-height:10.12pt;margin-left:12.12pt;margin-right:12.12pt;text-align:right;width:77.86pt;"> <div style="display:flex;margin:auto;width:31.89pt;"> <div style="display:flex;white-space:nowrap;width:31.89pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">0.77%</font></div> </div> </div> </td>
<td style="background-color:azure;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:128.59pt;"> <div style="line-height:10.12pt;margin-left:12.12pt;margin-right:1.5pt;text-align:right;width:113.47pt;">
<div style="display:flex;margin:auto;width:34.92pt;"> <div style="display:flex;white-space:nowrap;width:34.92pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:2.03pt;">(3.06)%</font></div> </div> </div> </td> </tr>
</table> </div> <div style="line-height:11.05pt;margin-top:5pt;text-align:center;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;">PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF
FUTURE RESULTS</font></div> </div> <div style="line-height:9.35pt;margin-top:6.0pt;text-align:justify;"> <div style="margin-top:6pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">THE FUND&#8217;S
PERFORMANCE INFORMATION FROM INCEPTION UP TO AND EXCLUDING FEBRUARY 23, </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">2015 IS A REFLECTION OF THE PERFORMANCE ASSOCIATED WITH THE FUND&#8217;S
PREDECESSOR </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">MANAGING OWNER. ALL THE PERFORMANCE INFORMATION ON AND AFTER FEBRUARY 23, 2015 </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">REFLECTS THE PERFORMANCE ASSOCIATED WITH THE MANAGING OWNER.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">33</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_23"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Footnotes to Performance
Information</font></div> <div> <div style="clear:both;margin-top:4.65pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">1.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#8220;Aggregate Gross Capital Subscriptions&#8221; is the aggregate of all amounts ever
contributed to the Fund, including investors </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">who subsequently redeemed their investments.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:3.72pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">2.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#8220;NAV per Share&#8221; is the NAV of the Fund divided by the total number of Shares
outstanding as of May 31, 2024.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:3.72pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">3.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#8220;Worst Monthly Drawdown&#8221; is the largest single month loss sustained during
the most recent five calendar years and year </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">to date (if applicable). &#8220;Drawdown&#8221; as used in this section of the Prospectus means losses experienced by the Fund over
the </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">specified period and is calculated on a rate of return basis, i.e., dividing net performance by beginning equity. &#8220;Drawdown&#8221; </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">is measured on the basis of monthly returns only, and does not reflect intra-month figures. &#8220;Month&#8221; is the month of the </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">Worst Monthly Drawdown.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:3.72pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">4.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#8220;Worst Peak-to-Valley Drawdown&#8221; is the largest percentage decline in the NAV
per Share during the most recent five </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">calendar years (and to the extent applicable, for a period beyond the most recent five calendar years if the starting date of </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">the peak value extends beyond this period). This need not be a continuous decline, but can be a series of positive and
</font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">negative returns where the negative returns are larger than the positive returns. &#8220;Worst Peak-to-Valley Drawdown&#8221; </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">represents the greatest percentage decline from any month-end NAV per Share that occurs without such month-end NAV </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">per
Share being equaled or exceeded as of a subsequent month-end. For example, if the NAV per Share of the Fund declined </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">by $1 in each of January and February, increased by $1 in
March and declined again by $2 in April, a &#8220;peak-to-valley </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">drawdown&#8221; analysis conducted as of the end of April would consider that &#8220;drawdown&#8221; to be still
continuing and to be $3 in </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">amount, whereas if the NAV per Share had increased by $2 in March, the January-February drawdown would have ended as </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">of the end of February at the $2 level.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:3.72pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">5.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#8220;Compound Rate of Return&#8221; of the Fund is calculated by multiplying on a
compound basis each of the monthly rates of </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">return set forth in the chart above and not by adding or averaging such monthly rates of return. For periods of less than one </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">year, the results are year-to-date.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:3.72pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">6.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">Returns shown are for previous full calendar years.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:3.72pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">7.</font></div> <div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">DBIQ Optimum
Yield Diversified Commodity Index Total Return</font><font style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">TM</font><font style="color:#000000;font-family:Arial;font-size:7.36pt;"> (&#8220;DBIQ Index
TR&#8482;&#8221;). DBIQ Index TR&#8482; reflects the change </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">in the market value of the same underlying commodities as the Index. DBIQ Index TR&#8482; and the Index both reflect
those </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">changes on an optimum yield basis. DBIQ Index TR&#8482; is calculated on a funded (total return) basis, which reflects the change </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">in market value of the underlying index commodities and interest income from a notional basket of fixed income securities.
</font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">DBIQ Index TR&#8482; is included so that investors can evaluate an index with both futures and income components, as the Fund </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">tracks the Index and expects to generate income from positions in Treasury Securities, money market funds, and/or T-Bill
</font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">ETFs that are maintained for margin and/or cash management purposes.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:3.72pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">8.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">The S&amp;P GSCI Commodity Index Total Return has been included to provide investors
with an additional basis for evaluating </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">the Fund.</font><font style="color:#000000;font-family:Arial;font-size:7.36pt;line-height:8.28pt;"> </font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div style="line-height:9.35pt;margin-top:9.72pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">THE FUND DOES
NOT TRACK DBIQ INDEX TR OR THE S&amp;P GSCI COMMODITY INDEX TOTAL RETURN. THE </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">INDEX/BENCHMARK PERFORMANCE INFORMATION SHOWN ABOVE DOES NOT REPRESENT THE
FUND&#8217;S </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">PERFORMANCE, AND NONE OF THE PERFORMANCE INFORMATION (INCLUDING THAT OF THE FUND) IS </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">INDICATIVE OF THE FUND&#8217;S FUTURE PERFORMANCE.</font></div> </div> <div style="line-height:9.20pt;margin-top:9pt;text-align:center;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;">[Remainder of page left blank intentionally]</font></div> </div> <div style="line-height:10.0pt;text-align:left;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">34</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_24"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:0pt;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Description of the DBIQ Optimum Yield Diversified
Commodity Index Excess </font><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Return</font><font style="color:#000000;font-family:Arial;font-size:8.28pt;position:relative;top:-6pt;">TM</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">The Invesco DB Commodity Index Tracking Fund (the
&#8220;Fund&#8221;) is not sponsored or endorsed by Deutsche </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">Bank AG, Deutsche Bank Securities, Inc. or any subsidiary or affiliate of Deutsche
Bank AG or Deutsche Bank </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">Securities, Inc. (collectively, &#8220;Deutsche Bank&#8221;). The DBIQ Optimum Yield Diversified Commodity Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">Excess Return&#8482; (the &#8220;Index&#8221;) is the exclusive property of Deutsche Bank Securities, Inc. &#8220;DBIQ&#8221; and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">&#8220;Optimum Yield&#8221; are service marks of Deutsche Bank AG and have been licensed for use for certain </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">purposes by Deutsche Bank Securities, Inc. Neither Deutsche Bank nor any other party involved in, or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">related to, making or compiling the Index makes any representation or warranty, express or implied, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">concerning the Index, the Fund or the advisability of investing in securities generally. Neither Deutsche </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">Bank nor any other party involved in, or related to, making or compiling the Index has any obligation to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">take the needs of Invesco Capital Management LLC, the sponsor of the Fund, or its clients into </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">consideration in determining, composing or calculating the Index. Neither Deutsche Bank nor any other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">party involved in, or related to, making or compiling the Index is responsible for or has participated in the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">determination of the timing of, prices at, quantities or valuation of the Fund. Neither Deutsche Bank nor </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">any other party involved in, or related to, making or compiling the Index has any obligation or liability in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">connection with the administration or trading of the Fund.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">THE INDEX, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">INTERRUPTIONS THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">TO, MAKING OR COMPILING THE INDEX, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">BE OBTAINED BY INVESCO CAPITAL MANAGEMENT LLC FROM THE USE OF THE INDEX OR ANY DATA </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">INCLUDED THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">MAKING OR COMPILING THE INDEX, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">MAKING OR COMPILING THE INDEX HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">THE POSSIBILITY THEREOF. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">INVESCO CAPITAL MANAGEMENT LLC.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">No purchaser, seller or holder of the shares of this Fund, or any other person or entity, should use or refer to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">any Deutsche Bank trade name, trademark or service mark to sponsor, endorse, market or promote this </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">Fund without first contacting Deutsche Bank to determine whether Deutsche Bank&#8217;s permission is required. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">Under no circumstances may any person or entity claim any affiliation with Deutsche Bank without the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">written permission of Deutsche Bank.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">General</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index is intended to reflect the changes in market value, positive or negative, of the Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commodities. The Index is (i) calculated on an excess return, or unfunded basis and (ii) rolled in a manner </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">which is aimed at potentially maximizing the roll benefits in backwardated markets and minimizing the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">losses from rolling in contangoed markets (or in the rare instances of &#8220;super contangoed&#8221; markets).</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Index Composition</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index is designed to be composed of notional amounts of the Index Commodities. The notional </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">amounts of the Index Commodities included in the Index are broadly in proportion to historical levels of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the world&#8217;s production and supplies of the Index Commodities.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">35</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_25"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index is rebalanced
annually in November to ensure that each of the Index Commodities is weighted in </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the same proportion that such Index Commodities were weighted on the Base Date.
The following table </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">reflects the Index Base Weights of each Index Commodity on the Base
Date:</font><font style="color:#000000;font-family:Arial;font-size:1pt;line-height:0.00pt;">&#8195;</font></div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"> </div> </div>
<div style="margin-top:0.0pt;">
<table style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:432pt;" cellpadding="0" cellspacing="0">
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Index Commodity</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:8.50pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Index Base Weight (%)</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Light Sweet Crude Oil (WTI)</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">12.375</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Ultra-Low Sulfur Diesel</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">12.375</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">RBOB Gasoline</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">12.375</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Natural Gas</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">5.500</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Brent Crude</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">12.375</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Gold</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">8.000</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Silver</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">2.000</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Aluminum</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">4.167</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Zinc</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">4.167</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Copper Grade A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">4.167</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Corn</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">5.625</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Wheat</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">5.625</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Soybeans</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">5.625</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Sugar</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">5.625</font></div> </div> </td> </tr>
<tr style="height:10pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Closing Level on Base Date</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">100.000</font></div> </div> </td> </tr> </table> </div> <div style="line-height:10.12pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">The Index has been calculated back to the Base Date. On the Base Date, the closing level was 100.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index Commodities are traded on the following futures exchanges: Light Sweet Crude Oil (WTI), Ultra-Low</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;"> Sulfur Diesel (also commonly known as Heating Oil), RBOB Gasoline and Natural Gas: New York
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Mercantile Exchange; Brent Crude: ICE Futures Europe; Gold and Silver: Commodity Exchange Inc., New </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">York; Aluminum, Zinc and Copper Grade A: The LME; Corn, Wheat and Soybeans: Board of Trade of the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">City of
Chicago Inc.; and Sugar: ICE Futures U.S., Inc.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The
composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the closing prices of the Index Commodities.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index methodology includes provisions for the replacement of futures
contracts as they approach </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">maturity. This replacement takes place over a period of time in order to lessen the impact on the market </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for the futures contracts being replaced. With respect to each Index Commodity, the Fund employs a rule-based</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;"> approach when it &#8216;rolls&#8217; from one futures contract to another. Rather than select a new futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contract based on a predetermined schedule (e.g., monthly), each Index Commodity rolls from one </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contract to another futures contract that is intended to generate the most favorable &#8216;implied roll yield&#8217; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">under prevailing market conditions. Where there is an upward-sloping price curve for futures contracts, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the implied roll yield is expected to be negative, which is a market condition called &#8220;contango.&#8221; Contango </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exists when contract prices are higher in distant delivery months than in nearer delivery months, typically </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">due to costs associated with storing a given physical commodity for a longer period. Rolling in a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contangoed market will tend to cause a drag on returns from futures trading. The Index&#8217;s selection of a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">new futures contract on an Index Commodity in such market conditions is designed to minimize the impact </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of negative roll yield. Additionally, in instances of particular market stress, futures contracts for the month </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">next to occur (e.g., the October 2024 futures contract available in September 2024) may trade significantly </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">lower than futures contracts with delivery in later months, typically indicating an oversupply of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reference commodity, in what is referred to as a &#8220;super contango&#8221; market. See the &#8220;Risk Factors&#8221; section </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">above for a discussion of the risks associated with a &#8220;super contango&#8221; market.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Conversely, where there is a downward-sloping price curve for futures contracts, the implied roll yield is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">expected to be positive, which is a market condition called &#8220;backwardation.&#8221; Backwardation exists when </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">prices are higher for contracts with shorter-term expirations than those with longer-term expirations, a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">condition that is typically associated with commodities that are consumed quickly instead of being put in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">storage. Rolling in a backwardated market will tend to enhance returns from futures trading. The Index&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">selection of a new futures contract on an Index Commodity in such market conditions is designed to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">maximize the impact of positive roll yield.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">36</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_26"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Returns from futures trading
are called excess return, which is the combined return based on the spot </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">prices of Index Commodities and the roll yield from trading Index Contracts. The Index
takes the impact of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">implied roll yield into consideration by selecting, as the replacement for an expiring futures contract, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures contract with a delivery month within the next thirteen months that generates the most favorable
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">implied roll yield under current market conditions.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner may determine to invest in other futures contracts if at any time it is impractical, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">including in scenarios wherein the futures market for an Index Contract is thinly traded, or inefficient to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">gain full or partial exposure to an Index Commodity through the use of Index Contracts. These other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures contracts may or may not be based on an Index Commodity. When they are not, the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner may seek to select futures contracts that it reasonably believes tend to exhibit trading prices that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">correlate with an Index Contract. In addition, as the Fund approaches or reaches position limits with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">respect to an Index Commodity, the Fund may commence investing in Index Contracts that reference </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other Index Commodities. In those circumstances, the Fund may also trade in futures contracts based on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodities other than Index Commodities that the Managing Owner reasonably believes tend to exhibit
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">trading prices that correlate with an Index Contract.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index is calculated in USD on an excess return (unfunded) basis, which means that the Index reflects </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">only the return associated with spot prices for Index Commodities and the roll yield associated with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trading Index Contracts. Unlike the Index, the Fund also holds securities as collateral that are expected to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">generate income, including Treasury Securities, money market mutual funds, and T-Bill ETFs. These </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">securities are held with the Custodian. In addition, Treasury Securities for deposit may be held with the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commodity Broker as margin for the Fund&#8217;s futures positions. The Index does not reflect any
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">corresponding income characteristics.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The futures contract price for each Index Commodity will be the exchange closing price for such Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commodity on a day on which the relevant exchange is open for business (&#8220;Index Business Day&#8221;). If a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">weekday is not an Exchange Business Day (as defined in the following sentence) but is an Index Business </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Day, the exchange closing price from the previous Index Business Day will be used for each Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commodity. &#8220;Exchange Business Day&#8221; means, in respect of an Index Commodity, a day that is a trading day </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for such Index Commodity on the relevant exchange (unless either an Index disruption event or force
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">majeure event has occurred).</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">On the first Index Business Day of each month (&#8220;Verification Date&#8221;), each Index Commodity futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contract will be tested in order to determine whether to continue including it in the Index. If the Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commodity futures contract requires delivery of the underlying commodity in the next month, known as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Delivery Month, a new Index Commodity futures contract will be selected for inclusion in the Index. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">For example, if the first Index Business Day is May 1 of the current year, and the Delivery Month of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index Commodity futures contract currently in the Index is June of the current year, a new Index
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Commodity futures contract with a later Delivery Month will be selected.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">For each underlying Index Commodity in the Index, the new Index Contract selected will be the Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Contract with the best possible &#8220;implied roll yield&#8221; based on the closing price for each eligible Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Contract. Eligible Index Contracts are any Index Contracts having a Delivery Month (i) no sooner than the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">month after the Delivery Month of the Index Contract currently in the Index, and (ii) no later than the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">thirteenth month after the Verification Date. For example, if the first Index Business Day is May 1 of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">current year and the Delivery Month of an Index Contract currently in the Index is therefore June of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">current year, the Delivery Month of an eligible new Index Contract must be between July of the current </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">year and June of the following year. The implied roll yield is calculated and the futures contract on the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index Commodity with the best possible implied roll yield under the current market conditions is selected. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">If two futures contracts have the same implied roll yield, the futures contract with the fewest number of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">months prior to the Delivery Month is selected.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">After the futures contract selection, the monthly roll for each Index Commodity subject to a roll in that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">particular month unwinds the old futures contract and the new futures contract is established. This takes
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">place between the second and sixth Index Business Day of the month.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">37</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_27"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">On each day during the roll
period, new notional holdings are calculated. The calculations for the Index </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Contracts that are leaving the Index and for the new Index Contracts that are being
added to the Index are </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">then calculated.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">On all days that are not monthly index roll days, the notional holdings of each Index Contract remains
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">constant.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">The Index is re-weighted on an annual basis on the sixth Index Business Day of each November.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Index calculation is expressed as the weighted average return of the Index Commodities.</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Change in the Methodology of the Index</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index Sponsor employs the methodology described above and its
application of such methodology </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">shall be final. The Index Sponsor can change its methodology at any time for any reason, as it deems </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">appropriate.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index Sponsor may also make adjustments to the terms of the Index in any manner, including (without </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">limitation) to correct any manifest or proven error or to cure, correct or supplement any defective </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">provision of the Index. The Index Sponsor will publish notice of any such adjustment and the effective date
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">thereof as set forth below.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Publication of Closing Levels and Adjustments</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In order to calculate the indicative Index level, the Index Sponsor polls Reuters every 15 seconds to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">determine the real time price of each underlying futures contract with respect to each Index Commodity </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the Index. The Index Sponsor then applies a set of rules to these values to create the indicative level of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Index. These rules are consistent with the rules that the Index Sponsor applies at the end of each
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">trading day to calculate the closing level of the Index.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The IIV per Share is based on the prior day&#8217;s final NAV, adjusted four times per minute throughout the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trading day to reflect the continuous price changes of the Fund&#8217;s futures positions, which provides a
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">continuously updated estimated NAV per Share.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index Sponsor calculates and publishes the closing level of the Index daily. The Managing Owner </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">publishes the NAV of the Fund and the NAV per Share daily. The Index Sponsor also calculates and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">publishes the intra-day Index level, and the Index Sponsor calculates, and the Managing Owner publishes,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the IIV per Share (quoted in U.S. dollars) once every fifteen seconds throughout each trading day.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">All of the foregoing information is published as follows:</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The intra-day level of the Index (symbol: DBLCIX) and the IIV per Share
(symbol: DBCIIV) (each quoted in </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">U.S. dollars) are published once every fifteen seconds throughout each trading day on the consolidated </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">tape, Reuters and/or Bloomberg. The IIV per Share (symbol: DBCIIV) is also published on the Managing
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Owner&#8217;s website at </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.invesco.com/ETFs</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">, or any successor thereto.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The current trading price per Share (symbol: DBC) (quoted in U.S. dollars) is published continuously as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trades occur throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Managing Owner&#8217;s website at </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.invesco.com/ETFs</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">, or any successor thereto.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The most recent end-of-day Index closing level (symbol: DBLCDBCE) is published as of the close of business
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">for the NYSE Arca each trading day on the consolidated tape, Reuters and/or Bloomberg.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The most recent end-of-day NAV of the Fund (symbol: DBCNAV) is published as of the close of business on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Reuters and/or Bloomberg and on the Managing Owner&#8217;s website at </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.invesco.com/ETFs</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">, or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">any successor thereto. In addition, the most recent end-of-day NAV of the Fund (symbol: DBCNAV) is
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">published the following morning on the consolidated tape.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">All of the foregoing information with respect to the Index is also published at </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://index.db.com</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Any adjustments made to the Index will be published on both </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://index.db.com</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;"> and at </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.invesco.com/ETFs</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">, or any
successor(s) thereto.</font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">38</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_28"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index Sponsor obtains
information for inclusion in, or for use in the calculation of, the Index from </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">sources the Index Sponsor considers reliable. None of the Index Sponsor, the
Managing Owner, the Fund </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or any of their respective affiliates accepts responsibility for or guarantees the accuracy and/or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">completeness of the Index or any data included in the Index.</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Interruption of Index Calculation</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Calculation of the Index may not be possible or feasible under certain events or circumstances, including, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">without limitation, a systems failure, natural or man-made disaster, act of God, armed conflict, act of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">terrorism, riot or labor disruption or any similar intervening circumstance, that is beyond the reasonable </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">control of the Index Sponsor and that the Index Sponsor determines affects the Index or any Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commodity. Upon the occurrence of such an event, the Index Sponsor may, in its discretion, elect one (or
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">more) of the following options:</font></div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">make such determinations and/or adjustments to the terms of the Index as it considers
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">appropriate to determine any closing level on any such Index Business Day; and/or</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">defer publication of the information relating to the Index until the next Index
Business Day on </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">which it determines that no force majeure event exists; and/or</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">permanently cancel publication of the information relating to the Index.</font></div>
</div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:10.12pt;margin-top:5.88pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Calculation of the Index may also be disrupted by an event that would require the Index Sponsor to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">calculate the closing price in respect of the relevant Index Commodity on an alternative basis were such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">event to occur or exist on a day that is a trading day for futures contracts in such Index Commodity on the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">relevant exchange. If such an Index disruption event occurs and continues for a period of five successive
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">trading days, the Index Sponsor will, in its discretion, either:</font></div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">continue to calculate the relevant closing price for a further period of five
successive trading days </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">for such Index Commodity on the relevant exchange; or</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">if such period extends beyond the five successive trading days, the Index Sponsor may
elect to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">replace the futures contract with respect to such Index Commodity and shall make all necessary
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">adjustments to the methodology and calculation of the Index as it deems appropriate.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:9.35pt;margin-top:9.88pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Historical Closing Levels</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Closing Levels Table presents closing levels for the Index
(&#8220;Closing Levels&#8221;) since January 2014. The </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">historical data shown with respect to the closing prices of futures contracts originated from the exchanges
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">where each underlying futures contract with respect to each Index Commodity was listed. The Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Sponsor has not independently verified the information extracted from these source(s). Bloomberg and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Reuters are the providers of the LME&#8217;s metals data with respect to the historical closing prices of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">aluminum.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index closing level is equal to the weighted sum of the market value of the commodity futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts of all Index Commodities. The market value of the commodity futures contracts of an Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commodity is equal to the number of commodity futures contracts multiplied by the commodity futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts&#8217; closing price. The weight of an Index Commodity is the market value of the commodity futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts of the Index Commodity divided by the sum of all market values of all commodity futures
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">contracts of the Index Commodities, multiplied by 100%.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index rules stipulate the holding in each Index Contract. Holdings in each Index Commodity change
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">during the Index rebalancing periods as determined by the Optimum Yield&#8482; roll rules.</font></div> </div> <div style="line-height:11.0pt;text-align:left;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">39</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_29"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Closing Levels
Table</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">DBIQ Optimum Yield Diversified Commodity Index Excess
Return</font><font style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">TM</font><font style="color:#000000;font-family:Arial;font-size:1pt;font-weight:bold;line-height:0.00pt;">&#8195;</font>
</div> </div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"> </div> </div> <div style="margin-top:0.0pt;">
<table style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:432pt;" cellpadding="0" cellspacing="0">
<tr style="height:14pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:82.8pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:-38.4pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:177.6pt;" colspan="2"> <div style="line-height:9.35pt;text-align:left;">
<div style="margin-left:3.75pt;margin-right:3.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0.00pt;">CLOSING LEVEL</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:171.6pt;" colspan="2"> <div style="line-height:9.35pt;text-align:left;">
<div style="margin-left:3.75pt;margin-right:-2pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0.00pt;">INDEX CHANGES</font></div> </div> </td> </tr>
<tr style="height:24.25pt;">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:2.5pt;vertical-align:Bottom;width:82.8pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:2.5pt;vertical-align:Bottom;width:88.8pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:3.75pt;margin-right:3.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">High</font><font
style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">1</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:2.5pt;vertical-align:Bottom;width:88.8pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:3.75pt;margin-right:3.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Low</font><font
style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">2</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:2.5pt;vertical-align:Bottom;width:88.8pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:3.75pt;margin-right:3.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Annual</font><font
style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">3</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.25pt;padding-top:2.5pt;vertical-align:Bottom;width:82.8pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:3.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Since</font></div> <div style="margin-left:3.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Inception</font><font style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">4</font> <div style="clear:right;">
</div> </div> </div> </td> </tr>
<tr style="height:13.25pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Top;width:82.8pt;"> <div style="line-height:11.04pt;text-align:left;">
<div style="margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">2014</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">361.57</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">252.62</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:34.95pt;"> <div style="display:flex;white-space:nowrap;width:34.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">-26.45%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:1.25pt;vertical-align:Top;white-space:nowrap;width:82.8pt;"> <div style="line-height:11.04pt;margin-left:6pt;text-align:right;width:76.8pt;">
<div style="display:flex;margin:auto;width:36.95pt;"> <div style="display:flex;white-space:nowrap;width:36.95pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">152.62%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt;"> <div style="line-height:11.04pt;text-align:left;">
<div style="margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">2015</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">254.63</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">182.07</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:34.95pt;"> <div style="display:flex;white-space:nowrap;width:34.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">-26.72%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:82.8pt;"> <div style="line-height:11.04pt;margin-left:6pt;text-align:right;width:76.8pt;">
<div style="display:flex;margin:auto;width:36.95pt;"> <div style="display:flex;white-space:nowrap;width:36.95pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">85.13%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt;"> <div style="line-height:11.04pt;text-align:left;">
<div style="margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">2016</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">220.59</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">164.09</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:34.95pt;"> <div style="display:flex;white-space:nowrap;width:34.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:3.06pt;">19.15%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:82.8pt;"> <div style="line-height:11.04pt;margin-left:6pt;text-align:right;width:76.8pt;">
<div style="display:flex;margin:auto;width:36.95pt;"> <div style="display:flex;white-space:nowrap;width:36.95pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">120.59%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt;"> <div style="line-height:11.04pt;text-align:left;">
<div style="margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">2017</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">231.99</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">191.89</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:34.95pt;"> <div style="display:flex;white-space:nowrap;width:34.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:8.12pt;">5.17%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:82.8pt;"> <div style="line-height:11.04pt;margin-left:6pt;text-align:right;width:76.8pt;">
<div style="display:flex;margin:auto;width:36.95pt;"> <div style="display:flex;white-space:nowrap;width:36.95pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">131.99%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt;"> <div style="line-height:11.04pt;text-align:left;">
<div style="margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">2018</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">257.27</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">199.15</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:34.95pt;"> <div style="display:flex;white-space:nowrap;width:34.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">-12.91%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:82.8pt;"> <div style="line-height:11.04pt;margin-left:6pt;text-align:right;width:76.8pt;">
<div style="display:flex;margin:auto;width:36.95pt;"> <div style="display:flex;white-space:nowrap;width:36.95pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">102.04%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt;"> <div style="line-height:11.04pt;text-align:left;">
<div style="margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">2019</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:11.04pt;"> </font></div>
</div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">227.87</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">202.04</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:34.95pt;"> <div style="display:flex;white-space:nowrap;width:34.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:3.06pt;">10.60%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:82.8pt;"> <div style="line-height:11.04pt;margin-left:6pt;text-align:right;width:76.8pt;">
<div style="display:flex;margin:auto;width:36.95pt;"> <div style="display:flex;white-space:nowrap;width:36.95pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">123.46%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt;"> <div style="line-height:11.04pt;text-align:left;">
<div style="margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">2020</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">227.78</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">146.92</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:34.95pt;"> <div style="display:flex;white-space:nowrap;width:34.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">-7.87%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:82.8pt;"> <div style="line-height:11.04pt;margin-left:6pt;text-align:right;width:76.8pt;">
<div style="display:flex;margin:auto;width:36.95pt;"> <div style="display:flex;white-space:nowrap;width:36.95pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">105.87%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt;"> <div style="line-height:11.04pt;text-align:left;">
<div style="margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">2021</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">308.16</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">205.87</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:34.95pt;"> <div style="display:flex;white-space:nowrap;width:34.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:3.06pt;">42.53%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:82.8pt;"> <div style="line-height:11.04pt;margin-left:6pt;text-align:right;width:76.8pt;">
<div style="display:flex;margin:auto;width:36.95pt;"> <div style="display:flex;white-space:nowrap;width:36.95pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">193.43%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt;"> <div style="line-height:11.04pt;text-align:left;">
<div style="margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">2022</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:11.04pt;">
</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">433.80</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">295.64</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:34.95pt;"> <div style="display:flex;white-space:nowrap;width:34.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:3.06pt;">18.80%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:82.8pt;"> <div style="line-height:11.04pt;margin-left:6pt;text-align:right;width:76.8pt;">
<div style="display:flex;margin:auto;width:36.95pt;"> <div style="display:flex;white-space:nowrap;width:36.95pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">248.61%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt;"> <div style="line-height:11.04pt;text-align:left;">
<div style="margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">2023</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:11.04pt;"> </font></div>
</div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">355.53</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">306.74</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:34.95pt;"> <div style="display:flex;white-space:nowrap;width:34.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">-10.07%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:82.8pt;"> <div style="line-height:11.04pt;margin-left:6pt;text-align:right;width:76.8pt;">
<div style="display:flex;margin:auto;width:36.95pt;"> <div style="display:flex;white-space:nowrap;width:36.95pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">213.49%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2pt;padding-top:2.5pt;vertical-align:Top;width:82.8pt;"> <div style="line-height:11.04pt;text-align:left;">
<div style="margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">2024 (YTD)</font><font
style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">5</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">334.30</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:29.82pt;"> <div style="display:flex;white-space:nowrap;width:29.82pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">307.47</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:88.8pt;">
<div style="line-height:11.04pt;margin-left:6pt;margin-right:6pt;text-align:right;width:76.8pt;"> <div style="display:flex;margin:auto;width:34.95pt;"> <div style="display:flex;white-space:nowrap;width:34.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:8.12pt;">3.54%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2.5pt;vertical-align:Top;white-space:nowrap;width:82.8pt;"> <div style="line-height:11.04pt;margin-left:6pt;text-align:right;width:76.8pt;">
<div style="display:flex;margin:auto;width:36.95pt;"> <div style="display:flex;white-space:nowrap;width:36.95pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">224.60%</font></div> </div> </div> </td> </tr>
</table> </div> <div style="line-height:10.12pt;margin-top:6pt;text-align:justify;"> <div style="margin-top:6pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">THE PRIOR INDEX LEVELS AND CHANGES TO THE INDEX LEVELS
SHOWN ABOVE DO NOT REPRESENT THE </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">FUND&#8217;S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND&#8217;S FUTURE PERFORMANCE. THE INDEX </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.</font></div> </div> <div style="line-height:9.35pt;margin-top:9.0pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Notes</font></div> </div> <div> <div style="clear:both;margin-top:4.65pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">1.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#8220;High&#8221; under &#8220;Closing Level&#8221; reflects the highest closing level of
the Index during the applicable year.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:3.72pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">2.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#8220;Low&#8221; under &#8220;Closing Level&#8221; reflects the lowest closing level of
the Index during the applicable year.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:3.72pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">3.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#8220;Annual&#8221; under &#8220;Index Changes&#8221; reflects the change to the Index
closing level on an annual basis as of December 31 of each </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">applicable year.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:3.72pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">4.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#8220;Since Inception&#8221; under &#8220;Index Changes&#8221; reflects the change of
the Index closing levels since inception on a compounded </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">annual basis as of December 31 of each applicable year.</font></div> </div> <div style="clear:both;position:relative;">
</div> </div> <div> <div style="clear:both;margin-top:3.72pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:15pt;text-align:left;width:6.06pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">5.</font></div>
<div style="float:left;line-height:8.36pt;margin-left:8.94pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">For the period January 1, 2024 through May 31, 2024.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div style="line-height:9.20pt;margin-top:9.72pt;text-align:center;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;">[Remainder of page left
blank intentionally]</font></div> </div> <div style="line-height:10.0pt;margin-top:0.0pt;text-align:left;"> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">40</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_30"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:0pt;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Use of Proceeds</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Proceeds of the offering of the Shares are used by the Fund to trade
Index Contracts with a view to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">tracking the changes, positive or negative, in the levels of the Index over time. As of May 31, 2024, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Fund&#8217;s allocation to Index Contracts (based on the notional value of such contracts) was as
follows:</font><font style="color:#000000;font-family:Arial;font-size:1pt;line-height:0.00pt;">&#8195;</font></div> </div> <div style="margin-top:0.0pt;">
<table style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:432pt;" cellpadding="0" cellspacing="0">
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Futures Contracts</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">100.42%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;">&#8195;</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">RBOB Gasoline</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">12.93%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;">&#8195;</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Brent Crude</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">12.71%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;">&#8195;</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Light Sweet Crude Oil (WTI)</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">12.57%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;">&#8195;</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;"> Ultra-Low Sulfur Diesel</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">11.91%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;">&#8195;</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Gold</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">9.35%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;">&#8195;</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Wheat</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">5.96%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;">&#8195;</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Soybeans</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">5.21%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;">&#8195;</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Copper</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">5.09%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;">&#8195;</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Corn</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">5.07%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;">&#8195;</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Zinc</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">4.78%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;">&#8195;</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Aluminum</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">4.75%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;">&#8195;</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Sugar</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">4.21%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;">&#8195;</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Natural Gas</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">3.27%</font></div> </div> </td> </tr>
<tr style="height:10pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;">&#8195;</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Silver</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">2.62%</font></div> </div> </td> </tr> </table> </div> <div style="line-height:10.12pt;margin-top:6pt;text-align:justify;"> <div style="margin-top:6pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Proceeds of the offering are also used to pay the Fund&#8217;s fees, expenses, and other costs. Proceeds not </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">posted as margin with the Commodity Broker for the Fund&#8217;s Index Contract positions are held on deposit </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with the Custodian. Proceeds that are posted as margin or held for cash management purposes may take </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the form of Treasury Securities, shares of money market funds and T-Bill ETFs, other securities eligible for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">use as margin, and/or cash. Approximately 12% of the Fund&#8217;s NAV was posted as collateral with respect to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">its holdings of Index Contracts as of May 31, 2024. Collateral requirements are initially set by the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">applicable futures exchanges. The Commodity Broker applies an additional collateral requirement based </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">on a number of factors, including, but not limited to, volatility, concentration, percentage of open interest, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and position size with respect to the Index Contracts. For purposes of calculating the approximate </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">percentage of the Fund&#8217;s NAV that was posted as collateral, the Fund&#8217;s aggregate assets under </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">management reflected the sum of the Fund&#8217;s holdings of Treasury Securities, money market mutual funds, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">T-Bill ETFs, cash and the value of the Index Contracts that have been marked to market as of May 31, 2024.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">With respect to the Fund trading futures contracts on United States
exchanges, the assets deposited by </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund with its Commodity Broker as margin must be segregated pursuant to the regulations of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">CFTC. Such segregated funds may be invested only in a limited range of instruments, principally U.S.
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">government obligations.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">With respect to the Fund trading futures on non-U.S. futures exchanges, funds deposited to margin </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">positions held on those exchanges will be invested in bank deposits or in instruments of a credit standing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">generally comparable to those authorized by the CFTC for investment of customer segregated funds. It </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">should be noted, however, that applicable CFTC rules prohibit funds employed in trading on foreign </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exchanges from being deposited in &#8220;customer segregated fund accounts.&#8221; As of May 31, 2024, 27.19% of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund&#8217;s assets were used for purposes of trading on non-U.S. futures exchanges (the LME and ICE
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Futures Europe).</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Although the percentages set forth below may vary substantially over time, as of the date of this
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Prospectus, the Fund estimates:</font></div> </div> <div> <div style="clear:both;margin-top:5.88pt;position:relative;width:100%;">
<div style="float:left;line-height:10.20pt;margin-left:15pt;text-align:left;width:8.35pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">(i)</font></div>
<div style="float:left;line-height:10.20pt;margin-left:9.65pt;text-align:justify;width:394.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">up to approximately 12% of the NAV of the Fund will be placed in segregated accounts in
the name </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">of the Fund with the Commodity Broker (or another eligible financial institution, as applicable) to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">margin the Fund&#8217;s Index Contract positions. Those funds are segregated pursuant to CFTC rules;
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">and</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">41</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_31"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:10.20pt;margin-left:15pt;text-align:left;width:10.64pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">(ii)</font></div> <div style="float:left;line-height:10.20pt;margin-left:7.36pt;text-align:justify;width:394.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">up to
approximately 88% of the NAV of the Fund is maintained in segregated accounts with the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Custodian.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:10.12pt;margin-top:5.88pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner is responsible for overseeing the use of proceeds
for margin purposes with the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commodity Broker and for the investment of proceeds held with the Custodian for cash management </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">purposes. As of May 31, 2024, the Fund&#8217;s allocation to Treasury Securities, money market mutual funds, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">T-Bill ETFs for cash management purposes was as follows:</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font><font
style="color:#000000;font-family:Arial;font-size:1pt;line-height:0.00pt;">&#8195;</font></div> </div> <div style="margin-top:0.0pt;">
<table style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:432pt;" cellpadding="0" cellspacing="0">
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">United States Treasury Securities</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;margin-left:0.0pt;"> </font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">38.62%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Money Market Mutual Funds</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">26.62%</font></div> </div> </td> </tr>
<tr style="height:10pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">T-Bill ETFs</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">12.14%</font></div> </div> </td> </tr> </table> </div> <div style="line-height:10.12pt;margin-top:6pt;text-align:justify;"> <div style="margin-top:6pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">While the Fund&#8217;s performance will reflect the appreciation or depreciation of those holdings, the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">performance &#8211; whether positive or negative &#8211; will be driven primarily by its strategy of trading Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Contracts with the aim of seeking to track the Index.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">The Fund receives 100% of its Treasury Income, Money Market Income and T-Bill ETF Income.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Charges</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">See &#8220;Breakeven Analysis&#8221; for breakeven related information.</font></div>
</div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Management Fee</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund pays the Managing Owner a Management Fee, monthly in arrears,
in an amount equal to 0.85% </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">per annum of the daily NAV of the Fund. The Management Fee is paid in consideration of the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner&#8217;s services related to the management of the Fund&#8217;s business and affairs, including the provision of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">commodity futures trading advisory services.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund may, for margin and/or cash management purposes, invest in
money market mutual funds </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and/or T-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">management fees that the Fund may incur through such investments is in addition to the Management </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">fees that it receives in an amount equal to the indirect management fees that the Fund incurs through its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investments in affiliated money market mutual funds and/or affiliated T-Bill ETFs. The Managing Owner </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">may
terminate this waiver on 60 days&#8217; notice.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Organization and Offering Expenses</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Expenses incurred in connection with organizing the Fund and the initial offering of the Shares were paid </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">by the Fund&#8217;s predecessor managing owner (the &#8220;Predecessor Managing Owner&#8221;). Expenses incurred in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">connection with the continuous offering of Shares from commencement of the Fund&#8217;s trading operations </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">up to and excluding February 23, 2015 were also paid by the Predecessor Managing Owner. Expenses </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">incurred in connection with the continuous offering of Shares on and after February 23, 2015 were and are </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">paid by the Managing Owner. The Managing Owner aggregates the offering expenses related to the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and other commodity pools within the Invesco DB fund suite, and allocates the costs associated to each </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund for payment by the Managing Owner on behalf of the Fund. The Managing Owner expects that the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">expenses incurred in connection with the continuous offering of Shares of the Invesco DB fund suite may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">be approximately 0.10% of the average of the Fund&#8217;s NAV during the life of the Fund&#8217;s currently effective </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">registration statement. These costs may vary considerably during the life of the Fund&#8217;s current registration </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">statement, but the Managing Owner retains the obligation to pay those expenses in lieu of the Fund.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Offering expenses relating to the Fund means those expenses incurred in connection with the continuous </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">offering of the Shares, including, but not limited to, expenses such as:</font></div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">registration fees, filing fees and taxes;</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">costs of preparing, printing (including typesetting), amending, supplementing, mailing
and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">distributing the Registration Statement, the exhibits thereto and this Prospectus;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">42</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_32"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the costs of qualifying, printing (including typesetting), amending, supplementing,
mailing and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">distributing sales materials used in connection with the offering and issuance of the Shares;</font></div> </div> <div style="clear:both;position:relative;"> </div>
</div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">travel, telegraph, telephone and other expenses in connection with the offering and
issuance of the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Shares; and</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">accounting, auditing and legal fees (including disbursements related thereto) incurred
in </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">connection therewith.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:10.12pt;margin-top:5.88pt;text-align:left;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Managing Owner will not allocate to the Fund the indirect expenses of the Managing Owner.</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Brokerage Commissions and Fees</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund pays to the Commodity Broker all brokerage commissions,
including applicable exchange fees, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">connection with its trading activities. On average, total charges paid to the Commodity Broker are </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">expected to be less than $7.00 per round-turn trade, although the Commodity Broker&#8217;s brokerage </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commissions and trading fees are determined on a contract-by-contract, or round-turn basis. A round-turn </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trade is a completed transaction involving both a purchase and a liquidating sale, or a sale followed by a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">covering purchase. The Managing Owner estimates the brokerage commissions and fees will be
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">approximately 0.02% of the NAV of the Fund in any year, although the actual amount of brokerage </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">commissions and fees in any year or any part of any year may be greater.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Routine Operational, Administrative and Other Ordinary Expenses</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner pays all routine operational, administrative and other ordinary expenses of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund. These expenses include, but are not limited to, the fees and expenses of the Trustee, license and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">service fees paid to DBSI as Index Sponsor, legal and accounting fees and expenses, tax preparation </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">expenses, filing fees, and printing, mailing and duplication costs. The Fund does not reimburse the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner for the routine operational, administrative and other ordinary expenses of the Fund. The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner aggregates the routine operational, administrative and other ordinary expenses related </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to the Fund and the other funds within the Invesco DB fund suite, and allocates the costs associated to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">each fund. The expenses may vary, but the Managing Owner retains the obligation to pay those expenses </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in lieu of the Fund. The Managing Owner expects that all of the routine operational, administrative and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other ordinary expenses of the Invesco DB fund suite will be approximately 0.22% per annum of the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">average
of the funds&#8217; NAV.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Non-Recurring Fees and
Expenses</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund pays all non-recurring and unusual
fees and expenses (referred to as extraordinary fees and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">expenses in the Trust Agreement) of the Fund generally, if any, as determined by the Managing Owner.
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Non-recurring and unusual fees and expenses include items such as legal claims and liabilities, litigation </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">costs, indemnification expenses and other expenses that are not currently anticipated obligations of the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Fund or of managed futures funds in general.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Management Fee and Expenses to be Paid First out of Treasury Income, Money Market Income and/or </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">T-Bill ETF Income</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Management Fee and the brokerage commissions and fees of the Fund are paid first out of Treasury </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Income, Money Market Income and T-Bill ETF Income, as applicable, on deposit with the Commodity </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Broker as margin, the Custodian, or otherwise. If the sum of the Treasury Income, the Money Market </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Income and the T-Bill ETF Income, as applicable, is not sufficient to cover the fees and expenses of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund that are payable by the Fund during any period, the excess of such fees and expenses over such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Treasury Income, Money Market Income and T-Bill ETF Income, as applicable, will be paid out of income </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">from futures trading, if any, or from sales of the Fund&#8217;s Treasury Securities and/or holdings in money </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">market mutual funds and/or holdings in T-Bill ETFs. The Fund holds Treasury Securities, money market
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">mutual funds and T-Bill ETFs for margin and/or cash management purposes only.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">43</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_33"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Selling Commission</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Retail investors may purchase and sell Shares through traditional
brokerage accounts. Investors are </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">expected to be charged a commission by their brokers in connection with purchases of Shares that will </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">vary from investor to investor. Investors are encouraged to review the terms of their brokerage accounts
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">for applicable charges.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The offering of Creation Units is being made in compliance with Conduct Rule 2310 of the Financial </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Industry Regulatory Authority (&#8220;FINRA&#8221;). The excess, if any, of the price at which an Authorized Participant </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">sells a Share over the price paid by such Authorized Participant in connection with the creation of such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Share in a Creation Unit may, depending on the facts and circumstances, be deemed to be underwriting
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">compensation by the FINRA Corporate Financing Department.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Who May
Subscribe</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Creation Units may be created or redeemed only by
Authorized Participants. Each Authorized Participant </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">must (1) be a registered broker-dealer or other securities market participant such as a bank or other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">financial institution which is not required to register as a broker-dealer to engage in securities </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">transactions, (2) be a participant in DTC, and (3) have entered into a Participant Agreement with the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and the Managing Owner. The Participant Agreement sets forth the procedures for the creation and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">redemption of Creation Units and for the delivery of cash required for such creations or redemptions. A list </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the current Authorized Participants can be obtained from the Administrator. See &#8220;Creation and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Redemption of Shares&#8221; for more details.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Creation and Redemption of
Shares</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund creates and redeems Shares from time to
time, but only in one or more Creation Units. A </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Creation Unit is a block of 50,000 Shares. Creation Units may be created or redeemed only by Authorized </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Participants. Except when aggregated in Creation Units, the Shares are not redeemable securities. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Authorized Participants pay a transaction fee of $500 in connection with each order to create or redeem a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Creation Unit and are subject to an additional processing charge for failure to timely deliver such orders. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">From time to time, the Managing Owner, in its sole discretion, may reimburse Authorized Participants for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">all or a portion of the processing fees from the Managing Owner&#8217;s own assets. Authorized Participants may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">sell the Shares included in the Creation Units they purchase from the Fund to other investors.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Authorized Participants are the only persons that may place orders to create and redeem Creation Units. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Authorized Participants must be (1) registered broker-dealers or other securities market participants, such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">as banks and other financial institutions, which are not required to register as broker-dealers to engage in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">securities transactions, and (2) participants in DTC. To become an Authorized Participant, a person must </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">enter into a Participant Agreement with the Fund and the Managing Owner. The Participant Agreement </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">sets forth the procedures for the creation and redemption of Creation Units and for the payment of cash </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">required for such creations and redemptions. The Managing Owner may delegate its duties and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">obligations under the Participant Agreement to Invesco Distributors, the Administrator or the Transfer </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Agent, without consent from any Shareholder or Authorized Participant. The Participant Agreement may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">be amended by the Managing Owner only with the consent of the Authorized Participant, while the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">procedures attached thereto may be amended with notice to the Authorized Participant. Shareholder </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">consent is not required in either case. To compensate the Transfer Agent for services in processing the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">creation and redemption of Creation Units, an Authorized Participant is required to pay a transaction fee </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of $500 per order to create or redeem Creation Units. Authorized Participants who purchase Creation </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Units from the Fund receive no fees, commissions or other form of compensation or inducement of any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">kind from either the Managing Owner or the Fund, and no such person has any obligation or responsibility
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">to the Managing Owner or the Fund to effect any sale or resale of Shares.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">44</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_34"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Authorized Participants are
cautioned that some of their activities may result in their being deemed </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">participants in a distribution in a manner which would render them statutory underwriters
and subject </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">them to the prospectus-delivery and liability provisions of the Securities Act, as described in &#8220;Plan of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Distribution.&#8221;</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Authorized Participants may act for their own accounts or as agents for broker-dealers, custodians and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">other securities market participants that wish to create or redeem Creation Units.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Persons interested in purchasing Creation Units should contact the Managing Owner or the Administrator </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to obtain the contact information for the Authorized Participants. Shareholders who are not Authorized
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Participants will only be able to redeem their Shares through an Authorized Participant.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Under the Participant Agreements, the Managing Owner has agreed to indemnify the Authorized </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Participants and certain parties related to the Authorized Participants against certain liabilities as a result </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">of:</font></div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">any breach by the Managing Owner, the Fund, or any of their respective agents or
employees, of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">any provision of the Participant Agreement, including any representations, warranties and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">covenants by any of them or the Fund therein or in the Officer&#8217;s Certificate (as defined in the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Participant Agreement);</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">any failure on the part of the Managing Owner to perform any obligation of the Managing
Owner </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">set forth in the Participant Agreement;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">any failure by the Managing Owner to comply with applicable laws and regulations in
connection </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">with the Participant Agreement, except that the Managing Owner will not be required to indemnify
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">a Managing Owner Indemnified Party (as defined in the Participant Agreement) to the extent that </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">such
failure was caused by the reasonable reliance on instructions given or representations made </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">by one or more Managing Owner Indemnified Parties or the negligence or willful
malfeasance of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">any Managing Owner Indemnified Party;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">any untrue statement or alleged untrue statement of a material fact contained in the
Registration </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Statement of the Trust as originally filed with the SEC, or in any amendment thereof, or in any
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">prospectus, or in any amendment thereof or supplement thereto, or arising out of or based upon </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the omission
or alleged omission to state therein a material fact required to be stated therein or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">necessary to make the statements therein not misleading, except those statements in the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Registration Statement or the Prospectus based on information furnished in writing by or on behalf </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">of the
Authorized Participant expressly for use in the Registration Statement or the Prospectus.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:10.12pt;margin-top:5.88pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">As provided in the Participant Agreements, in the absence of gross negligence, bad faith or willful </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">misconduct, neither the Managing Owner nor an Authorized Participant will be liable to each other or to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">any other person, including any party claiming by, through or on behalf of the Authorized Participant, for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">information provided to any of them by each other or any other person or out of any interruption or delay
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">in the electronic means of communications used by them.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The following description of the procedures for the creation and redemption of Creation Units is only a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">summary and an investor should refer to the relevant provisions of the Trust Agreement and the form of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Participant Agreement for more detail. The Trust Agreement and the form of Participant Agreement are
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">filed as exhibits to the registration statement of which this Prospectus is a part.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Creation Procedures</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">On any business day, an Authorized Participant may place an order with the Transfer Agent to create one </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or more Creation Units. For purposes of processing both creation and redemption orders, a &#8220;business day&#8221; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">means any day other than a day when banks in New York City are required or permitted to be closed. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Creation orders must be placed by 10:00 a.m., Eastern time. The day on which the Transfer Agent receives </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">a valid creation order is the creation order date. The day on which a creation order is settled is the creation </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">order settlement date. As provided below, the creation order settlement date may occur up to one </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">business day after the creation order date. By placing a creation order, and prior to delivery of such </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">45</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_35"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Creation Units, an Authorized
Participant&#8217;s DTC account is charged the non-refundable transaction fee due </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">for the creation order.</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Creation Units are issued on the creation order settlement date as of
2:45 p.m., Eastern time, on the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">business day immediately following the creation order date at the applicable NAV per Share as of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">closing time of the NYSE Arca or the last to close of the exchanges on which its futures contracts are </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">traded, whichever is later, on the creation order date, but only if the required payment has been timely </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">received. Upon submission of a creation order, the Authorized Participant may request the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner to agree to a creation order settlement date up to one business day after the creation order date. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">By placing a creation order, and prior to receipt of the Creation Units, an Authorized Participant&#8217;s DTC </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">account is charged the non-refundable transaction fee due for the creation order.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Determination of Required Payment</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The total payment required to create each Creation Unit is the NAV of 50,000 Shares as of the closing time </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the NYSE Arca or the last to close of the exchanges on which the Fund&#8217;s futures contracts are traded, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">whichever is later, on the creation order date.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Because orders to purchase Creation Units must be placed by 10:00 a.m., Eastern time, but the total </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">payment required to create a Creation Unit will not be determined until 4:00 p.m., Eastern time, on the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">date the creation order is received, Authorized Participants will not know the total amount of the payment </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">required to create a Creation Unit at the time they submit the creation order for the Creation Unit. The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund&#8217;s NAV and the total amount of the payment required to create a Creation Unit could rise or fall </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">substantially between the time a creation order is submitted and the time the amount of the purchase
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">price in respect thereof is determined.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Rejection of Creation Orders</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">The Managing Owner or the Transfer Agent may reject a creation order if:</font></div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Managing Owner or the Transfer Agent determines that the creation order is not in
proper </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">form;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Managing Owner believes that the acceptance or receipt of the creation order would
have </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">adverse tax consequences to the Fund or its Shareholders; or</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Circumstances outside the control of the Managing Owner or the Transfer Agent make it,
for all </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">practical purposes, not feasible to process creations of Creation Units.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:10.12pt;margin-top:5.88pt;text-align:left;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Managing Owner will not be liable for the rejection of any creation
order.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund also may not be able to create new
Creation Units if a legal or operational impediment to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">creating new Creation Units
arises.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Redemption Procedures</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The procedures by which an Authorized Participant can redeem one or more Creation Units mirror the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">procedures for the creation of Creation Units. On any business day, an Authorized Participant may place an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">order with the Transfer Agent to redeem one or more Creation Units. Redemption orders must be placed </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">by 10:00 a.m., Eastern time. The day on which the Managing Owner receives a valid redemption order is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the redemption order date. The day on which a redemption order is settled is the redemption order </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">settlement date. As provided below, the redemption order settlement date may occur up to one business </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">day after the redemption order date. The redemption procedures allow Authorized Participants to redeem </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Creation Units. Individual Shareholders may not redeem directly from the Fund. Instead, individual </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders may only redeem Shares in an amount equal to one or more whole Creation Units and only
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">through an Authorized Participant.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">By placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">redeemed through DTC&#8217;s book-entry system to the Fund not later than the redemption order settlement </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">date as of 2:45 p.m., Eastern time, on the business day immediately following the redemption order date. </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">46</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_36"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Upon submission of a
redemption order, the Authorized Participant may request the Managing Owner to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">agree to a redemption order settlement date up to one business day after the
redemption order date. By </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">DTC account is charged the non-refundable transaction fee due for the redemption order.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;">
</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Determination of Redemption Proceeds</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The redemption proceeds from the Fund consist of the cash redemption
amount. The cash redemption </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">amount is equal to the NAV of the number of Creation Unit(s) requested in the Authorized Participant&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">redemption order as of the closing time of the NYSE Arca or the last to close of the exchanges on which the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund&#8217;s futures contracts are traded, whichever is later, on the redemption order date. The Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner will distribute the cash redemption amount at 2:45 p.m., Eastern time, on the redemption order </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">settlement date through DTC to the account of the Authorized Participant as recorded on DTC&#8217;s book entry </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">system.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Delivery of Redemption Proceeds</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The redemption proceeds due from the Fund are delivered to the Authorized Participant at 2:45 p.m., </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Eastern time, on the redemption order settlement date if, by such time, the Fund&#8217;s DTC account has been </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">credited with the Creation Units to be redeemed. If the Fund&#8217;s DTC account has not been credited with all </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the Creation Units to be redeemed by such time, the redemption distribution is delivered to the extent </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of whole Creation Units received. Any remainder of the redemption distribution is delivered on the next </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">business day to the extent of remaining whole Creation Units received if the Transfer Agent receives the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">fee applicable to the extension of the redemption distribution date which the Managing Owner may, from </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">time to time, determine and the remaining Creation Units to be redeemed are credited to the Fund&#8217;s DTC </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">account by 2:45 p.m., Eastern time, on such next business day. Any further outstanding amount of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">redemption order will be cancelled. The Managing Owner is also authorized to deliver the redemption </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">distribution notwithstanding that the Creation Units to be redeemed are not credited to the Fund&#8217;s DTC </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">account by 2:45 p.m., Eastern time, on the redemption order settlement date if the Authorized Participant </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">has collateralized its obligation to deliver the Creation Units through DTC&#8217;s book entry system on such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">terms as the Managing Owner may determine from time to time.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Suspension, Postponement or Rejection of Redemption Orders</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner may, in its discretion, suspend the right of redemption, or postpone the redemption </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">order settlement date (1) for any period during which an emergency exists as a result of which the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">redemption distribution is not reasonably practicable, or (2) for such other period as the Managing Owner </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">determines to be necessary for the protection of the Shareholders. The Managing Owner will not be liable </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to any person or in any way for any loss or damages that may result from any such suspension or
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">postponement.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner or the Transfer Agent may reject a redemption order if the order is not in proper </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">form as described in the Participant Agreement. The Managing Owner or the Transfer Agent will reject a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">redemption order if the acceptance or receipt of the order, in the opinion of its counsel, might be
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">unlawful.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Creation and Redemption Transaction Fee</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">To compensate the Transfer Agent for services in processing the creation and redemption of Creation </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Units, an Authorized Participant is required to pay a transaction fee of $500 per order to create or redeem </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Creation Units. An order may include multiple Creation Units. From time to time, the Managing Owner, in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">its sole discretion, may reimburse Authorized Participants for all or a portion of the processing fees from </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Managing Owner&#8217;s own assets. The Managing Owner will notify DTC of any agreement to change the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">transaction fee and will not implement any increase in the fee for the redemption of Creation Units until
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">30 days after the date of the notice.</font></div> </div> <div style="line-height:10.5pt;margin-top:6pt;text-align:center;">
<hr style="background-color:#000000;height:0.5pt;margin-bottom:0pt;margin-top:7pt;width:180pt;"> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">47</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_37"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Monthly account statements
conforming to CFTC and NFA requirements are posted on the Managing </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner&#8217;s website at
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.invesco.com/ETFs</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">. Additional reports may be posted on the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Owner&#8217;s website in the discretion of the Managing Owner or as required by regulatory authorities.</font></div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">The Commodity
Broker</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">A variety of executing brokers execute futures
transactions on behalf of the Fund. Executing brokers </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">give-up all such transactions to the Commodity Broker, Morgan Stanley &amp; Co. LLC
(&#8220;MS&amp;Co.&#8221;). MS&amp;Co. is a </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Delaware limited liability company with its main business office located at 1585 Broadway, New York, New </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">York 10036. Among other registrations and memberships, MS&amp;Co. is registered as an FCM and is a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">member of the NFA. In its capacity as clearing broker, MS&amp;Co. may execute or receive transactions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">executed by others and clears all of the Fund&#8217;s futures transactions and performs certain administrative </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">and custodial services for the Fund.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">MS&amp;Co. is a wholly-owned, indirect subsidiary of Morgan Stanley, a Delaware holding company. Morgan </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Stanley files periodic reports with the SEC as required by the Exchange Act, which include current </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">descriptions of material litigation and material proceedings and investigations, if any, by governmental </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and/or regulatory agencies or self-regulatory organizations concerning Morgan Stanley and its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">subsidiaries, including MS&amp;Co. As a consolidated subsidiary of Morgan Stanley, MS&amp;Co. does not file its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">own periodic reports with the SEC that contain descriptions of material litigation, proceedings and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investigations. As a result, we refer you to the &#8220;Legal Proceedings&#8221; section of Morgan Stanley&#8217;s SEC 10-K </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">filings for 2023, 2022, 2021, 2020, and 2019.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In addition to the matters described in those filings, in the normal course of business, each of Morgan </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Stanley and MS&amp;Co. has been named, from time to time, as a defendant in various legal actions, including </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">arbitrations, class actions, and other litigation, arising in connection with its activities as a global diversified </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">financial services institution. Certain of the legal actions include claims for substantial compensatory </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and/or punitive damages or claims for indeterminate amounts of damages. Each of Morgan Stanley and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">MS&amp;Co. is also involved, from time to time, in investigations and proceedings by governmental and/or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">regulatory agencies or self-regulatory organizations, certain of which may result in adverse judgments, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">fines or penalties. The number of these investigations and proceedings has increased in recent years with
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">regard to many financial services institutions, including Morgan Stanley and MS&amp;Co.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Regulatory and Governmental Matters</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In the normal course of business, Morgan Stanley receives subpoenas and requests for information from </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">certain federal and state regulatory and governmental entities, including among others various members </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the RMBS Working Group of the Financial Fraud Enforcement Task Force, such as the United States </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Department of Justice, Civil Division and several state Attorney General&#8217;s Offices, concerning the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">origination, financing, purchase, securitization and servicing of subprime and non-subprime residential </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">mortgages and related matters such as residential mortgage backed securities (&#8220;RMBS&#8221;), collateralized </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">debt obligations (&#8220;CDOs&#8221;), structured investment vehicles (&#8220;SIVs&#8221;), and credit default swaps backed by or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">referencing mortgage pass-through certificates. These matters, some of which are in advanced stages, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">include, but are not limited to, investigations related to MS&amp;Co.&#8217;s due diligence on the loans that it </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">purchased for securitization, MS&amp;Co.&#8217;s communications with ratings agencies, MS&amp;Co.&#8217;s disclosures to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">investors, and MS&amp;Co.&#8217;s handling of servicing and foreclosure related issues.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Beginning in June of 2019, MS&amp;Co. has been responding to requests for information from the SEC in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">connection with an investigation of various aspects of the Firm&#8217;s block trading business. Beginning in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">August of 2021, MS&amp;Co. has been responding to requests for information from the U.S. Attorney&#8217;s Office </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for the SDNY in connection with its investigation of the same subject matter. MS&amp;Co. is cooperating with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">these investigations. Additionally, MS&amp;Co. faces potential civil liability arising from claims that have been </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or may be asserted by block transaction participants or others who contend they were harmed or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">disadvantaged including, among other things, as a result of a share price decline allegedly caused by the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">activities of MS&amp;Co. and/or its employees.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">48</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_38"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">MS&amp;Co. has reached
agreements in principle with two regulatory agencies&#8212;the SEC for $125 million and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the CFTC for $75 million&#8212;to resolve record-keeping related
investigations by those agencies relating to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">business communications on messaging platforms that had not been approved by MS&amp;Co. MS&amp;Co. was </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">one of the entities involved in these investigations, and has recognized a provision of $63 million in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">anticipation of concluding the settlement with the SEC. On September 27, 2022, MS&amp;Co.&#8217;s settlements </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">with the SEC and the CFTC became effective.</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Civil Litigation</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">On July 15, 2010, China Development Industrial Bank (&#8220;CDIB&#8221;) filed a complaint against MS&amp;Co., styled </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">China Development Industrial Bank v. Morgan Stanley &amp; Co. Incorporated et al., which is pending in the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Supreme Court of the State of New York, New York County (&#8220;Supreme Court of NY&#8221;). The complaint relates </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to a $275 million credit default swap referencing the super senior portion of the STACK 2006-1 CDO. The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">complaint asserts claims for common law fraud, fraudulent inducement and fraudulent concealment and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">alleges that MS&amp;Co. misrepresented the risks of the STACK 2006-1 CDO to CDIB, and that MS&amp;Co. knew </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that the assets backing the CDO were of poor quality when it entered into the credit default swap with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">CDIB. The complaint seeks compensatory damages related to the approximately $228 million that CDIB </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">alleges it has already lost under the credit default swap, rescission of CDIB&#8217;s obligation to pay an additional </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">$12 million, punitive damages, equitable relief, fees and costs. On February 28, 2011, the court denied </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">MS&amp;Co.&#8217;s motion to dismiss the complaint. On December 21, 2018, the court denied MS&amp;Co.&#8217;s motion for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">summary judgement and granted in part MS&amp;Co.&#8217;s motion for sanctions related to the spoliation of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">evidence. On January 18, 2019, CDIB filed a motion to clarify and resettle the portion of the court&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">December 21, 2018 order granting spoliation sanctions. On January 24, 2019, CDIB filed a notice of appeal </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">from the court&#8217;s December 21, 2018 order, and on January 25, 2019, MS&amp;Co. filed a notice of appeal from </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the same order. On March 7, 2019 the court denied the relief requested by CDIB in its January 24, 2019 </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">appeal. On December 5, 2019, the Appellate Division, First Department heard the parties&#8217; cross-appeals. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">On May 21, 2020, the First Department modified the order of the Supreme Court of NY to deny the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">MS&amp;Co.&#8217;s motion for sanctions relating to spoliation of evidence and otherwise affirmed the denial of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">MS&amp;Co.&#8217;s motion for summary judgment. On June 19, 2020, MS&amp;Co. moved for leave to appeal the First </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Department&#8217;s decision to the Court of Appeals, which the First Department denied on July 24, 2020. On </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">March 22, 2021, the parties entered into a settlement agreement, the terms of which are confidential. On
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">April 16, 2021, the court entered a stipulation of voluntary discontinuance, with prejudice.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">On October 15, 2010, the Federal Home Loan Bank of Chicago filed a
complaint against MS&amp;Co. and other </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">defendants in the Circuit Court of the State of Illinois, styled Federal Home Loan Bank of Chicago v. Bank of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">America Funding Corporation et al. A corrected amended complaint was filed on April 8, 2011, which </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">alleges that defendants made untrue statements and material omissions in the sale to the plaintiff of a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">number of mortgage pass-through certificates backed by securitization trusts containing residential </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">mortgage loans and asserts claims under Illinois law. The total amount of certificates allegedly sold to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">plaintiff by MS&amp;Co. at issue in the action was approximately $203 million. The complaint seeks, among </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other things, to rescind the plaintiff&#8217;s purchase of such certificates. The defendants filed a motion to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">dismiss the corrected amended complaint on May 27, 2011, which was denied on September 19, 2012. On </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">December 13, 2013, the court entered an order dismissing all claims related to one of the securitizations at </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">issue. On January 18, 2017, the court entered an order dismissing all claims related to an additional </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">securitization at issue. After those dismissals, the remaining amount of certificates allegedly issued by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">MS&amp;Co. or sold to the plaintiff by MS&amp;Co. was approximately $65 million. At June 25, 2018, the current </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">unpaid balance of the mortgage pass-through certificates at issue in this action was approximately </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">$37 million and the certificates had not yet incurred actual losses. Based on currently available </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">information, MS&amp;Co. believes it could incur a loss in this action up to the difference between the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">$37 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">time of a judgment against MS&amp;Co., plus pre- and post-judgment interest, fees and costs. MS&amp;Co. may be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">prior to a judgment.</font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">49</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_39"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">On May 17, 2013, a plaintiff
in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">complaint against MS&amp;Co. and certain affiliates in the Supreme Court of NY.
The complaint alleges that the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">defendants made material misrepresentations and omissions in the sale to the plaintiff of certain </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&amp;Co. to the plaintiff </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">was approximately $133 million. The complaint alleges causes of action against MS&amp;Co. for common law </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">among other things, compensatory and punitive damages. On October 29, 2014, the court granted in part </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and denied in part MS&amp;Co.&#8217;s motion to dismiss. All claims regarding four certificates were dismissed. After </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">these dismissals, the remaining amount of certificates allegedly issued by MS&amp;Co. or sold to the plaintiff </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">by MS&amp;Co. was approximately $116 million. On August 26, 2015, MS&amp;Co. perfected its appeal from the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">court&#8217;s October 29, 2014 decision. On August 11, 2016, the Appellate Division, First Department affirmed </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the trial court&#8217;s decision denying in part MS&amp;Co.&#8217;s motion to dismiss the complaint. At June 25, 2018, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">$24 million, and the certificates had incurred actual losses of $58 million. Based on currently available </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">information, MS&amp;Co. believes it could incur a loss in this action up to the difference between the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">$24 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">time of a judgment against MS&amp;Co., or upon sale, plus pre- and post-judgment interest, fees and costs. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">MS&amp;Co. may be entitled to be indemnified for some of these losses and to an offset for interest received </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">by the plaintiff prior to a judgment. On July 15, 2022, MS&amp;Co. filed a motion for summary judgment on all </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">remaining claims. On March 1, 2023, the court granted in part and denied in part MS&amp;Co.&#8217;s motion for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">summary judgment, narrowing the alleged misrepresentations at issue in the case. In March 2023, both
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">parties appealed the decision.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Beginning in February of 2016, MS&amp;Co. was named as a defendant in multiple purported antitrust class </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">actions now consolidated into a single proceeding in the United States District Court for the Southern </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">District of New York (&#8220;SDNY&#8221;) styled In Re: Interest Rate Swaps Antitrust Litigation. Plaintiffs allege, inter </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">alia, that MS&amp;Co., together with a number of other financial institution defendants, violated U.S. and New </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">York state antitrust laws from 2008 through December of 2016 in connection with their alleged efforts to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">prevent the development of electronic exchange-based platforms for interest rate swaps trading. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Complaints were filed both on behalf of a purported class of investors who purchased interest rate swaps </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">from defendants, as well as on behalf of two swap execution facilities that allegedly were thwarted by the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">defendants in their efforts to develop such platforms. The consolidated complaints seek, among other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">relief, certification of the investor class of plaintiffs and treble damages. On July 28, 2017, the court </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">granted in part and denied in part the defendants&#8217; motion to dismiss the complaints. A decision on
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">plaintiffs' motion for class certification is pending.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In August of 2017, MS&amp;Co. was named as a defendant in a purported antitrust class action in the United </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">States District Court for the United States District Court for the Southern District of New York styled Iowa </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Public Employees&#8217; Retirement System et al. v. Bank of America Corporation et al. Plaintiffs allege, inter alia, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that MS&amp;Co., together with a number of other financial institution defendants, violated U.S. antitrust laws </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and New York state law in connection with their alleged efforts to prevent the development of electronic </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exchange-based platforms for securities lending. The class action complaint was filed on behalf of a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">purported class of borrowers and lenders who entered into stock loan transactions with the defendants. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The class action complaint seeks, among other relief, certification of the class of plaintiffs and treble </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">damages. On September 27, 2018, the court denied the defendants&#8217; motion to dismiss the class action </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">complaint. On June 20, 2022, a magistrate judge issued a recommendation that the court certify the class </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with respect to the action. The motion for class certification and the parties&#8217; objections to the report and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">recommendation are pending before the District Court.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">On August 13, 2021, the plaintiff in Camelot Event Driven Fund, a Series
of Frank Funds Trust v. Morgan </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Stanley &amp; Co. LLC, et al. filed in the Supreme Court of the State of New York, New York County ("Supreme </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Court of NY") a purported class action complaint alleging violations of the federal securities laws against </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">ViacomCBS (&#8220;Viacom&#8221;), certain of its officers and directors, and the underwriters, including MS&amp;Co., of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">two March 2021 Viacom offerings: a $1.7 billion Viacom Class B Common Stock offering and a $1 billion </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">50</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_40"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">offering of 5.75% Series A
Mandatory Convertible Preferred Stock (collectively, the &#8220;Offerings&#8221;). The </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">complaint alleges, inter alia, that the Viacom offering documents for both
issuances contained material </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">omissions because they did not disclose that certain of the underwriters, including MS&amp;Co., had prime </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">brokerage relationships and served as counterparties to certain derivative transactions with Archegos </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Capital Management LP, (&#8220;Archegos&#8221;), a fund with significant exposure to Viacom securities across </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">multiple prime brokers. The complaint, which seeks, among other things, unspecified compensatory </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">damages, alleges that the offering documents did not adequately disclose the risks associated with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Archegos&#8217;s concentrated Viacom positions at the various prime brokers, including that the unwind of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">those positions could have a deleterious impact on the stock price of Viacom. On November 5, 2021, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">complaint was amended to add allegations that defendants failed to disclose that certain underwriters, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">including MS&amp;Co., had intended to unwind Archegos&#8217;s Viacom positions while simultaneously distributing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Offerings. On February 6, 2023, the court issued a decision denying the motions to dismiss as to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">MS&amp;Co. and the other underwriters, but granted the motion to dismiss as to Viacom and the Viacom </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">individual defendants. On February 15, 2023, the underwriters, including MS&amp;Co., filed their notices of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">appeal of the denial of their motions to dismiss. On March 10, 2023, the plaintiff appealed the dismissal of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Viacom and the individual Viacom defendants. On January 4, 2024, the court granted the plaintiff&#8217;s motion </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">for class certification. On February 14, 2024, the defendants filed their notice of appeal.</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Settled Civil Litigation</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">On December 30, 2013, Wilmington Trust Company, in its capacity as trustee for Morgan Stanley </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Mortgage Loan Trust 2007-12, filed a complaint against MS&amp;Co. styled Wilmington Trust Company v. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Morgan Stanley Mortgage Capital Holdings LLC et al., pending in the Supreme Court of NY. The complaint </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">asserted claims for breach of contract and alleged, among other things, that the loans in the trust, which </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">had an original principal balance of approximately $516 million, breached various representations and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">warranties. The complaint sought, among other relief, unspecified damages, attorneys&#8217; fees, interest and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">costs. On February 28, 2014, defendants filed a motion to dismiss the complaint, which was granted in part </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and denied in part on June 14, 2016. Plaintiff filed a notice of appeal of that order on August 17, 2016. On </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">July 11, 2017, First Department affirmed in part and reversed in part an order granting in part and denying </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in part MS&amp;Co.&#8217;s motion to dismiss. On August 10, 2017, plaintiff filed a motion for leave to appeal that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">decision. On September 26, 2017, the First Department denied plaintiff&#8217;s motion for leave to appeal to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Court of Appeals. On October 31, 2018, the parties entered into an agreement to settle the litigation. On </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">September 10, 2019, the court entered a final judgment and order granting final approval of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">settlement. On November 11, 2019, the parties filed a stipulation of voluntary discontinuance, dismissing
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the action with prejudice.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">On September 19, 2014, FGIC filed a complaint against MS&amp;Co. in the Supreme Court of NY, styled </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Financial Guaranty Insurance Company v. Morgan Stanley ABS Capital I Inc. et al. relating to a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">securitization issued by Basket of Aggregated Residential NIMS 2007-1 Ltd. The complaint asserted claims </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for breach of contract and alleges, among other things, that the net interest margin securities (&#8220;NIMS&#8221;) in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the trust breached various representations and warranties. FGIC issued a financial guaranty policy with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">respect to certain notes that had an original balance of approximately $475 million. The complaint sought, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">among other relief, specific performance of the NIMS breach remedy procedures in the transaction </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">documents, unspecified damages, reimbursement of certain payments made pursuant to the transaction </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">documents, attorneys&#8217; fees and interest. On November 24, 2014, MS&amp;Co. filed a motion to dismiss the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">complaint, which the court denied on January 19, 2017. On February 24, 2017, MS&amp;Co. filed a notice of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">appeal of the denial of its motion to dismiss the complaint and perfected its appeal on November 22, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">2017. On September 13, 2018, the court affirmed the lower court&#8217;s order denying MS&amp;Co.&#8217;s motion to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">dismiss the complaint. On November 13, 2019, the parties entered into an agreement to settle the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">litigation. On December 4, 2019, the parties filed a stipulation of voluntary discontinuance, dismissing the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">action with prejudice.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Beginning on March 25, 2019, MS&amp;Co. was named as a defendant in a series of putative class action </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">complaints filed in the Southern District of New York, the first of which is styled Alaska Electrical Pension </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund v. BofA Secs., Inc., et al. Each complaint alleges a conspiracy to fix prices and restrain competition in </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">51</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_41"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the market for unsecured
bonds issued by the following Government-Sponsored Enterprises: the Federal </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">National Mortgage Associate; the Federal Home Loan Mortgage Corporation; the Federal
Farm Credit </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Banks Funding Corporation; and the Federal Home Loan Banks. The purported class period for each suit is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">from January 1, 2012 to June 1, 2018. Each complaint raises a claim under Section 1 of the Sherman Act </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and seeks, among other things, injunctive relief and treble compensatory damages. On May 23, 2019, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">plaintiffs filed a consolidated amended class action complaint styled In re GSE Bonds Antitrust Litigation, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with a purported class period from January 1, 2009 to January 1, 2016. On June 13, 2019, the defendants </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">filed a joint motion to dismiss the consolidated amended complaint. On August 29, 2019, the court denied </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">MS&amp;Co.&#8217;s motion to dismiss. On December 15, 2019, MS&amp;Co. and certain other defendants entered into a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">stipulation of settlement to resolve the action as against each of them in its entirety. On February 3, 2020, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">the court granted preliminary approval of that settlement.</font></div> <div style="line-height:10.5pt;margin-top:6pt;text-align:center;">
<hr style="background-color:#000000;height:0.5pt;margin-bottom:0pt;margin-top:13.0pt;width:180pt;"> </div> <div style="line-height:10.12pt;margin-top:10pt;text-align:left;"> <div style="margin-top:10pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Additional or replacement Commodity Brokers may be appointed in respect of the Fund in the future.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Conflicts of
Interest</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">General</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner has not established formal procedures to resolve all
potential conflicts of interest. </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Consequently, investors may be dependent on the good faith of the respective parties subject to such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">conflicts to resolve them equitably. Although the Managing Owner attempts to monitor these conflicts, it </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">is extremely difficult, if not impossible, for the Managing Owner to ensure that these conflicts do not, in
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">fact, result in adverse consequences to the Fund and the Shareholders.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Prospective investors should be aware that the Managing Owner presently intends to assert that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders have, by subscribing for Shares, consented to the following conflicts of interest in the event
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">of any proceeding alleging that such conflicts violated any duty owed by the Managing Owner to investors.</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">The Managing Owner</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner has a conflict of interest in allocating its own
limited resources among different </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">clients and potential future business ventures, to each of which it owes fiduciary duties. Certain of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">professional staff of the Managing Owner may also service other affiliates of the Managing Owner and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">their respective clients. The Managing Owner may, from time to time, have conflicting demands in respect </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of its obligations to the Fund and to other commodity pools and accounts. It is possible that current or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">future pools that the Managing Owner operates or advises may generate larger fees than the fees that the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner receives from the Fund. In such a scenario, the Managing Owner&#8217;s principals and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">employees may receive a greater portion of the compensation from those other mandates. Any such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">increase in fee income for the Managing Owner or compensation for its principals and employees would </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">create an incentive to expend greater resources on those other mandates than on operating and advising </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund. The Managing Owner intends to devote, and to cause its professional staff to devote, sufficient </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">time and resources to manage properly the business and affairs of the Fund consistent with its or their
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">respective fiduciary duties to the Fund and others.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner has a conflict of interest in the selection of affiliated money market mutual funds </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and/or T-Bill ETFs in which the Fund may invest a portion of its cash for margin and/or cash management </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">purposes. The Managing Owner may choose to invest a portion of the Fund&#8217;s cash in an affiliated money </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">market mutual fund and/or T-Bill ETF despite the fact that non-affiliated money market mutual funds or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">T-Bill ETFs may pay a higher dividend and/or make a bigger distribution of capital gains. In addition, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner would have a conflict of interest if it sought to redeem the Fund&#8217;s interest in an affiliated </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">money market mutual fund or T-Bill ETF in circumstances when such a redemption would be unfavorable </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">for
the affiliated fund.</font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">52</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_42"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Trust Agreement provides
that in the case of a conflict of interest between the Managing Owner or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">any of its affiliates, on the one hand, and the Trust or any other person, on the other
hand, the Managing </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner shall resolve such conflict of interest, take such action or provide such terms, considering in each </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">case the relative interest of each party (including its own interest) to such conflict, agreement, transaction </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or situation and the benefits and burdens relating to such interests, any customary or accepted industry </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">practices, and any applicable generally accepted accounting practices or principles. In the absence of bad </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">faith by the Managing Owner, the resolution, action or terms so made, taken or provided by the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner shall not constitute a breach of the Trust Agreement or any duty or obligation of the Managing
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Owner.</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Invesco Distributors</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Because the Managing Owner and Invesco Distributors are affiliates, the Managing Owner has a
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">disincentive to replace Invesco Distributors. Furthermore, the Managing Owner did not conduct an arm&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">length negotiation with respect to Invesco Distributors.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">The Commodity Broker</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Commodity Broker may have a conflict of interest in its execution of trades for the Fund and for other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">customers. For example, the Commodity Broker may act from time to time as a commodity broker for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other accounts with which it is affiliated or in which it or one of its affiliates has a financial interest. The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">compensation received by the Commodity Broker from such accounts may be more or less than the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">compensation received for brokerage services provided to the Fund. Customers of the Commodity Broker </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">who maintain commodity trading accounts may pay commissions at negotiated rates which are greater or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">lesser than the rate paid by the Fund. The Commodity Broker will also benefit from executing orders for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other clients, whereas the Fund may be harmed to the extent that the Commodity Broker has fewer </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">resources
to allocate to the Fund&#8217;s accounts due to the existence of such other clients.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In addition, various accounts traded through the Commodity Broker (and over which their personnel may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">have discretionary trading authority) may take positions in the futures markets opposite those of the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or may compete with the Fund for the same positions. The Managing Owner employs various methods for
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">reviewing the Commodity Broker&#8217;s performance.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Commodity Broker, its principals and its affiliates may trade in the commodity and foreign exchange </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">markets for their proprietary accounts and for the accounts of their clients. In doing so, they may take </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">positions opposite those held by the Fund, may trade ahead of the Fund, may compete with the Fund for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">positions in the marketplace and may give preferential treatment to these proprietary and non-proprietary </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">accounts. Such trading may create conflicts of interest in respect of their obligations to the Fund. Records </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of proprietary trading and trading on behalf of other clients will not be available for inspection by
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Shareholders.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Certain officers or employees of the Commodity Broker may be members of United States futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exchanges and/or serve on the governing bodies and standing committees of such exchanges, their </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">clearing houses and/or various other industry organizations. In such capacities, these officers or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">employees may have a fiduciary duty to the exchanges, their clearing houses and/or such various other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">industry organizations which could compel such employees to act in the best interests of these entities,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">perhaps to the detriment of the Fund.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">The Index Sponsor</font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;line-height:9.35pt;"> </font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">DBSI, in its capacity as the Fund&#8217;s Index Sponsor, has a conflict
of interest in allocating its own limited </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">resources among different clients and potential future business ventures. Certain of the professional staff </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of DBSI may also service other affiliates of DBSI and their respective clients. DBSI, in its capacity as the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund&#8217;s Index Sponsor may, from time to time, have conflicting demands in respect of its obligations to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund and to other clients. It is possible that current or future pools that DBSI may become involved with in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">similar capacities may generate larger fees, which may cause DBSI to devote resources to other clients that
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">otherwise would have been focused on the Fund.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">53</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_43"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Proprietary Trading/Other
Clients</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Managing Owner will not trade proprietary accounts.</font></div>
</div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The principals of the Managing Owner may trade for their own
proprietary accounts (subject to certain </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">internal Invesco Ltd. employee trading policies and procedures) at the same time that they are managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the account of the Fund. As a result, the principals&#8217; own trading activities may result in the principals </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">taking positions in their personal trading accounts that are opposite to those held by the Fund, may trade </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">ahead of the Fund, may compete with the Fund for positions in the marketplace and may give preferential </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">treatment to these proprietary accounts. Records of the Managing Owner&#8217;s principals&#8217; personal trading </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">accounts and any written policies related to such trading will not be available for inspection by
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Shareholders.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Description of the Shares;
Certain Material Terms of the Trust Agreement</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">The following summary describes in brief the Shares and certain aspects of the operation of the Fund and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">the respective responsibilities of the Trustee and the Managing Owner concerning the Fund and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">material terms of the Trust Agreement. Prospective investors should carefully review the Trust Agreement </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">filed as an exhibit to the registration statement of which this Prospectus is a part and consult with their </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">own advisers concerning the implications of investing in a Delaware statutory trust. Capitalized terms used </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">in this section and not otherwise defined shall have such meanings assigned to them under the Trust </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">Agreement.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Description of the Shares</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund issues common units of beneficial interest, or Shares, which represent units of fractional </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">undivided beneficial interest in and ownership of the Fund. The Shares are listed on the NYSE Arca under
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the symbol &#8220;DBC.&#8221;</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Shares may be purchased from the Fund or redeemed on a continuous basis, but only by Authorized </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Participants and only in blocks of 50,000 Shares, or Creation Units. Individual Shares may not be purchased </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">from the Fund or redeemed. Shareholders that are not Authorized Participants may not purchase from the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Fund or redeem Shares or Creation Units.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Principal Office; Location of Records</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund is organized as a statutory trust under the Delaware Statutory Trust Act. The Fund is managed by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Managing Owner, whose office is located at 3500 Lacey Road, Suite 700, Downers Grove, IL 60515,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">telephone: (800) 983-0903.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The books and records of the Fund are maintained as follows: all marketing materials are maintained at </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the offices of Invesco Distributors, Inc., 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">telephone number (800) 983-0903; Creation Unit creation and redemption books and records, certain </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">financial books and records (including Fund accounting records, ledgers with respect to assets, liabilities, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">capital, income and expenses, the registrar, transfer journals and related details) and trading and related </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">documents received from FCMs are maintained by The Bank of New York Mellon, 240 Greenwich Street, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">New York, New York 10007, telephone number (718) 315-7500. All other books and records of the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(including minute books and other general corporate records, trading records and related reports and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other items received from the Fund&#8217;s Commodity Brokers) are maintained at the Fund&#8217;s principal office, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">c/o Invesco Capital Management LLC, 3500 Lacey Road, Suite 700, Downers Grove, IL 60515; telephone </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">number (800) 983-0903. Books and records of the Managing Owner (including those related to accounting, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">portfolio management, compliance, legal, marketing and operations): Iron Mountain, 341 S. Ari Ct., </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Addison, Illinois 60101; 121 Foster Ave., Bensenville, Illinois, 60106; 2625 W. Roosevelt Rd., Chicago, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Illinois 60608; 2425 S. Halsted St., Chicago, Illinois, 60608; 4175 Chandler Dr., Hanover Park, Illinois 60133; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">901 S. Menard Ave., Chicago, Illinois 60644; 2221 W. Pershing Rd., Chicago, Illinois 60609; 1301 S. Rockwell </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">St., Chicago, Illinois 60608; 331 S. Swift Rd., Addison, Illinois 60101. Books and records of the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner that are required by Section 204 of the Investment Advisers Act of 1940 are maintained at the </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">54</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_44"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner&#8217;s office
at 1166 Avenue of the Americas, New York, New York, 10036; Invesco </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Distributors, Inc., 11 Greenway Plaza, Houston, Texas 77046; and the Bank of New York Mellon,
100 </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Colonial Center Parkway, Lake Mary, Florida, 32746.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The books and records of the Fund and Managing Owner are available for inspection and copying (upon </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">payment of reasonable reproduction costs) by Shareholders or their representatives for any purposes </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reasonably related to a Shareholder&#8217;s interest as a beneficial owner of such Shares during regular business </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">hours as provided in the Trust Agreement. The Managing Owner will maintain and preserve the books and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">records of the Fund for a period of not less than six years.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">The Trustee</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Wilmington Trust Company, a Delaware trust company, is the sole Trustee of the Fund. The Trustee&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">principal offices are located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">19890-0001. The Trustee is unaffiliated with the Managing Owner. The Trustee&#8217;s duties and liabilities with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">respect to the offering of the Shares and the management of the Fund are limited to its express obligations
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">under the Trust Agreement.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The rights and duties of the Trustee, the Managing Owner and the Shareholders are governed by the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">provisions of the Delaware Statutory Trust Act and by the Trust Agreement.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Trustee serves as the sole trustee of the Fund in the State of Delaware. The Trustee will accept service </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of legal process on the Fund in the State of Delaware and will make certain filings under the Delaware </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Statutory Trust Act. The Trustee does not owe any other duties to the Fund, the Managing Owner or the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders. The Trustee is permitted to resign upon at least sixty (60) days&#8217; notice to the Fund, provided, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that any such resignation will not be effective until a successor Trustee is appointed by the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner. The Trust Agreement provides that the Trustee is compensated by the Fund and is indemnified by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund against any expenses it incurs relating to or arising out of the formation, operation or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">termination of the Fund or the execution, delivery and performance of any other agreements to which the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trust is a party or the action or inaction of the Trustee, except to the extent that such expenses result from </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the gross negligence or willful misconduct of the Trustee. The Managing Owner has the discretion to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">replace the Trustee.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Trustee&#8217;s liability is limited solely to the express obligations of the Trustee set forth in the Trust </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Agreement.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Trustee has no duty or liability to supervise or monitor the performance of the Managing Owner, nor </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">does the Trustee have any liability for the acts or omissions of the Managing Owner in accordance with the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner&#8217;s instructions. The Shareholders have no voice in the day-to-day management of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">business and operations of the Fund, other than certain limited voting rights as set forth in the Trust </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Agreement. In the course of its management of the business and affairs of the Fund, the Managing Owner </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may, in its sole and absolute discretion, appoint an affiliate or affiliates of the Managing Owner as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">additional managing owners (except where the Managing Owner has been notified by the Shareholders </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that it is to be replaced as the managing owner) and retain such persons, including affiliates of the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Managing Owner, as it deems necessary for the efficient operation of the Fund.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Trustee is not registered in any capacity with the CFTC.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">The Managing Owner</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Background and Principals</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco Capital Management LLC, a Delaware limited liability company, is the Managing Owner of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund. The Managing Owner was formed on February 7, 2003 for the purpose of serving as the managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">owner of investment vehicles such as ETFs. The Managing Owner has managed non-commodity futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">based ETFs since 2003 and commodity futures based ETFs since 2014. The Managing Owner serves as both </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodity pool operator and commodity trading advisor of the Fund. The Managing Owner has been </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">registered with the CFTC as a commodity pool operator since January 1, 2013, a commodity trading </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">advisor since October 1, 2014, and has been a member of the NFA since January 1, 2013. It has been an </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">55</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_45"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">NFA-approved swap firm since
September 8, 2015. Its principal place of business is 3500 Lacey Road, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Downers Grove, Illinois 60515, telephone number (800) 983-0903. The Managing Owner is an
affiliate of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco Ltd. </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">The registration of the Managing Owner with the
CFTC and its membership in the NFA must </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">not be taken as an indication that either the CFTC or the NFA has recommended or approved the Managing
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">Owner or the Fund.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In its capacity as a commodity pool operator, the Managing Owner operates or solicits funds for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodity pools; that is, an enterprise in which funds contributed by a number of persons are combined </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for the purpose of trading futures contracts. In its capacity as a commodity trading advisor, the Managing
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Owner advises others as to the value of or the advisability of buying or selling futures contracts.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner has served as the managing owner, commodity pool
operator, and commodity </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trading advisor of the Fund since February 23, 2015, which is the date upon which the Managing Owner </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">assumed those responsibilities for the Fund from the Predecessor Managing Owner. Please see the chart </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">on
page </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">33</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> for information regarding past performance of the Fund.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Effective June 4, 2018, the name of the Managing Owner changed from
Invesco PowerShares Capital </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Management LLC to Invesco Capital Management LLC and the name of the Fund changed from </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">PowerShares DB Commodity Index Tracking Fund to Invesco DB Commodity Index Tracking Fund.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;">
</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Principals</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">A person is a principal of a CFTC registrant based on the person&#8217;s
role or position with a registrant, ability </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to control a registrant&#8217;s business activities or ownership or financial stake in a registrant. The following
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">principals serve in the below capacities on behalf of the Managing Owner and, unless otherwise indicated, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">are not executive officers of the Fund:</font><font style="color:#000000;font-family:Arial;font-size:1pt;line-height:0.00pt;">&#8195;</font></div> </div>
<div style="line-height:0.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;"> </div> </div> <div style="margin-top:0.0pt;">
<table style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:432pt;" cellpadding="0" cellspacing="0">
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Name</font><font
style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;line-height:8.50pt;margin-left:0.0pt;"> </font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:8.50pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Capacity</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Brian Hartigan</font><font
style="color:#000000;font-family:Arial;font-size:5.5pt;margin-left:0.0pt;position:relative;top:-3.75pt;">1</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Chief Executive Officer, Board of Managers</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Peter Hubbard</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Vice President and Director of Portfolio Management</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Jordan Krugman</font><font
style="color:#000000;font-family:Arial;font-size:5.5pt;margin-left:0.0pt;position:relative;top:-3.75pt;">1</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Board of Managers</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Terry Gibson Vacheron</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Chief Financial Officer</font></div> </div> </td> </tr>
<tr style="height:21pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Kelli Gallegos</font><font
style="color:#000000;font-family:Arial;font-size:5.5pt;margin-left:0.0pt;position:relative;top:-3.75pt;">1</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Principal Financial and Accounting Officer, Investment </font></div> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Pools</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Melanie Zimdars</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Chief Compliance Officer</font></div> </div> </td> </tr>
<tr style="height:10pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">John Zerr</font><font
style="color:#000000;font-family:Arial;font-size:5.5pt;margin-left:0.0pt;position:relative;top:-3.75pt;">1</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:216pt;"> <div style="line-height:9.20pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Board of Managers</font></div> </div> </td> </tr> </table> </div> <div style="line-height:8.28pt;margin-left:15pt;margin-top:10pt;text-align:left;">
<div style="margin-top:10pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">1. Executive officer, within the meaning of Rule 3b-7 under the Exchange Act, of the Fund.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Invesco Group Services Inc. is also a principal of the Managing Owner.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner is managed by a Board of Managers. The Board of
Managers is composed of Messrs. </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Hartigan, Krugman and Zerr.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">The Managing Owner has designated Mr. Hubbard as the trading principal of the Fund.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">Brian Hartigan</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> (45) has been Chief Executive Officer
of the Managing Owner since November 2023. In this </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">role, he has general oversight responsibilities for all of the Managing Owner&#8217;s business. Mr. Hartigan has
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">been a Member of the Board of Managers of the Managing Owner since November 2023. Previously, Mr. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Hartigan was Global Head of ETF Investments and Indexed Strategies at Invesco Ltd., a global investment </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">management company and affiliate of the Managing Owner, since 2015. In that role, he was responsible </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for oversight of all portfolio management activities of ETFs, as well as providing support to the US ETF </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Board, serving as a global ETF expert/resource and providing day-to-day support. In addition, he was a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">team leader for Invesco Ltd.&#8217;s unit investment trusts. Mr. Hartigan earned a BA degree from the University </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of St. Thomas in Minnesota and an MBA in finance from DePaul University. He is a Chartered Financial </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Analyst</font><font style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">&#174;</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;"> (CFA) charterholder and a member of the CFA Society of Chicago. Mr. Hartigan was listed as a </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">principal
and registered as an associated person of the Managing Owner on February 21, 2018 and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">May 29, 2018, respectively.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">56</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_46"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">Peter
Hubbard</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> (43) joined the Managing Owner in May 2005 as a portfolio manager and has been Vice
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">President, Director of Portfolio Management since September 2012. In his role, Mr. Hubbard manages a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">team of eight portfolio managers. His responsibilities include facilitating all portfolio management </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">processes associated with a suite of more than 200 equity and fixed income mutual funds advised by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco Advisers, Inc., a registered investment adviser, listed in the United States, Canada and Europe (the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">&#8220;Invesco Funds&#8221;). He is a graduate of Wheaton College with a B.A. degree in Business &amp; Economics. Mr. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Hubbard was listed as a principal and registered as an associated person of the Managing Owner on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">November 15, 2012 and January 1, 2013, respectively. Mr. Hubbard was registered as a swap associated
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">person of the Managing Owner effective as of September 8, 2015.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">Jordan Krugman </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">(46) is Chief Financial Officer of the Americas for Invesco Ltd., a global investment </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">management company
affiliated with the Managing Owner. He was appointed to this position in October </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">2020. In this capacity, Mr. Krugman is responsible for general management support,
in addition to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">executing on various strategic initiatives and overseeing the financial framework for the business units </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">operating within the Americas division of Invesco Ltd. He has also served as a Member of the Board of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managers of the Managing Owner since October 2020. From March 2019 to October 2020, Mr. Krugman </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">served as the Global Head of Financial Planning and Analysis at Invesco Ltd. In this role, he was responsible </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for overseeing Invesco Ltd.'s forecasting, budgeting strategic planning and financial target setting </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">processes, including analytics and decision support for Invesco Ltd.'s executive team. From March 2017 to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">March 2019, Mr. Krugman served as Invesco Ltd.'s Head of Finance &amp; Corporate Strategy, North America. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In this role, Mr. Krugman was responsible for strategic and financial planning for Invesco Ltd.'s global </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investments organization including global real estate, private equity and global fixed income. Prior to that, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Mr. Krugman was Invesco Ltd.'s Treasurer and Head of Investor Relations from May 2011 to March 2017. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In this role, he was responsible for management of Invesco Ltd.'s liquidity and capital management </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">programs. Additionally, Mr. Krugman managed the communication with Invesco Ltd.'s external
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">stakeholders including equity shareholders, debt investors, rating agencies, and research analysts. Mr. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Krugman earned a BA degree in American civilizations, with a US history concentration, from Middlebury </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">College in Vermont in 1999, and earned an MBA from Santa Clara University in California in 2007. He is a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Certified Treasury Professional (CTP). Mr. Krugman was listed as a principal of the Managing Owner on
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">November 12, 2020.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">Terry Vacheron</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;"> CPA (59) is the Chief Accounting Officer (since April 2022) and Head of Global Tax (since </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">November 2020)
at Invesco Ltd. In this role, she leads the company&#8217;s financial reporting, accounting, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">corporate tax, payroll, and Sarbanes-Oxley compliance functions. Ms.
Vacheron also serves as the Chief </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Financial Officer (since June 2022) of the Managing Owner and Invesco Advisers, Inc. where she is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">responsible for overseeing all aspect of the companies&#8217; financial operations, including financial reporting </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and accounting. Ms. Vacheron joined Invesco Ltd. in November 2020 following a brief break while </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">between roles in October 2020. Prior to joining the firm, she was with SunTrust Bank (and later Truist </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Bank, which was formed in 2019 following the merger of BB&amp;T and SunTrust) from October 2009 until </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">September 2020, where she served as the Chief Tax Officer. Ms. Vacheron directed the full spectrum of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">corporate tax matters and led the tax merger integration effort for the BBT and SunTrust merger. In an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">overlapping role as the Corporate Functions Risk Officer at SunTrust Bank from March 2013 to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">December 2019, she built and led multiple corporate risk programs to identify and manage risk while </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">maintaining her Chief Tax Officer responsibilities. During her tenure, she oversaw the implementation of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">stronger guidelines and accountability for risk programs, including Sarbanes-Oxley compliance, third-party </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">risk management, and operational risk oversight. Ms. Vacheron earned a BS degree in accounting from the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">University of Tennessee. She is a Certified Public Accountant (CPA). Ms. Vacheron served on the board of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the United Way of Greater Atlanta from 2013 to 2020. She served as a member of the United Way&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Community Engagement Council and is currently on the United Way&#8217;s Finance Committee. Ms. Vacheron </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">was listed as a principal of the Managing Owner and Invesco Advisers, Inc., a registered investment adviser
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">affiliated with the Managing Owner, on June 29, 2022.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">Kelli Gallegos</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> (53) has been Principal Financial and Accounting Officer &#8211;
Investment Pools for the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner since September 2018. Additionally, since September 2018, Ms. Gallegos has been </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Principal Financial and Accounting Officer &#8211; Investment Pools of Invesco Specialized Products, LLC (sponsor </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">57</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_47"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to a suite of currency
exchange-traded funds, &#8220;ISP&#8221;), Head of North America Fund Reporting of Invesco </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Ltd., and Vice President and Treasurer of Invesco Exchange Traded Fund
Trust, Invesco Exchange-Traded </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, and Invesco Exchange-Traded </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Self-Indexed Fund Trusts (each a registered investment company offering series of exchange-traded funds, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the &#8220;Invesco ETFs&#8221;). She also serves as Vice President (since March 2016), Principal Financial Officer (since </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">March 2016) and Assistant Treasurer (since December 2008) for the Invesco Funds. In her roles with the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner, ISP, Invesco Ltd., the Invesco ETFs, and the Invesco Funds, Ms. Gallegos has financial and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">administrative oversight responsibilities for, and serves as Principal Financial Officer of the Invesco ETFs, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund and the exchange-traded funds for which ISP serves as sponsor (the &#8220;CurrencyShares Trusts&#8221;). </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Previously, she was Director of Fund Financial Services from December 2008 to September 2018, Assistant </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Treasurer for the Managing Owner from January 2013 to September 2018, Assistant Treasurer of ISP from </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">April 2018 to September 2018, Assistant Treasurer for the Invesco ETFs from September 2014 to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">September 2018 and Assistant Vice President for the Invesco Funds from December 2008 to March 2016. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In such roles, Ms. Gallegos managed the group of personnel responsible for the preparation of fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">financial statements and other information necessary for shareholder reports, fund prospectuses, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">regulatory filings, and for the coordination and oversight of third-party service providers of the Fund, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco ETFs, the Invesco Funds, and the CurrencyShares Trusts. Ms. Gallegos earned a BBA in accounting </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">from Harding University in Searcy, AR. Ms. Gallegos was listed as a principal of the Managing Owner on
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">September 25, 2018.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">Melanie H. Zimdars </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">(47) has been Chief Compliance Officer of the Managing Owner since
November 2017. </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In this role she is responsible for all aspects of regulatory compliance for the Managing Owner. Ms. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Zimdars has also served as Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust since </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">November 2017. From September 2009 to October 2017, she served as Vice President and Deputy Chief </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Compliance Officer at ALPS Holdings, Inc. where she was Chief Compliance Officer for six different mutual </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">fund complexes, including active and passive ETFs and open-end and closed-end funds. Through its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">subsidiary companies, ALPS Holdings, Inc. is a provider of investment products and customized servicing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">solutions to the financial services industry. Ms. Zimdars received a BS degree from the University of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Wisconsin-La Crosse. Ms. Zimdars was listed as a principal of the Managing Owner on February 1, 2018.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">John Zerr</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;"> (61) has been a Member of the Board of Managers of the Managing Owner since September </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">2006. Mr. Zerr has
also served as Chief Operating Officer of the Americas for Invesco Ltd. since February </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">2018. Prior to his current position, Mr. Zerr served as Managing Director
and General Counsel &#8211; U.S. Retail </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of Invesco Management Group, Inc., a registered investment adviser affiliated with the Managing Owner, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">from March 2006 until February 2018, where he was responsible for overseeing the U.S. Retail Legal </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Department for Invesco Ltd. and its affiliated companies. Mr. Zerr has also been a Senior Vice President of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">IDI since March 2006. He also served as a Director of that entity until February 2010. Mr. Zerr has served as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Senior Vice President of Invesco Advisers, Inc., a registered investment adviser affiliated with the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner, since December 2009. Mr. Zerr serves as a Director and Vice President of Invesco </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Investment Services, Inc., a registered transfer agency since May 2007. Mr. Zerr has served as Director, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Senior Vice President, General Counsel and Secretary of a number of other Invesco Ltd. wholly-owned </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">subsidiaries which service or serviced portions of Invesco Ltd.&#8217;s U.S. Retail business since May 2007 and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">since June 2010 with respect to certain Van Kampen entities engaged in the asset management business </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that were acquired by Invesco Ltd. from Morgan Stanley. In each of the foregoing positions Mr. Zerr is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">responsible for overseeing legal operations. In such capacity, Mr. Zerr also is responsible for overseeing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the legal activities of the Invesco Funds. Mr. Zerr earned a BA degree in economics from Ursinus College. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">He graduated cum laude with a J.D. from Temple University School of Law. Mr. Zerr was listed as a
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">principal of the Managing Owner on December 6, 2012.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">Invesco Group Services Inc.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">, which is a wholly owned, indirect subsidiary of Invesco
Ltd., has been a </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">principal of the Managing Owner since September 27, 2018 and has periodically been listed with NFA as a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">principal of other NFA members since May 17, 1990.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">58</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_48"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Audit Committee</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Board of Managers has established an Audit Committee with the
following members: Messrs. </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Hartigan, Krugman and Zerr. The overall purpose of the Audit Committee is to assist the Board of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managers with overseeing the Fund's financial statements, the Fund's compliance with legal and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">regulatory requirements, the qualifications and independence of the Fund's independent registered public </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">accounting firm (the &#8220;independent auditor&#8221;), the performance of the internal audit function for the Fund, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">and the performance of the independent auditor.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Ownership or Beneficial Interest in the Fund</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">[As of the date of this Prospectus, the Managing Owner and the principals of the Managing Owner own </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">less
than 1% of the Shares.]</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Management; Voting by
Shareholders; Negative Consent</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Shareholders take
no part in the management or control, and have no voice in the operations or the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">business of the Fund. Shareholders, may, however, remove and replace the Managing
Owner as the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">managing owner of the Fund, and may amend the Trust Agreement, except in certain limited respects, by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the affirmative vote of a majority of the outstanding Shares then owned by Shareholders (not including </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shares held by the Managing Owner and its affiliates). The owners of a majority of the outstanding Shares </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">then owned by Shareholders may also compel dissolution of the Fund. The owners of 10% of the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">outstanding Shares then owned by Shareholders have the right to bring a matter before a vote of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders. The Managing Owner has no power under the Trust Agreement to restrict any of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders&#8217; voting rights. Any Shares purchased by the Managing Owner or its affiliates, as well as the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Managing Owner&#8217;s general interests in the Fund, are non-voting.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Any action required or permitted to be taken by Shareholders by vote may be taken without a meeting by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">written consent setting forth the actions so taken. The written consents will be treated for all purposes as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">votes at a meeting. If the vote or consent of any Shareholder to any action of the Fund or any Shareholder, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">as contemplated by the Trust Agreement, is solicited by the Managing Owner, the solicitation will be
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">effected by notice to each Shareholder given in the manner provided by the Trust Agreement.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Trust Agreement permits the approval of actions through the negative
consent of Shareholders. As </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">provided in the Trust Agreement, the vote or consent of each Shareholder so solicited will be deemed </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">notice of solicitation is actually received by that Shareholder, unless the Shareholder expresses written </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">objection to the vote or consent by notice given in the manner provided in the Trust Agreement and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">actually received by the Fund within twenty (20) days after the notice of solicitation is effected. Because </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Trust Agreement provides for negative consent (e.g., that Shareholders are deemed to have consented </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">unless they timely object), a Shareholder&#8217;s consent will be deemed conclusively to have been granted with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">respect to any matter for which the Managing Owner may solicit Shareholder consent unless the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder expresses written objection in the manner required by the Trust Agreement and the written </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">objection is actually received by the Trust within twenty (20) days after the notice of solicitation is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">effected. This means that not responding to the vote or consent solicitation would have the same effect as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">responding with affirmative written consent. For example, in the context of a consent solicitation to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">change the managing owner or any other action, a Shareholder&#8217;s lack of a response will have the same
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">effect as if the Shareholder had provided affirmative written consent for the proposed action.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner and all persons dealing with the Fund will be
entitled to act in reliance on any vote or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">consent which is deemed cast or granted pursuant to the negative consent provision and will be fully </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">indemnified by the Fund in so doing. Any action taken or omitted in reliance on this deemed vote or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">consent of one or more Shareholders will not be void or voidable by reason of timely communication </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">made by or on behalf of all or any of these Shareholders in any manner other than as expressly provided in
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the Trust Agreement.</font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">59</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
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</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_49"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner has the
unilateral right to amend the Trust Agreement, provided that any such </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">amendment is for the benefit of and not adverse to the Shareholders or the Trustee and also
in certain </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">unusual circumstances, for example, if doing so is necessary to comply with certain regulatory </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">requirements.</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Recognition of the Fund in Certain States</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">A number of states do not have &#8220;business trust&#8221; statutes such as that under which the Fund has been </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">formed in the State of Delaware. It is possible, although unlikely, that a court in such a state could hold </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that, due to the absence of any statutory provision to the contrary in such jurisdiction, the Shareholders, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">although entitled under Delaware law to the same limitation on personal liability as stockholders in a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">private corporation for profit organized under the laws of the State of Delaware, are not so entitled in such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">state. To protect Shareholders against any loss of limited liability, the Trust Agreement provides that no </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">written obligation may be undertaken by the Fund unless such obligation is explicitly limited so as not to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">be enforceable against any Shareholder personally. Furthermore, the Fund itself indemnifies all its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders against any liability that such Shareholders might incur in addition to that of a beneficial
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">owner.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Possible Repayment of Distributions Received by Shareholders; Indemnification by Shareholders</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Shares are limited liability investments; investors may not lose
more than the amount that they invest </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">including any appreciation in their investments. However, Shareholders could be required, as a matter of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">bankruptcy law, to return to the estate of the Fund any distribution they received at a time when the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">was in fact insolvent or in violation of the Trust Agreement. In addition, Shareholders agree in the Trust
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Agreement that they will indemnify the Fund for any harm suffered by it as a result of:</font></div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Shareholders&#8217; actions unrelated to the business of the Fund; or</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">taxes separately imposed on the Fund by any state, local or foreign taxing
authority.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:9.35pt;margin-top:9.88pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Shares Freely Transferable</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Shares trade on the NYSE Arca and provide institutional and retail investors with direct access to the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Fund. The Shares may be bought and sold on the NYSE Arca.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Book-Entry Form</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Individual certificates will not be issued for the Shares. Instead, global certificates are deposited by the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trustee with DTC and registered in the name of Cede &amp; Co., as nominee for DTC. The global certificates </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">evidence all of the Shares outstanding at any time. Under the Trust Agreement, Shareholders are limited </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to (1) participants in DTC such as banks, brokers, dealers and trust companies (&#8220;DTC Participants&#8221;), (2) </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (&#8220;Indirect </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Participants&#8221;), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other entity through which their Shares are held) to transfer the Shares. Transfers are made in accordance
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">with standard securities industry practice.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Reports to Shareholders</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner will furnish you with an annual report of the Fund within 90 calendar days after the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">end of the Fund&#8217;s fiscal year as required by the rules and regulations of the SEC as well as with those </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reports required by the CFTC and the NFA, including, but not limited to, annual audited financial </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">statements certified by independent registered public accountants and any other reports required by any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other governmental authority that has jurisdiction over the activities of the Fund. You also will be provided </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with appropriate information to permit you to file your U.S. federal and state income tax returns (on a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">timely basis) with respect to your Shares. Monthly account statements conforming to CFTC and NFA </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">requirements are posted on the Managing Owner&#8217;s website at </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.invesco.com/ETFs</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">. Additional </font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">60</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
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</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_50"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reports may be posted on the
Managing Owner&#8217;s website in the discretion of the Managing Owner or as </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">required by applicable regulatory authorities.</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner will notify Shareholders of any change in the fees
paid by the Fund or of any material </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">changes to the Fund by filing with the SEC a supplement to this Prospectus and a Form 8-K, which will be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">publicly available at </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.sec.gov</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;"> and at the Managing Owner&#8217;s website at </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.invesco.com/ETFs</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">. Any such notification will include a description of Shareholders&#8217; voting rights.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">NAV</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">NAV means the total assets of the Fund including, but not limited to, all cash and cash equivalents or other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">debt securities less total liabilities of the Fund, each determined on the basis of generally accepted </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">accounting principles in the United States, consistently applied under the accrual method of accounting. In </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">particular, NAV includes any unrealized profit or loss on open futures positions, and any other credit or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">debit accruing to the Fund but unpaid or not received by the Fund. All open commodity futures contracts </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">traded on a U.S. exchange are calculated at their then current market value, which are based upon the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">settlement price for that particular commodity futures contract traded on the applicable U.S. exchange on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the date with respect to which NAV is being determined; provided, that if a commodity futures contract or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">option traded on a U.S. exchange could not be liquidated on such day, due to the operation of daily limits </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or other rules of the exchange upon which that position is traded or otherwise, the Managing Owner may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">value such futures contract or option pursuant to policies the Managing Owner has adopted. The current </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">market value of all open commodity futures contracts traded on a non-U.S. exchange will be based upon </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the settlement price for that particular commodity futures contract traded on the applicable non-U.S. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exchange on the date with respect to which NAV is being determined; provided further, that if a futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contract traded on a non-U.S. exchange could not be liquidated on such day, due to the operation of daily </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">limits (if applicable) or other rules of the exchange upon which that position is traded or otherwise, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner may value such futures contract pursuant to policies the Managing Owner has adopted. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The current market value of all open forward contracts entered into by the Fund, if any, shall be the mean </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">between the last bid and last asked prices quoted by the bank or financial institution which is a party to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the contract on the date with respect to which NAV is being determined; provided, that if such quotations </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">are not available on such date, the mean between the last bid and asked prices on the first subsequent day </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">on which such quotations are available shall be the basis for determining the market value of such forward </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contract for such day. The Managing Owner may in its discretion (and under extraordinary circumstances, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">including, but not limited to, periods during which a settlement price of a futures contract is not available </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">due to exchange limit orders or force majeure type events such as systems failure, natural or man-made </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">circumstance) value any asset of the Fund pursuant to such other principles as the Managing Owner </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">deems fair and equitable. Interest earned on the Fund&#8217;s commodity brokerage account is accrued at least </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">monthly. The amount of any distribution will be a liability of the Fund from the day when the distribution is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">declared until it is paid.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">NAV per Share is the NAV of the Fund divided by the number of outstanding Shares.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Termination Events</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">The Fund will dissolve at any time upon the happening of any of the following events:</font></div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The filing of a certificate of dissolution or revocation of the Managing Owner&#8217;s
charter (and the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">expiration of 90 days after the date of notice to the Managing Owner of revocation without a
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">reinstatement of its charter) or upon the withdrawal, removal, adjudication or admission of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">bankruptcy or
insolvency of the Managing Owner, or an event of withdrawal unless (i) at the time </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">there is at least one remaining managing owner and that remaining managing owner carries on the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">business of the Fund or (ii) within 90 days of such event of withdrawal all the remaining </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Shareholders
agree in writing to continue the business of the Fund and to select, effective as of the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">date of such event, one or more successor managing owners. If the Fund is terminated as
the result </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">of an event of withdrawal and a failure of all remaining Shareholders to continue the business of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the Fund and to appoint a successor managing owner as provided above within 120 days of such </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">61</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_51"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;margin-left:30pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00%;">event of
withdrawal, Shareholders holding Shares representing at least a majority (over 50%) of the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00%;">NAV (not including Shares held by the Managing Owner and its
affiliates) may elect to continue the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00%;">business of the Fund by forming a new statutory trust (&#8220; Reconstituted Trust&#8221;) on the same terms </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00%;">and provisions as set forth in the Trust Agreement (whereupon the Managing Owner and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00%;">Trustee shall execute and deliver any documents or instruments as may be necessary to reform the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00%;">Trust). Any such election must also provide for the election of a managing owner to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00%;">Reconstituted Trust. If such an election is made, all Shareholders shall be bound thereby and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">continue
as Shareholders of the Reconstituted Trust.</font></div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div> <div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The
occurrence of any event which would make unlawful the continued existence of the Fund.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">In the event of the suspension, revocation or termination of the Managing Owner&#8217;s
registration as </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">a commodity pool operator or commodity trading advisor under the Commodity Exchange Act, or
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">membership as a commodity pool operator or commodity trading advisor with the NFA (if, in either </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">case, such
registration is required under the Commodity Exchange Act or the rules promulgated </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">thereunder) unless at the time there is at least one remaining Managing Owner whose
registration </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">or membership has not been suspended, revoked or terminated.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Fund becomes insolvent or bankrupt.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Shareholders holding Shares representing at least a majority (over 50%) of the NAV
(which </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">excludes the Shares of the Managing Owner) vote to dissolve the Fund, notice of which is sent to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the
Managing Owner not less than ninety (90) Business Days prior to the effective date of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">termination.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The determination of the Managing Owner that the aggregate net assets of the Fund in
relation to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the operating expenses of the Fund make it unreasonable or imprudent to continue the business of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the Fund, or, in the exercise of its reasonable discretion, the determination by the Managing </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Owner to
dissolve the Fund because the aggregate NAV of the Fund as of the close of business on </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">any business day declines below $10 million.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div> <div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The
Fund is required to be registered as an investment company under the 1940 Act.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">DTC is unable or unwilling to continue to perform its functions, and a comparable
replacement is </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">unavailable.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:13.80pt;margin-top:18.88pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Distributions</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner has discretionary authority over all distributions
made by the Fund. To the extent </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that the Fund&#8217;s actual and projected Treasury Income, Money Market Income and T-Bill ETF Income </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exceeds the actual and projected fees and expenses of the Fund, the Managing Owner expects periodically </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to make distributions of the amount of such excess. The Managing Owner currently does not expect to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">make distributions with respect to the Fund&#8217;s capital gains. Depending on the Fund&#8217;s performance for the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">taxable year and a Shareholder&#8217;s tax situation for such year, a Shareholder&#8217;s income tax liability for the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">taxable year for the allocable share of the Fund&#8217;s net ordinary income or loss and capital gain or loss may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">exceed any distributions the Shareholder receives with respect to such year.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">The Administrator, Custodian
and Transfer Agent</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Bank of New York Mellon is the
administrator of the Fund and has entered into an Administration </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Agreement in connection therewith. The Bank of New York Mellon serves as the Custodian, and has
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">entered into the Custody Agreement in connection therewith. The Bank of New York Mellon serves as the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Transfer Agent of the Fund and has entered into a Transfer Agency and Service Agreement in connection
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">therewith.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with trust powers, has an office at 240 Greenwich Street, New York, New York 10007. The Bank of New </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">York Mellon is subject to supervision by the New York State Banking Department and the Board of </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">62</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_52"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Governors of the Federal
Reserve System. Information regarding the NAV of the Fund, creation and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">redemption transaction fees and the names of the parties that have executed a Participant
Agreement </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may be obtained from The Bank of New York Mellon by calling the following number: (718) 315-7500. A </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">copy of the Administration Agreement is available for inspection at The Bank of New York Mellon&#8217;s office </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">identified above.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Administrator retains, separately for the Fund, certain financial books and records, including: Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">accounting records, ledgers with respect to assets, liabilities, capital, income and expenses, the registrar, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">transfer journals and related details and trading and related documents received from FCMs, c/o The Bank </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of New York Mellon, 240 Greenwich Street, New York, New York 10007, telephone number (718) 315-7500.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">A summary of the material terms of the Administration Agreement is
disclosed in the &#8220;Material Contracts&#8221; </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">section.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Administrator&#8217;s monthly fees of up to 0.05% per annum are paid on behalf of the Fund by the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Managing Owner out of the Fund&#8217;s Management Fee.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Administrator and any of its affiliates may from time to time purchase or sell Shares for their own
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">account, as agent for their customers and for accounts over which they exercise investment discretion.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Administrator and any successor administrator must be a participant
in DTC or such other securities </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">depository as shall then be acting.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Transfer Agent receives a transaction processing fee in connection with orders from Authorized </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Participants to create or redeem Creation Units in the amount of $500 per order. These transaction </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">processing fees are paid directly by the Authorized Participants and not by the Fund. From time to time, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Managing Owner, in its sole discretion, may reimburse Authorized Participants for all or a portion of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the processing fees from the Managing Owner&#8217;s own assets.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund may retain the services of one or more additional service providers to assist with certain tax </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">reporting requirements of the Fund and its Shareholders.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Because Fund assets are maintained with the Custodian, the distress, impairment or failure of the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Custodian could result in the loss of or delay in access to Fund assets.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Invesco Distributors,
Inc.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco Distributors assists the Managing Owner with
certain functions and duties relating to distribution </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and marketing, which include the following: consultation with the marketing staff of the Managing Owner
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and its affiliates with respect to FINRA compliance in connection with marketing efforts; review and filing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of marketing materials with FINRA; and consultation with the Managing Owner and its affiliates in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">connection with marketing and sales strategies. Investors may contact Invesco Distributors toll-free in the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">U.S. at (800) 983-0903.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco Distributors retains all marketing materials for the Fund, at the offices of Invesco Distributors, Inc., </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173; telephone number (800) 983-0903.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner, out of the Management Fee, pays Invesco Distributors $25,000 annually ($6,250 per </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">quarter) for performing its duties on behalf of the Fund. Such services may include, among other services, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reviewing distribution related legal documents and contracts, consulting on marketing or sales strategy, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">maintaining certain books and records in respect of the Fund and performing additional marketing and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">distribution related services as may be agreed upon by Invesco Distributors and the Managing Owner.
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Invesco Distributors is affiliated with the Managing Owner.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">63</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_53"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:0pt;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Index Sponsor</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner, on behalf of the Fund, has appointed DBSI to serve
as the Index Sponsor. On </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">February 1, 2021, the provision of index sponsor services transferred back to DBSI from DWS Investment </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Management Americas, Inc., to whom DBSI had previously assigned such responsibility. The Index Sponsor </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">calculates and publishes the daily index levels and the indicative intraday index levels. The Index Sponsor </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">also calculates the IIV per Share throughout each Business Day. The Index Sponsor may subcontract its
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">services from time to time to one or more third parties.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Management Fee for performing its duties. These fees constitute a portion of the routine operational, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">administrative and other ordinary expenses and are paid from out of the Management Fee and are not
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">charged to or reimbursed by the Fund.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Neither the Managing Owner nor any affiliate of the Managing Owner has any rights to influence the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">selection of the futures contracts underlying the Index.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index Sponsor is not affiliated with the Fund or the Managing Owner. The Managing Owner has </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">entered
into a license agreement with the Index Sponsor to use the Index.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The
Index Sponsor makes no representation regarding the advisability of investing in Shares.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">There is no relationship between the Index Sponsor and the Managing Owner or the Fund other than a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">services agreement and a license by the Index Sponsor to the Managing Owner of certain of the Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Sponsor&#8217;s trademarks and trade names, and the Index, for use by the Managing Owner or the Fund. Such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trademarks, trade names and the Index have been created and developed by the Index Sponsor without </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">regard to, and independently of, the Managing Owner and the Fund, their business, and/or any
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">prospective investor. The Fund and the Managing Owner have arranged with the Index Sponsor to license </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Index for possible inclusion in funds which the Managing Owner independently intends to develop and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">promote. The Index Sponsor is not responsible for, and has not participated in the determination of, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">prices and amount of Shares or the timing of the issuance or sale of Shares or in the determination of any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">financial calculations relating thereto. The Index Sponsor has no obligation or liability in connection with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the administration of the Fund, or marketing of the Shares. The Index Sponsor does not guarantee the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">accuracy and/or the completeness of the Index or any data included therein. The Index Sponsor shall have </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">no liability for any errors, omissions, or interruptions therein. The Index Sponsor makes no warranty, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">express or implied, as to results to be obtained by the Managing Owner, the Fund or owners of Shares, or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">any other person or entity, from the use of the Index or any data included therein. The Index Sponsor </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">makes no express or implied warranties, and expressly disclaims all warranties of merchantability or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">fitness for a particular purpose or use with respect to the Index or any data included therein, the Fund, or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Shares. DBSI has entered into a services agreement with the Managing Owner. The agreement </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">between the Managing Owner and DBSI as Index Sponsor relates to the Managing Owner&#8217;s sponsorship </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">not only of the Fund but of other commodity pools and ETFs. The agreement is for an initial one-year term
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">which commenced on January 31, 2021, with additional one-year renewal terms unless terminated.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Both the Managing Owner and DBSI have the right to terminate on notice
subject to payment of a </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">termination fee, both with respect to a given fund and with respect to all funds subject to these </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">agreements. Each party also has the right to terminate for cause, although the Managing Owner&#8217;s ability to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exercise this right is restricted to a narrow set of circumstances during the initial one-year term. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Accordingly, there may be circumstances where the Managing Owner would otherwise believe cause </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exists to terminate DBSI but where it would have to rely on its right to terminate at will. The termination </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">fee payable by the Managing Owner would be based on anticipated fee payments under these agreements </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">during the remainder of the initial one-year term, and therefore could be sufficiently high as to deter the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner from exercise of these termination rights. These termination fees would also be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">triggered by certain other termination rights of DBSI, including in the event of a change of control of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner or changes of law affecting the licenses or services to be provided by DBSI. As a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">consequence of these termination fee rights, DBSI may elect to terminate these licenses and services </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">under certain circumstances where, were these being provided under stand-alone arrangements in </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">64</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_54"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">respect of the Fund, it might
not elect to terminate the business relationship. Termination of the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">agreements between DBSI and the Managing Owner could result in disruption to the affairs of
the Fund, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">including the need to adopt new indices and engage a replacement index sponsor.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Without limiting any of the foregoing, in no event shall the Index Sponsor have any liability for any special, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">punitive, indirect, or consequential damages (including lost profits) resulting from the use of the Index or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">any data included therein, the Fund, or the Shares, even if notified of the possibility of such damages.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index Sponsor shall not be liable to the Managing Owner, the Fund,
or the owners of any Shares for </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">any loss or damage, direct or indirect, arising from (i) any inaccuracy or incompleteness in, or delays, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">interruptions, errors or omissions in the delivery of the Index or any data related thereto (&#8220;Index Data&#8221;), or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(ii) any decision made or action taken by any customer or third party in reliance upon the Index Data. The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index Sponsor does not make any warranties, express or implied, to the Managing Owner, the Fund or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">owners of Shares or anyone else regarding the Index Data, including without limitation, any warranties </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality, or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">fitness for a particular purpose or any warranties as to the results to be obtained by the Managing Owner, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund or owners of Shares or anyone else in connection with the use of the Index Data. The Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Sponsor shall not be liable to the Managing Owner, the Fund or owners of Shares or anyone else for loss of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">business revenues, lost profits or any indirect, consequential, special or similar damages whatsoever,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">whether in contract, tort or otherwise, even if advised of the possibility of such damages.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner does not guarantee the accuracy and/or the
completeness of the Index or any Index </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Data included therein, and the Managing Owner shall have no liability for any errors, omissions, or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">interruptions therein. The Managing Owner makes no warranty, express or implied, as to results to be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">obtained by the Fund, owners of the Shares or any other person or entity from the use of the Index or any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index Data included therein. The Managing Owner makes no express or implied warranties, and expressly </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index or any Index Data included therein. Without limiting any of the foregoing, in no event shall the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner have any liability for any special, punitive, direct, indirect or consequential damages </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(including lost profits) arising out of matters relating to the use of the Index even if notified of the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">possibility of such damages.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">The Securities Depository;
Book-Entry-Only System; Global Security</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">DTC acts as
securities depository for the Shares. DTC is a limited-purpose trust company organized under </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the laws of the State of New York, a member of the Federal Reserve
System, a &#8220;clearing corporation&#8221; </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">within the meaning of the New York Uniform Commercial Code, and a &#8220;clearing agency&#8221; registered </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">pursuant to the provisions of section 17A of the Exchange Act. DTC was created to hold securities of DTC </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Participants and to facilitate the clearance and settlement of transactions in such securities among the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">DTC Participants through electronic book-entry changes. This eliminates the need for physical movement </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">clearing corporations, and certain other organizations, some of whom (and/or their representatives) own </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">DTC. Access to the DTC system is also available to others such as banks, brokers, dealers and trust </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">indirectly. DTC has agreed to administer its book-entry system in accordance with its rules and by-laws and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the requirements of law.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Individual certificates will not be issued for the Shares. Instead, global certificates are signed by the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner on behalf of the Fund, registered in the name of Cede &amp; Co., as nominee for DTC, and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">deposited with the Trustee on behalf of DTC. The global certificates evidence all of the Shares outstanding </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">at any time. The representations, undertakings and agreements made on the part of the Fund in the global </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">certificates are made and intended for the purpose of binding only the Fund and not the Trustee or the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Managing Owner individually.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Upon the settlement date of any creation, transfer or redemption of Shares, DTC credits or debits, on its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">book-entry registration and transfer system, the amount of the Shares so created, transferred or </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">65</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_55"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">redeemed to the accounts of
the appropriate DTC Participants. The Managing Owner and the Authorized </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Participants designate the accounts to be credited and charged in the case of creation or
redemption of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Shares.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Beneficial ownership of the Shares is limited to DTC Participants, Indirect Participants and persons holding </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">interests through DTC Participants and Indirect Participants. Owners of beneficial interests in the Shares is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">shown on, and the transfer of ownership is effected only through, records maintained by DTC (with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">respect to DTC Participants), the records of DTC Participants (with respect to Indirect Participants), and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">records of Indirect Participants (with respect to Shareholders that are not DTC Participants or Indirect </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Participants). Shareholders are expected to receive from or through the DTC Participant maintaining the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">account through which the Shareholder has purchased their Shares a written confirmation relating to such
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">purchase.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders that are not DTC Participants may transfer the Shares through DTC by instructing the DTC </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Participant or Indirect Participant through which the Shareholders hold their Shares to transfer the Shares. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders that are DTC Participants may transfer the Shares by instructing DTC in accordance with the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">rules of DTC. Transfers are made in accordance with standard securities industry practice.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">DTC may decide to discontinue providing its service with respect to
Creation Units and/or the Shares by </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">giving notice to the Trustee and the Managing Owner. Under such circumstances, the Trustee and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner will either find a replacement for DTC to perform its functions at a comparable cost or, if
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">a replacement is unavailable, terminate the Fund.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The rights of the Shareholders generally must be exercised by DTC Participants acting on their behalf in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">accordance with the rules and procedures of DTC. Because the Shares can only be held in book-entry form </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">through DTC and DTC Participants, investors must rely on DTC, DTC Participants and any other financial </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">intermediary through which they hold the Shares to receive the benefits and exercise the rights described </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in this section. Investors should consult with their broker or financial institution to find out about
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">procedures and requirements for securities held in book-entry form through DTC.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Share Splits</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">If the Managing Owner believes that the per Share price in the secondary
market for Shares has fallen </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">outside a desirable trading price range, the Managing Owner may direct the Trustee to declare a split or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reverse split in the number of Shares outstanding and to make a corresponding change in the number of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Shares constituting a Creation Unit.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Material
Contracts</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Brokerage Agreement</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Commodity Broker and the Managing Owner (on behalf of the Fund)
entered into a brokerage </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">agreement with respect to the Fund (the &#8220;Brokerage Agreement&#8221;). As a result, the Commodity Broker:</font></div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">acts as the clearing broker;</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div> <div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">acts
as custodian of the Fund&#8217;s assets in connection with the clearing of transactions; and</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">performs such other services for the Fund as the Managing Owner may from time to time
request.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:10.12pt;margin-top:5.88pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">As clearing broker for the Fund, the Commodity Broker receives orders for trades from the Managing
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Owner.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Confirmations of all executed trades are given to the Fund by the Commodity Broker. The Brokerage </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Agreement incorporates the Commodity Broker&#8217;s standard customer agreements and related documents,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">which generally include provisions that:</font></div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the assets of the Fund held in its account with the Commodity Broker and all contracts
and rights to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">payment thereunder are held as security for the Fund&#8217;s obligations to the Commodity Broker;</font></div> </div> <div style="clear:both;position:relative;">
</div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">66</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_56"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the Commodity Broker shall have the right to limit the size of open positions (net or
gross) of the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Fund with respect to its account at any time only as necessary to comply with the applicable law or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">applicable position limits and shall promptly notify the Fund of any rejected order;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the Fund must make all applicable original margin, variation margin, intra-day margin
and premium </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">payments to the Commodity Broker; the Commodity Broker may, among other things, close out
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">positions, sell securities or other property held in the Fund&#8217;s account, purchase futures or cancel
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">orders at any time upon the default of the Fund under the Brokerage Agreement, without the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">consent of the
Managing Owner on behalf of the Fund; and</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">absent a separate written agreement with the Fund with respect to give-up transactions,
the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Commodity Broker, in its sole discretion, may accept from other brokers contracts executed by </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">such
brokers and to be given up to the Commodity Broker for clearance or carrying in any account.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:10.12pt;margin-top:5.88pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Administrative functions provided by the Commodity Broker to the Fund include, but are not limited to, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">preparing and transmitting daily confirmations of transactions and monthly statements of account,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">calculating balances and margin requirements.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In respect of the transactions effected pursuant to the Brokerage Agreement, the Commodity Broker will </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">charge the Fund a fee for the services it has agreed to perform, including brokerage charges, give-up fees, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commissions and services fees as may be agreed upon by the Fund and the Commodity Broker; exchange, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">clearing house, NFA or other regulatory fees; the amount necessary to hold the Commodity Broker </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">harmless against all taxes and tax-related liabilities of the Fund; any debit balance or deficiency in the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund&#8217;s account; interest on any debit balances or deficiencies in the Fund&#8217;s account and on monies </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">advanced to the Fund; and any other agreed upon amounts owed by the Fund to the Commodity Broker in
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">connection with the Fund&#8217;s account or transactions therein.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Brokerage Agreement is terminable by the Fund at any time by written notice to the Commodity </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Broker, or by the Commodity Broker without penalty upon ten (10) days&#8217; prior written notice.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Brokerage Agreement provides that except to the extent of its gross negligence, fraud or willful </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">misconduct, the Commodity Broker shall not be liable for any loss, liability or expense incurred by the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in connection with or arising out of the Brokerage Agreement, transactions in or for the Fund or any
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">actions taken by the Commodity Broker at the request or direction of the Fund.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Administration Agreement</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Pursuant to the Administration Agreement between the Fund and the Administrator, the Administrator </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">performs or supervises the performance of services necessary for the operation and administration of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund (other than making investment decisions), including NAV calculations, accounting and other fund
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">administrative services.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Administration Agreement will continue in effect unless terminated on at least 90 days&#8217; prior written </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">notice by either party to the other party. Notwithstanding the foregoing, the Administrator may terminate </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Administration Agreement upon 30 days&#8217; prior written notice if the Fund has materially failed to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">perform its obligations under the Administration Agreement or upon the termination of the Custody
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Agreement by the Fund.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">The Administrator is both exculpated and indemnified under the Administration Agreement.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Except as otherwise provided in the Administration Agreement, the Administrator will not be liable for any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">costs, expenses, damages, liabilities or claims (including attorneys&#8217; and accountants&#8217; fees) incurred by the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund, except those costs, expenses, damages, liabilities or claims arising out of the Administrator&#8217;s own </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">gross negligence or willful misconduct. In no event will the Administrator be liable to the Fund or any third </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">party for special, indirect or consequential damages, or lost profits or loss of business, arising under or in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">connection with the Administration Agreement, even if previously informed of the possibility of such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">damages and regardless of the form of action. The Administrator will not be liable for any loss, damage or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">expense, including counsel fees and other costs and expenses of a defense against any claim or liability, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">resulting from, arising out of, or in connection with its performance under the Administration Agreement, </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">67</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_57"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">including its actions or
omissions, the incompleteness or inaccuracy of any Proper Instructions (as defined </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">therein), or for delays caused by circumstances beyond the Administrator&#8217;s
control, unless such loss, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">damage or expense arises out of the gross negligence or willful misconduct of the Administrator.</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund will indemnify and hold harmless the Administrator from and
against any and all costs, expenses, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">damages, liabilities and claims (including claims asserted by the Fund), and reasonable attorneys&#8217; and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">accountants&#8217; fees relating thereto, which are sustained or incurred or which may be asserted against the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Administrator by reason of or as a result of any action taken or omitted to be taken by the Administrator in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">good faith under the Administration Agreement or in reliance upon (i) any law, act, regulation or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">interpretation of the same even though the same may thereafter have been altered, changed, amended or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">repealed, (ii) the registration statement or Prospectus, (iii) any Proper Instructions, or (iv) any opinion of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">legal counsel for the Fund, or arising out of transactions or other activities of the Fund which occurred </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">prior to the commencement of the Administration Agreement; provided, that the Fund will not indemnify </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Administrator for costs, expenses, damages, liabilities or claims for which the Administrator is liable </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">under the preceding paragraph. This indemnity will be a continuing obligation of the Fund, its successors </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and assigns, notwithstanding the termination of the Administration Agreement. Without limiting the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">generality of the foregoing, the Fund will indemnify the Administrator against and save the Administrator </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">harmless from any loss, damage or expense, including counsel fees and other costs and expenses of a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">defense against any claim or liability, arising from any one or more of the following: (i) errors in records or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">instructions, explanations, information, specifications or documentation of any kind, as the case may be, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">supplied to the Administrator by any third party described in the Administration Agreement or by or on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">behalf of the Fund; (ii) action or inaction taken or omitted to be taken by the Administrator pursuant to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Proper Instructions of the Fund or otherwise without gross negligence or willful misconduct; (iii) any action </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">taken or omitted to be taken by the Administrator in good faith in accordance with the advice or opinion </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of counsel for the Fund or its own counsel; (iv) any improper use by the Fund or its agents, distributor or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investment advisor of any valuations or computations supplied by the Administrator pursuant to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Administration Agreement; (v) the method of valuation and the method of computing NAV; or (vi) any
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">valuations or NAV provided by the Fund.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Actions taken or omitted in reliance on Proper Instructions, or upon any information, order, indenture, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">stock certificate, power of attorney, assignment, affidavit or other instrument believed by the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Administrator to be genuine or bearing the signature of a person or persons believed to be authorized to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">sign, countersign or execute the same, or upon the opinion of legal counsel for the Fund or its own
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">counsel, will be conclusively presumed to have been taken or omitted in good faith.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Notwithstanding any other provision contained in the Administration Agreement, the Administrator will </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">have no duty or obligation with respect to, including, without limitation, any duty or obligation to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">determine, or advise or notify the Fund of: (a) the taxable nature of any distribution or amount received or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">deemed received by, or payable to the Fund; (b) the taxable nature or effect on the Fund or its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">shareholders of any corporate actions, class actions, tax reclaims, tax refunds, or similar events; (c) the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">taxable nature or taxable amount of any distribution or dividend paid, payable or deemed paid by the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund to its shareholders; or (d) the effect under any federal, state, or foreign income tax laws of the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">making or not making any distribution or dividend payment, or any election with respect thereto.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Custody Agreement</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Bank of New York Mellon serves as the Custodian. Pursuant to the Custody Agreement, the Custodian </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">serves as custodian of all the Fund&#8217;s securities and cash at any time delivered to Custodian during the term </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the Custody Agreement and has authorized the Custodian to hold its securities in registered form in its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">name or the name of its nominees. The Custodian has established and will maintain one or more securities </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">accounts and cash accounts pursuant to the Custody Agreement. The Custodian will maintain books and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">records segregating the assets of the Fund.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Either party may terminate the Custody Agreement by giving to the other party a notice in writing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">specifying the date of such termination, which will be not less than ninety (90) days after the date of such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">notice. Upon termination thereof, the Fund will pay to the Custodian such compensation as may be due to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Custodian, and will likewise reimburse the Custodian for other amounts payable or reimbursable to </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">68</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_58"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Custodian thereunder. The
Custodian will follow such reasonable oral or written instructions </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">concerning the transfer of custody of records, securities and other items as the Fund gives;
provided, that </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(a) the Custodian will have no liability for shipping and insurance costs associated therewith, and (b) full </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">payment will have been made to the Custodian of its compensation, costs, expenses and other amounts to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">which it is entitled thereunder. If any securities or cash remain in any account, the Custodian may deliver </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to the Fund such securities and cash. Except as otherwise provided herein, all obligations of the parties to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">each other hereunder will cease upon termination of the Custody Agreement.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">The Custodian is both exculpated and indemnified under the Custody Agreement.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Except as otherwise expressly provided in the Custody Agreement, the Custodian will not be liable for any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">costs, expenses, damages, liabilities or claims, including attorneys&#8217; and accountants&#8217; fees (collectively </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">referred to in this section as &#8220;losses&#8221;), incurred by or asserted against the Fund, except those losses arising </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">out of the gross negligence or willful misconduct of the Custodian. The Custodian will have no liability </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">whatsoever for the action or inaction of any depository. Subject to the Custodian&#8217;s delegation of its duties </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to its affiliates, the Custodian&#8217;s responsibility with respect to any securities or cash held by a subcustodian </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">is limited to the failure on the part of the Custodian to exercise reasonable care in the selection or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">retention of such subcustodian in light of prevailing settlement and securities handling practices, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">procedures and controls in the relevant market. With respect to any losses incurred by the Fund as a result </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the acts or the failure to act by any subcustodian (other than an affiliate of the Custodian), the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Custodian will take appropriate action to recover such losses from such subcustodian; and the Custodian&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">sole responsibility and liability to the Fund will be limited to amounts so received from such subcustodian </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(exclusive of costs and expenses incurred by the Custodian). In no event will the Custodian be liable to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund or any third party for special, indirect or consequential damages, or lost profits or loss of business, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">arising in connection with the Custody Agreement.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund will indemnify the Custodian and each subcustodian for the amount of any tax that the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Custodian, any such subcustodian or any other withholding agent is required under applicable laws </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(whether by assessment or otherwise) to pay on behalf of, or in respect of income earned by or payments </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or distributions made to or for the account of the Fund (including any payment of tax required by reason </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of an earlier failure to withhold). The Custodian will, or will instruct the applicable subcustodian or other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">withholding agent to, withhold the amount of any tax which is required to be withheld under applicable </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">law upon collection of any dividend, interest or other distribution made with respect to any security and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">any proceeds or income from the sale, loan or other transfer of any security. In the event that the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Custodian or any subcustodian is required under applicable law to pay any tax on behalf of the Fund, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Custodian is hereby authorized to withdraw cash from any cash account in the amount required to pay </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">such tax and to use such cash, or to remit such cash to the appropriate subcustodian, for the timely
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">payment of such tax in the manner required by applicable law.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund will indemnify the Custodian and hold the Custodian harmless from and against any and all </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">losses sustained or incurred by or asserted against the Custodian by reason of or as a result of any action </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or inaction, or arising out of the Custodian&#8217;s performance under the Custody Agreement, including </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reasonable fees and expenses of counsel incurred by the Custodian in a successful defense of claims by the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund; provided however, that the Fund will not indemnify the Custodian for those losses arising out of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Custodian&#8217;s gross negligence or willful misconduct. This indemnity will be a continuing obligation of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Fund, its successors and assigns, notwithstanding the termination of the Custody Agreement.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Transfer Agency and Service Agreement</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Bank of New York Mellon serves as the Transfer Agent. Pursuant to the Transfer Agency and Service </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Agreement between the Fund and the Transfer Agent, the Transfer Agent serves as the Fund&#8217;s transfer </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">agent, dividend disbursing agent, and agent in connection with certain other activities as provided under
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the Transfer Agency and Service Agreement.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">69</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_59"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The term of the Transfer
Agency and Service Agreement is one year from the effective date and will </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">automatically renew for additional one year terms unless either party provides written
notice of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">termination at least ninety (90) days prior to the end of any one year term or, unless earlier terminated as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">provided below:</font></div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Either party terminates prior to the expiration of the initial term in the event the
other party </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">breaches any material provision of the Transfer Agency and Service Agreement, including, without
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">limitation in the case of the Fund, its obligations to compensate the Transfer Agent, provided that </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the
non-breaching party gives written notice of such breach to the breaching party and the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">breaching party does not cure such violation within ninety (90) days of receipt of such
notice.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Fund may terminate the Transfer Agency and Service Agreement prior to the
expiration of the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">initial term upon ninety (90) days&#8217; prior written notice in the event that the Managing Owner </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">determines to liquidate the Fund and terminate its registration with the SEC other than in </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">connection with a merger or
acquisition of the Fund.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:10.12pt;margin-top:5.88pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Transfer Agent will have no responsibility and will not be liable for any loss or damage unless such loss </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or damage is caused by its own gross negligence or willful misconduct or that of its employees, or its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">breach of any of its representations. In no event will the Transfer Agent be liable for special, indirect or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">consequential damages regardless of the form of action and even if the same were foreseeable.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Pursuant to the Transfer Agency and Service Agreement, the Transfer Agent will not be responsible for, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and the Fund will indemnify and hold the Transfer Agent harmless from and against, any and all losses, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">damages, costs, charges, counsel fees, payments, expenses and liability, or losses, arising out of or
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">attributable to:</font></div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">All actions of the Transfer Agent or its agents or subcontractors required to be taken
pursuant to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the Transfer Agency and Service Agreement, provided that such actions are taken without gross
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">negligence, or willful misconduct.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Fund&#8217;s gross negligence or willful misconduct.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div> <div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The
breach of any representation or warranty of the Fund thereunder.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The conclusive reliance on or use by the Transfer Agent or its agents or subcontractors
of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">information, records, documents or services which (i) are received by the Transfer Agent or its </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">agents
or subcontractors, and (ii) have been prepared, maintained or performed by the Fund or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">any other person or firm on behalf of the Fund including but not limited to any previous
transfer </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">agent or registrar.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The conclusive reliance on, or the carrying out by the Transfer Agent or its agents or
subcontractors </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">of any instructions or requests of the Fund on behalf of the Fund.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The offer or sale of Shares in violation of any requirement under the federal
securities laws or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">regulations or the securities laws or regulations of any state that such Shares be registered in such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">state or in violation of any stop order or other determination or ruling by any federal agency or any </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">state with respect
to the offer or sale of such Shares in such state.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:9.35pt;margin-top:9.88pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Distribution Services Agreement</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco Distributors provides certain distribution services to the Fund. Pursuant to the Distribution </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Services Agreement, as amended from time to time, between the Fund and Invesco Distributors, Invesco </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Distributors will assist the Managing Owner with certain functions and duties relating to distribution and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">marketing including reviewing and approving marketing materials.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The date of the Distribution Services Agreement is the effective date and such Agreement will continue </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">automatically for successive annual periods. The Distribution Services Agreement is terminable without </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">penalty on sixty days&#8217; written notice by the Fund&#8217;s Managing Owner or by Invesco Distributors. The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Distribution Services Agreement will automatically terminate in the event of its assignment.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Pursuant to the Distribution Services Agreement, the Fund will indemnify Invesco Distributors as follows:</font></div> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">70</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_60"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund indemnifies and
holds harmless Invesco Distributors and each of its directors and officers and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">each person, if any, who controls Invesco Distributors within the meaning of Section
15 of the Securities </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Act, against any loss, liability, claim, damage or expense (including the reasonable cost of investigating or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">defending any alleged loss, liability, claim, damage or expense and reasonable counsel fees incurred in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">connection therewith) by reason of any person acquiring any Shares, based upon the ground that the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">registration statement, Prospectus, Statement of Additional Information, shareholder reports or other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">information filed or made public by the Fund (as from time to time amended) included an untrue </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">statement of a material fact or omitted to state a material fact required to be stated or necessary in order </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to make the statements not misleading under the Securities Act or any other statute or the common law. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">However, the Fund does not agree to indemnify Invesco Distributors or hold it harmless to the extent that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the statement or omission was made in reliance upon, and in conformity with, information furnished to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the
Fund by or on behalf of Invesco Distributors. In no case:</font></div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">is the indemnity of the Fund in favor of Invesco Distributors or any person indemnified
to be </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">deemed to protect Invesco Distributors or any person against any liability to the Fund or its security
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">holders to which Invesco Distributors or such person would otherwise be subject by reason of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">willful
misfeasance, bad faith or negligence in the performance of its duties or by reason of its </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">reckless disregard of its obligations and duties under the Distribution Services
Agreement; or</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">is the Fund to be liable under its indemnity agreement with respect to any claim made
against </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Invesco Distributors or any person indemnified unless Invesco Distributors or such person, as the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">case may be, will have notified the Fund in writing of the claim promptly after the summons or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">other first
written notification giving information of the nature of the claims will have been served </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">upon Invesco Distributors or any such person (or after Invesco Distributors or such
person will have </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">received notice of service on any designated agent).</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:10.12pt;margin-top:5.88pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">However, failure to notify the Fund of any claim will not relieve the
Fund from any liability which it may </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">have to any person against whom such action is brought otherwise than on account of its indemnity </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">agreement described herein. The Fund will be entitled to participate at its own expense in the defense, or, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">if it so elects, to assume the defense of any suit brought to enforce any claims, and if the Fund elects to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">assume the defense, the defense will be conducted by counsel chosen by the Fund. In the event the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">elects to assume the defense of any suit and retain counsel, Invesco Distributors, its officers or directors or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">controlling person(s) or defendant(s) in the suit, will bear the fees and expenses of any additional counsel </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">retained by them. If the Fund does not elect to assume the defense of any suit, it will reimburse Invesco </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Distributors, its officers or directors or controlling person(s) or defendant(s) in the suit for the reasonable </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">fees and expenses of any counsel retained by them. The Fund agrees to notify Invesco Distributors </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">promptly of the commencement of any litigation or proceeding against it or any of its officers in
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">connection with the issuance or sale of any of the Shares.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Material U.S. Federal Income
Tax Considerations</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">The following
discussion describes the material U.S. federal (and certain state and local) income tax </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">considerations associated with the purchase, ownership
and disposition of Shares as of the date hereof by </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">U.S. Shareholders (as defined below) and non-U.S. Shareholders (as defined below). Except
where explicitly </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">noted, this discussion deals only with Shares held as capital assets by Shareholders who acquired Shares by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">purchase and does not address special situations, such as those of:</font></div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">dealers in securities, commodities or currencies;</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">financial institutions;</font></div> </div> <div style="clear:both;position:relative;">
</div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">regulated investment companies (&#8220;RICs&#8221;);</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div> <div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">real
estate investment trusts;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">tax-exempt organizations;</font></div> </div> <div style="clear:both;position:relative;">
</div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">insurance companies;</font></div> </div> <div style="clear:both;position:relative;">
</div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">71</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_61"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">persons holding Shares as a part of a hedging, integrated or conversion transaction or a
straddle;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">accrual method taxpayers subject to special tax accounting rules as a result of their
use of financial </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">statements;</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">traders in securities or commodities that elect to use a mark-to-market method of
accounting for </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">their securities or commodities holdings; or</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">persons liable for federal alternative minimum tax.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div style="line-height:10.12pt;margin-top:5.88pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Furthermore, the discussion below is based upon the provisions of the Code, the Treasury Regulations </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">promulgated thereunder, and administrative and judicial interpretations thereof, all as of the date hereof, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and such authorities may be repealed, revoked, modified or subject to differing interpretations, possibly </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">on a retroactive basis, so as to result in U.S. federal income tax consequences different from those
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">described below, which may adversely affect the Fund and/or its shareholders.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">A &#8220;U.S. Shareholder&#8221; means a beneficial owner of Shares that is for U.S. federal income tax purposes:</font></div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">an individual citizen or resident of the United States;</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;"> <div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div> <div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">a
corporation (or other entity taxable as a corporation) created or organized in or under the laws of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the United States or any state thereof or the District of
Columbia;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">an estate the income of which is subject to U.S. federal income taxation regardless of its
source; or</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">a trust if it (1) is subject to the primary supervision of a court within the United
States and one or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">more U.S. persons have the authority to control all substantial decisions of such trust or (2) has a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:10.12pt;margin-top:5.88pt;text-align:left;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">A &#8220;non-U.S. Shareholder&#8221; means a beneficial owner of Shares that is not a
U.S. Shareholder.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">If a partnership or other entity
or arrangement treated as a partnership for U.S. federal income tax </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">purposes holds Shares, the tax treatment of a partner in such partnership will generally depend
upon the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">status of the partner and the activities of the partnership. If you are a partner in a partnership holding </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Shares, we urge you to consult your own tax advisor.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">No statutory, administrative or judicial authority directly addresses the treatment of Shares or instruments </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">similar to Shares for U.S. federal income tax purposes. As a result, we cannot assure you that the IRS or the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">courts will agree with the tax consequences described herein. A different treatment from that described </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">below could adversely affect the amount, timing and character of items of income, gain, loss or deduction </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in respect of an investment in the Shares. </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">If you are considering the purchase of
Shares, we urge you to </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">consult your own tax advisor concerning the particular U.S. federal income tax consequences to you of </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">the purchase, ownership and disposition of Shares, as well as any consequences to you arising under the </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">laws of any other taxing jurisdiction.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Status of the Fund</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Under current law and assuming full compliance with the terms of the Trust Agreement and applicable law </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(and other relevant documents), in the opinion of Morgan, Lewis &amp; Bockius LLP, the Fund will be classified </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">as a partnership, and not as an association or a publicly traded partnership taxable as a corporation, for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">U.S. federal income tax purposes. Accordingly, subject to the discussion below regarding publicly traded </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">partnerships, the Fund generally will not be a taxable entity for U.S. federal income tax purposes and will
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">not incur U.S. federal income tax liability.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The opinion of Morgan, Lewis &amp; Bockius LLP, is based on various assumptions relating to the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">organization, operation, assets and activities, including assumptions that the Fund will not invest in any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">assets except those specifically provided for currently in this Prospectus, and that neither the Trust </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Agreement nor any other relevant document will be otherwise amended. The opinion of Morgan, Lewis &amp; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Bockius LLP further assumes that all factual representations and statements set forth in all relevant </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">documents, records, and instruments are true and correct, all actions described in this Prospectus are </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">completed in a timely fashion and that the Fund will at all times operate in accordance with the method of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">operation described in the Trust Agreement and this Prospectus, and is conditioned upon factual </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">72</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_62"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">representations and covenants
made by the Fund and the Managing Owner regarding the Fund&#8217;s </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">organization, operation, assets, activities and the conduct of the Fund&#8217;s operations, and
assumes that such </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">representations and covenants are accurate and complete.</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Special Rules for Publicly Traded Partnerships</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">A partnership generally is not a taxable entity and generally incurs no U.S. federal income tax liability. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Section 7704 of the Code provides that publicly traded partnerships will, as a general rule, be taxed as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">corporations. However, an exception exists with respect to publicly traded partnerships of which 90% or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">more of the gross income during each taxable year consists of &#8220;qualifying income&#8221; within the meaning of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Section 7704(d) of the Code (the &#8220;qualifying income exception&#8221;). Qualifying income includes dividends, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">interest, capital gains from the sale or other disposition of stocks and debt instruments and, in the case of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">a partnership (such as the Fund) a principal activity of which is the buying and selling of commodities or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures contracts with respect to commodities, income and gains derived from commodities or futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts with respect to commodities. The Fund anticipates that at least 90% of its gross income for each
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">taxable year will constitute qualifying income within the meaning of Section 7704(d) of the Code.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The IRS, however, may assert that the Fund should be treated as a
publicly traded partnership taxable as a </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">corporation. No ruling has been or will be sought from the IRS, and the IRS has made no determination as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to the status of the Fund for U.S. federal income tax purposes or whether the Fund&#8217;s operations generate </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">&#8220;qualifying income&#8221; under Section 7704(d) of the Code. Whether the Fund will continue to meet the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">qualifying income exception is a matter that will be determined by the Fund&#8217;s operations and the facts </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">existing at the time of future determinations. However, the Fund&#8217;s Managing Owner will use its best </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">efforts to cause the Fund to operate in such manner as is necessary for the Fund to continue to meet the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">qualifying income exception.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">If the Fund were taxable as a corporation in any taxable year, either as a result of a failure to meet the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">qualifying income exception described above or otherwise, the Fund&#8217;s items of income, gain, loss and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">deduction would be reflected only on the Fund&#8217;s tax return rather than being passed through to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders, and the Fund&#8217;s net income would be taxed to it at the 21% income tax rate applicable to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">domestic corporations. In addition, if the Fund were taxable as a corporation, any distribution made by the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund to a Shareholder would be treated as taxable dividend income, to the extent of the Fund&#8217;s current </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and accumulated earnings and profits, or, in the absence of current and accumulated earnings and profits, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">as a nontaxable return of capital to the extent of the Shareholder&#8217;s tax basis in its Shares, or as taxable </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">capital gain, after the Shareholder&#8217;s tax basis in its Shares is reduced to zero. Taxation of the Fund as a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">corporation could result in a material reduction in a Shareholder&#8217;s cash flow and after-tax return and thus </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">could result in a substantial reduction of the value of the Shares.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The discussion below is based on Morgan, Lewis &amp; Bockius LLP&#8217;s
opinion that the Fund will be classified as </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">a partnership for U.S. federal income tax purposes that is not subject to corporate income tax for U.S. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">federal income tax purposes.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">U.S. Shareholders</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Treatment of Fund Income</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">A partnership generally does not incur U.S. federal income tax liability. Instead, each partner of a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">partnership is required to take into account its share of items of income, gain, loss, deduction and other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">items of the partnership. Accordingly, each Shareholder will be required to include in income its allocable </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">share of the Fund&#8217;s income, gain, loss, deduction and other items for the Fund&#8217;s taxable year ending with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or within its taxable year. In computing a partner&#8217;s U.S. federal income tax liability, the items must be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">included, regardless of whether cash distributions are made by the partnership. Thus, Shareholders may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">be required to take into account taxable income without a corresponding current receipt of cash if the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund generates taxable income but does not make cash distributions in an amount equal to the taxable </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">income, or if the Shareholder is not able to deduct, in whole or in part, the Shareholder&#8217;s allocable share of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund&#8217;s expenses or capital losses. The Fund&#8217;s taxable year will end on December 31 unless otherwise </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">required by law. The Fund will use the accrual method of accounting.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">73</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_63"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In the case of non-corporate
shareholders, for taxable years beginning before January 1, 2026, there is a </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">20% deduction for &#8220;qualified publicly traded partnership income&#8221; within
the meaning of Section </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">199A(e)(4) of the Code. In general, &#8220;qualified publicly traded partnership income&#8221; for this purpose is an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">item of income, gain, deduction or loss that is effectively connected with a United States trade or business </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and includable income for the year, but does not include certain investment income. It is currently not </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">expected that the Fund&#8217;s income will be eligible for such deduction because as discussed below, although </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the matter is not free from doubt, the Fund believes that the activities directly conducted by the Fund will </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">not result in the Fund being engaged in a trade or business within the United States. Potential investors </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">should consult their tax advisors regarding the availability of such deduction for their allocable share of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Fund&#8217;s items of income, gain, deduction and loss.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders will take into account their respective shares of ordinary income realized by the Fund from </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">accruals of interest on Treasury Securities held in the Fund&#8217;s portfolio. The Fund may hold Treasury </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Securities or other debt instruments with &#8220;acquisition discount&#8221; or &#8220;original issue discount&#8221;, in which case </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders will be required to include accrued amounts in taxable income on a current basis even </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">though receipt of those amounts may occur in a subsequent year. The Fund may also acquire debt </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">instruments with &#8220;market discount.&#8221; Upon disposition of such obligations, gain will generally be required </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to be treated as interest income to the extent of the market discount and Shareholders will be required to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">include as ordinary income their share of the market discount that accrued during the period the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">obligations were held by the Fund. Shareholders will take into account their respective shares of any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">dividends received by the Fund from the Fund&#8217;s investments in the money market mutual funds and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">certain T-Bill ETFs.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">With the exception of futures on Aluminum, Copper Grade A and Zinc which are traded on the LME, a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">portion of the Index Contracts held by the Fund may constitute Section 1256 Contracts (as defined below). </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Code generally applies a &#8220;mark-to-market&#8221; system of taxing unrealized gains and losses on and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">otherwise provides for special rules of taxation with respect to certain futures and options contracts </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">subject to Section 1256 of the Code (&#8220;Section 1256 Contracts&#8221;). Section 1256 Contracts include certain </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">regulated futures contracts. Section 1256 Contracts held by the Fund at the end of a taxable year of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund will be treated for U.S. federal income tax purposes as if they were sold by the Fund at their fair </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">market value on the last business day of the taxable year. The net gain or loss, if any, resulting from these </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">deemed sales (known as &#8220;marking-to-market&#8221;), together with any gain or loss resulting from any actual </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">sales of Section 1256 Contracts (or other termination of the Fund&#8217;s obligations under such contracts), must </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">be taken into account by the Fund in computing its taxable income for the year.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">If a Section 1256 Contract held by the Fund at the end of a taxable year is sold in the following year, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">amount of any gain or loss realized on the sale will be adjusted to reflect the gain or loss previously taken </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">into account under the mark-to-market rules.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Capital gains and losses from Section 1256 Contracts generally are characterized as short-term capital </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">gains or losses to the extent of 40% of the gains or losses and as long-term capital gains or losses to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">extent of 60% of the gains or losses. Thus, Shareholders will generally take into account their pro rata </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">share of the long-term capital gains and losses and short-term capital gains and losses from Section 1256 </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Contracts held by the Fund and taken into account by the Fund in computing its taxable income. If a non-corporate</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;"> taxpayer incurs a net capital loss for a year, the portion of the loss, if any, which consists of a net </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">loss on Section 1256 Contracts may, at the election of the taxpayer, be carried back three years. A loss </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">carried back to a year by a non-corporate taxpayer may be deducted only to the extent (1) the loss does </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">not exceed the net gain on Section 1256 Contracts for the year and (2) the allowance of the carryback does
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">not increase or produce a net operating loss for the year.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Any Index Contracts held by the Fund that are not classified as Section 1256 Contracts will not be subject </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to the year-end &#8220;mark-to-market&#8221; rules of Section 1256, as described above. Accordingly, any long-term or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">short-term capital gains or losses with respect to such futures held by the Fund that are not classified as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Section 1256 Contracts will only be recognized by the Fund when such futures positions are assigned or </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">74</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_64"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">closed (by offset or
otherwise). The applicable holding period for qualification for long-term capital gain or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">loss treatment for the commodity futures held by the Fund that are not
Section 1256 Contracts is more </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">than one year.</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Allocation of the Fund&#8217;s Profits and Losses</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">For U.S. federal income tax purposes, a Shareholder&#8217;s distributive share of the Fund&#8217;s income, gain, loss, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">deduction and other items will be determined by the Trust Agreement, unless an allocation under such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">agreement does not have &#8220;substantial economic effect,&#8221; in which case the allocations will be determined </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in accordance with the &#8220;partners&#8217; interests in the partnership.&#8221; Subject to the discussion below under </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">&#8220;Monthly Allocation and Revaluation Conventions and Transferor/Transferee Allocations&#8221; and &#8220;Section </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">754 Election,&#8221; the allocations pursuant to the Trust Agreement should be considered to have substantial </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">economic effect or deemed to be made in accordance with the Shareholders&#8217; interests in the Fund.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">If the allocations provided by the Trust Agreement were successfully challenged by the IRS, the amount of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">income or loss allocated to Shareholders for U.S. federal income tax purposes under the Trust Agreement
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">could be increased or reduced or the character of the income or loss could be modified or both.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">As described in more detail below, the U.S. federal income tax rules
that apply to partnerships are complex </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and their application is not always clear. The rules generally were not written for, and in some respects are </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">difficult to apply to, publicly traded partnerships. The Fund will apply certain assumptions and conventions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">intended to comply with the intent of the rules and to report income, gain, loss, deduction and credit to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders in a manner that reflects the economic gains and losses, but these assumptions and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">conventions may not comply with all aspects of the applicable Treasury Regulations. It is possible </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">therefore that the IRS will successfully assert that assumptions made and/or conventions used do not </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">satisfy the technical requirements of the Code or the Treasury Regulations and will require that tax items
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">be adjusted or reallocated in a manner that could have an adverse impact on Shareholders.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Monthly Allocation and Revaluation Conventions and Transferor/Transferee Allocations</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In general, the Fund&#8217;s taxable income and losses will be
determined monthly and will be apportioned </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">among the Shareholders in proportion to the number of Shares owned by each of them as of the close of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the last trading day of the preceding month. By investing in Shares, a U.S. Shareholder agrees that, in the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">absence of an administrative determination or judicial ruling to the contrary, it will report income and loss </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">under the monthly allocation and revaluation conventions described below.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Under the monthly allocation convention, whoever is treated for U.S. federal income tax purposes as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">holding Shares as of the close of the last trading day of the preceding month will be treated as continuing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to hold the Shares until immediately before the close of the last trading day of the following month. With </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">respect to any Shares that were not treated as outstanding as of the close of the last trading day of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">preceding month, the first person that is treated as holding such Shares (other than an underwriter or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other person holding in a similar capacity) for U.S. federal income tax purposes will be treated as holding </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">such Shares for this purpose as of the close of the last trading day of the preceding month. As a result, a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder who has disposed of Shares prior to the close of the last trading day of a month may be
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">allocated items of income, gain, loss and deduction realized after the date of transfer.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Section 706 of the Code generally requires that items of partnership income and deductions be allocated </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">between transferors and transferees of partnership interests on a daily basis. It is possible that transfers of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shares could be considered to occur for U.S. federal income tax purposes when the transfer is completed </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">without regard to the Fund&#8217;s monthly convention for allocating income and deductions. If this were to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">occur, the Fund&#8217;s allocation method might be considered a monthly convention that does not literally </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">comply with that requirement. If the IRS treats transfers of Shares as occurring throughout each month </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and a monthly convention is not allowed by the Treasury Regulations (or only applies to transfers of less </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">than all of a Shareholder&#8217;s Shares) or if the IRS otherwise does not accept the Fund&#8217;s convention, the IRS </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may contend that taxable income or losses of the Fund must be reallocated among the Shareholders. If </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">such a contention was sustained, the Shareholders&#8217; respective tax liabilities would be adjusted to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">possible detriment of certain Shareholders. The Managing Owner is authorized to revise the Fund&#8217;s </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">75</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_65"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">methods of allocation between
transferors and transferees (as well as among Shareholders whose </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">interests otherwise vary during a taxable period).</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In addition, for any month in which a creation or redemption of Shares
takes place, the Fund generally will </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">credit or debit, respectively, the &#8220;book&#8221; capital accounts of the existing Shareholders with any unrealized
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">gain or loss in the Fund&#8217;s assets. This will result in the allocation of the Fund&#8217;s items of income, gain, loss, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">deduction and credit to existing Shareholders to account for the difference between the tax basis and fair </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">market value of property owned by the Fund at the time new Shares are issued or old Shares are </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">redeemed, or reverse Section 704(c) allocations (described below). The intended effect of these </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">allocations is to allocate any built-in gain or loss in the Fund&#8217;s assets at the time of a creation or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">redemption of Shares to the investors that economically have earned such gain or loss.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">As with the other allocations described above, the Fund generally will use a monthly convention for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">purposes of so-called reverse Section 704(c) allocations. More specifically, the Fund generally will credit or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">debit, respectively, the &#8220;book&#8221; capital accounts of existing Shareholders with any unrealized gain or loss in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund&#8217;s assets based on a calculation utilizing the average price of the Shares during the month in which </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the creation or redemption transaction takes place, rather than the fair market value of its assets at the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">time of such creation or redemption, or the revaluation convention. As a result, it is possible that, for U.S. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">federal income tax purposes, (i) a purchaser of newly issued Shares will be allocated some or all of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">unrealized gain in the Fund&#8217;s assets at the time it acquires the Shares or (ii) an existing Shareholder will not </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">be allocated its entire share in the unrealized loss in the Fund&#8217;s assets at the time of such acquisition.</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Code and applicable Treasury Regulations generally require that items of partnership income and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">deductions be allocated between transferors and transferees of partnership interests on a daily basis, and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that adjustments to &#8220;book&#8221; capital accounts be made based on the fair market value of partnership </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">property on the date of adjustment. The Code and Treasury Regulations do not contemplate monthly </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">allocation or revaluation conventions. If the IRS does not accept the Fund&#8217;s monthly allocation or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">revaluation convention, the IRS may contend that taxable income or losses of the Fund must be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reallocated among the Shareholders. If such a contention were sustained, the Shareholders&#8217; respective tax </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">liabilities would be adjusted to the possible detriment of certain Shareholders. The Managing Owner is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">authorized to revise the Fund&#8217;s allocation and revaluation methods in order to comply with applicable law </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or to allocate items of partnership income and deductions in a manner that reflects more accurately the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Shareholders&#8217; interests in the Fund.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Section 754 Election</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund has made the election permitted by Section 754 of the Code. Such an election, once made, is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">irrevocable without the consent of the IRS. The making of the Section 754 election by the Fund will </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">generally have the effect of requiring a purchaser of Shares to adjust its proportionate share of the basis in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund&#8217;s assets, or the inside basis, pursuant to Section 743(b) of the Code to fair market value (as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reflected in the purchase price for the purchaser&#8217;s Shares), as if it had acquired a direct interest in the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund&#8217;s assets. The Section 743(b) adjustment is attributed solely to a purchaser of Shares and is not added </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to the bases of the Fund&#8217;s assets associated with all of the other Shareholders in the Fund. Depending on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the relationship between a Shareholder&#8217;s purchase price for Shares and its unadjusted share of the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">inside basis at the time of the purchase, the Section 754 election may be either advantageous or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">disadvantageous to the Shareholder as compared to the amount of gain or loss a Shareholder would be
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">allocated absent the Section 754 election.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The calculations under Section 754 of the Code are complex, and there is little legal authority concerning </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the mechanics of the calculations, particularly in the context of publicly traded partnerships. To help </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reduce the complexity of those calculations and the resulting administrative costs, the Fund will apply </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">certain conventions in determining and allocating the Section 743 basis adjustments. It is possible that the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">IRS will successfully assert that some or all of such conventions utilized by the Fund do not satisfy the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">technical requirements of the Code or the Treasury Regulations and, thus, will require different basis </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">adjustments to be made. If the IRS were to sustain such a position, a Shareholder may have adverse tax
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">consequences.</font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">76</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_66"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In order to make the basis
adjustments permitted by Section 754, the Fund will be required to obtain </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">information regarding each Shareholder&#8217;s secondary market transactions in Shares as
well as creations and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">redemptions of Shares. The Fund will seek the requested information from the record Shareholders, and, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">by purchasing Shares, each beneficial owner of Shares will be deemed to have consented to the provision </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the information by the record owner of the beneficial owner&#8217;s Shares. Notwithstanding the foregoing, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">however, there can be no guarantee that the Fund will be able to obtain such information from record </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">owners or other sources, or that the basis adjustments that the Fund makes based on the information it is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">able to obtain will be effective in eliminating disparity between a Shareholder&#8217;s outside basis in its Shares </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">and its interest in the inside basis in the Fund&#8217;s assets.</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Treatment of Distributions</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Distributions of cash by a partnership are generally not taxable to the distributee to the extent the amount </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of cash does not exceed the distributee&#8217;s tax basis in its partnership interest. Thus, any cash distributions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">made by the Fund will be taxable to a Shareholder only to the extent the distributions exceed the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder&#8217;s tax basis in the Shares it is treated as owning (see &#8220;Tax Basis in Fund Shares&#8221; below). Any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">cash distributions in excess of a Shareholder&#8217;s tax basis generally will be considered to be gain from the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">sale or exchange of the Shares (see &#8220;Disposition of Shares&#8221; below).</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Creation and Redemption of Creation Units</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders, other than Authorized Participants (or holders for which
an Authorized Participant is acting), </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">generally will not recognize gain or loss as a result of an Authorized Participant&#8217;s creation or redemption of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">a Creation Unit. If the Fund disposes of assets in connection with the redemption of a Creation Unit, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">however, the disposition may give rise to gain or loss that will be allocated to Shareholders. An Authorized </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Participant&#8217;s creation or redemption of a Creation Unit also may affect the Shareholder&#8217;s share of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund&#8217;s tax basis in its assets, which could affect the amount of gain or loss allocated to the Shareholder on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">the sale or disposition of portfolio assets by the Fund.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Disposition of Shares</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">If a U.S. Shareholder transfers Shares and such transfer is a sale or other taxable disposition, the U.S. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder will generally be required to recognize gain or loss measured by the difference between the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">amount realized on the sale and the U.S. Shareholder&#8217;s adjusted tax basis in the Shares sold. The amount </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">realized will include an amount equal to the U.S. Shareholder&#8217;s share of the Fund&#8217;s liabilities, as well as any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">proceeds from the sale. The gain or loss recognized will generally be taxable as capital gain or loss. Capital </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">gain of non-corporate U.S. Shareholders is eligible to be taxed at reduced rates where the Shares sold are </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">considered held for more than one year. Capital gain of corporate U.S. Shareholders is taxed at the same </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">rate as ordinary income. Any capital loss recognized by a U.S. Shareholder on a sale of Shares will generally </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">be deductible only against capital gains, except that a non-corporate U.S. Shareholder may also offset up
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">to $3,000 per year of ordinary income with capital losses.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">U.S. Shareholders whose Shares are loaned to a &#8220;short seller&#8221; to cover a short sale of Shares may be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">considered as having disposed of those Shares. If so, such Shareholder would no longer be a beneficial </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">owner of those Shares during the period of the loan and may recognize gain or loss from the disposition. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">As a result, during the period of the loan, (1) any of the Fund&#8217;s income, gain, loss, deduction, or other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">items with respect to those Shares would not be reported by the Shareholder, and (2) any cash </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">distributions received by the Shareholder as to those Shares could be fully taxable, likely as ordinary </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">income. Accordingly, Shareholders who desire to avoid the risk of income recognition from a loan of their </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shares to a short seller are urged to modify any applicable brokerage account agreements to prohibit their </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">brokers from borrowing their Shares. These rules, however, should not affect the amount or timing of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">income, gain, deduction or loss reported by a taxpayer that is a dealer in securities that marks the Shares </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to market for U.S. federal income tax purposes, or a trader in securities that has elected to use the mark-to-market</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;"> method of tax accounting with respect to the Shares.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">77</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_67"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Tax Basis in
Fund Shares</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">A U.S. Shareholder&#8217;s initial tax basis in
its Shares will equal the sum of (a) the amount of cash paid by the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">U.S. Shareholder for its Shares and (b) the U.S. Shareholder&#8217;s share of the Fund&#8217;s
liabilities. A U.S. </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder&#8217;s tax basis in its Shares will be increased by (a) the U.S. Shareholder&#8217;s share of the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">taxable income, including capital gain, (b) the U.S. Shareholder&#8217;s share of the Fund&#8217;s income, if any, that is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exempt from tax and (c) any increase in the U.S. Shareholder&#8217;s share of the Fund&#8217;s liabilities. A U.S. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder&#8217;s tax basis in Shares will be decreased (but not below zero) by (a) the amount of any cash </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">distributed (or deemed distributed) to the U.S. Shareholder, (b) the U.S. Shareholder&#8217;s share of the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">losses and deductions, (c) the U.S. Shareholder&#8217;s share of the Fund&#8217;s expenditures that are neither </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">deductible nor properly chargeable to its capital account and (d) any decrease in the U.S. Shareholder&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">share of the Fund&#8217;s liabilities.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Limitations on Interest Deductions</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The deductibility of a non-corporate U.S. Shareholder&#8217;s &#8220;investment interest expense&#8221; is generally limited </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to the amount of the Shareholder&#8217;s &#8220;net investment income.&#8221; Investment interest expense will generally </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">include interest expense incurred by the Fund, if any, and investment interest expense incurred by the U.S. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder on any margin account borrowing or other loan incurred to purchase or carry Shares. Net </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investment income includes gross income from property held for investment and amounts treated as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">portfolio income, such as dividends and interest, less deductible expenses, other than interest, directly </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">connected with the production of investment income. For this purpose, any long-term capital gain or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">qualifying dividend income that is taxable at long-term capital gains rates is excluded from net investment </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">income unless the U.S. Shareholder elects to pay tax on such capital gain or dividend income at ordinary </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">income rates. A Shareholder&#8217;s distributive share of certain interest paid or accrued by the Fund, or certain </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">entities in which the Fund invests may be treated as &#8220;business interest,&#8221; which is subject to separate </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">limitations on deductibility.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Organization, Syndication and Other Expenses</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Currently, &#8220;miscellaneous itemized deductions&#8221; are not permitted for taxable years beginning before </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">January 1, 2026. In general, for taxable years beginning after December 31, 2025, expenses incurred that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">are considered &#8220;miscellaneous itemized deductions&#8221; may be deducted by a U.S. Shareholder that is an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">individual, estate or trust only to the extent that they exceed 2% of the adjusted gross income of the U.S. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder. The Code imposes additional limitations on the amount of certain itemized deductions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">allowable to individuals, by reducing the otherwise allowable portion of such deductions by an amount
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">equal to the lesser of:</font></div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">3% of the individual&#8217;s adjusted gross income in excess of certain threshold amounts;
or</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">80% of the amount of certain itemized deductions otherwise allowable for the taxable
year.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:10.12pt;margin-top:5.88pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In addition, these expenses are also not deductible in determining the alternative minimum tax liability of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">a non-corporate U.S. Shareholder. The Fund will report its expenses on a pro rata basis to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders, and each U.S. Shareholder will determine separately to what extent they are deductible on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the U.S. Shareholder&#8217;s tax return. A U.S. Shareholder&#8217;s inability to deduct all or a portion of the expenses </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">could result in an amount of taxable income to the U.S. Shareholder with respect to the Fund that exceeds </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the amount of cash actually distributed to such U.S. Shareholder for the year. It is anticipated that
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">management fees the Fund will pay will constitute miscellaneous itemized deductions.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Under Section 709(b) of the Code, amounts paid or incurred to organize a partnership may, at the election </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the partnership, be treated as deferred expenses, which are allowed as a deduction ratably over a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">period of 180 months. The Fund has made a Section 709(b) election. Expenditures in connection with the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">issuance and marketing of Shares (so called &#8220;syndication fees&#8221;) are not eligible for the 180-month </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">amortization provision and are not deductible.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">78</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_68"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Passive
Activity Income and Loss</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Individuals are subject to certain
&#8220;passive activity loss&#8221; rules under Section 469 of the Code. Under these </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">rules, losses from a passive activity generally may not be used to offset
income derived from any source </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other than passive activities. Losses that cannot be currently used under this rule may generally be carried </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">forward. Upon an individual&#8217;s disposition of an interest in the passive activity, the individual&#8217;s unused </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">passive losses may generally be used to offset other (i.e., non-passive) income. Under current Treasury </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Regulations, income or loss from the Fund&#8217;s investments generally will not constitute income or losses </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">from a passive activity. Therefore, income or loss realized by Shareholders will not be available to offset a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">U.S. Shareholder&#8217;s passive losses or passive income from other sources.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Tax on Net Investment Income</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">A 3.8% tax will be imposed on some or all of the net investment income of certain individuals with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">modified adjusted gross income of over $200,000 ($250,000 in the case of joint filers) and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">undistributed net investment income of certain estates and trusts. For these purposes, it is expected that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">all or a substantial portion of a Shareholder&#8217;s share of Fund income will be net investment income. In </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">addition, certain Fund expenses may not be deducted in calculating a Shareholder&#8217;s net investment
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">income.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Reporting by the Fund to its Shareholders</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund will file a partnership tax return. Accordingly, tax information will be provided to Shareholders </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">on Schedule K-1 for each calendar year as soon as practicable after the end of such taxable year but in no </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">event later than March 15. Each Schedule K-1 provided to a Shareholder will set forth the Shareholder&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">share of the Fund&#8217;s tax items (i.e., interest income from Treasury Securities, short-term and long-term </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">capital gain or loss with respect to the futures contracts, Money Market Income, T-Bill ETF Income and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investment expenses for the year) in a manner sufficient for a U.S. Shareholder to complete its tax return
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">with respect to its investment in the Shares.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Each Shareholder, by its acquisition of Shares, will be deemed to agree to allow brokers and nominees to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">provide to the Fund its name and address and the other information and forms as may be reasonably </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">requested by the Fund for purposes of complying with their tax reporting and withholding obligations (and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to waive any confidentiality rights with respect to the information and forms for this purpose) and to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">provide information or forms upon request.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Given the lack of authority addressing structures similar to that of the
Fund, it is not certain that the IRS </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">will agree with the manner in which tax reporting by the Fund will be undertaken. Therefore, Shareholders </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">should be aware that future IRS interpretations or revisions to Treasury Regulations could alter the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">manner in which tax reporting by the Fund and any nominee will be undertaken.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Tax Agent</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The beneficial owners who are of a type, as identified by the nominee through whom their Shares are </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">held, that do not ordinarily have U.S. federal tax return filing requirements (collectively, &#8220;Certain K-1 </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Unitholders&#8221;), have designated the Managing Owner as their tax agent (the &#8220;Tax Agent&#8221;) in dealing with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Trust. In light of such designation and pursuant to Treasury Regulation section 1.6031(b)-1T(c), as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">amended from time to time, the Trust will provide to the Tax Agent Certain K-1 Unitholders&#8217; statements </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">(as described in Treasury Regulation section 1.6031(b)-1T(a)(3), as amended from time to time).</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Audits and Adjustments to Tax Liability</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Pursuant to the governing documents, the Managing Owner has been
appointed the &#8220;partnership </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">representative&#8221; of the Fund within the meaning of Section 6223 of the Code (the &#8220;Partnership </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Representative&#8221;), to act on the Fund&#8217;s behalf in connection with IRS audits and related proceedings. Under </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Centralized Partnership Audit Regime, the Partnership Representative&#8217;s actions, including the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Partnership Representative&#8217;s agreement to adjustments of the Fund&#8217;s income in settlement of an IRS audit </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the Fund, will bind all Shareholders, and opt-out rights available to certain Shareholders in connection </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">79</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_69"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with certain actions of the
tax matters partner under the partnership audit rules in effect prior to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">January 1, 2018, will no longer be available.</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Under the Centralized Partnership Audit Regime, Shareholders are not
required to receive notice of any </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">audit of a Fund tax return and are not entitled to participate in any such audit, and any adjustment made </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in a Fund audit will be binding on all of the Shareholders. Any tax arising from an audit of a Fund tax </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">return, as well as any resulting interest and penalties, is generally payable by the Fund in the year in which </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the determination becomes final unless the Fund elects to send statements (&#8220;Adjustment Statements&#8221;) to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">its Shareholders for the audited year informing them of their share of the adjustments made on audit. If </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund sends Adjustment Statements, Shareholders are generally required to pay any tax, interest and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">penalties arising from such adjustments as if the adjustments were made in the audited year and any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other affected year, as applicable, but are not required to amend their tax returns for any prior year. In </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">general, if the Fund pays the tax resulting from the adjustment, the amount is determined by applying the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">highest rate of tax in effect for the audited year to the net adjustment amount, subject to possible </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reduction, with the approval of the IRS, to account for certain types of income and for tax-exempt </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders. Treasury Regulations provide guidance as to how the tax is paid if a partnership or other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">flow-through entity (&#8220;Pass-Through Partner&#8221;) receives an Adjustment Statement from a lower-tier </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">partnership in which it holds an interest. In general, such Treasury Regulations provide that a Pass-Through </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Partner may pay the amount shown on the Adjustment Statement it receives or send statements to its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">interest holders for the audited year to which the Adjustment Statement relates informing them of their </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">share of the adjustments shown on the Adjustment Statement. If the Pass-Through Partner sends such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">statements to its interest holders, then the interest holders are generally required to pay the amount of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">tax, interest and penalties reported on such statements. A Pass-Through Partner must file and furnish such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">statements to its affected interest holders in accordance with forms, instructions and other guidance to be
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">prescribed by the IRS. It is also possible that state and local taxing jurisdictions will enact similar provisions.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders should discuss with their own tax advisors the possible
implications of the Centralized </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Partnership Audit Regime with respect to an investment in the Fund.</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Non-U.S. Shareholders</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund intends to conduct its activities in such a manner that a
non-U.S. Shareholder who is not </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">otherwise carrying on a trade or business in the United States is not expected to be considered to be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">engaged in a trade or business in the United States as a result of an investment in the Shares. A non-U.S. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder&#8217;s share of the interest income realized by the Fund on its holdings of Treasury Securities will </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">be exempt from U.S. withholding tax provided the non-U.S. Shareholder certifies on IRS Form W-8BEN or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">IRS Form W-8BEN-E (or other applicable form) that the Shareholder is not a U.S. person, provides name </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and address information and otherwise satisfies applicable documentation and certification requirements. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In addition, with respect to certain distributions made to non-U.S. Shareholders, no withholding is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">required and the distributions by the Fund that relate to dividends paid to the Fund by money market </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">mutual funds and T-Bill ETFs that are RICs generally will not be subject to federal income tax if (i) the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">distributions are properly reported by us as &#8220;interest-related dividends&#8221; or &#8220;short-term capital gain </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">dividends,&#8221; (ii) the distributions are derived from sources specified in the Code for such dividends and (iii) </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">certain other requirements are satisfied. No assurance can be given that any of our distributions would be
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">designated as eligible for this exemption.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Non-U.S. Shareholders will not be subject to U.S. federal income tax on gains realized on the sale of Shares </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or on the non-U.S. Shareholder&#8217;s share of the Fund&#8217;s capital gains. However, in general the purchaser or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">transferee of a partnership interest is required to withhold 10% on the &#8220;amount realized&#8221; by a Non-U.S. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder on the sale or exchange of Shares, unless the transferor certifies that it is not a non-U.S. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">person, but in the case of a transfer made through a broker, the obligation to withhold is generally </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">imposed on the transferor&#8217;s broker. The Managing Owner to the Fund has posted a Qualified Notice in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">accordance with Regulation Section 1.1446(f)-4(b)(3)(iii) which provides that the &#8220;10-percent exception&#8221; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">under Regulation Section 1.1446(f)-4(b)(3)(ii) applies to the Funds. Accordingly, brokers may be able (but </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">are not required) to rely on such notice to not withhold under Section 1446(f) on a transfer of Shares by a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">non-U.S. Shareholder. The Managing Owner intends to periodically post an updated Qualified Notice in </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">80</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_70"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">accordance with the
applicable Regulations, but there can be no assurances that the &#8220;10-percent </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exception&#8221; will always be available to the Fund to be able to post a
Qualified Notice. A Non-U.S. </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder also could be liable for state/local income taxes, and could have corresponding state/local tax </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">filing requirements.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In the case of an individual non-U.S. Shareholder, the non-U.S. Shareholder will be subject to U.S. federal </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">income tax on gains on the sale of Shares or the non-U.S. Shareholder&#8217;s distributive share of capital gains if </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the non-U.S. Shareholder is present in the United States for 183 days or more during a taxable year and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">certain other conditions are met.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Non-U.S. Shareholders that are individuals will be subject to U.S. federal estate tax on the value of U.S. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">situs property owned at the time of their death (unless a statutory exemption or tax treaty exemption </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">applies). It is unclear whether partnership interests (such as the Shares) will be considered U.S. situs </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">property. Accordingly, non-U.S. Shareholders may be subject to U.S. federal estate tax on all or part of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">value of the Shares owned at the time of their death.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Non-U.S. Shareholders are advised to consult their own tax advisors with respect to the particular tax
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">consequences to them of an investment in the Shares.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Regulated Investment Companies</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The treatment of a RIC&#8217;s investment in the Fund will depend, in part, on whether the Fund is classified as a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">qualified publicly traded partnership within the meaning of Section 851(h) of the Code (a &#8220;qualified PTP&#8221;). </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">RICs may invest up to 25% of their assets in qualified PTPs and net income derived from such investments </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">is qualifying income under the income source test applicable to entities seeking to qualify for the special </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">tax treatment available to RICs under the Code. A RIC is not required to look through the underlying </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">partnership assets of a qualified PTP when testing compliance with gross income tests applicable to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">determining whether an entity qualified as a RIC. A RIC, however, may be required to look through a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">qualified PTP when testing compliance with the asset diversification tests. A RIC will also be required to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">look through corporations in which the RIC owns a 20% or more voting stock interest in determining </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">whether a RIC has invested up to 25% of its assets in qualified PTPs, including other issuers, when testing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">compliance with the asset diversification tests applicable to RICs under the Code. On the other hand, an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investment by a RIC in a publicly traded partnership that is not a qualified PTP is not counted against the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">25% limit on a RIC&#8217;s investments in qualified PTPs; rather the RIC is treated as if it earned income in the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">same manner as the partnership for purposes determining whether it qualifies as a RIC.</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div>
</div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund anticipates that it will qualify as a qualified PTP for
any taxable year in which the Fund realizes </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">sufficient gross income from its commodity futures transactions. However, qualification of the Fund as a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">qualified PTP depends on performance of the Fund for the particular tax year and there is no assurance </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that it will qualify in a given year or that future results of the Fund will conform to prior experience. In </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">addition, there is, to date, no regulatory guidance on the application of these rules, and it is possible that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">future guidance may adversely affect qualification of the Fund as a qualified PTP.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">RIC investors are urged to monitor their investments in the Fund and consult with a tax advisor concerning </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the impact of such an investment on their compliance with the income source and asset diversification </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">requirements applicable to RICs. The Fund will make available on the Managing Owner&#8217;s website periodic </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">tax information designed to enable RIC investors in its Shares to make a determination as to the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">status under the qualified PTP rules.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Tax-Exempt Organizations</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">An organization that is otherwise exempt from U.S. federal income tax is nonetheless subject to taxation </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with respect to its UBTI. Except as noted below with respect to certain categories of exempt income, UBTI </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">generally includes income or gain derived (either directly or through a partnership) from a trade or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">business, the conduct of which is substantially unrelated to the exercise or performance of the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">organization&#8217;s exempt purpose or function.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">81</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_71"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">UBTI generally does not
include passive investment income, such as dividends, interest and capital gains, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">whether realized by the organization directly or indirectly through a partnership
(such as the Fund) in </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">which it is a partner. This type of income is exempt, subject to the discussion of &#8220;unrelated debt-financed </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">income&#8221; below, even if it is realized from securities trading activity that constitutes a trade or business.</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">UBTI includes not only trade or business income or gain as described
above, but also &#8220;unrelated debt-financed</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;"> income.&#8221; This latter type of income generally consists of (1) income derived by an exempt </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">organization (directly or through a partnership) from income producing property with respect to which </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">there is &#8220;acquisition indebtedness&#8221; at any time during the taxable year and (2) gains derived by an exempt </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">organization (directly or through a partnership) from the disposition of property with respect to which </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">there is acquisition indebtedness at any time during the twelve-month period ending with the date of the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">disposition.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">All of the income realized by the Fund is expected to be short-term or long-term capital gain income, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">interest income or other passive investment income of the type specifically exempt from UBTI as discussed </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">above. The Fund will not borrow funds for the purpose of acquiring or holding any investments or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">otherwise incur &#8220;acquisition indebtedness&#8221; with respect to such investments. Therefore, a tax-exempt </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">entity purchasing Shares is not expected to incur any UBTI by reason of its investment in the Shares or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">upon sale of such Shares provided that such tax-exempt entity does not borrow funds for the purpose of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">investing in the Shares.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Tax-exempt entities are not permitted to offset losses from one trade or business against the income or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">gain of another trade or business. Certain net losses incurred prior to January 1, 2018, are permitted to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">offset gain and income created by an unrelated trade or business, if otherwise available.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Certain State and Local Taxation Matters</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Prospective Shareholders should consider, in addition to the U.S. federal income tax consequences </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">described, potential state and local tax considerations in investing in the Shares. These considerations </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">arise under various taxing schemes, which include taxes imposed on entities treated as partnerships for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">U.S. federal income tax purposes, withholding on the distributive share of a nonresident partner, franchise
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">and capital taxes, gross income taxes, net income taxes, value added taxes, and gross receipts taxes.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">State and local tax laws often differ from U.S. federal income tax laws
with respect to the treatment of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">specific items of income, gain, loss, deduction and credit for state net income tax purposes. For </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders that are taxed as entities for state or local tax income tax purposes, the taxable nexus, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">income, and apportionment factors of the Fund may flow through to the Shareholder and such flow-through</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;"> may disproportionately impact the taxability of the Shareholder in one or more jurisdictions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">relative to that Shareholder&#8217;s distributive share from the Fund. For Shareholders that are individuals, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">taxable nexus and apportioned income of the Fund will generally flow through to the Shareholder and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder&#8217;s distributive share of the taxable income or loss of the Fund generally will be required to be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">included in determining its reportable income for state and local income tax purposes in the jurisdiction in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">which the Shareholder is a resident.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund may have a taxable nexus with one or more jurisdictions that will subject a Shareholder to tax </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(and require a Shareholder to file a state and local tax return with the jurisdiction in respect to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder&#8217;s share of the income derived from that business). A prospective Shareholder should consult </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">its tax advisor with respect to the availability of a credit for such tax in the jurisdiction(s) in which the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Shareholder is resident.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Tax Shelter Disclosure Rules</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">There are circumstances under which certain transactions must be disclosed to the IRS in a disclosure </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">statement attached to a taxpayer&#8217;s U.S. federal income tax return. (A copy of such statement must also be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">sent to the IRS Office of Tax Shelter Analysis.) In addition, the Code imposes a requirement on certain </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">&#8220;material advisors&#8221; to maintain a list of persons participating in such transactions, which list must be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">furnished to the IRS upon written request. These provisions can apply to transactions not conventionally </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">considered to involve abusive tax planning. Consequently, it is possible that such disclosure could be </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">82</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_72"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">required by the Fund or the
Shareholders (1) if a Shareholder incurs a loss (in each case, in excess of a </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">threshold computed without regard to offsetting gains or other income or limitations)
from the disposition </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(including by way of withdrawal) of Shares, or (2) possibly in other circumstances. Furthermore, the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">material advisors could be required to maintain a list of persons investing in the Fund pursuant to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Code. While the tax shelter disclosure rules generally do not apply to a loss recognized on the disposition </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of an asset in which the taxpayer has a qualifying basis (generally a basis equal to the amount of cash paid </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">by the taxpayer for such asset), such rules will apply to a taxpayer recognizing a loss with respect to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">interests in a pass-through entity (such as the Shares) even if its basis in such interests is equal to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">amount of cash it paid. In addition, significant penalties may be imposed in connection with a failure to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">comply with these reporting requirements. U.S. Shareholders are urged to consult their tax advisors
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">regarding the tax shelter disclosure rules and their possible application to them.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">U.S. Shareholders should consult their own tax advisors regarding any tax reporting or filing obligations </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">they may have as a result of their acquisition, ownership or disposition of Shares.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Backup Withholding</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund is required in certain circumstances to backup withhold on certain payments paid to non-corporate</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;"> Shareholders that do not furnish the Fund with their correct taxpayer identification number (in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the case of individuals, their social security number) and certain certifications, or who are otherwise </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld from </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">payments made to a Shareholder may be refunded or credited against the Shareholder&#8217;s U.S. federal </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">income tax liability, if any, provided that the required information is furnished to the IRS in a timely
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">manner.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders should be aware that certain aspects of the U.S. federal, state and local income tax </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">treatment regarding the purchase, ownership and disposition of Shares are not clear under existing law. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Thus, Shareholders are urged to consult their own tax advisors to determine the tax consequences of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">ownership of the Shares in their particular circumstances, including the application of U.S. federal, state, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">local and foreign tax laws.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">FATCA</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Foreign Account Tax Compliance Act provisions of the Hiring Incentives to Restore Employment Act </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(&#8220;FATCA&#8221;) generally impose a reporting and 30% withholding tax regime with respect to certain items of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">U.S. source income (including dividends and interest) (&#8220;Withholdable Payments&#8221;). While the 30% </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">withholding tax would have applied also to payments of gross proceeds from the sale or other disposition </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">on or after January 1, 2019 of property that would give rise to U.S. source interest or dividends, proposed </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Treasury Regulations eliminate such withholding on payments of gross proceeds entirely. The U.S. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Treasury Department has indicated that taxpayers may rely on these proposed Treasury Regulations </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">pending their finalization. As a general matter, the rules are designed to require U.S. persons&#8217; direct and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">indirect ownership of non-U.S. accounts and non-U.S. entities to be reported to the IRS. The 30% </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">withholding tax regime applies if there is a failure to provide required information regarding U.S.
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">ownership.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The rules may subject a non-U.S. Shareholder&#8217;s share of Withholdable Payments received by the Fund to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">30% withholding tax unless such shareholder provides information, representations and waivers of non-U.S.</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;"> law as may be required to comply with the provisions of the rules, including information regarding </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">certain U.S. direct and indirect owners of such non-U.S. Shareholder. A non-U.S. Shareholder that is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">treated as a &#8220;foreign financial institution&#8221; will generally be subject to withholding unless it agrees to report </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">certain information to the IRS regarding its U.S. accountholders and those of its affiliates.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Prospective shareholders should consult their own advisors regarding the requirements under FATCA with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">respect to their own situation.</font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">83</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_73"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Euroclear System</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Any participant of the Euroclear System that holds Shares in the
Euroclear System will be deemed to have </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">represented to and agreed with the Fund and Euroclear Bank as a condition to Shares being in the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Euroclear System to furnish to the Euroclear Bank (a) its tax identification number, (b) notice of whether it </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">is (i) a person who is not a United States person, (ii) a foreign government, an international organization or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">any wholly owned agency or instrumentality of either of the foregoing or (iii) a tax exempt identity, and (c) </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">such other information as the Euroclear Bank may request from time to time in order to comply with its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">United States tax reporting obligations. If a participant in the Euroclear System fails to provide such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">information, Euroclear Bank may, among other courses of action, block trades in the Shares and related
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">income distributions of such participant.</font></div> </div> <div style="line-height:10.5pt;margin-top:6pt;text-align:center;">
<hr style="background-color:#000000;height:0.5pt;margin-bottom:0pt;margin-top:13.0pt;width:180pt;"> </div> <div style="line-height:9.35pt;margin-top:12pt;text-align:left;"> <div style="margin-top:12pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR TAX ADVISORS BEFORE DECIDING WHETHER
</font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">TO INVEST IN THE SHARES.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Purchases by Employee Benefit
Plans</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">Although there can be no assurance
that an investment in the Fund, or any other managed futures product, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">will achieve the investment objectives of an employee benefit plan in
making such investment, futures </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">investments have certain features which may be of interest to such a plan. For example, the futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">markets are one of the few investment fields in which employee benefit plans can participate in leveraged </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">strategies without being required to pay tax on &#8220;unrelated business taxable income.&#8221; See &#8220;Material U.S. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">Federal Income Tax Considerations &#8212; Tax-Exempt Organizations&#8221; above. In addition, because they are not </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">taxpaying entities, employee benefit plans are not subject to paying annual tax on profits (if any) of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">Fund.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">General</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The following section sets forth certain consequences under the Employee Retirement Income Security Act </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of 1974, as amended (&#8220;ERISA&#8221;), and the Code, which a fiduciary of an &#8220;employee benefit plan&#8221; as defined </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in, and subject to the fiduciary responsibility provisions of, ERISA or of a &#8220;plan&#8221; as defined in and subject to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Section 4975 of the Code who has investment discretion should consider before deciding to invest the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">plan&#8217;s assets in the Fund (such &#8220;employee benefit plans&#8221; and &#8220;plans&#8221; being referred to herein as Plans, and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">such fiduciaries with investment discretion being referred to herein as Plan Fiduciaries). The following </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">summary is not intended to be complete, but only to address certain questions under ERISA and the Code
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">which are likely to be raised by the Plan Fiduciary&#8217;s own counsel.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In general, the terms &#8220;employee benefit plan&#8221; as defined in ERISA and &#8220;plan&#8221; as defined in Section 4975 of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Code together refer to any plan or account of various types which provide retirement benefits or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">welfare benefits to an individual or to an employer&#8217;s employees and their beneficiaries. Such plans and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">accounts include, but are not limited to, corporate pension and profit sharing plans, &#8220;simplified employee </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">pension plans,&#8221; Keogh plans for self-employed individuals (including partners), individual retirement
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">accounts described in Section 408 of the Code and medical benefit plans.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Each Plan Fiduciary of an ERISA Plan must give appropriate consideration to the facts and circumstances </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that are relevant to an investment in the Fund, including the role such an investment in the Fund plays in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Plan&#8217;s investment portfolio. Each such Plan Fiduciary, before deciding to invest in the Fund, must be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">satisfied that such investment in the Fund is a prudent investment for the Plan, that the investments of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Plan, including the investment in the Fund, are diversified so as to minimize the risk of large losses and that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">an investment in the Fund complies with the documents of the Plan and related trust.</font></div> </div> <div style="line-height:9.35pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">EACH PLAN FIDUCIARY CONSIDERING ACQUIRING SHARES SHOULD CONSULT WITH ITS OWN LEGAL AND </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">TAX ADVISORS BEFORE DOING SO. AN INVESTMENT IN THE FUND IS SPECULATIVE AND INVOLVES A </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">HIGH DEGREE OF RISK. THE FUND IS NOT INTENDED AS A COMPLETE INVESTMENT PROGRAM.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">84</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_74"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">&#8220;Plan
Assets&#8221;</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">ERISA and a regulation issued thereunder (the
&#8220;Plan Asset Rules&#8221;) contain rules for determining when an </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investment by a Plan in an entity will result in the underlying assets of such entity being
treated as assets </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the Plan for purposes of the fiduciary responsibility and prohibited transaction provisions of ERISA and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Section 4975 of the Code (i.e., &#8220;plan assets&#8221;). Those rules provide that assets of an entity will not be plan </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">assets of a Plan which purchases an interest therein if certain exceptions apply, including (i) an exception </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">applicable if the equity interest purchased is a &#8220;publicly-offered security&#8221; (the &#8220;Publicly-Offered Security </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Exception&#8221;), and (ii) an exception applicable if the investment by all &#8220;benefit plan investors&#8221; is not </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">&#8220;significant&#8221; (the &#8220;Insignificant Participation Exception&#8221;), or certain other exceptions apply.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Publicly-Offered Security Exception applies if the equity interest
is a security that is (1) &#8220;freely </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">transferable,&#8221; (2) part of a class of securities that is &#8220;widely held&#8221; and (3) either (a) part of a class
of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">securities registered under Section 12(b) or 12(g) of the Exchange Act, or (b) sold to the Plan as part of a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">public offering pursuant to an effective registration statement under the Securities Act and the class of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">which such security is a part is registered under the Exchange Act within 120 days (or such later time as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may be allowed by the SEC) after the end of the fiscal year of the issuer in which the offering of such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">security occurred. The Plan Asset Rules state that the determination of whether a security is &#8220;freely </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">transferable&#8221; is to be made based on all relevant facts and circumstances. Under the Plan Asset Rules, a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">class of securities is &#8220;widely held&#8221; only if it is of a class of securities owned by 100 or more investors </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">independent of the issuer and of each other.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Shares should be considered to be publicly-offered securities. First, the Shares are being sold only as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">part of a public offering pursuant to an effective registration statement under the Securities Act, and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shares were timely registered under the Exchange Act. Second, it appears that the Shares are freely </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">transferable because the Shares may be freely bought and sold on NYSE Arca. Third, the Shares have been </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">owned by at least 100 investors independent of the Fund and of each other from the date the Shares were </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">first sold. Therefore, the underlying assets of the Fund should not be considered to constitute assets of any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Plan which purchases Shares.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Ineligible Purchasers</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">In general, Shares may not be purchased with the assets of a Plan if the Managing Owner, the Commodity </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Broker, the Administrator, Invesco Distributors, the Trustee, the Index Sponsor, or any of their respective </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">affiliates or any of their respective employees either: (a) has investment discretion with respect to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investment of such plan assets; (b) has authority or responsibility to give, or gives, &#8220;investment advice&#8221; as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">defined by U.S. Department of Labor regulations with respect to such plan assets, for a fee; or (c) is an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">employer maintaining or contributing to such Plan. A party that is described in clause (a) or (b) of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">preceding sentence is a fiduciary under ERISA and the Code with respect to the Plan, and any such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">purchase might result in a &#8220;prohibited transaction&#8221; under ERISA and the Code absent an available </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">exemption from the prohibited transaction rules.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">None of the Managing Owner, the Commodity Broker, the Administrator, Invesco Distributors, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trustee, the Index Sponsor, or any of their respective affiliates or any of their respective employees is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with the purchase or continued holding of Shares by any Plan, and by purchasing Shares, a Plan Fiduciary </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">shall be deemed to represent that it has not relied on, and is not relying on, any recommendation or other
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">advice from any such person with respect to the Plan&#8217;s investment in the Shares.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Form 5500 Reporting</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Certain ERISA Plans may be required to report certain compensation paid by the Fund to the Fund&#8217;s service </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">providers on Schedule C to the Plan&#8217;s annual Form 5500. To the extent applicable, any descriptions of such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">compensation herein are intended to satisfy the disclosure requirements for &#8220;eligible indirect
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">compensation&#8221; for purposes of the alternative reporting option on Schedule C.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Except as otherwise set forth, the foregoing statements regarding the consequences under ERISA and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Code of an investment in the Fund are based on the provisions of the Code and ERISA as currently in effect, </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">85</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_75"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and the existing
administrative and judicial interpretations thereunder. No assurance can be given that </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">administrative, judicial or legislative changes will not occur that will
make the foregoing statements </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">incorrect or incomplete.</font></div> <div style="line-height:9.35pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">THE PERSON WITH INVESTMENT DISCRETION SHOULD CONSULT WITH HIS OR HER ATTORNEY AND </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;">FINANCIAL ADVISERS AS TO THE PROPRIETY OF AN INVESTMENT IN THE FUND IN LIGHT OF THE </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">CIRCUMSTANCES OF THE PARTICULAR PLAN AND CURRENT TAX LAW.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">This section does not address any laws, regulations, or statutes that may apply to prospective investors </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that are employee benefit plans not subject to ERISA or Section 4975 of the Code, such as U.S. federal, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">state and local governmental plans and certain church plans (as well as foreign plans). These other laws, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">regulations or statutes may impose fiduciary responsibility requirements in connection with the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investment of plan assets that may be similar to ERISA. Such investors should consult their own
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">professional advisors about these matters.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Plan of Distribution</font><font
style="color:#000000;font-family:Arial;font-size:12.88pt;line-height:13.80pt;"> </font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Authorized Participants</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund issues Shares in Creation Units to Authorized Participants continuously on the creation order </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">settlement date as of 2:45 p.m., Eastern time, on the business day immediately following the date on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">which a valid order to create a Creation Unit is accepted by the Fund. The creation or redemption will be at </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the NAV of 50,000 Shares as of the closing time of the NYSE Arca or the last to close of the exchanges on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">which the Fund&#8217;s futures contracts are traded, whichever is later, on the date that a valid order to create a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Creation Unit is accepted by the Fund. Upon submission of a creation order, the Authorized Participant </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may request the Managing Owner to agree to a creation order settlement date up to one business day </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">after
the creation order date.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Authorized Participants may
offer to the public, from time to time, Shares from any Creation Units they </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">create. Shares offered to the public by Authorized Participants will be offered at a
per Share offering price </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that will vary depending on, among other factors, the trading price of the Shares on the NYSE Arca, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">NAV per Share and the supply of and demand for the Shares at the time of the offer. Shares initially </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">comprising the same Creation Unit but offered by Authorized Participants to the public at different times </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may have different offering prices. The excess, if any, of the price at which an Authorized Participant sells a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Share over the price paid by such Authorized Participant in connection with the creation of such Share in a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Creation Unit may, depending on the facts and circumstances, be deemed to be underwriting
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">compensation by the FINRA Corporate Financing Department. Authorized Participants will not receive </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">from the Fund, the Managing Owner or any of their affiliates, any fee or other compensation in connection </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with their sale of Shares to the public, although investors are expected to be charged a commission by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">their brokers in connection with purchases of Shares that will vary from investor to investor. Investors are </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">encouraged to review the terms of their brokerage accounts for applicable charges.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund has entered into the Distribution Services Agreement with Invesco Distributors to assist the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner with certain functions and duties relating to distribution and marketing, including </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reviewing and approving marketing materials. In consideration for the services provided by Invesco </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Distributors, the Managing Owner reimburses Invesco Distributors for actual costs associated with the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">performance of such services, capped at $25,000 annually ($6,250 per quarter). See also &#8220;Material
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Contracts &#8211; Distribution Services Agreement.&#8221;</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">As of the date of this Prospectus, each of [Bank of America Securities LLC, BMO Capital Markets Corp., BNP </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald &amp; Co., Citadel Securities LLC, Citigroup </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs &amp; Co., Goldman Sachs Execution &amp; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Morgan Stanley &amp; Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Securities LLC, UBS Securities LLC, Virtu Americas LLC and Virtu Financial Capital Markets LLC] has executed </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">a Participant Agreement and are the only Authorized Participants.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">86</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_76"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Likelihood of Becoming a
Statutory Underwriter</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund issues Shares in Creation
Units to Authorized Participants from time to time in exchange for cash. </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Because new Shares can be created and issued on an ongoing basis at any point during the
life of the Fund, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">a &#8220;distribution,&#8221; as such term is used in the Securities Act, may occur at any point. An Authorized </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Participant, other broker-dealer firm or its client may be deemed a statutory underwriter, and thus may be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">subject to the prospectus-delivery and liability provisions of the Securities Act, if it purchases a Creation </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Unit from the Fund, breaks the Creation Unit down into the constituent Shares and sells the Shares to its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">customers; or if it chooses to couple the creation of a supply of new Shares with an active selling effort </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">involving solicitation of secondary market demand for the Shares. A determination of whether one is an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">underwriter must take into account all the facts and circumstances pertaining to the activities of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">broker-dealer or its client in the particular case, and the examples mentioned above should not be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">considered a complete description of all the activities that would lead to categorization as an underwriter. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Authorized Participants, other broker-dealers and other persons are cautioned that some of their activities </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may result in their being deemed participants in a distribution, under certain interpretations of applicable </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">law, in a manner which would render them statutory underwriters and subject them to the
prospectus-delivery</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> and liability provisions of the Securities Act.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Dealers who are neither Authorized Participants nor &#8220;underwriters,&#8221; but are participating in a distribution </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">&#8220;unsold allotment&#8221; within the meaning of section 4(a)(3)(C) of the Securities Act, would be unable to take </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">advantage of the prospectus delivery exemption provided by section 4(a)(3) of the Securities Act.</font></div> </div> <div style="line-height:9.20pt;margin-top:9pt;text-align:center;">
<div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;">[Remainder of page left blank intentionally]</font></div> </div> <div style="line-height:10.0pt;text-align:left;"> </div> </div> <div style="clear:both;">
</div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">87</font></div>
</div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_77"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Summary of Items of Value Paid
Pursuant to FINRA Rule 2310</font><font style="color:#000000;font-family:Arial;font-size:1pt;font-weight:bold;line-height:0.00pt;">&#8195;</font></div> <div style="line-height:0.0pt;margin-top:6pt;text-align:left;"> <div style="margin-top:6pt;">
</div> </div> <div style="margin-top:0.0pt;">
<table style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:432pt;" cellpadding="0" cellspacing="0">
<tr style="height:14pt;">
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:89.25pt;"> <div style="line-height:8.50pt;text-align:left;"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Nature of Payment</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:58.5pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Recipient</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:52.5pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Payor</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:112.5pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Amount of Payment</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:119.25pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:7.65pt;font-weight:bold;margin-left:0.0pt;">Services Provided</font></div> </div> </td> </tr>
<tr style="height:37pt;">
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:89.25pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Selling Commission</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:58.5pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Authorized </font></div> <div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Participants</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:52.5pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Shareholders</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:112.5pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">No greater than 0.99% of the </font></div>
<div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">gross offering proceeds.</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:119.25pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Brokering purchases and sales </font></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">of the Shares and creating and </font></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">redeeming Creation Units.</font></div> </div> </td> </tr>
<tr style="height:123pt;">
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:4.5pt;vertical-align:Top;width:89.25pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Distribution Services </font></div> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Fee</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:4.5pt;vertical-align:Top;width:58.5pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Invesco </font></div> <div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Distributors</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:4.5pt;vertical-align:Top;width:52.5pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Managing </font></div> <div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Owner</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:4.5pt;vertical-align:Top;width:112.5pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Capped at $25,000 per </font></div> <div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">annum, not to exceed 0.25% </font></div> <div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">of the gross offering </font></div> <div style="margin-left:2.25pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">proceeds</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:4.5pt;vertical-align:Top;width:119.25pt;"> <div style="line-height:10.12pt;text-align:left;"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">Assisting the Managing Owner </font></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">with certain functions and </font></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">duties relating to distribution </font></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">and marketing, including </font></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">reviewing and approving </font></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">marketing materials, </font></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">consulting with FINRA and </font></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">ensuring compliance with </font></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">FINRA marketing rules and </font></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">maintaining certain books and </font></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.0pt;">records pertaining to the Fund.</font></div> </div> </td> </tr> </table> </div> <div style="line-height:10.12pt;margin-top:6pt;text-align:left;">
<div style="margin-top:6pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">For additional details, see below.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">General</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Retail investors may purchase and sell Shares through traditional brokerage accounts. Investors who </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">purchase Shares through a commission/fee-based brokerage account may pay commissions/fees charged </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">by the brokerage account. Investors are encouraged to review the terms of their brokerage accounts for
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">applicable charges.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Investors intending to create or redeem Creation Units through Authorized Participants in transactions not </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">involving a broker-dealer registered in such investor&#8217;s state of domicile or residence should consult their </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">legal advisor regarding applicable broker-dealer or securities regulatory requirements under the state
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">securities laws prior to such creation or redemption.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner has agreed to indemnify certain parties against certain liabilities, including liabilities </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">under the Securities Act, and to contribute to payments that such parties may be required to make in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">respect of those liabilities. The Trustee has agreed to reimburse such parties, solely from and to the extent </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the Fund&#8217;s assets, for indemnification and contribution amounts due from the Managing Owner in
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">respect of such liabilities to the extent the Managing Owner has not paid such amounts when due.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The offering of Creation Units is being made in compliance with FINRA
Rule 2310. Accordingly, the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Authorized Participants will not make any sales to any account over which they have discretionary </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">authority without the prior written approval of a purchaser of Shares. The maximum amount of items of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">value to be paid to FINRA Members in connection with the offering of the Shares by the Fund will not
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">exceed 10% of the gross offering proceeds of the Fund&#8217;s Shares.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Authorized Participants will not charge a commission of greater than 0.99% of the gross offering </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">proceeds of the offering.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Distribution Services Agreement provides for Invesco Distributors to be paid $25,000 per annum
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">($6,250 per quarter). The Managing Owner pays these fees to Invesco Distributors out of its own assets.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The payments to Invesco Distributors will not, in the aggregate, exceed
0.25% of the gross offering </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">proceeds of the offering. Invesco Distributors will monitor compensation received in connection with the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund to determine if the payments described hereunder must be limited, when combined with selling </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commissions charged and any price spreads realized by other FINRA members, in order to comply with the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">10% limitation on total underwriters&#8217; compensation pursuant to FINRA Rule 2310.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:left;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Fund&#8217;s Shares trade on the NYSE Arca under the symbol &#8220;DBC.&#8221;</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">88</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_78"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:0pt;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Legal Matters</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Morgan, Lewis &amp; Bockius LLP has advised the Managing Owner in
connection with the Shares being </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">offered hereby. Morgan, Lewis &amp; Bockius LLP also advises the Managing Owner with respect to its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">responsibilities as managing owner of, and with respect to matters relating to, the Fund. Morgan, Lewis &amp; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Bockius LLP has prepared the sections &#8220;Material U.S. Federal Income Tax Considerations&#8221; and &#8220;Purchases </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">By Employee Benefit Plans&#8221; with respect to ERISA. Morgan, Lewis &amp; Bockius LLP has not represented, nor </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">will it represent, the Fund or the Shareholders in matters relating to the Fund and no other counsel has </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">been engaged to act on their behalf. Certain opinions of counsel have been filed with the SEC as exhibits to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">the Registration Statement of which this Prospectus is a part.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Richards, Layton &amp; Finger, P.A., special Delaware counsel to the Fund, has advised the Fund in connection </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">with the legality of the Shares being offered hereby.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Experts</font></div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The financial statements and management&#8217;s assessment of the
effectiveness of internal control over </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">financial reporting (which is included in the Report of Management on Internal Control Over Financial </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Reporting) incorporated in this Prospectus by reference to the Annual Report on </font><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1328237/000095017024019059/dbc-20231231.htm">
<font style="font-family:Arial;font-size:9.20pt;">Form 10-K</font></A><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> for the year </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">ended December
31, 2023 have been so incorporated in reliance on the report of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the
authority of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">said firm as experts in auditing and accounting.</font></div> </div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Additional Information</font><font
style="color:#000000;font-family:Arial;font-size:12.88pt;line-height:13.80pt;"> </font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">This Prospectus constitutes part of the Registration Statement filed by the Fund with the SEC in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Washington, D.C. As further discussed under &#8220;Incorporation by Reference of Certain Documents,&#8221; we have </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">incorporated by reference certain information. This Prospectus does not contain all of the information set </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">forth in such Registration Statement, certain portions of which have been omitted pursuant to the rules </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and regulations of the SEC, including, without limitation, certain exhibits thereto (for example, the forms </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the Participant Agreement and the Customer Agreement). The descriptions contained herein of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">agreements included as exhibits to the Registration Statement are necessarily summaries; the exhibits </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">themselves may be inspected without charge at the public reference facilities maintained by the SEC in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Washington, D.C., and copies of all or part thereof may be obtained from the Commission upon payment </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the prescribed fees. The SEC maintains a website that contains reports, proxy and information </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">statements and other information regarding registrants that file electronically with the SEC. The address of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">such site is </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.sec.gov</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">.</font></div>
</div> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;"> <hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:18.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font
style="color:#000000;font-family:Arial;font-size:12.88pt;">Recent Financial Information and Annual Reports</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner will furnish you with an annual report of the Fund within ninety (90) calendar days </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">after the end of the Fund&#8217;s fiscal year as required by the rules and regulations of the CFTC, including, but </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">not limited to, an annual audited financial statement certified by independent registered public </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">accountants and any other reports required by any other governmental authority that has jurisdiction over </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the activities of the Fund. You also will be provided with appropriate information to permit you to file your </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">U.S. federal and state income tax returns (on a timely basis) with respect to your Shares. Monthly account </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">statements conforming to CFTC and NFA requirements are posted on the Managing Owner&#8217;s website at </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">https://www.invesco.com/ETFs</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">. Additional reports may be posted on the Managing Owner&#8217;s website in
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the discretion of the Managing Owner or as required by regulatory authorities.</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">89</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_8e7e3ec6-b1b2-4d03-a8f0-e54afb8ce0b6_79"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:13.80pt;margin-top:18pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:0pt;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">Incorporation by Reference of Certain
Documents</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The SEC allows the Fund to &#8220;incorporate by
reference&#8221; into this Prospectus the information that the Fund </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">files with it, meaning the Fund can disclose important information to Shareholders by referring
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Shareholders to those documents already on file with the SEC.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The information the Fund incorporates by reference is an important part of this Prospectus, and later </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">information that the Fund files with the SEC will automatically update and supersede some of this
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">information. The Fund incorporates by reference the documents listed below.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">This Prospectus incorporates by reference the following documents, which the Fund has filed or will file </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">with the SEC, in response to certain disclosures:</font></div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Annual Report on </font><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1328237/000095017024019059/dbc-20231231.htm">
<font style="font-family:Arial;font-size:9.20pt;">Form 10-K</font></A><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> for the fiscal year ended December 31, 2023 filed on February 23, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">2024;</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:10.12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Quarterly Report on Form 10-Q for the quarterly period ended </font><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1328237/000095017024054964/dbc-20240331.htm">
<font style="font-family:Arial;font-size:9.20pt;">March 31, 2024</font></A><font style="color:#000000;font-family:Arial;font-size:9.20pt;">, filed on May 8, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">2024;
and</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.88pt;position:relative;width:100%;">
<div style="float:left;line-height:8.36pt;margin-left:18pt;text-align:left;width:5.69pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">&#9679;&#8201;</font></div>
<div style="float:left;line-height:10.20pt;margin-left:6.31pt;text-align:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Any documents filed under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after
(i) the date </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">of the initial registration statement and prior to effectiveness of the registration statement and (ii) </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">the date of this Prospectus and prior to the termination of the offering made under this </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Prospectus.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div style="line-height:10.12pt;margin-top:5.88pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Any
statement contained in a document that is incorporated by reference will be modified or superseded </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for all purposes to the extent that a statement contained in
this Prospectus (or in any other document that </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">is subsequently filed with the SEC and incorporated by reference) modifies or is contrary to that previous </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">statement. Any statement so modified or superseded will not be deemed a part of this Prospectus except </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">as
so modified or superseded.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Because the Fund is
incorporating by reference future filings with the SEC, this Prospectus is continually </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">updated and later information filed with the SEC may update and supersede
some of the information </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">included or incorporated by reference in this Prospectus. This means that Shareholders must look at all of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the SEC filings that are incorporated by reference to determine if any of the statements in this Prospectus
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">or in any document previously incorporated by reference have been modified or superseded.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund will provide to Shareholders a copy of the filings that have been incorporated by reference in this </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Prospectus upon request, at no cost. Any request may be made by writing or calling the following address
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">or telephone number:</font></div> </div> <div style="line-height:10.12pt;margin-top:3pt;text-align:center;"> <div style="margin-top:3pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Invesco Capital Management LLC</font> <br><font style="color:#000000;font-family:Arial;font-size:9.20pt;">3500 Lacey Road, Suite 700</font> <br><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Downers Grove, IL 60515</font> <br><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Telephone: (800) 983-0903</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">These documents may also be accessed through our website at </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.invesco.com/ETFs</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> or as
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">described herein under &#8220;Additional Information.&#8221; The information and other content contained on or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">linked from our website are not incorporated by reference in this Prospectus and should not be considered
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">a part of this Prospectus.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Fund files annual, quarterly, current reports and other information with the SEC. The SEC maintains an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">internet site at
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.sec.gov</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> that contains reports, proxy and information statements and other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">information regarding the Fund.</font></div> </div> <div style="line-height:9.20pt;margin-top:9pt;text-align:center;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;">[Remainder of page left blank intentionally]</font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">90</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_800adf24-abba-412d-9e69-8dcea6cb9739_1"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:11.05pt;margin-left:6pt;margin-top:3pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:-6pt;margin-top:0pt;text-align:left;top:-2pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;">Part Two</font></div>
<div style="line-height:11.05pt;margin-top:3pt;text-align:left;"> <div style="margin-top:3pt;"><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;margin-left:6pt;">Statement of Additional Information</font>
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:0.5pt;position:relative;text-align:left;top:-2pt;width:432pt;"> </div> </div> <div style="line-height:16.15pt;margin-top:17pt;text-align:center;">
<div style="margin-top:17pt;"><font style="color:#000000;font-family:Arial;font-size:15.30pt;font-weight:bold;">Invesco DB Commodity Index Tracking Fund</font></div> </div> <div style="line-height:12.75pt;margin-top:7pt;text-align:center;">
<div style="margin-top:7pt;"><font style="color:#000000;font-family:Arial;font-size:11.90pt;font-weight:bold;">Shares of Beneficial Interest</font></div> </div> <div style="line-height:14.5pt;margin-top:18pt;text-align:center;">
<hr style="background-color:#000000;height:0.5pt;margin-bottom:0pt;margin-top:27.0pt;width:180pt;"> </div> <div style="line-height:11.05pt;margin-top:5pt;text-align:center;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;">The Shares are speculative securities which involve the risk of loss.</font></div> </div> <div style="line-height:11.05pt;margin-top:5pt;text-align:center;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;">Past performance is not necessarily indicative of future results.</font></div> </div>
<div style="line-height:11.05pt;margin-top:5pt;text-align:center;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;">See &#8220;Risk Factors&#8221; beginning at page </font><font
style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;">12</font><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;"> in Part One.</font></div> </div>
<div style="line-height:11.05pt;margin-top:36pt;text-align:justify;"> <div style="margin-top:36pt;"><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;margin-left:0%;">THIS PROSPECTUS IS IN TWO PARTS: A DISCLOSURE
DOCUMENT AND A STATEMENT OF </font><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;">ADDITIONAL INFORMATION.</font></div> </div> <div style="line-height:11.05pt;margin-top:7pt;text-align:justify;">
<div style="margin-top:7pt;"><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;margin-left:0%;">THESE PARTS ARE BOUND TOGETHER, AND BOTH CONTAIN IMPORTANT </font><font
style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;margin-left:0%;">INFORMATION. YOU MUST READ THE STATEMENT OF ADDITIONAL INFORMATION IN
</font><font style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;">CONJUNCTION WITH THE DISCLOSURE DOCUMENT.</font></div> </div> <div style="line-height:12.75pt;margin-top:48pt;text-align:center;">
<div style="margin-top:48pt;"><font style="color:#000000;font-family:Arial;font-size:11.90pt;font-weight:bold;">June 28, 2024</font></div> </div> <div style="line-height:14.5pt;margin-top:18pt;text-align:center;">
<hr style="background-color:#000000;height:0.5pt;margin-bottom:0pt;margin-top:27.0pt;width:180pt;"> </div> <div style="line-height:16.15pt;margin-top:17pt;text-align:center;"> <div style="margin-top:17pt;"><font
style="color:#000000;font-family:Arial;font-size:15.30pt;font-weight:bold;">Invesco Capital Management LLC</font></div> </div> <div style="line-height:12.75pt;margin-top:7pt;text-align:center;"> <div style="margin-top:7pt;"><font
style="color:#000000;font-family:Arial;font-size:11.90pt;font-weight:bold;">Managing Owner</font></div> </div> <div style="line-height:15.0pt;text-align:left;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">91</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_a5fdb264-2c9a-4853-aa6b-61d6191f1053_toc2_1"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:588pt;"> <div style="line-height:22.10pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:20.40pt;font-weight:bold;">Part Two</font><br> <div>
</div><font style="color:#000000;font-family:Arial;font-size:20.40pt;font-weight:bold;">Statement of Additional Information</font><br> <div> </div><font style="color:#000000;font-family:Arial;font-size:20.40pt;font-weight:bold;">Table of
Contents</font><font style="color:#000000;font-family:Arial;font-size:1pt;font-weight:bold;line-height:0.00pt;">&#8195;</font></div> <div style="margin-top:0.0pt;">
<table style="empty-cells:show;width:432pt;" cellpadding="0" cellspacing="0">
<tr style="height:12pt;">
<td style="vertical-align:Bottom;width:418.87pt;"> <div style="line-height:11.04pt;text-align:left;">
<div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:10.12pt;margin-left:0.0pt;"><a href="#xx_5d78b8ca-a140-44f4-8bde-d81a0cb7710a_1">General Information Relating to Invesco Capital Management
LLC</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:13.13pt;"> <div style="line-height:11.04pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:10.12pt;">93</font><font
style="color:#000000;font-family:Arial;font-size:10.12pt;line-height:11.04pt;"> </font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:azure;vertical-align:Bottom;width:418.87pt;"> <div style="line-height:11.04pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:10.12pt;margin-left:0.0pt;"><a href="#xx_5d78b8ca-a140-44f4-8bde-d81a0cb7710a_1">The Futures Markets</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:13.13pt;"> <div style="line-height:11.04pt;text-align:left;"> <div style="margin-left:2pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:10.12pt;">93</font></div> </div> </td> </tr> </table> </div> <div style="line-height:12.0pt;text-align:left;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:15pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">92</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_5d78b8ca-a140-44f4-8bde-d81a0cb7710a_1"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:13.80pt;margin-top:17pt;text-align:left;">
<hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:0pt;text-align:left;top:-3pt;width:432pt;"><font style="color:#000000;font-family:Arial;font-size:12.88pt;">General Information Relating to Invesco Capital
Management LLC</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco is an independent firm dedicated to
delivering an investment experience that helps people get </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">more out of life. We are privileged to manage more than $1.69 trillion in assets on behalf of clients in
more </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">than 120 countries. Our capabilities span global regions, asset classes and investment vehicles, and our </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investment teams have the intellectual freedom to capitalize on their expertise. To learn more, visit
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">https://www.invesco.com/us</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">.</font></div> </div>
<div style="line-height:13.80pt;margin-top:17pt;text-align:left;"> <hr style="background-color:#000000;height:1pt;margin-bottom:1pt;margin-left:0%;margin-top:17.0pt;position:relative;text-align:left;top:-3pt;width:432pt;"><font
style="color:#000000;font-family:Arial;font-size:12.88pt;">The Futures Markets</font></div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Futures Contracts</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Futures contracts are standardized contracts made on United States or foreign exchanges that call for the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">future delivery of specified quantities of various agricultural and tropical commodities, industrial </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodities, currencies, financial instruments or metals at a specified time and place. The contractual </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">obligations, depending upon whether one is a buyer or a seller, may be satisfied either by taking or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">making, as the case may be, physical delivery of an approved grade of commodity or by making an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">offsetting sale or purchase of an equivalent but opposite futures contract on the same, or mutually off-setting,</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;"> exchange prior to the designated date of delivery. As an example of an offsetting transaction </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">where the physical commodity is not delivered, the contractual obligation arising from the sale of one </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contract of December wheat on a futures exchange may be fulfilled at any time before delivery of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodity is required by the purchase of one contract of December wheat on the same exchange. The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">difference between the price at which the futures contract is sold or purchased and the price paid for the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">offsetting purchase or sale, after allowance for brokerage commissions, constitutes the profit or loss to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trader. Certain futures contracts, such as those for stock, financial or economic indices approved by the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">CFTC, or Eurodollar contracts, settle in cash (irrespective of whether any attempt is made to offset such
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">contracts) rather than delivery of any physical commodity.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Hedgers and Speculators</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The two broad classes of persons who trade futures contracts are &#8220;hedgers&#8221; and &#8220;speculators.&#8221; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commercial interests, including farmers, that market or process commodities, and financial institutions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that market or deal in commodities, including interest rate sensitive instruments, foreign currencies and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">stocks, and which are exposed to currency, interest rate and stock market risks, may use the futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">markets for hedging. Hedging is a protective procedure designed to minimize losses that may occur </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">because of price fluctuations occurring, for example, between the time a processor makes a contract to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">buy or sell a raw or processed commodity at a certain price and the time he must perform the contract. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The futures markets enable the hedger to shift the risk of price fluctuations to the speculator. The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">speculator risks his capital with the hope of making profits from price fluctuations in futures contracts. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Speculators rarely take delivery of commodities, but rather close out their positions by entering into </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">offsetting purchases or sales of futures contracts. Since the speculator may take either a long or short </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">position in the futures markets, it is possible for him to make profits or incur losses regardless of whether </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">prices go up or down.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Futures Exchanges</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Futures exchanges provide centralized market facilities for trading futures contracts and options thereon </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(but not forward contracts). Members of, and trades executed on, a particular exchange are subject to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">rules of that exchange. Among the principal exchanges in the United States are the Chicago Board of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Trade, the Chicago Mercantile Exchange, the New York Mercantile Exchange, and ICE Futures U.S.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Each futures exchange in the United States has an associated
&#8220;clearing house.&#8221; Once trades between </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">members of an exchange have been confirmed, the clearing house becomes substituted for each buyer </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and each seller of contracts traded on the exchange and, in effect, becomes the other party to each </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trader&#8217;s open position in the market. Thereafter, each party to a trade looks only to the clearing house for </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">93</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_5d78b8ca-a140-44f4-8bde-d81a0cb7710a_2"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">performance. The clearing
house generally establishes a guarantee fund to which all clearing members of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the exchange must contribute; this fund acts as an emergency buffer that enables the
clearing house, at </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">least to a large degree, to meet its obligations with regard to the &#8220;other side&#8221; of an insolvent clearing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">member&#8217;s contracts. Furthermore, clearing houses require margin deposits and continuously mark </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">positions to market to provide some assurance that their members will be able to fulfill their contractual </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">obligations. Thus, a central function of the clearing houses is to ensure the integrity of trades. Members </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">effecting futures transactions on an organized exchange typically need not worry about the solvency of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">party on the opposite side of the trade but, rather, their concerns are the respective solvencies of their </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodity broker and the clearing house. The clearing house &#8220;guarantee&#8221; of performance on open
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">positions does not run to customers. If a member firm goes bankrupt, customers could lose money.</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Foreign futures exchanges differ in certain respects from their U.S. counterparts. In contrast to U.S. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exchanges, certain foreign exchanges are &#8220;principals&#8217; markets,&#8221; where trades remain the liability of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">traders involved, and the exchange clearing house does not become substituted for any party. See &#8220;Risk </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">Factors &#8211; Trading on Futures Exchanges Outside the United States is Not Subject to U.S. Regulation.&#8221;</font></div> </div>
<div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Regulations</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Futures exchanges in the United States are subject to regulation under
the Commodity Exchange Act by </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the CFTC, the governmental agency having responsibility for regulation of futures exchanges and trading </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">on those exchanges.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Commodity Exchange Act and the CFTC also regulate the activities of &#8220;commodity trading advisors&#8221; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and &#8220;commodity pool operators&#8221; and the CFTC has adopted regulations with respect to certain of such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">persons&#8217; activities. Pursuant to its authority, the CFTC requires a commodity pool operator (such as the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner) to keep accurate, current and orderly records with respect to each pool it operates. The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">CFTC may suspend the registration of a commodity pool operator if the CFTC finds that the operator has </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">violated the Commodity Exchange Act or regulations thereunder and in certain other circumstances. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Suspension, restriction or termination of the Managing Owner&#8217;s registration as a commodity pool operator </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">would prevent it, until such time (if any) as such registration were to be reinstated, from managing, and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">might result in the termination of, the Fund. The Commodity Exchange Act gives the CFTC similar authority </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with respect to the activities of commodity trading advisors, such as the Managing Owner. If the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">registration of the Managing Owner as a commodity trading advisor were to be terminated, restricted or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">suspended, the Managing Owner would be unable, until such time (if any) as such registration were to be
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">reinstated, to render trading advice to the Fund. The Fund is not registered with the CFTC in any capacity.</font></div> </div>
<div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Commodity Exchange Act requires all FCMs, such as the Commodity
Broker, to meet and maintain </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">specified fitness and financial requirements, segregate customer funds from proprietary funds and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">account separately for all customers&#8217; funds and positions, and to maintain specified book and records
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">open to inspection by the staff of the CFTC.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Commodity Exchange Act also gives the states certain powers to enforce its provisions and the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">regulations of the CFTC.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders are afforded certain rights for reparations under the Commodity Exchange Act. Shareholders </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may also be able to maintain a private right of action for certain violations of the Commodity Exchange </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Act. The CFTC has adopted rules implementing the reparation provisions of the Commodity Exchange Act </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">which provide that any person may file a complaint for a reparations award with the CFTC for violation of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Commodity Exchange Act against a floor broker, FCM, introducing broker, commodity trading advisor,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">commodity pool operator, and their respective associated persons.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;">
<div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Pursuant to authority in the Commodity Exchange Act, the NFA has been formed and registered with the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">CFTC as a &#8220;registered futures association.&#8221; At the present time, the NFA is the only non-exchange self-regulatory</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;"> organization for derivatives professionals. NFA members are subject to NFA standards relating </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to fair trade practices, market integrity, and consumer protection. As the self-regulatory body of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">derivatives industry, the NFA promulgates rules governing the conduct of derivatives professionals and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">disciplines those professionals who do not comply with such standards. The CFTC has delegated to the NFA </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">responsibility for the registration of commodity trading advisors, commodity pool operators, FCMs, </font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;"> <div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">94</font></div> </div>
</div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div> <div> <div><a name="xx_5d78b8ca-a140-44f4-8bde-d81a0cb7710a_3"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:90pt;margin-top:90pt;width:432pt;min-height:591pt;"> <div style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">introducing brokers, and swap
dealers, among others, and their respective associated persons, as </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">applicable, and floor brokers. The Commodity Broker and the Managing Owner are members of the
NFA </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">(the Fund is not required to become a member of the NFA).</font></div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The CFTC has no authority to regulate trading on foreign futures exchanges and markets but permits direct </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">access to such markets from the United States with respect to foreign boards of trade that are registered
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">as such with the CFTC.</font></div> </div> <div style="line-height:9.35pt;margin-top:9pt;text-align:left;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Margin</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">&#8220;Initial&#8221; or &#8220;original&#8221; margin is the minimum amount of funds that must be deposited by a futures trader </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">with his commodity broker in order to initiate futures trading or to maintain an open position in futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts. &#8220;Maintenance&#8221; margin is the amount (generally less than initial margin) to which a trader&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">account may decline before he must deliver additional margin. A margin deposit is like a cash performance </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">bond. It helps assure the futures trader&#8217;s performance of the futures contract that the trader purchases or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">sells. Futures contracts are customarily bought and sold on margin that represents a very small percentage </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(ranging upward from less than 2%) of the purchase price of the underlying commodity being traded. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Because of such low margins, price fluctuations occurring in the futures markets may create profits and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">losses that are greater, in relation to the amount invested, than are customary in other forms of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">investments. The minimum amount of margin required in connection with a particular futures contract is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">set from time to time by the exchange on which such contract is traded, and may be modified from time to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">time by the exchange during the term of the contract.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Brokerage firms carrying accounts for traders in futures contracts may not accept lower, and generally </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">require higher, amounts of margin as a matter of policy in order to afford further protection for
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">themselves.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Margin requirements are computed each day by a commodity broker. When the market value of a
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">particular open futures contract position changes to a point where the margin on deposit does not satisfy </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">maintenance margin requirements, a margin call is made by the commodity broker. If the margin call is not </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">met within a reasonable time, the broker may close out the Fund&#8217;s position. With respect to the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner&#8217;s trading, only the Managing Owner, and not the Fund or its Shareholders personally, will be
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">subject to margin calls.</font></div> </div> <div style="line-height:10.20pt;margin-top:35pt;text-align:right;"> <div style="margin-top:35pt;"><font
style="color:#000000;font-family:Arial;font-size:9.35pt;font-weight:bold;">P-DBC-PRO-1</font></div> </div> <div style="line-height:9.20pt;margin-top:9pt;text-align:center;"> <div style="margin-top:9pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;">[Remainder of page left blank intentionally]</font></div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:90pt;margin-top:12pt;width:432pt;min-height:24pt;">
<div style="line-height:10.12pt;text-align:center;"><font style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:10.12pt;">95</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;">
</div>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;14. Other Expenses of Issuance and Distribution. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The expenses expected to be incurred in connection with the issuance and distribution of the securities being registered are as set forth below. Other than the
Securities and Exchange Commission filing fee, all fees and expenses are estimated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission registration fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Printing Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">125,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fees of Independent Registered Public Accounting Firm</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fees of Counsel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Applicable SEC registration fees have been deferred in accordance with Rules 456(d) and 457(u) of the
Securities Act and will be paid on an annual net basis no later than 90 days after the end of each fiscal year and are therefore not estimable at this time. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Because an indeterminable amount of securities is covered by this registration statement, the total expenses in
connection with the issuance and distribution of the securities are, therefore, not currently determinable. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 15. Indemnification
of Directors and Officers. </B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.7 of the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust filed as an
exhibit to this Registration Statement, as amended from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">time-to-time</FONT></FONT> (the &#147;Trust Agreement&#148;), provides for the indemnification of Invesco Capital Management
(the &#147;Managing Owner&#148;) and its Affiliates (as such term is defined in the Trust Agreement) (the Managing Owner and its Affiliates collectively, &#147;Covered Persons&#148;). Under the Trust Agreement, each Covered Person shall be
indemnified by the Trust to the fullest extent permitted by law against any losses, judgments, liabilities, expenses, and amounts paid in settlement of any claims sustained by it in connection with its activities for the Trust, except with respect
to any matter as to which such Covered Person shall have been finally adjudicated in any action, suit, or other proceeding not to have acted in good faith in the reasonable belief that such Covered Person&#146;s action was in the best interest of
the Trust and except that no Covered Person shall be indemnified against any liability to the Trust or to the Limited Owners (as such term is defined in the Trust Agreement) by reason of willful misconduct or gross negligence of such Covered Person.
Any such indemnification will only be recoverable from the Trust Estate (as such term is defined in the Trust Agreement). All rights to indemnification permitted therein and payment of associated expenses shall not be affected by the dissolution or
other cessation to exist of the Managing Owner, or the withdrawal, adjudication of bankruptcy or insolvency of the Managing Owner, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Code by or against the
Managing Owner. The source of payments made in respect of indemnification under the Trust Agreement shall be the assets of the Trust. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;16.
Exhibits and Financial Statement Schedules. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) Exhibits. The following documents (unless otherwise indicated) are filed herewith and made a part of
this Registration Statement:</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit Index </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Description</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;&#8199;1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1367305/000119312506253425/dex11.htm">Form of Initial Purchaser Agreement<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;1</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;&#8199;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1367306/000119312515060654/d880451dex41.htm">Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Registrant<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;2</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;&#8199;4.1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1367306/000119312516626572/d195470dex411.htm">Amendment No.&nbsp;1 to the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Registrant<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;3</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;&#8199;4.1.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1367306/000119312518183427/d792018dex412.htm">Amendment No.&nbsp;2 to the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Registrant<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;4</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;&#8199;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1367306/000156459020051524/dba-ex101_79.htm">Form of Participant Agreement<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;5</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;&#8199;4.2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1367306/000156459020051524/dba-ex102_80.htm">Amendment to Form of Participant Agreement<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;5</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;&#8199;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Richards, Layton&nbsp;&amp; Fingers as to legality<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;*</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;&#8199;8.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Morgan, Lewis&nbsp;&amp; Bockius LLP as to income tax matters<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;*</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1367306/000119312515063995/d880203dex101.htm">Form of Customer Agreement<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;6</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1367306/000119312519259772/d794767dex102.htm">Administration Agreement<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;7</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1367306/000119312519259772/d794767dex101.htm">Global Custody Agreement<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;7</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1367305/000119312506253425/dex104.htm">Form of Transfer Agency and Service Agreement<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;1</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;10.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1367306/000119312520146277/d850945dex101.htm">Distribution Services Agreement<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;8</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Richard, Layton&nbsp;&amp; Fingers is included as part of Exhibit 5.1<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;*</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Morgan, Lewis&nbsp;&amp; Bockius LLP as tax counsel is included as part of Exhibit 8.1<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;*</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;23.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d834327dex233.htm">Consent of PricewaterhouseCoopers LLP </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;24.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#sig">Power of Attorney (included on signature page to this registration statement) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>107</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d834327dexfilingfees.htm">Filing Fee Table </A></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To be filed by amendment. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Previously filed as an exhibit <FONT STYLE="white-space:nowrap">to&nbsp;Pre-Effective&nbsp;Amendment</FONT>
No.&nbsp;2 to a Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-1&nbsp;on</FONT> December&nbsp;14, 2006 and incorporated herein by reference. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Previously filed as an exhibit to <FONT STYLE="white-space:nowrap">Form&nbsp;8-K&nbsp;on</FONT>
February&nbsp;25, 2015 and incorporated herein by reference. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Previously filed as an exhibit to <FONT STYLE="white-space:nowrap">Form&nbsp;8-K&nbsp;on</FONT> June&nbsp;20,
2016 and incorporated herein by reference. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Previously filed as an exhibit to <FONT STYLE="white-space:nowrap">Form&nbsp;8-K&nbsp;on</FONT> June&nbsp;4,
2018 and incorporated herein by reference. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Previously filed as an exhibit to <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q&nbsp;on</FONT>
November&nbsp;6, 2020 and incorporated herein by reference. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Previously filed as an exhibit to <FONT STYLE="white-space:nowrap">Form&nbsp;8-K&nbsp;on</FONT>
February&nbsp;26, 2015 and incorporated herein by reference. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Previously filed as an exhibit to <FONT STYLE="white-space:nowrap">Form&nbsp;8-K&nbsp;on</FONT> October&nbsp;1,
2019 and incorporated herein by reference. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Previously filed as an exhibit to <FONT STYLE="white-space:nowrap">Form&nbsp;8-K&nbsp;on</FONT> May&nbsp;19,
2020 and incorporated herein by reference. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) The following financial statements are included in the Prospectus: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The financial statements of the Fund are incorporated by reference as described under &#147;Incorporation by Reference of Certain Documents&#148;. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;17. Undertakings. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) The undersigned
registrant hereby undertakes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933, as amended;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To reflect in the prospectus any facts or events arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in
the effective registration statement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To include any material information with respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the registration statement; </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Provided, however, That: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(A) Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form S&#150;8, and the information required to be
included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(B) Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the
registration statement is on Form S&#150;3 or Form F&#150;3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to
Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the<I>&nbsp;bona fide</I>&nbsp;offering thereof. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the registrant is relying on Rule 430B: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date
the filed prospectus was deemed part of and included in the registration statement; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(B) Each prospectus required to be filed pursuant
to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the information required by
Section&nbsp;10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the
registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">
however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into
the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a
registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the
date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the
registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or
prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any
purchaser in the initial distribution of the securities: </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned registrant undertakes that in a primary offering of securities
of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any preliminary prospectus or prospectus of the undersigned registrant
<FONT STYLE="white-space:nowrap">and&nbsp;co-&nbsp;registrant</FONT> relating to the offering required to be filed pursuant to Rule 424; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or
used or referred to by the undersigned registrant; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The portion of any other free writing prospectus relating to the offering containing material information about
the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
filing of the registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to
Section&nbsp;15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) The undersigned registrant hereby undertakes that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as
part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)&nbsp;(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration
statement as of the time it was declared effective. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(2) For the purpose of determining any liability under the Securities Act of 1933,
each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iv </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Insofar as indemnification for liabilities under the Securities Act of 1933 may be permitted to directors, officers or controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">v </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, the Managing Owner of the Registrant certifies that it has reasonable grounds to believe that the
Registrant meet all of the requirements of filing on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and have duly caused this Registration Statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of Downers
Grove, State of Illinois, on the 28<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> day of June, 2024.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>Invesco DB Commodity Index Tracking Fund</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Invesco Capital Management LLC,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><I>its Managing Owner</I></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By:</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Brian Hartigan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Brian Hartigan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer of the Managing Owner</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by
the following persons in the capacities and on the dates indicated below. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sig"></A>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below hereby appoints each of Adam Henkel, Anita De Frank and William McAllister as his or her true and lawful <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> with full power to sign on behalf of such person, in the capacities indicated below, a registration statement on Form
<FONT STYLE="white-space:nowrap">S-3</FONT> (or other appropriate form) for filing with the Securities and Exchange Commission under the Securities Act of 1933, as amended, and any other documents in support thereof or supplemental or amendatory
thereto, and any and all other amendments (including post-effective amendments) to such registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and all further amendments, including post-effective
amendments, thereto)), and each hereby ratifies and confirms the signature of such person as it may be signed by said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact,</FONT></FONT> and each of them individually,
on any and all amendments to this registration statement or any such subsequent related registration statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the
Securities Act of 1933, this Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> has been signed by the following persons on behalf of the Managing Owner of the Registrant and the <FONT STYLE="white-space:nowrap">Co-</FONT>
Registrant in the capacities and on the date indicated.</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center"><B>Signature</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Title*</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Date</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Brian Hartigan</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Brian Hartigan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Executive Officer and Manager</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>(principal executive officer)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">June&nbsp;28, 2024</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Kelli Gallegos</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Kelli Gallegos</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Principal Financial and Accounting Officer, Investment Pools</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>(principal financial officer and principal accounting officer)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">June&nbsp;28, 2024</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Jordan Krugman</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Jordan Krugman</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Manager</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">June&nbsp;28, 2024</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ John M. Zerr</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">John M. Zerr</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Manager</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">June&nbsp;28, 2024</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">vi </P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>2
<FILENAME>d834327dex233.htm
<DESCRIPTION>EX-23.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.3</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the incorporation by reference in this Registration Statement on Form<B></B><FONT STYLE="white-space:nowrap">&nbsp;S-3</FONT> of Invesco
DB Commodity Index Tracking Fund<B> </B>of our report dated February&nbsp;22, 2024<SUP STYLE="font-size:75%; vertical-align:top"> </SUP>relating to the financial statements and the effectiveness of internal control over financial reporting, which
appears in Invesco DB Commodity Index Tracking Fund&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2023. We also consent to the reference to us under the heading<B>
</B>&#147;Experts&#148;<B><SUP STYLE="font-size:75%; vertical-align:top"> </SUP></B>in such Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ PricewaterhouseCoopers LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chicago, Illinois </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;28, 2024 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>3
<FILENAME>d834327dexfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<TITLE>EX-FILING FEES</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 107 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Calculation of Filing Fee Table </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Form <FONT STYLE="white-space:nowrap">S-3</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(Form Type) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Invesco DB
Commodity Index Tracking Fund </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(Exact Name of Registrant as Specified in its Charter) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Table 1. Newly Registered Securities </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Security</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Type</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Security</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Class&nbsp;Title</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Fee</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Calculation</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Rate</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Amount</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Registered</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Proposed</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Maximum</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Offering</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Price Per</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Unit</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Maximum</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Aggregate</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Offering<BR>Price</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">Fee<BR>Rate</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Amount of</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Registration</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Fee</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">Carry<BR>Forward<BR>Form<BR>Type</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">Carry<BR>Forward<BR>File<BR>Number</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">Carry<BR>Forward<BR>Initial<BR>Effective<BR>Date</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; padding-right:2pt">Filing Fee<BR>Previously<BR>Paid in<BR>Connection<BR>with<BR>Unsold<BR>Securities<BR>to be<BR>Carried<BR>Forward</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:-0.60em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Fees to</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:-0.60em; font-size:10pt; font-family:Times New Roman" ALIGN="center">be&nbsp;Paid</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:0.30em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">exchange-traded</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-right:0.30em; font-size:10pt; font-family:Times New Roman" ALIGN="center">vehicle security</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.30em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Invesco DB Commodity Index&nbsp;Tracking Fund Common
Units of Beneficial Interest</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.30em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Rule&#8201; 457(u)&#8201;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">&#8195;(1)&#8195;&#8201;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">&#8195;(1)&#8195;&#8201;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">&#8195;(1)&#8195;&#8201;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">&#8195;&#8195;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">(2)&#8201;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">&#8195;&#8195;&#8195;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">&#8195;&#8195;&#8195;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">&#8195;&#8195;&#8195;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; padding-right:2pt">&#8195;&#8195;&#8195;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="10" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="right" STYLE="padding-bottom:1pt ;"><B>Total Offering Amounts:&#8201;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">(1)&#8201;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">(1)&#8201;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="10" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="right" STYLE="padding-bottom:1pt ;"><B>Total Fees Previously Paid:&#8201;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;">&#8195;&#8195;&#8195;&#8195;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="10" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="right" STYLE="padding-bottom:1pt ;"><B>Total Fee Offsets:&#8201;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="10" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="right" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000"><B>Net Fee Due:&#8201;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000">(1)&#8201;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-BOTTOM:1px solid #000000">(1)&#8201;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In accordance with Rule 456(d) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
an indeterminate number of Invesco DB Commodity Index Tracking Fund Common Units of Beneficial Interest (the &#147;Shares&#148;) are being registered as may from time to time be offered hereunder at indeterminate prices. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In accordance with Rules 456(d) and 457(u) under the Securities Act, the registrant is deferring payment of
these registration fees and will pay these registration fees on an annual net basis no later than 90 days after the end of each fiscal year. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Table 2. Fee Offset Claims and Sources </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Registrant</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">or Filer</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Name</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Form
or<BR>Filing</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Type</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">File</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Number</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Initial</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Filing</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Date</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Filing<BR>Date</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Fee</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Offset</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Claimed</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Security</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Type<BR>Associated<BR>with Fee<BR>Offset<BR>Claimed</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Security</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Title</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Associated</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">with Fee</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Offset</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Claimed</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Unsold</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Securities<BR>Associated with<BR>Fee Offset<BR>Claimed</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Unsold<BR>Aggregate<BR>Offering<BR>Amount<BR>Associated<BR>with Fee<BR>Offset<BR>Claimed</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Fee Paid</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">with Fee</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Offset</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Source</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:-0.60em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Fee</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:-0.60em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Offset Claims</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Invesco DB Commodity Index Tracking Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="white-space:nowrap">S-3</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="white-space:nowrap">333-233475</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">August&nbsp;27, 2019</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$628,243.40<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Exchange-traded vehicle</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Invesco DB Commodity Index Tracking Fund Common Units of Beneficial Interest</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">332,900,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:-0.60em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Fee</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:-0.60em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Offset Sources</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Invesco DB Commodity Index Tracking Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="white-space:nowrap">S-3</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="white-space:nowrap">333-233475</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">August&nbsp;27, 2019</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&#8195;&#8194;&#8195;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Exchange-traded vehicle</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Invesco DB Commodity Index Tracking Fund Common Units of Beneficial Interest</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$182,763.93</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Invesco DB
Commodity Index</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Tracking Fund</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">424(b)(3)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="white-space:nowrap">333-233475</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">February&nbsp;11, 2021</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Exchange-traded vehicle</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Invesco DB Commodity Index Tracking Fund Common Units of Beneficial Interest</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$165,613.80</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Invesco DB Commodity Index Tracking Fund Common Units of Beneficial Interest</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">424(b)(3)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="white-space:nowrap">333-233475</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">May&nbsp;20, 2021</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Exchange-traded vehicle</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Invesco DB Commodity Index Tracking Fund Common Units of Beneficial Interest</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$495,586.75</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pursuant to Rule 457(p) under the Securities Act, when registration fees become due under Rule 456(d), the
registration fee for the Shares will be&nbsp;partially offset by the registration fees associated with unsold securities registered pursuant to (i)&nbsp;registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-233475)</FONT> filed by the Fund on August&nbsp;27, 2019 (the &#147;Prior Registration Statement&#148;), (ii) a prospectus supplement filed by the Fund on February&nbsp;11, 2021 pursuant to Rule 424(b)(3)
(&#147;Prospectus Supplement No.&nbsp;4&#148;), and (iii)&nbsp;a prospectus supplement filed by the Fund on May&nbsp;20, 2021 pursuant to Rule 424(b)(3) (&#147;Prospectus Supplement No.&nbsp;5&#148;). A registration fee of (i) $182,763.93 was paid
in connection with the registration pursuant to the Prior Registration Statement of 94,400,000 Shares, (ii) $165,613.80 was paid in connection with the registration pursuant to the Prospectus Supplement No.&nbsp;4 of 100,000,000 Shares, and (iii)
$495,586.75 was paid in connection with the registration pursuant to the Prospectus Supplement No.&nbsp;5 of 250,000,000 Shares, of which 332,900,000 remain unsold as of August&nbsp;25, 2021 and for which a filing fee of $628,896.18 was previously
paid with respect to the unsold shares. After reductions for any amounts used to offset fees owed in prior years, $628,243.40 is available to partially offset registration fees due under Rule 456(d) as they become due. </P></TD></TR></TABLE>
</DIV></Center>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
