<SEC-DOCUMENT>0001193125-25-188736.txt : 20250826
<SEC-HEADER>0001193125-25-188736.hdr.sgml : 20250826
<ACCEPTANCE-DATETIME>20250826163337
ACCESSION NUMBER:		0001193125-25-188736
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250826
DATE AS OF CHANGE:		20250826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco DB Multi-Sector Commodity Trust
		CENTRAL INDEX KEY:			0001367306
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-280609
		FILM NUMBER:		251258130

	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 Multi-Sector Commodity Trust
		DATE OF NAME CHANGE:	20060803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DB Multi-Sector Commodity Trust
		DATE OF NAME CHANGE:	20060626

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DB Multi-Sector Trust
		DATE OF NAME CHANGE:	20060623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco DB Oil Fund
		CENTRAL INDEX KEY:			0001383058
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				870778062
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-280609-01
		FILM NUMBER:		251258131

	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 Oil Fund
		DATE OF NAME CHANGE:	20061208
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>d90772d424b3.htm
<DESCRIPTION>424B3
<TEXT>
<HTML><HEAD>
<TITLE>424B3</TITLE>
</HEAD>


<body style="margin-top:0.0pt;width:595.31pt;" bgcolor="white">
  <div> <div><a name="xx_f59ca406-ac98-4f8c-ab0d-14f0b278f5ce_1"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:30pt;width:535pt;min-height:716pt;"> <div style="line-height:12.0pt;text-align:right;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Filed Pursuant to Rule 424(b)(3)</font>
<br><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Registration Nos. 333-280609</font> <br><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">333-280609-01</font> <br></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;">
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  <div> <div><a name="xx_42c8074c-132d-48e2-b414-e4d6fde6aabe_1"></A> <div style="page-break-after:always;"> <div style="clear:both;"> </div>
<div style="float:left;margin-left:54pt;margin-top:42pt;position:relative;width:120pt;z-index:-1;min-height:78pt;"> <div style="text-align:left;">
<img src="g201304invesco_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;"><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;">August 26, 2025</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:308.28pt;" cellpadding="0" cellspacing="0">
<tr style="height:auto;">
<td style="padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Top;width:308.28pt;"> <div style="line-height:20pt;text-align:left;"> <div style="margin-left:3pt;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 Multi-Sector Commodity Trust</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="empty-cells:show;width:360pt;" cellpadding="0" cellspacing="0">
<tr style="height:11pt;">
<td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:83.81pt;"> <div style="line-height:11.90pt;text-align:left;"> <div style="margin-left:3pt;margin-right:58.42pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;margin-left:0.0pt;">DBO</font></div> </div> </td>
<td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:214.77pt;"> <div style="line-height:11.90pt;text-align:left;"> <div style="margin-left:58.42pt;margin-right:58.42pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:10.20pt;font-weight:bold;margin-left:0.0pt;">Invesco DB Oil Fund</font></div> </div> </td>
<td style="padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:61.42pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:58.42pt;margin-right:3pt;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> </tr>
<tr style="height:13pt;">
<td style="vertical-align:Top;width:360.00pt;" colspan="3"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">&nbsp;</font></div> </div> </td> </tr> </table> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:54pt;margin-top:6pt;width:233pt;min-height:201pt;">
<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 Multi-Sector Commodity Trust (the &#8220;Trust&#8221;) is organized </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">in five separate series as a Delaware statutory trust. The Invesco DB </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Oil Fund (the
&#8220;Fund&#8221;) is a series of the Trust and is offered pursuant </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">to this Prospectus. The Fund issues common units of beneficial </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">interest (&#8220;Shares&#8221;), which represent units of fractional undivided
</font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">beneficial interest in and ownership of the Fund. Shares may be </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">purchased
from the Fund only by certain eligible financial </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">institutions (&#8220;Authorized Participants&#8221;) and only in one or more </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">blocks of 50,000 Shares (&#8220;Creation Units&#8221;). The Fund issues Shares in
</font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Creation Units on a continuous basis at the applicable net asset </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">value
(&#8220;NAV&#8221;) per Share as of the closing time of the NYSE Arca, Inc. </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">(&#8220;NYSE Arca&#8221;) or the last to close of the exchanges on which the </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Fund&#8217;s futures contracts are traded, whichever is later, on the </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;">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;DBO.&#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) (the "Index </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Commodity"), which is the single commodity that comprises the </font></div> </div> </div>
<div style="float:left;margin-left:21pt;margin-top:6pt;width:233pt;min-height:201pt;"> <div style="line-height:9.200pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">DBIQ Optimum Yield Crude Oil
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;), </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">which is intended to reflect the changes in market value of crude oil. </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">The Fund seeks to
track the Index over time. The Fund also earns </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">interest income (&#8220;Treasury Income&#8221;) from United States Treasury </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">securities (&#8220;Treasury Securities&#8221;) and dividend income from its </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">holdings in
money market mutual funds (affiliated or otherwise) </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">(&#8220;Money Market Income&#8221;). The Fund also gains exposure to </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">Treasury Securities through an investment in exchange-traded </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">funds (affiliated or
otherwise) (&#8220;ETFs&#8221;) that track indexes that </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">measure the performance of U.S. Treasury obligations with a </font><font
style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">maximum remaining maturity of up to twelve months (&#8220;T-Bill ETFs&#8221;), </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">and the
Fund may receive dividends or distributions of capital gains </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;margin-left:0%;">from 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:69pt;"> <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="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
Fund is highly concentrated in a single commodity. </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;">Concentration may result in greater volatility.</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:69pt;"> <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 0.75% per annum. Additional </font><font style="color:#000000;font-family:Arial;font-size:7.820pt;">charges include brokerage fees of approximately 0.00% 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:293pt;"> <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 Trust or Fund. For more information regarding items of compensation</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;margin-left:0%;"> paid to Financial Industry Regulatory Authority, Inc. (&#8220;FINRA&#8221;) members, please see the &#8220;Plan of Distribution&#8221; </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">section on page </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">85</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_42c8074c-132d-48e2-b414-e4d6fde6aabe_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;">40</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;">30</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: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: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 TRUST OR FUND. YOU CAN READ AND COPY THE ENTIRE REGISTRATION STATEMENT </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">AT THE 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 TRUST AND 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><font
style="color:#000000;font-family:Arial;font-size:9.20pt;line-height:9.35pt;"> </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><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></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_42c8074c-132d-48e2-b414-e4d6fde6aabe_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%;">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 </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">HTTPS://WWW.INVESCO.COM/ETFS</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">. 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_b7f43a91-9f18-493f-9a2f-dd194500ab9f_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_ce814573-44ff-431f-b929-449b8bbe1293_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_ce814573-44ff-431f-b929-449b8bbe1293_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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_19">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;">30</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_19">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;">30</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_21">Performance of Invesco DB Oil Fund (Ticker:
</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_21">DBO)</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;">32</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_23">Description of the DBIQ Optimum Yield Crude </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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_23">Oil 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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_23">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;">34</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_29">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;">40</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_29">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;">40</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_31">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;">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="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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_32">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;">43</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_35">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;">46</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_39">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;">50</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_41">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_41">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;">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: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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_50">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;">61</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_50">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_50">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;">61</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_51">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;">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="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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_52">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;">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: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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_53">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_53">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;">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: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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_54">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;">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="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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_54">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;">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: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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_59">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_59">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;">70</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_72">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;">83</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_74">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;">85</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_77">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;">88</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_77">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;">88</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_77">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;">88</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_77">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_77">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;">88</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_78">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_78">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;">89</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_3d862bf7-b84a-4dd4-900c-c7e23e13d4a9_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_3d862bf7-b84a-4dd4-900c-c7e23e13d4a9_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_e14e789d-2439-4c02-b39c-304e4b9076c9_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_e14e789d-2439-4c02-b39c-304e4b9076c9_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;">92</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_e14e789d-2439-4c02-b39c-304e4b9076c9_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;">92</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_ce814573-44ff-431f-b929-449b8bbe1293_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;position:relative;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:573pt;"> <div style="text-align:left;">
<img src="g201304invesco_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>
<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">
<tr style="height:auto;">
<td style="background-color:#FFFFFF;padding-bottom:6pt;padding-top:6pt;vertical-align:Top;width:173.79pt;"> <div style="line-height:13.60pt;text-align:left;"> <div style="margin-right:45.89pt;text-align:Left;white-space:nowrap;"><font
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:138.21pt;"> <div style="line-height:13.60pt;text-align:left;"> <div style="margin-left:45.89pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial;font-size:11.90pt;font-weight:bold;margin-left:0.0pt;">August 26, 2025</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">
<tr style="height:auto;">
<td style="background-color:#FFFFFF;padding-bottom:6pt;padding-top:6pt;vertical-align:Top;width:104.06pt;"> <div style="line-height:19pt;text-align:left;"> <div style="margin-right:73.28pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial Narrow;font-size:17pt;font-weight:bold;margin-left:0.0pt;">DBO</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:6pt;padding-top:6pt;vertical-align:Top;width:207.94pt;"> <div style="line-height:19pt;text-align:left;"> <div style="margin-left:73.28pt;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 Oil 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. For ease </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">of reference, any references throughout this Prospectus to various actions taken by the Fund are actually </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">actions that the Trust has taken on behalf of the Fund. The remainder of this Prospectus contains more </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">detailed information. You should read the entire Prospectus, including the information incorporated by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">reference in this Prospectus, before deciding whether to invest in Shares. Please see the section </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">&#8220;Incorporation by Reference of Certain Documents&#8221; for information on how you can obtain the information </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">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 Trust and 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 Multi-Sector Commodity Trust (the &#8220;Trust&#8221;) was formed as a Delaware statutory trust, in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">separate series, or funds, on August 3, 2006. Only one of the series is offered pursuant to this Prospectus: </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Invesco DB Oil Fund (the &#8220;Fund&#8221;). The Fund issues common units of beneficial interest (&#8220;Shares&#8221;), </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">which represent units of fractional undivided beneficial interest in and ownership of the Fund. The term of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Trust and the Fund is perpetual (unless terminated earlier in certain circumstances). The principal </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">executive offices of the Trust and the Fund are 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, and its telephone number is (800) 983-0903. Information
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">regarding the offered Fund is available 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;">.</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;DBO.&#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> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:3pt;position:relative;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>
<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_ce814573-44ff-431f-b929-449b8bbe1293_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;position:relative;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;">Pricing Information Available on the NYSE Arca and Other Sources</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 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;">
<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;">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>
<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;">DBO</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>
<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;">DBO.IV</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;">DBO.NV</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>
<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;">DBOLIX</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>
<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;">DBCMOCLE</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 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 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> <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: DBOLIX) and the IIV per Share (symbol: DBO.IV) (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: DBO.IV) 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: DBO) (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: DBCMOCLE) is published as of the close of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">business 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: DBO.NV) 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: DBO.NV) 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 46140H403.</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;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:6pt;position:relative;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_ce814573-44ff-431f-b929-449b8bbe1293_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;position:relative;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;">The Fund is subject to fees and expenses in the aggregate amount of approximately 0.75%
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;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;">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 and
in the past, oil </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">markets have experienced extreme volatility. For example, the WTI futures contract for May 2020 </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">physical delivery reached negative prices on April 20, 2020. If the WTI futures contract currently </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">held by the Fund, or
a futures contract held by the Fund at a future date, were to reach a negative </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">price, investors in the Fund could lose their entire 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:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The commodity futures markets may be subject to temporary distortions due to various
factors, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">including, among others, lack of liquidity, congestion, disorderly closing periods, manipulation and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">disruptive conduct, limitations on deliverable supplies, excessive speculation, changes in trade </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">regulation
or economic sanctions (actual or threatened), government regulation and intervention, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">technical and operational or system failures, nuclear accidents, terrorism, riots and acts
of God.</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 Trust. 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></div> </div> </div> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:6pt;position:relative;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>
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<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%;">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 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 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, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">over the expenses of the Fund. The Fund invests in futures contracts in an attempt to track its Index. The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund 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 volatility in the spot price </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the Index Commodity. 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 seeks to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">minimize the effects of negative roll yield that may be experienced by conventional commodities indexes. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">&#8220;Negative roll yield&#8221; is a term that describes the adverse impact of an upward-sloping price curve for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">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> <div style="line-height:10.12pt;margin-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 the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index Commodity. The Index is composed of the notional amount of the underlying Index Commodity. The
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index is intended to reflect the change in market value of crude oil. The single Index Commodity </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">comprising the Index is Light, Sweet Crude Oil (WTI). The closing level of the Index is calculated by the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index Sponsor based on the closing price of the futures contracts on the Index Commodity (&#8220;Index
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Contracts&#8221;) and the notional amount of the 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 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 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 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 the 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), the 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><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 </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the 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 2025 futures contract available in September 2025) 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> <div style="line-height:10.12pt;margin-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></div> </div> </div> <div style="clear:both;"> </div>
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</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>
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<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:90pt;position:relative;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%;">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 the 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 style="line-height:10.12pt;margin-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. As the Fund approaches or reaches position limits, the Managing Owner </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may determine to invest in other futures contracts, or may do so if at any time it is impractical, including in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">scenarios wherein the futures market for an Index Contract is thinly traded, or inefficient to gain full or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">partial exposure to the Index Commodity through the use of Index Contracts. These other futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts may or may not be based on the Index Commodity. When they are not, the Managing Owner </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may seek to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">with the 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%;">Deutsche Bank Securities, Inc. (the &#8220;Index Sponsor&#8221; or &#8220;DBSI&#8221;) calculates the Index on an excess return </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">basis, which is the combined return based on the spot prices of the Index Commodity and the roll yield </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">from trading futures contracts on the Index Commodity. The excess return basis calculation reflects the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">change in market value over time, whether positive or negative, of the applicable underlying commodity </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures only. Unlike the Index&#8217;s methodology, the Fund also holds as collateral securities that are expected </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to generate income, including Treasury Securities and shares of money market mutual funds and T-Bill </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">ETFs. These securities are held with the Custodian or the Commodity Broker (as defined herein). In </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">addition, Treasury Securities for deposit may be held with the Commodity Broker for cash management
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">purposes or as 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%;">Trust and the Fund. The Managing Owner was formed on February 7, 2003. The Managing Owner is an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">affiliate of Invesco Ltd. The Managing Owner was formed to be the managing owner of investment </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">vehicles such as ETFs and has been managing non-commodity futures-based ETFs since 2003 and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodity futures-based ETFs since 2014. The Managing Owner serves as the commodity pool operator </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and commodity trading advisor of the Trust and the Fund. The Managing Owner is registered as a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">commodity pool operator and commodity trading advisor with the CFTC and is a member of, and approved </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">as a swap firm by, the National Futures Association (the &#8220;NFA&#8221;). As a registered commodity pool operator </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and commodity trading advisor, with respect to both the Trust and the Fund, the Managing Owner must </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">comply with various regulatory requirements under the United States Commodity Exchange Act of 1936, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">as amended (the &#8220;Commodity Exchange Act&#8221;), and the rules and regulations of the CFTC and the NFA, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">including investor protection requirements, antifraud prohibitions, disclosure requirements, and reporting </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and recordkeeping requirements. The Managing Owner also is subject to periodic inspections and audits </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">by
the CFTC and NFA.</font></div> </div> <div style="line-height:10.12pt;margin-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 0.75% </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> <div style="clear:both;"> </div>
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</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;position:relative;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 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 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 $6.00 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 0.00% 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 style="line-height:10.12pt;margin-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 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> <div style="line-height:10.12pt;margin-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></div> </div> </div> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:6pt;position:relative;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>
<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_ce814573-44ff-431f-b929-449b8bbe1293_7"></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;position:relative;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%;">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 style="line-height:10.12pt;margin-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><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%;">You will not be subject to the losses or liabilities of any other series
of the Trust in which you have not </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">invested. The Fund has received an opinion of counsel that the Fund is entitled to the benefits of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">limitation on inter-series liability provided under the Delaware Statutory Trust Act. Each Share, when </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">purchased in accordance with the Trust Agreement, shall, except as otherwise provided by law, be
fully-paid</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> and non-assessable.</font></div> </div> <div style="line-height:10.12pt;margin-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 debts, liabilities, obligations, claims and expenses of the Fund will be enforceable against the assets of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Fund only, and not against the assets of the Trust generally or the assets of any other series of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trust, and, unless otherwise provided in the Trust Agreement, none of the debts, liabilities, obligations and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">series thereof will be enforceable against the assets of the Fund, as the case may be.</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 Commodity is traded, whichever is </font><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></div> </div> </div> <div style="clear:both;"> </div>
<div style="background-color:#000000;float:left;margin-left:81pt;margin-top:6pt;position:relative;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>
<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_ce814573-44ff-431f-b929-449b8bbe1293_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;position:relative;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%;">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;position:relative;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_ce814573-44ff-431f-b929-449b8bbe1293_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;position:relative;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 0.75% 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 $6.00 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 0.00% </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;position:relative;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_ce814573-44ff-431f-b929-449b8bbe1293_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;position:relative;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;position:relative;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>
<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_ce814573-44ff-431f-b929-449b8bbe1293_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;position:relative;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 0.75% of the Fund&#8217;s NAV. This amount equates to $0.0931 per annum </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">per Share at $12.38, the Fund&#8217;s NAV per Share as of May 31, 2025. Based on market rates observed as of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">May 31, 2025, the Fund&#8217;s Treasury Income is expected to be earned at a rate of 0.00%, 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 4.21%, 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 4.23%. 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;position:relative;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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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 Commodity may fluctuate widely. Several factors may
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">affect the price of the Index Commodity and performance of the Fund, 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 the Index Commodity, which may be influenced by such
factors as </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">forward selling by the various commodities producers, purchases made by the commodities&#8217;
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">producers to unwind their hedge positions and production and cost levels in the major markets of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the 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;">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 the 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:justify;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Global or regional political, economic or financial events and situations, including
changes in trade </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">regulation or economic sanctions and government regulation and intervention.</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 the WTI futures contract held by the Fund were to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">reach a negative price, investors in the Fund could lose 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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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 voluntary 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 27.65%. 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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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;">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 conflict between Russia and Ukraine in Europe, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">ongoing conflict between Hamas and Israel, and the recent escalation of the conflict between Israel and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Iran in the Middle East, may impact the Fund's investments. Such conflicts, and other corresponding </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">events, have had, and could continue to have, severe effects on regional and global economic and financial </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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">markets, including increased
volatility, reduced liquidity, and overall uncertainty. The negative impacts </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">may be particularly acute in certain commodities markets.</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%;">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. The possibility of a prolonged conflict between Hamas and Israel, and the potential </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">escalation and/or expansion of the conflict in the surrounding areas and the involvement of other nations </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in such conflict, including, for example, the recent escalation of armed conflict between Israel and Iran, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">could further destabilize the Middle East region and introduce new uncertainties in global commodities
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">markets, 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 the Index Commodity 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 Could Disrupt the Global Economy and Adversely </font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">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%;">Pandemics and other public health crises may cause a curtailment of business activities which may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">potentially impact the ability of the Managing Owner and its service providers to operate. Public health </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">crises could adversely impact the Fund by causing operating delays and disruptions, market disruption and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">shutdowns (including as a result of government regulation and prevention measures). The COVID-19 </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">pandemic, for example, had substantive effects on social, economic and financial systems, including
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">significant uncertainty and volatility in the financial market.</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 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> <div style="line-height:10.12pt;margin-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%;">Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">financial markets decline, may have a material adverse effect on global financial markets as a whole. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Increasingly strained relations between the U.S. and foreign countries, including as a result of economic </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">sanctions and tariffs, may also adversely affect commodity futures markets. A decrease in U.S. imports or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exports, changes in trade regulations, including the threat or actual imposition of tariffs, trade wars or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other economic sanctions on traditional allies or adversaries and their responses thereto, inflation, and/or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">an economic recession in the U.S. may have a material adverse affect on the U.S. economy, global financial </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">markets as a whole and the commodities markets to which the Fund has exposure. Proposed and adopted </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">policy and legislative actions in the U.S. may impact many aspects of financial and other regulations and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may have a significant effect, including potentially adversely, on U.S. markets generally. The continued </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">maintenance of elevated debt levels by the U.S. government as projected by governmental agencies and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">non-governmental organizations, or the imposition of U.S. austerity measures, could potentially constrain </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">future economic growth and the ability to effectively respond to economic downturns. If these trends </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">were to continue, they could adversely impact the U.S. economy, global financial markets as a whole and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the commodity futures markets in particular.</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:10.12pt;text-align:justify;"><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 style="line-height:10.12pt;margin-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 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;">Fund Closures and Trading Halts may Impact the Price 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%;">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> <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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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;text-decoration:underline;">Futures Risks</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;">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 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 Limitations Could Be Imposed on 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%;">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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:10.12pt;text-align:justify;"><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 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 experiences
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">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 the 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 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 Commodity and the roll yield from trading Index Contracts. Market conditions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">at the time the Fund replaces expiring Index Contracts with new Index Contracts &#8211; i.e., when Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">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;">vary from the returns of other price references, including the spot prices of the 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%;">Super contango exists when the futures contracts for the month next to occur (e.g., the October 2025 </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures contract available in September 2025) 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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 the 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 Index Commodity, the imposition of position limits, or due to other
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">extraordinary circumstances.</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 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 the Index Commodity through an Index Contract. These other futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts may or may not be based on the Index Commodity. When they are not, the Managing Owner </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may seek to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">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%;">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 Commodity which, if
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">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 the Index Commodity are declining in value, the Fund will not close out such positions, except in
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">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;">Investing in a Single Commodity May Result in Greater Volatility than an Investment in a Multi-Commodity</font><font
style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;"> Index 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 Fund invests in Index Contracts that seek exposure to a single commodity. Other commodity indexes </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">may contain a larger number of commodities than the Index. Accordingly, increased volatility in the Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commodity is expected to have a greater impact on the Index&#8217;s overall volatility than would likely be the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">case with increased volatility in a single commodity within a broader index. Because the Fund tracks the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">performance of the Index, your investment in the Fund will be exposed to the relatively greater impact on
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the Index of volatility in a single Index Commodity.</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;">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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">for multi-year drawdown
periods. Please see the chart on page </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">32</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 style="line-height:10.12pt;margin-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 one Index Commodity which is subject to position limits imposed by the CFTC </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and/or the rules of futures exchanges on which Index Contracts are traded. The CFTC amended its position </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">limits rules in October 2020. Pursuant to the amended rules, federal position limits apply to 25 physical </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">delivery commodity futures contracts and options thereon, as well as to swaps that are economically </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">equivalent to such contracts and to futures and options thereon that are directly or indirectly linked to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">price of such contracts or to the same commodity underlying such contracts (e.g., cash-settled look-a-like </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures). Under the amended framework, position limits (i) for 25 core referenced futures contracts </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(including corn, oats, wheat, soybean, soybean meal, soybean oil, cotton, live cattle, rough rice, cocoa, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">coffee, frozen orange juice concentrate, sugar, gold, silver, copper, platinum, palladium, natural gas, crude </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">oil, heating oil, and RBOB gasoline) are determined by the CFTC and (ii) for all other commodities are
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">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 style="line-height:10.12pt;margin-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 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 has twice been extended </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">by the CFTC, and the most recent no-action letter is set to expire on August 12, 2025. While the CFTC may
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">extend such relief to a later date or upon further rulemaking, such an extension is not guaranteed.</font></div> </div>
<div style="line-height:10.12pt;margin-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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 style="line-height:10.12pt;margin-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 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;">Failure of FCMs or Commodity Brokers to Segregate Assets May Cause Losses 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 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 positions and order sizes. Under this regime, the Commodity Broker could </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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:10.12pt;text-align:justify;"><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 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><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> <div style="line-height:10.12pt;margin-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> <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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:9.35pt;text-align:left;"><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 style="line-height:10.12pt;margin-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><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> <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%;">There is a 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 in determining taxable income for the year, but does not include certain investment </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">income. It is currently not expected that the Fund&#8217;s income will be eligible for such deduction because as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">discussed below, although the matter is not free from doubt, the Fund believes that the activities directly </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">conducted by the Fund will not result in the Fund being engaged in a trade or business within the United </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">States. Potential investors should consult their tax advisors regarding the availability of such deduction for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">their allocable share of the Fund&#8217;s items of 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;">An Insolvency Resulting from Another Series of the Trust
or the Trust Itself May Have a Material Adverse </font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-style:italic;font-weight:bold;">Effect on 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 Fund is a series of a Delaware statutory trust. Pursuant to Delaware
law, the organization of the Trust </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">provides that the assets and liabilities of the Fund are separate from the assets and liabilities of the other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">series of the Trust, as well as the larger Trust itself. Though such organization may, under state law, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">protect the assets of the Fund in an insolvency action brought by the creditors of another series of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trust, this may be insufficient to protect the assets of the Fund from such creditors in an insolvency action </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in federal court, or in a court in a foreign jurisdiction. Accordingly, an insolvency resulting from another </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">series of the Trust or the Trust itself may have a material adverse effect on 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;">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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 style="line-height:10.12pt;margin-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 0.75% per annum. Additional charges include brokerage fees of approximately </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">0.00% 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> <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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 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 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 Rights Enjoyed by Investors in Certain Other Vehicles.</font></div> </div>
<div style="line-height:10.12pt;margin-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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:10.12pt;text-align:justify;"><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 style="line-height:10.12pt;margin-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><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> <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> <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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:9.35pt;text-align:left;"><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 style="line-height:10.12pt;margin-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><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> <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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 style="line-height:10.12pt;margin-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><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/1367306/000095017025027272/dbo-20241231.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, 2024, as well as the following:</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;">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;">as a result of global trade, macroeconomic events, the imposition of trading limitations or trading </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">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;"> </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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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> <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;">Risks and uncertainty related to public health emergencies and other adverse public
health </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">developments, geopolitical conflicts, acts of terrorism, mass casualty events, social unrest, civil
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">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></div> </div> <div style="line-height:10.12pt;margin-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 the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index Commodity. The Fund is designed to track its Index, which is intended to reflect the changes in
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">market value of the 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 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 the Index Commodity through the use of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index Contracts. These other futures contracts may or may not be based on the Index Commodity. When </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">they are not, the Managing Owner seeks to select futures contracts that it reasonably believes tend to
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">exhibit 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%;">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><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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Temporary Defensive
Positions</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%;">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 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
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 0.75% of the Fund&#8217;s NAV. This amount equates to $0.0931 per
annum </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">per Share at $12.38, the Fund&#8217;s NAV per Share as of May 31, 2025. Based on market rates observed as of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">May 31, 2025, the Fund&#8217;s Treasury Income is expected to be earned at a rate of 0.00%, 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 4.21%, 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 4.23%. 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 $12.38 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, 2025.</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> <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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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: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:40.93pt;"> <div style="display:flex;white-space:nowrap;width:40.93pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">$</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:6.06pt;">0.0929</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:1.5pt;vertical-align:Bottom;white-space:nowrap;width:67.82pt;"> <div style="line-height:10.12pt;margin-left:5pt;margin-right:1.5pt;text-align:right;width:59.82pt;">
<div style="display:flex;margin:auto;width:32.89pt;"> <div style="display:flex;white-space:nowrap;width:32.89pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:6.06pt;">0.75%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:286.33pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-left:3pt;margin-right:4.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;">Offering Expense Reimbursement</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:77.86pt;">
<div style="line-height:10.12pt;margin-left:5pt;margin-right:5pt;text-align:right;width:67.86pt;"> <div style="display:flex;margin:auto;width:40.93pt;"> <div style="display:flex;white-space:nowrap;width:40.93pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">$</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:6.06pt;">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: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:6.06pt;">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:40.93pt;"> <div style="display:flex;white-space:nowrap;width:40.93pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">$</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:6.06pt;">0.0002</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:67.82pt;"> <div style="line-height:10.12pt;margin-left:5pt;margin-right:1.5pt;text-align:right;width:59.82pt;">
<div style="display:flex;margin:auto;width:32.89pt;"> <div style="display:flex;white-space:nowrap;width:32.89pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:6.06pt;">0.00%</font></div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;width:286.33pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-left:3pt;margin-right:4.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;">Routine Operational, Administrative and Other Ordinary Expenses</font><font
style="color:#000000;font-family:Arial;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">4</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:77.86pt;">
<div style="line-height:10.12pt;margin-left:5pt;margin-right:5pt;text-align:right;width:67.86pt;"> <div style="display:flex;margin:auto;width:40.93pt;"> <div style="display:flex;white-space:nowrap;width:40.93pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">$</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:6.06pt;">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: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:6.06pt;">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:40.93pt;"> <div style="display:flex;white-space:nowrap;width:40.93pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">$</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">(0.5212)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:67.82pt;"> <div style="line-height:10.12pt;margin-left:5pt;margin-right:1.5pt;text-align:right;width:59.82pt;">
<div style="display:flex;margin:auto;width:32.89pt;"> <div style="display:flex;white-space:nowrap;width:32.89pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">(4.21)%</font></div> </div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Bottom;width:286.33pt;"> <div style="line-height:10.12pt;text-align:left;">
<div style="margin-left:3pt;margin-right:4.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;">12-Month Breakeven</font><font
style="color:#000000;font-family:Arial;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">6, 7</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Bottom;white-space:nowrap;width:77.86pt;">
<div style="line-height:10.12pt;margin-left:5pt;margin-right:5pt;text-align:right;width:67.86pt;"> <div style="display:flex;margin:auto;width:40.93pt;"> <div style="display:flex;white-space:nowrap;width:40.93pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">$</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:16.18pt;">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: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:6.06pt;">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, 2025, this waiver was </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">approximately $0.01 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 0.00%, Money Market Income is
assumed to be earned at a rate of </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">4.21%, and T-Bill ETF Income is assumed to be earned at a rate of 4.23%. These assumed rates are based on market rates as </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">of May 31, 2025. 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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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: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 Oil Fund (Ticker:
DBO)</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 Oil 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;">January 2007</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;">2025</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;">$4,809,677,421</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, 2025</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;">$174,491,603</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, 2025</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;">$12.38</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;">(23.95)% 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;">(89.12)% 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:169.48pt;"> <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:44.36pt;"> <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;">2025 (%)</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;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:41.36pt;"> <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;">2020 (%)</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:169.48pt;"> <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:44.36pt;">
<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;">2.17</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: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;">4.01</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(0.53)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.73pt;">11.85</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">7.21</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:41.36pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;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;">(15.09)</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:169.48pt;"> <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:44.36pt;">
<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;">(3.22)</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: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;">0.55</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:44.2pt;">
<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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(2.45)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">4.83</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.72pt;">16.43</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:41.36pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;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;">(11.04)</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:169.48pt;"> <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:44.36pt;">
<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;">1.63</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: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;">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:44.2pt;">
<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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(0.95)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">8.84</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.56pt;">(0.66)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.36pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;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;">(23.95)</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:169.48pt;"> <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:44.36pt;">
<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;">(16.38)</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: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;">0.58</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">1.03</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">3.60</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">7.25</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:41.36pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;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;">(9.79)</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:169.48pt;"> <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:44.36pt;">
<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;">3.08</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: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;">(2.87)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(8.68)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">8.29</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">4.62</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:41.36pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;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;">18.81</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:169.48pt;"> <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:44.36pt;">
<div style="line-height:0.5pt;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;"> </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: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;">4.27</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">5.13</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">(5.79)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">9.52</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;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.36pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;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;">6.09</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:169.48pt;"> <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:44.36pt;">
<div style="line-height:0.5pt;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;"> </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: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;">(3.22)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.00pt;">14.13</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.56pt;">(1.21)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">1.94</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:41.36pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;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;">5.02</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </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:169.48pt;"> <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:44.36pt;">
<div style="line-height:0.5pt;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;"> </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:27.08pt;"> <div style="display:flex;white-space:nowrap;width:27.08pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;">(4.36)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">2.60</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">(5.28)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">(4.64)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.36pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;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;">4.92</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </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:169.48pt;"> <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:44.36pt;">
<div style="line-height:0.5pt;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;"> </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: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;">(5.04)</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:44.2pt;">
<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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.56pt;">7.00</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:44.2pt;">
<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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.00pt;">(11.03)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">9.74</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:41.36pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;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;">(5.99)</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:169.48pt;"> <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:44.36pt;">
<div style="line-height:0.5pt;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;"> </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: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;">2.30</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(7.11)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:7.28pt;">9.96</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.72pt;">10.18</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;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.36pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;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;">(10.80)</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:169.48pt;"> <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:44.36pt;">
<div style="line-height:0.5pt;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;"> </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: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;">(0.91)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(5.22)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.56pt;">(5.46)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:0.00pt;">(19.14)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.36pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;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;">23.29</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </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:169.48pt;"> <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:44.36pt;">
<div style="line-height:0.5pt;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;"> </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: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;">5.97</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(6.60)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:4.55pt;">(3.01)</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.72pt;">10.20</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:41.36pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;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;">6.55</font><font
style="color:#000000;font-family:Arial;font-size:8.28pt;line-height:9.20pt;"> </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:169.48pt;"> <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:44.36pt;">
<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;">(13.38)%</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: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;">7.26%</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:1.83pt;">(3.95)%</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.73pt;">13.23%</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:31.63pt;"> <div style="display:flex;white-space:nowrap;width:31.63pt;"><font
style="color:#000000;font-family:Arial;font-size:8.28pt;margin-left:2.73pt;">59.57%</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.5pt;padding-top:3pt;vertical-align:Bottom;white-space:nowrap;width:41.36pt;"> <div style="line-height:9.20pt;margin-left:6pt;margin-right:1.5pt;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;">(20.71)%</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="g201304dbo.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, 2025)</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:14.25pt;">
<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:78.37pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:3pt;margin-right:12.12pt;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:60.93pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:10.12pt;margin-right:10.12pt;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:63.27pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:10.12pt;margin-right:10.12pt;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:79.16pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:10.12pt;margin-right:10.12pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">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:150.26pt;"> <div style="line-height:10.35pt;text-align:left;">
<div style="margin-left:10.12pt;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 Crude Oil Index TR</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:78.37pt;"> <div style="line-height:9.35pt;text-align:left;">
<div style="margin-left:3pt;margin-right:12.12pt;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:60.93pt;">
<div style="line-height:10.12pt;margin-left:12.37pt;margin-right:12.37pt;text-align:right;width:36.19pt;"> <div style="display:flex;margin:auto;width:37.95pt;"> <div style="display:flex;white-space:nowrap;width:37.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">(14.72)%</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:63.27pt;">
<div style="line-height:10.12pt;margin-left:12.37pt;margin-right:12.37pt;text-align:right;width:38.53pt;"> <div style="display:flex;margin:auto;width:37.95pt;"> <div style="display:flex;white-space:nowrap;width:37.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">(17.96)%</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:79.16pt;">
<div style="line-height:10.12pt;margin-left:12.37pt;margin-right:12.37pt;text-align:right;width:54.42pt;"> <div style="display:flex;margin:auto;width:37.95pt;"> <div style="display:flex;white-space:nowrap;width:37.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.0pt;">(14.08)%</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:150.26pt;"> <div style="line-height:10.12pt;margin-left:12.37pt;margin-right:1.5pt;text-align:right;width:134.89pt;">
<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;">(8.87)%</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:Bottom;width:78.37pt;"> <div style="line-height:9.35pt;text-align:left;">
<div style="margin-left:3pt;margin-right:12.12pt;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:60.93pt;">
<div style="line-height:10.12pt;margin-left:12.37pt;margin-right:12.37pt;text-align:right;width:36.19pt;"> <div style="display:flex;margin:auto;width:37.95pt;"> <div style="display:flex;white-space:nowrap;width:37.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:3.03pt;">15.74%</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:Bottom;white-space:nowrap;width:63.27pt;">
<div style="line-height:10.12pt;margin-left:12.37pt;margin-right:12.37pt;text-align:right;width:38.53pt;"> <div style="display:flex;margin:auto;width:37.95pt;"> <div style="display:flex;white-space:nowrap;width:37.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:3.03pt;">13.53%</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:Bottom;white-space:nowrap;width:79.16pt;">
<div style="line-height:10.12pt;margin-left:12.37pt;margin-right:12.37pt;text-align:right;width:54.42pt;"> <div style="display:flex;margin:auto;width:37.95pt;"> <div style="display:flex;white-space:nowrap;width:37.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:3.03pt;">16.79%</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:150.26pt;"> <div style="line-height:10.12pt;margin-left:12.37pt;margin-right:1.5pt;text-align:right;width:134.89pt;">
<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;">21.50%</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:78.37pt;"> <div style="line-height:9.35pt;text-align:left;">
<div style="margin-left:3pt;margin-right:12.12pt;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:60.93pt;">
<div style="line-height:10.12pt;margin-left:12.37pt;margin-right:12.37pt;text-align:right;width:36.19pt;"> <div style="display:flex;margin:auto;width:37.95pt;"> <div style="display:flex;white-space:nowrap;width:37.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">(0.51)%</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:63.27pt;">
<div style="line-height:10.12pt;margin-left:12.37pt;margin-right:12.37pt;text-align:right;width:38.53pt;"> <div style="display:flex;margin:auto;width:37.95pt;"> <div style="display:flex;white-space:nowrap;width:37.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">(1.65)%</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:79.16pt;">
<div style="line-height:10.12pt;margin-left:12.37pt;margin-right:12.37pt;text-align:right;width:54.42pt;"> <div style="display:flex;margin:auto;width:37.95pt;"> <div style="display:flex;white-space:nowrap;width:37.95pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:8.09pt;">0.31%</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:150.26pt;"> <div style="line-height:10.12pt;margin-left:12.37pt;margin-right:1.5pt;text-align:right;width:134.89pt;">
<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;">(6.25)%</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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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: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, 2025.</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 Crude Oil Index Total Return&#8482; (&#8220;Index TR&#8221;). Index TR reflects the change in the market value of the </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">same underlying commodity included in the Fund&#8217;s
Index. The Index TR and the Index reflect those changes on an optimum </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">yield basis. Index TR is calculated on a funded (total return) basis, which reflects the change in market
value of the </font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">underlying Index Commodity and interest income from a notional basket of fixed income securities. Index TR is included so </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">that investors can evaluate an index with both futures and income components, as the Fund tracks the Index and expects to
</font><font style="color:#000000;font-family:Arial;font-size:7.36pt;">generate income from positions in Treasury Securities, money market funds, and/or T-Bill ETFs that are maintained for </font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;">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:left;width:397.00pt;"><font style="color:#000000;font-family:Arial;font-size:7.36pt;">The S&amp;P GSCI Crude Oil Index TR has been included to provide investors with an
additional basis for evaluating 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 THE INDEX TR OR THE S&amp;P GSCI CRUDE OIL
INDEX TR. THE INDEX/BENCHMARK</font><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;"> 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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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: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 Crude Oil
Index Excess 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 Oil Fund (the &#8220;Fund&#8221;) is not sponsored or endorsed by Deutsche Bank AG, Deutsche Bank </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">Securities, Inc. or any subsidiary or affiliate of Deutsche Bank AG or Deutsche Bank Securities, Inc. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">(collectively, &#8220;Deutsche Bank&#8221;). The DBIQ Optimum Yield Crude Oil Index Excess Return&#8482; (the &#8220;Index&#8221;) is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">the exclusive property of Deutsche Bank Securities, Inc. &#8220;DBIQ&#8221; and &#8220;Optimum Yield&#8221; are service marks of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">Deutsche Bank AG and have been licensed for use for certain purposes by Deutsche Bank Securities, Inc. </font><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 the Index makes </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">any representation or warranty, express or implied, concerning the Index, the Fund or the advisability of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">investing in securities generally. 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 has any obligation to take the needs of Invesco Capital Management LLC, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">the sponsor of the Fund, or its clients into consideration in determining, composing or calculating the Index. </font><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 the Index is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">the Fund. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">Index has any obligation or liability in 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, the DBIQ Optimum Yield Crude Oil Index Excess Return&#8482;, is calculated on an excess return, or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">unfunded, basis. The Index is rolled in a manner which is aimed at potentially maximizing the roll benefits </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in backwardated markets and minimizing the losses from rolling in contangoed markets (or in the rare
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">instances of &#8220;super contangoed&#8221; markets).</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 comprised of the Index Commodity and is intended to reflect the changes in market value of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the crude oil sector. The Index has been calculated back to a base date (the &#8220;Base Date&#8221;). On the Base Date </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">of December 2, 1988, the closing level (&#8220;Closing Level&#8221;) 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 Sponsor is DBSI. The Index Sponsor may from time to time subcontract the provision of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">calculation and other services to one or more third parties. The composition of the Index may be adjusted
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodity.</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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Overview of DBIQ Optimum Yield
Crude Oil Index Excess Return&#8482;</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;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:155.89pt;"> <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;border-right:0.5pt solid #000000;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:119.64pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:5.75pt;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;">Exchange (Contract Symbol)</font><font
style="color:#000000;font-family:Arial;font-size:5.5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.75pt;">1</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:Top;width:78.45pt;"> <div style="line-height:8.50pt;text-align:left;">
<div style="margin-left:5.75pt;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;">Base Date</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:78.01pt;"> <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:10pt;">
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:155.89pt;"> <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;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:119.64pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:5.75pt;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;">NYMEX (CL)</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-right:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:78.45pt;"> <div style="line-height:9.20pt;text-align:left;">
<div style="margin-left:5.75pt;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 2, 1988</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.5pt;padding-top:2.5pt;vertical-align:Top;width:78.01pt;"> <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;">100.00%</font></div> </div> </td> </tr> </table> </div> <div> <div style="clear:both;margin-top:10pt;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;">Connotes the exchanges on which the underlying futures contracts are traded.</font><font
style="color:#000000;font-family:Arial;font-size:7.36pt;line-height:8.28pt;"> </font><font style="color:#000000;font-family:Arial;font-size:1pt;line-height:0.00pt;">&#8195;</font></div> </div> <div style="clear:both;position:relative;"> </div>
</div> <div style="line-height:0.0pt;margin-top:6.00pt;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;">Legend</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:0.5pt;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;">&nbsp;</font></div> </div> </td> </tr>
<tr style="height:20pt;">
<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;">&#8220;NYMEX&#8221;</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;">means the New York Mercantile Exchange, a part of the </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;">CME Group, or its successor.</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 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 the 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), the Index Commodity rolls from one contract </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to another futures contract that is intended to generate the most favorable &#8216;implied roll yield&#8217; under </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">prevailing market conditions. Where there is an upward-sloping price curve for futures contracts, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">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 the Index Commodity in such market conditions is designed to minimize the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">impact of negative roll yield. Additionally, in instances of particular market stress, futures contracts for the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">month next to occur (e.g., the October 2025 futures contract available in September 2025) may trade </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">significantly lower than futures contracts with delivery in later months, typically indicating an oversupply </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the reference commodity, in what is referred to as a &#8220;super contango&#8221; market. See the &#8220;Risk Factors&#8221; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">section 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 the 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 style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><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 the Index Commodity and the roll yield from trading Index Contracts. The Index takes the impact </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of implied roll yield into consideration by selecting, as the replacement for an expiring futures contract, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the futures contract with a delivery month within the next thirteen months that generates the most
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">favorable implied roll yield under 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 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 the Index Commodity through the use of Index Contracts or other futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts, such as approaching or reaching position limits with respect to the Index Commodity. These </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other futures contracts may or may not be based on the Index Commodity. When they are not, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner may seek to select futures contracts that it reasonably believes tend to exhibit trading
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">prices that correlate with the 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 the Index Commodity 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 or Commodity Broker. In addition, Treasury Securities for deposit </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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">may be held with the
Commodity Broker for cash management purposes or as margin for the Fund&#8217;s </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">futures positions. The Index does not reflect any corresponding income
characteristics.</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 futures contract price for the Index
Commodity will be the exchange closing price for the Index </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commodity on a day on which the exchange is open for business (&#8220;Index Business Day&#8221;). If a
weekday is </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">not an Exchange Business Day (as defined in the following sentence) but is an Index Business Day, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exchange closing price from the previous Index Business Day will be used for the Index Commodity. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">&#8220;Exchange Business Day&#8221; means, in respect of the Index Commodity, a day that is a trading day for the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Index Commodity on the exchange (unless either an Index disruption event or force majeure event has
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">occurred).</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;">Contract Selection</font></div> </div> <div style="line-height:10.12pt;margin-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 Contract will be tested in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">order to determine whether to continue including it in the Index. If the Index Contract requires delivery of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the underlying commodity in the next month, known as the Delivery Month, a new Index Commodity </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">futures contract will be selected for inclusion in the Index. For example, if the first Index Business Day is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">May 1 of the current year, and the Delivery Month of the Index Contract currently in the Index is June of
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the current year, a new Index 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%;">The new Index Contract selected will be the Index Contract with the best
possible &#8220;implied roll yield&#8221; </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">based on the closing price for each eligible Index Contract. Eligible Index Contracts are any Index Contracts </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">having a Delivery Month (i) no sooner than the month after the Delivery Month of the Index Contract </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">currently in the Index, and (ii) no later than the thirteenth month after the Verification Date. For example, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">if the first Index Business Day is May 1 of the current year and the Delivery Month of an Index Contract </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">currently in the Index is therefore June of the current year, the Delivery Month of an eligible new Index </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Contract must be between July of the current year and June of the following year. The implied roll yield is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">calculated and the futures contract on the Index Commodity with the best possible implied roll yield under </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the current market conditions is selected. If two futures contracts have the same implied roll yield, the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">futures contract with the fewest number of 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 the 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 style="line-height:10.12pt;margin-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 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> <div style="line-height:10.12pt;margin-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 the Index Contract remain
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">constant.</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;">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 the Index Commodity. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Index Sponsor then applies a set of rules to these values to create the indicative level of the Index. </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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">These rules are consistent
with the rules that the Index Sponsor applies at the end of each trading day to </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">calculate the closing level of the Index.</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 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;margin-left:0%;">the IIV per Share (quoted in U.S. dollars) once every fifteen seconds throughout each trading day on the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">consolidated tape, Reuters and/or Bloomberg and on the Managing Owner&#8217;s website at 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: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: DBOLIX) and the IIV per Share (symbol: DBO.IV) (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: DBO.IV) is also published on the Managing
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Owner&#8217;s website at https://www.invesco.com/ETFs, 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: DBO) (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 https://www.invesco.com/ETFs, 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: DBCMOCLE) is published as of the close of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">business 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: DBO.NV) 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 https://www.invesco.com/ETFs, 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: DBO.NV) 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 https://index.db.com and at 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 style="line-height:10.12pt;margin-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: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 the 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 Index Commodity on an alternative basis were such event 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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">occur or exist on a day that
is a trading day for futures contracts in such Index Commodity on the relevant </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">exchange. If such an Index disruption event occurs and continues for a period of
five successive trading </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">days, the Index Sponsor will, in its discretion, either:</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;">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 the 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 the 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:left;"> <div style="margin-top:5pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">The Closing Levels Table presents Closing Levels for the Index since January
2015.</font></div> </div> <div style="line-height:10.12pt;margin-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 historic data shown with respect to the
closing prices of futures contracts on Light, Sweet Crude Oil </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(WTI) originated from Reuters. The Index Sponsor has not independently verified the information
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">extracted from this source.</font></div> </div> <div style="line-height:10.12pt;margin-top:5pt;text-align:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Complete price histories regarding certain futures contracts on the Index Commodity may not have been </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">available (e.g., due to lack of trading on specific days). In the event that prices on such futures contracts on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Index Commodity were unavailable during a contract selection day, such futures contracts were </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">excluded from the futures contract selection process. The Index Sponsor believes that the incomplete
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">price histories should not have a material impact on the calculation 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 Closing Level is equal to the weighted sum of the market value of the commodity futures contracts of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Index Commodity. The market value of the commodity futures contracts of the Index Commodity is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">equal to the number of commodity futures contracts multiplied by the commodity futures contracts&#8217; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">closing price. Because the Index is comprised by a single Index Commodity, the Index Base Weight and the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Index weights will equal to 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 composition and holding in the Index Contracts. Such holdings in the futures </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contracts underlying the Index Commodity change during the period just prior to the upcoming expiration
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">of the applicable futures contracts as determined by 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;"> roll rules.</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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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: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 Crude Oil 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:8.50pt;font-weight:bold;line-height:9.35pt;"> </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;">2015</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: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;">1203.36</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:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">687.13</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;">-40.87%</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:42.01pt;"> <div style="display:flex;white-space:nowrap;width:42.01pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">611.36%</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;">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: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:5.06pt;">765.81</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:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">528.35</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;">7.09%</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:42.01pt;"> <div style="display:flex;white-space:nowrap;width:42.01pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">661.77%</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;">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: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:5.06pt;">803.40</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:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">587.93</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;">5.46%</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:42.01pt;"> <div style="display:flex;white-space:nowrap;width:42.01pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">703.40%</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;">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:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">1100.77</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:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">621.51</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;">-17.40%</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:42.01pt;"> <div style="display:flex;white-space:nowrap;width:42.01pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">563.60%</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;">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: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:5.06pt;">880.63</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: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:5.06pt;">663.60</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;">27.38%</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:42.01pt;"> <div style="display:flex;white-space:nowrap;width:42.01pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">745.30%</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;">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: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:5.06pt;">876.87</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:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">401.00</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: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;">-20.59%</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:42.01pt;"> <div style="display:flex;white-space:nowrap;width:42.01pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">571.27%</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;">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: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;">1232.85</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:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">659.26</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;">60.82%</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:42.01pt;"> <div style="display:flex;white-space:nowrap;width:42.01pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">979.53%</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;">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:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">1680.68</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:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">1099.32</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;">12.42%</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:42.01pt;"> <div style="display:flex;white-space:nowrap;width:42.01pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">1113.56%</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;">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: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;">1411.27</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: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;">1044.46</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;">-7.89%</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:42.01pt;"> <div style="display:flex;white-space:nowrap;width:42.01pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00pt;">1017.81%</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;">2024</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:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">1277.47</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:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">1029.59</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: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;">2.69%</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:42.01pt;"> <div style="display:flex;white-space:nowrap;width:42.01pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;">1047.85%</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;">2025 (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: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;">1268.03</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:34.88pt;"> <div style="display:flex;white-space:nowrap;width:34.88pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">946.56</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:0.00pt;">-14.57%</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:42.01pt;"> <div style="display:flex;white-space:nowrap;width:42.01pt;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:5.06pt;">880.60%</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, 2025 through May 31, 2025.</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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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: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, 2025, 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;">100.70%</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;">Light, Sweet Crude Oil (WTI)</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;">100.70%</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%;">used for cash management or posted as margin with the Commodity Broker for the Fund&#8217;s Index Contract </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">positions are held on deposit with the Custodian. Proceeds that are posted as margin or held for cash </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">management purposes may take the form of Treasury Securities, shares of money market funds and T-Bill </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">ETFs, other securities eligible for use as margin, and/or cash. Approximately 24% of the Fund&#8217;s NAV was </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">posted as collateral with respect to its holdings of Index Contracts as of May 31, 2025. Collateral </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">requirements are initially set by the applicable futures exchanges. The Commodity Broker applies an </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">additional collateral requirement based on a number of factors, including, but not limited to, volatility, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">concentration, percentage of open interest, and position size with respect to the Index Contracts. For </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">purposes of calculating the approximate percentage of the Fund&#8217;s NAV that was posted as collateral, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund&#8217;s aggregate assets under management reflected the sum of the Fund&#8217;s holdings of Treasury </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Securities, money market mutual funds, T-Bill ETFs, cash and the value of the Index Contracts that have
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">been marked to market as of May 31, 2025.</font></div> </div> <div style="line-height:10.12pt;margin-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%;">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 24% 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;margin-top:5.88pt;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 76% 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, 2025, the Fund&#8217;s allocation to Treasury Securities, money market mutual funds
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">and 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;">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;">64.78%</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;margin-left:0.0pt;">United States Treasury Securities</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;">0.00%</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;">30.94%</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> <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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">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%;">The Fund pays the Managing Owner a Management Fee, monthly in arrears,
in an amount equal to 0.75% </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 </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;">0.12% 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;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 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 $6.00 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 0.00% 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> <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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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 style="line-height:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Routine Operational,
Administrative and Other Ordinary Expenses</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 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 0.23% 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 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;">Selling Commission</font></div> </div> <div style="line-height:10.12pt;margin-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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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 style="line-height:10.12pt;text-align:justify;"><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 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 style="line-height:10.12pt;margin-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 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> <div style="line-height:10.12pt;margin-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></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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:10.12pt;margin-left:30pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00%;">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;margin-left:0.00%;">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;margin-left:0.00%;">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;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><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> <div style="line-height:10.12pt;margin-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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 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><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> <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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 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:13.0pt;width:180pt;"> </div> <div style="line-height:10.12pt;margin-top:10pt;text-align:justify;"> <div style="margin-top:10pt;"><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> <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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 2024, 2023, 2022, 2021, and 2020.</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 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%;">On September 27, 2022, MS&amp;Co.&#8217;s settlements with the SEC for $125 million and the CFTC for $75 million </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to resolve record-keeping related investigations by those agencies relating to business communications on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">messaging platforms that had not been approved by MS&amp;Co. (and certain of its affiliates) became </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">effective. The agencies alleged that MS&amp;Co. failed to maintain, preserve, or produce records that were </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">required to be kept pursuant to recordkeeping requirements and that it failed to diligently supervise
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">matters related to its business as a CFTC registrant.</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;">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></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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 style="line-height:10.12pt;margin-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 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. On July 15, 2022, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">MS&amp;Co. filed a motion for summary judgment on all remaining claims. On March 1, 2023, the court </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">granted in part and denied in part MS&amp;Co.&#8217;s motion for summary judgment, narrowing the alleged </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">misrepresentations at issue in the case. On March 26, 2024, the Appellate Division affirmed the trial </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">court&#8217;s summary judgment order. On August 27, 2024, the plaintiff notified the court that in light of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">court&#8217;s rulings to exclude certain evidence at trial, the plaintiff could not prove its claims at trial, and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">requested that the court dismiss the case, subject to its right to appeal the evidentiary rulings. On </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">August 28, 2024, the court dismissed the case, and judgment was entered in MS&amp;Co.&#8217;s favor. The plaintiff </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">has filed notices of appeal.</font></div> </div> <div style="line-height:10.12pt;margin-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><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 motions to dismiss as to MS&amp;Co. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and the other underwriters, but granting the motion to dismiss as to Viacom and the Viacom individual </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">defendants. On February 15, 2023, the underwriters, including MS&amp;Co., filed their notices of appeal of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">denial of their motions to dismiss. On March 10, 2023, the plaintiff appealed the dismissal of Viacom and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the individual Viacom defendants. On April 4, 2024, the Appellate Division upheld the lower court&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">decision as to MS&amp;Co. and other underwriter defendants that had prime brokerage relationships and/or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">served as counterparties to certain derivative transactions with Archegos, dismissed the remaining </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">underwriters, and upheld the dismissal of Viacom and its officers and directors. On July 25, 2024, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Appellate Division denied the plaintiff&#8217;s and MS&amp;Co.&#8217;s respective motions for leave to reargue or appeal </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the April 4, 2024 decision. On January 4, 2024, the court granted the plaintiff&#8217;s motion for class
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">certification, which the defendants have appealed.</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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. is a defendant in
three antitrust class action complaints which have been consolidated into one </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">proceeding in the United States District Court for the SDNY under the caption City of
Philadelphia, et al. v. </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Bank of America Corporation, et al. Plaintiffs allege, inter alia, that MS&amp;Co., along with a number of other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">financial institution defendants, violated U.S. antitrust laws and relevant state laws in connection with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">alleged efforts to artificially inflate interest rates for Variable Rate Demand Obligations (&#8220;VRDO&#8221;). Plaintiffs </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">seek, among other relief, treble damages. The class action complaint was filed on behalf of a class of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">municipal issuers of VRDO for which defendants served as remarketing agent. On November 2, 2020, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">court granted in part and denied in part the defendants&#8217; motion to dismiss the consolidated complaint, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">dismissing state law claims, but denying dismissal of the U.S. antitrust claims. On September 21, 2023, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">court granted plaintiffs&#8217; motion for class certification. On October 5, 2023, defendants petitioned the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">United States Court of Appeals for the Second Circuit for leave to appeal that decision, which was granted
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">on February 5, 2024.</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 2024, Morgan Stanley Smith Barney LLC (&#8220;MSSB&#8221;) and E*TRADE Securities LLC </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(&#8220;E*TRADE Securities&#8221;), among others, have been named as defendants in multiple putative class actions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">pending in the federal district courts for the District of New Jersey and SDNY. The class action claims have </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">been brought on behalf of brokerage, advisory and retirement account holders, alleging various </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contractual, fiduciary, and statutory claims (including under the Racketeer Influenced and Corrupt </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Organizations Act, 18 U.S.C. &#167;1962(c)-(d)) that MSSB and/or E*TRADE Securities failed to pay a reasonable </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">rate of interest on its cash sweep products. The cases are at an early stage with motions for consolidation </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and transfer currently pending. Together, the complaints seek, inter alia, certification of a class of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">plaintiffs, unspecified compensatory damages, equitable and injunctive relief, and treble damages. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">MS&amp;Co. has been engaged with and is responding to requests for information from the Enforcement </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Division of the SEC regarding advisory account cash balances swept to the affiliate bank deposit program </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and compliance with the Investment Advisers Act of 1940, and from a state securities regulator regarding
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">brokerage account cash balances swept to the affiliate bank deposit program.</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;">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%;">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. On December 15, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">2023, the court denied the class plaintiffs&#8217; motion for class certification. On December 29, 2023, the class </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">plaintiffs petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">decision. On February 28, 2024, the parties reached an agreement in principle to settle the class claims. On </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">July 11, 2024, the court granted preliminary approval of the 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%;">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. Plaintiffs&#8217; motion for class certification was referred by the District Court to a magistrate judge </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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">who, on June 30, 2022, issued
a report and recommendation that the District Court certify a class. On </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">May 20, 2023, MS&amp;Co. reached an agreement in principle to settle the litigation. On
September 1, 2023, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the court granted preliminary approval of the settlement.</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 January 12, 2024, the U.S. Attorney&#8217;s Office for the Southern District of New York (&#8220;USAO&#8221;) and the SEC </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">announced they had reached settlement agreements with MS&amp;Co. in connection with their investigations </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">into MS&amp;Co.&#8217;s blocks business. Specifically, MS&amp;Co. entered into a three-year non-prosecution agreement </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(&#8220;NPA&#8221;) with the USAO that included the payment of forfeiture, restitution, and a criminal fine for making </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">false statements in connection with the sale of certain block trades from 2018 through August 2021. The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">NPA required MS&amp;Co. to admit responsibility for certain acts of its employees and to continue to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">cooperate with and provide certain information to the USAO for the term of the agreement. Additionally, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the SEC charged MS&amp;Co. with violations of Section 10(b) of the Exchange Act and Rule 10b-5(b) </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">thereunder for the disclosure of confidential information about block trades and also violations of Section </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">15(g) of the Exchange Act for the failure to enforce its policies concerning the misuse of material non-public</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;"> information related to block trades. As part of the SEC agreement, MS&amp;Co. paid disgorgement and a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">civil penalty. After the agreed-upon credits were applied, MS&amp;Co. paid a total amount of approximately </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">$249 million under both settlements. MS&amp;Co. also faces potential civil liability arising from claims that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">have been or may be asserted by, among others, block transaction participants who contend they were </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">harmed or disadvantaged including, among other things, as a result of a share price decline allegedly </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">caused by the activities of MS&amp;Co. and/or its employees, or as a result of MS&amp;Co.&#8217;s and/or its employees&#8217; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">failure to adhere to applicable laws and regulations. In addition, MS&amp;Co. has responded to demands from </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">shareholders under Section 220 of the Delaware General Corporation Law for books and records </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">concerning
the investigations.</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: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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 style="line-height:10.12pt;margin-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 style="line-height:10.12pt;margin-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 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> <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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 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 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;">Proprietary Trading/Other Clients</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 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 Trust, the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">Fund and the respective responsibilities of the Trustee and the Managing Owner concerning the Trust and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">the material terms of the Trust Agreement. Prospective investors should carefully review the Trust </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">Agreement filed as an exhibit to the registration statement of which this Prospectus is a part and consult </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">with their own advisers concerning the implications of investing in a series of a Delaware statutory trust. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">Capitalized terms used in this section and not otherwise defined shall have such meanings assigned to them </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">under the Trust 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;DBO.&#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 Trust was organized under the Delaware Statutory Trust Act in separate series as a Delaware statutory </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">trust rather than as separate statutory trusts in order to achieve certain administrative efficiencies. As of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the date of this Prospectus, the Trust consists of the following five series &#8211; Invesco DB Agriculture Fund, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco DB Base Metals Fund, Invesco DB Energy Fund, Invesco DB Oil Fund and Invesco DB Precious </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Metals Fund. This Prospectus is for the Fund only. Information regarding the Fund (and any other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">additional series of the Trust, as applicable) is available 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;">. The Trust is </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">managed by the Managing Owner, whose office is located at 3500 Lacey Road, Suite 700,
Downers Grove, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">IL 60515, telephone: (800) 983-0903.</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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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 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><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 the Managing Owner are available for inspection and copying </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(upon payment of reasonable reproduction costs) by Shareholders or their representatives for any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">purposes reasonably related to a Shareholder&#8217;s interest as a beneficial owner of such Shares during regular </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">business hours as provided in the Trust Agreement. The Managing Owner will maintain and preserve the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">books and 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 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%;">Solely for the purposes of this sub-section, the term &#8220;Fund&#8221; or &#8220;Funds&#8221; refers to all the series of the Trust </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">(including the DBO Fund). The term &#8220;DBO Fund&#8221; refers to the series that is offered pursuant to this </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Prospectus. The term &#8220;Non-DBO Funds&#8221; refers to all the remaining series of the Trust and excludes the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">DBO 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 Trust was formed and is operated in a manner such that each Fund is liable only for obligations </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">attributable to that Fund and the Shareholders of a Fund are not subject to the losses or liabilities of any of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the other Funds. For example, if any creditor or Shareholder in a Non-DBO Fund asserted against the DBO </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund a valid claim with respect to its indebtedness or Shares, the creditor or Shareholder of the Non-DBO </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund would only be able to recover money from that particular Non-DBO Fund and its assets. Accordingly, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the debts, liabilities, obligations and expenses (collectively, the &#8220;Claims&#8221;) incurred, contracted for or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">otherwise existing solely with respect to a particular Non-DBO Fund are enforceable only against the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">assets of that Non-DBO Fund and not against the DBO Fund or any other Non-DBO Fund or the Trust </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">generally or any of their respective assets. The assets of any particular Fund include only those funds and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">other assets that are paid to, held by or distributed to the Fund, including, without limitation, funds </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">delivered to the Trust for the purchase of Shares in the Fund (the &#8220;Inter-Series Limitation on Liability&#8221;). The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Inter-Series Limitation on Liability is expressly provided for under the Delaware Statutory Trust Act, which </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">provides that if certain conditions (as set forth in Section 3804(a)) are met, then the debts of any particular </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">series will be enforceable only against the assets of such series and not against the assets of any other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund or the Trust generally. The Inter-Series Limitation on Liability applies to all series of the Trust,
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">including those that are not being offered through 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%;">In furtherance of the Inter-Series Limitation on Liability, every party providing services to the Trust, any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund or the Managing Owner on behalf of the Trust or any Fund has acknowledged and consented in </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">writing
to the Inter-Series Limitation on Liability with respect to such party&#8217;s Claims.</font></div> </div> <div style="line-height:10.12pt;margin-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 special custody arrangements are applicable to any Fund, and the existence of a trustee should not be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">taken as an indication of any additional level of management or supervision over any Fund. Under 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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trust Agreement, 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;">business of 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 Trust Agreement gives Shareholders of the DBO Fund voting rights in respect of the business and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">affairs of the DBO Fund comparable to those typically extended to limited partners in publicly-offered
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">futures funds.</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 Trust and the Fund. The </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trustee&#8217;s principal offices are located at Rodney Square North, 1100 North Market Street, Wilmington, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Delaware 19890-0001. The Trustee is unaffiliated with the Managing Owner. The Trustee&#8217;s duties and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">liabilities with respect to the offering of the Shares and the management of the Trust and the Fund are
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">limited to its express obligations 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 Trust 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 Trust and the Fund in the State of Delaware and will make certain filings under the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Delaware Statutory Trust Act. The Trustee does not owe any other duties to the Trust, the Managing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner or the Shareholders. The Trustee is permitted to resign upon at least sixty (60) days&#8217; notice to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trust, provided, that any such resignation will not be effective until a successor Trustee is appointed by the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner. The Trust Agreement provides that the Trustee is compensated by the Fund and is </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">indemnified by the Fund against any expenses it incurs relating to or arising out of the formation, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">operation or termination of the Fund or the execution, delivery and performance of any other agreements </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">to which the Trust is a party or the action or inaction of the Trustee, except to the extent that such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">expenses result from the gross negligence or willful misconduct of the Trustee. The Managing Owner has
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the discretion to 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 Trust and the Fund, other than certain limited voting rights as set forth in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Trust Agreement. In the course of its management of the business and affairs of the Fund and the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trust, the Managing Owner may, in its sole and absolute discretion, appoint an affiliate or affiliates of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner as additional managing owners (except where the Managing Owner has been notified by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Shareholders that it is to be replaced as the managing owner) and retain such persons, including </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">affiliates of the Managing Owner, as it deems necessary for the efficient operation of the Fund or Trust, as </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: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%;">Trust and the Fund. The Managing Owner was formed on February 7, 2003 for the purpose of serving as </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the managing owner of investment vehicles such as ETFs. The Managing Owner has managed non-commodity</font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;"> futures-based ETFs since 2003 and commodity futures-based ETFs since 2014. The Managing
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Owner serves as both commodity pool operator and commodity trading advisor of the Trust and the Fund. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Managing Owner has been registered with the CFTC as a commodity pool operator since January 1, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">2013, a commodity trading advisor since October 1, 2014, and has been a member of the NFA since </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">January 1, 2013. It has been an NFA-approved swap firm since September 8, 2015. Its principal place of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">business is 3500 Lacey Road, Downers Grove, Illinois 60515, telephone number (800) 983-0903. 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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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 is an
affiliate of 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 </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;margin-left:0%;">its membership in the NFA must not be taken as an indication that either the CFTC or the NFA has </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;font-style:italic;">recommended or approved the Managing Owner, the Trust 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;">32</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, the name of the Trust changed from PowerShares </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">DB Multi-Sector Commodity Trust to Invesco DB Multi-Sector Commodity Trust, and the name of the Fund
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">changed from PowerShares DB Oil Fund to Invesco DB Oil 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: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 Ringold</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:20pt;">
<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;">David Hemming</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;">Vice President, Head of Alternatives Portfolio </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;">Management</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 and Krugman and Ms. Ringold.</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;"> (46) 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><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;">55</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:8.50pt;font-weight:bold;margin-left:0%;">Peter
Hubbard</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> (44) 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 more than 200 equity and fixed income mutual funds advised by Invesco </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">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;">(47) 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 (60) 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;"> (54) 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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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: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
Trust,</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;">the Fund and the exchange-traded funds for which ISP serves as sponsor
(the &#8220;CurrencyShares </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trusts&#8221;). Previously, she was Director of Fund Financial Services from December 2008 to September 2018, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Assistant Treasurer for the Managing Owner from January 2013 to September 2018, Assistant Treasurer of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">ISP from 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;">(48) 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%;">Melanie Ringold </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">(48) has been a Member of the Board of Managers of the Company since July 2024. Ms. </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Ringold has also
served as Head of Legal for the Americas at Invesco Ltd., a global investment management </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">company and affiliate of the Managing Owner, since January 2023. In this
role, she is responsible for </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">overseeing legal support for all of Invesco&#8217;s Americas business. Prior to her current position, Ms. Ringold </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">served as Assistant General Counsel from March 2011 until January 2023, where she was responsible for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">overseeing legal support for the investments organization and co-chairing the firm&#8217;s US Regulatory Change </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Committee. Ms. Ringold earned a JD from the University of Houston Law Center and a BA degree in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">political science from the University of Michigan. Ms. Ringold was listed as a principal of the Managing
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Owner on August 20, 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:8.50pt;font-weight:bold;margin-left:0%;">David Hemming</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> (43) joined the Managing Owner in September 2016 as a Senior Portfolio
Manager and </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">has been Head of Alternatives Portfolio Management since November 2020, and a Vice President of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Managing Owner since November 2024. In these roles, Mr. Hemming manages a team of two other
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">portfolio managers and is responsible for portfolio management processes for over 20 commodity and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">alternatives-based registered investment companies and other pooled investment vehicles managed by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Managing Owner. He is a graduate of University of St. Andrews (Scotland), with an MA (honours) in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Economics and International relations, and City University Business School, with a MSc in Investment </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Management. Mr. Hemming was listed as a principal of the Managing Owner on November 6, 2024, and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">he was registered as associated person and swap associated person the Managing Owner on April 19, </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">2017,
and April 26, 2017, respectively.</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;">57</font></div> </div>
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</div> <div> <div><a name="xx_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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: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 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;">Audit Committee</font></div> </div>
<div style="line-height:10.12pt;margin-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. Hartigan </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and Krugman and Ms. Ringold. 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 less
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">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 Trust or the Fund. Shareholders, voting together as a single series may, however, remove </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and replace the Managing Owner as the managing owner of the Trust and the Fund, and may amend the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trust Agreement, except in certain limited respects, by the affirmative vote of a majority of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">outstanding Shares then owned by Shareholders (not including Shares held by the Managing Owner and its </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">affiliates). The owners of a majority of the outstanding Shares then owned by Shareholders may also </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">compel dissolution of the Trust and the Fund. The owners of 10% of the outstanding Shares then owned by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholders have the right to bring a matter before a vote of the Shareholders. The Managing Owner has </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">no power under the Trust Agreement to restrict any of the Shareholders&#8217; voting rights. Any Shares </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">purchased by the Managing Owner or its affiliates, as well as the Managing Owner&#8217;s general interests in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">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 Trust, the Fund or any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder, as contemplated by the Trust Agreement, is solicited by the Managing Owner, the solicitation
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">will be 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 Trust 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 a
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Shareholder&#8217;s written objection is actually received by the Trust within twenty (20) days after the notice of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">solicitation is effected. This means that not responding to the vote or consent solicitation would have the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">same effect as responding with affirmative written consent. For example, in the context of a consent </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">solicitation to change the managing owner or any other action, a Shareholder&#8217;s lack of a response will have </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">the same 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 Trust will be
entitled to act in reliance on any vote </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or 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 Trust in so doing. Any action taken or omitted in reliance on this deemed vote 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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:10.12pt;text-align:justify;"><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 style="line-height:10.12pt;margin-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 the unilateral right to amend the Trust Agreement as it applies to the Fund, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">provided that any such amendment is for the benefit of and not adverse to the Shareholders or the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trustee and also in certain unusual circumstances, for example, if doing so is necessary to comply with
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">certain regulatory requirements.</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;">Recognition of the Trust and 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 Trust 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 of 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></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> <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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">other governmental authority
that has jurisdiction over the activities of the Trust and the Fund. You also </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">will be provided with appropriate information to permit you to file your U.S. federal
and state income tax </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">returns (on a timely basis) with respect to your Shares. Monthly account statements conforming to CFTC </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">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;">https://www.invesco.com/ETFs</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Additional reports may be posted on the Managing Owner&#8217;s website in the discretion of the Managing
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Owner or as 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 Trust 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:justify;"> <div style="margin-top:5pt;"><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">The Trust, or as the case may be, the Fund will dissolve at any time upon the happening of any of the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">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></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;">60</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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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;margin-left:30pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00%;">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;margin-left:0.00%;">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;margin-left:0.00%;">date of such event, one or more successor managing owners. If the Trust is terminated as the result </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00%;">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;margin-left:0.00%;">the Trust and to appoint a successor managing owner as provided above within 120 days of such </font><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 of the Fund (not including Shares held by the Managing Owner and its affiliates) may elect to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00%;">continue the business of the Trust by forming a new statutory trust (&#8220; Reconstituted Trust&#8221;) on the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00%;">same terms and provisions as set forth in the Trust Agreement (whereupon the Managing Owner </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00%;">and the Trustee shall execute and deliver any documents or instruments as may be necessary to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0.00%;">reform the 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 series 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:justify;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
Trust or </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the Fund, as the case may be.</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 Trust or the Fund, as the case may be, 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 Trust, 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 Trust because the aggregate NAV of the Trust 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
Trust or 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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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;text-align:justify;"><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 style="line-height:10.12pt;margin-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><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> <div style="line-height:10.12pt;margin-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 Trust 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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 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;">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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:10.12pt;text-align:justify;"><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><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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 style="line-height:10.12pt;margin-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><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> <div style="line-height:10.12pt;margin-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> <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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 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;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 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 among the Trust, on behalf of itself and on behalf of the Fund, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and the Administrator, the Administrator performs or supervises the performance of services necessary </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for the operation and administration of the Fund (other than making investment decisions), including NAV
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">calculations, accounting and other fund 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 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 with respect to the Fund upon 30 days prior written notice if the Fund has </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">materially failed to perform its obligations under the Administration Agreement or upon the termination
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">of the Custody 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%;">Trust or the Fund, except those costs, expenses, damages, liabilities or claims arising out of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Administrator&#8217;s own gross negligence or willful misconduct. In no event will the Administrator be liable 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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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 style="line-height:10.12pt;text-align:justify;"><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Trust, the Fund or any
third party for special, indirect or consequential damages, or lost profits or loss </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of business, arising under or in connection with the Administration Agreement,
even if previously informed </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the possibility of such damages and regardless of the form of action. The Administrator will not be liable </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for any loss, damage or expense, including counsel fees and other costs and expenses of a defense against </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">any claim or liability, resulting from, arising out of, or in connection with its performance under the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Administration Agreement, including its actions or omissions, the incompleteness or inaccuracy of any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Proper Instructions (as defined therein), or for delays caused by circumstances beyond the Administrator&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">control, unless such loss, damage or expense arises out of the gross negligence or willful misconduct of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">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%;">Subject to limitations, the Trust and/or the Fund will indemnify and hold harmless the Administrator from </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and against any and all costs, expenses, damages, liabilities and claims (including claims asserted by the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trust or the Fund), and reasonable attorneys&#8217; and accountants&#8217; fees relating thereto, which are sustained </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or incurred or which may be asserted against the Administrator 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%;">taken or omitted to be taken by the Administrator in good faith under the Administration Agreement or in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reliance upon (i) any law, act, regulation or interpretation of the same even though the same may </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">thereafter have been altered, changed, amended or repealed, (ii) the registration statement or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Prospectus, (iii) any Proper Instructions, or (iv) any opinion of legal counsel for the Fund, or arising out of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">transactions or other activities of the Fund which occurred prior to the commencement of the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Administration Agreement; provided, that neither the Trust nor the Fund will indemnify the Administrator </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for costs, expenses, damages, liabilities or claims for which the Administrator is liable under the preceding </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">paragraph. This indemnity will be a continuing obligation of each of the Trust, the Fund and their </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">respective successors and assigns, notwithstanding the termination of the Administration Agreement. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Without limiting the generality of the foregoing, the Trust and/or the Fund will indemnify the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Administrator against and save the Administrator harmless from any loss, damage or expense, including </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">counsel fees and other costs and expenses of a defense against any claim or liability, arising from any one </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or more of the following: (i) errors in records or instructions, explanations, information, specifications or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">documentation of any kind, as the case may be, supplied to the Administrator by any third-party described </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">in the Administration Agreement or by or on behalf of the Fund; (ii) action or inaction taken or omitted to </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">be taken by the Administrator pursuant to Proper Instructions of the Trust, on behalf of the Fund, or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">otherwise without gross negligence or willful misconduct; (iii) any action taken or omitted to be taken by </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Administrator in good faith in accordance with the advice or opinion of counsel for the Trust or the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Fund or its own counsel; (iv) any improper use by the Trust or the Fund or their respective agents, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">distributor or investment advisor of any valuations or computations supplied by the Administrator </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">pursuant to the Administration Agreement; (v) the method of valuation and the method of computing </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">NAV; or
(vi) any 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 Trust, on behalf of the
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Fund, or its own 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 their respective shareholders; or (d) the effect under any federal, state, or foreign income tax laws </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the Fund making or not making any distribution or dividend payment, or any election with respect
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Custody 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;margin-left:0%;">The Bank of New York Mellon serves as the Fund&#8217;s Custodian.
Pursuant to the Custody Agreement, the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Custodian serves as custodian of all the Fund&#8217;s securities and cash at any time delivered to Custodian </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">during the term of the Custody Agreement and has authorized the Custodian to hold its securities in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">registered form in its name or the name of its nominees. The Custodian has established and will maintain </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">one or more securities accounts and cash accounts for the Fund pursuant to the Custody Agreement. The
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Custodian will maintain separate and distinct books and 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%;">The Trust, on behalf of the Fund, independently, and the Custodian may
terminate the Custody Agreement </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">by giving to the other party a notice in writing specifying the date of such termination, which will be not </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">less than ninety (90) days after the date of such notice. Upon termination thereof, the Fund will pay to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Custodian such compensation as may be due to the Custodian, and will likewise reimburse the Custodian </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">for other amounts payable or reimbursable to the Custodian thereunder. The Custodian will follow such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">reasonable oral or written instructions concerning the transfer of custody of records, securities and other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">items as the Trust, on behalf of the Fund, gives; provided, that (a) the Custodian will have no liability for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">shipping and insurance costs associated therewith, and (b) full payment will have been made to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Custodian of its compensation, costs, expenses and other amounts to which it is entitled thereunder. If any </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">securities or cash remain in any account, the Custodian may deliver to the Trust, on behalf of the Fund, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">such securities and cash. Except as otherwise provided herein, all obligations of the parties to each other
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">hereunder will cease upon termination of the Custody Agreement.</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 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 Trust or the Fund, except those </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">losses arising out of the gross negligence or willful misconduct of the Custodian. The Custodian will have </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">no liability whatsoever for the action or inaction of any depository. Subject to the Custodian&#8217;s delegation </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of its duties to its affiliates, the Custodian&#8217;s responsibility with respect to any securities or cash held by a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">subcustodian is limited to the failure on the part of the Custodian to exercise reasonable care in the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">selection or retention of such subcustodian in light of prevailing settlement and securities handling </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">practices, procedures and controls in the relevant market. With respect to any losses incurred by the Trust </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">or the Fund as a result of the acts or the failure to act by any subcustodian (other than an affiliate of the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Custodian), the Custodian will take appropriate action to recover such losses from such subcustodian; and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the Custodian&#8217;s sole responsibility and liability to the Trust or the Fund will be limited to amounts so </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">received from such subcustodian (exclusive of costs and expenses incurred by the Custodian). In no event </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">will the Custodian be liable to the Trust or the Fund or any third-party for special, indirect or consequential </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">damages, or lost profits or loss of business, 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 Trust, on behalf of the Fund, as applicable, will indemnify the Custodian and each subcustodian for the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">amount of any tax that the Custodian, any such subcustodian or any other withholding agent is required </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">under applicable laws (whether by assessment or otherwise) to pay on behalf of, or in respect of income </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">earned by or payments or distributions made to or for the account of the Fund (including any payment of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">tax required by reason of an earlier failure to withhold). The Custodian will, or will instruct the applicable </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">subcustodian or other withholding agent to, withhold the amount of any tax which is required to be </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">withheld under applicable law upon collection of any dividend, interest or other distribution made with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">respect to any security and any proceeds or income from the sale, loan or other transfer of any security. In </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the event that the Custodian or any subcustodian is required under applicable law to pay any tax on behalf </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the Fund, the Custodian is hereby authorized to withdraw cash from any cash account in the amount </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">required to pay such tax and to use such cash, or to remit such cash to the appropriate subcustodian, for
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the timely 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 Trust, on its own behalf and on behalf of the Fund, will indemnify the Custodian and hold the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Custodian harmless from and against any and all losses sustained or incurred by or asserted against the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Custodian by reason of or as a result of any action or inaction, or arising out of the Custodian&#8217;s </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">performance under the Custody Agreement, including reasonable fees and expenses of counsel incurred </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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">by the Custodian in a
successful defense of claims by the Fund; provided however, that the Trust, on its </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">own behalf and on behalf of the Fund, as applicable, will not indemnify the
Custodian for those losses </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">arising out of the Custodian&#8217;s gross negligence or willful misconduct. This indemnity will be a continuing </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">obligation of the Trust, on its own behalf and on behalf of the Fund, as applicable, their successors and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">assigns, notwithstanding the termination of the Custody Agreement.</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;">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 Fund&#8217;s Transfer Agent. Pursuant to the Transfer Agency and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Service Agreement between the Trust, on its own behalf and on behalf of the Fund, and the Transfer </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Agent, the Transfer Agent serves as the Fund&#8217;s transfer agent, dividend disbursing agent, and agent in </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">connection with certain other activities as provided under the 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 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> <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 Trust, on behalf of the Fund, its obligations to compensate the Transfer
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Agent, provided that the non-breaching party gives written notice of such breach to the breaching </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">party and
the breaching party does not cure such violation within ninety (90) days of receipt of </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">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 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 Trust or the Fund and terminate its registration with the SEC other than </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">in connection with
a merger or acquisition of the Trust.</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 Trust or the Fund will indemnify and hold the Transfer Agent harmless from and against, any and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">all losses, damages, costs, charges, counsel fees, payments, expenses and liability, or losses, arising out of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">or 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 Trust&#8217;s or 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 Trust 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 Trust, on </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">its own behalf or on behalf of the Fund, or any other person or firm on behalf of the
Trust or the </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Fund including but not limited to any previous transfer 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 Trust, on its own behalf and 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> <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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">Distribution Services
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;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 Trust, with respect to the Fund and
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Invesco Distributors, Invesco Distributors will assist the Managing Owner with certain functions and duties </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">relating to distribution and 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 style="line-height:10.12pt;margin-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 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> <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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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;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 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;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 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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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 style="line-height:10.12pt;text-align:justify;"><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 style="line-height:10.12pt;margin-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><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> <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> <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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:9.35pt;text-align:left;"><font style="color:#000000;font-family:Arial;font-size:8.50pt;font-weight:bold;">U.S. Shareholders</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 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 style="line-height:10.12pt;margin-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 non-corporate shareholders, 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 income for the year, but does not include </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">certain investment income. It is currently not expected that the Fund&#8217;s income will be eligible for such </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">deduction because as discussed below, although the matter is not free from doubt, the Fund believes that </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the activities directly conducted by the Fund will not result in the Fund being engaged in a trade or </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">business within the United States. Potential investors should consult their tax advisors regarding the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">availability of such deduction for their allocable share of the Fund&#8217;s items of income, gain, deduction and </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">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%;">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%;">A portion of the Index Contracts held by the Fund may constitute Section 1256 Contracts (as defined </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">below). The Code generally applies a &#8220;mark-to-market&#8221; system of taxing unrealized gains and losses on </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and 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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 style="line-height:10.12pt;margin-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><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> <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 are expected to be considered to have </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">substantial economic effect or deemed to be made in accordance with the Shareholders&#8217; interests in the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 style="line-height:10.12pt;margin-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><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> <div style="line-height:10.12pt;margin-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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 style="line-height:10.12pt;margin-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 style="line-height:10.12pt;margin-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 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> <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> <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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 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 Basis in Fund 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%;">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%;">Organization, syndication and other expenses are generally treated as &#8220;miscellaneous itemized </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">deductions,&#8221; which are not deductible by a U.S. shareholder that is an individual, estate or trust.</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, miscellaneous itemized deductions are also not deductible in determining the alternative </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">minimum tax liability of a non-corporate U.S. Shareholder. The Fund will report its expenses on a pro rata </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">basis to the Shareholders, and each U.S. Shareholder will determine separately to what extent they are </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">deductible on the U.S. Shareholder&#8217;s tax return. A U.S. Shareholder&#8217;s inability to deduct all or a portion of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the expenses could result in an amount of taxable income to the U.S. Shareholder with respect to the Fund </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">that exceeds the amount of cash actually distributed to such U.S. Shareholder for the year. It is anticipated </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">that 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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:10.12pt;text-align:justify;"><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 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;">Passive Activity Income and 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%;">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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:10.12pt;text-align:justify;"><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><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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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><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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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 style="line-height:10.12pt;margin-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 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>
<div style="line-height:10.12pt;margin-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;">gain of another trade or business.</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;">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></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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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%;">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><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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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: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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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;">&#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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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: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 ABN AMRO Clearing Chicago LLC, Bank of America Securities LLC, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities,
Inc.,</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;">Cantor Fitzgerald &amp; Co., </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs &amp; Co., </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Goldman Sachs Execution &amp; Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Morgan Securities Inc., Morgan Stanley &amp; Co. LLC, Nomura Securities International Inc., RBC Capital </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Markets LLC, SG Americas Securities LLC, UBS Securities LLC, Virtu Americas LLC and Virtu Financial Capital
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">Markets LLC has executed 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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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: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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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;">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:134pt;">
<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 Trust </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 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 (of the
Trust, and not on a Fund by Fund </font><font style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">basis), exceed 0.25% of the gross offering proceeds of the offering. Invesco Distributors will monitor </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">compensation received in connection with the Trust to determine if the payments described hereunder </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">must be limited, when combined with selling commissions charged and any price spreads realized by other </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">FINRA members, in order to comply with the 10% limitation on total underwriters&#8217; compensation pursuant </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">to FINRA Rule 2310.</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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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:10.12pt;text-align:left;"><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;DBO.&#8221;</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;">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 Trust and the Fund. </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Morgan, Lewis &amp; Bockius LLP has prepared the sections &#8220;Material U.S. Federal Income Tax Considerations&#8221; </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">and &#8220;Purchases By Employee Benefit Plans&#8221; with respect to ERISA. Morgan, Lewis &amp; Bockius LLP has not </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">represented, nor will it represent, the Trust or the Fund or the Shareholders in matters relating to the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Trust or the Fund and no other counsel has been engaged to act on their behalf. Certain opinions of </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">counsel have been filed with the SEC as exhibits to the Registration Statement of which this Prospectus is a </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">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 Trust, has advised the Trust 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/1367306/000095017025027272/dbo-20241231.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, 2024 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 Trust on behalf of the Fund with </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">the SEC in Washington, D.C. As further discussed under &#8220;Incorporation by Reference of Certain </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Documents,&#8221; we have incorporated by reference certain information. This Prospectus does not contain all </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">of the information set forth in such Registration Statement, certain portions of which have been omitted </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">pursuant to the rules and regulations of the SEC, including, without limitation, certain exhibits thereto (for </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">example, the forms of the Participant Agreement and the Customer Agreement). The descriptions </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">contained herein of agreements included as exhibits to the Registration Statement are necessarily </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">summaries; the exhibits themselves may be inspected without charge at the public reference facilities </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">maintained by the SEC in Washington, D.C., and copies of all or part thereof may be obtained from the </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">Commission upon payment of the prescribed fees. The SEC maintains a website that contains reports, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;margin-left:0%;">proxy and information statements and other information regarding registrants that file electronically with
</font><font style="color:#000000;font-family:Arial;font-size:9.20pt;">the SEC. The address of 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;">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_1aeb433d-d1cd-486f-9f32-cc4a05d8de61_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;">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/1367306/000095017025027272/dbo-20241231.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, 2024 filed on February 26, </font><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">2025;</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 Reports on Form 10-Q for the quarterly periods ended </font><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1367306/000095017025067173/dbo-20250331.htm">
<font style="font-family:Arial;font-size:9.20pt;">March 31, 2025</font></A><font style="color:#000000;font-family:Arial;font-size:9.20pt;"> and </font><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1367306/000095017025105197/dbo-20250630.htm">
<font style="font-family:Arial;font-size:9.20pt;">June 30, </font></A><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1367306/000095017025105197/dbo-20250630.htm"><font style="font-family:Arial;font-size:9.20pt;">2025</font></A><font
style="color:#000000;font-family:Arial;font-size:9.20pt;">, filed on May 8, 2025 and August 7, 2025, respectively; 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;">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_3d862bf7-b84a-4dd4-900c-c7e23e13d4a9_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 Oil 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;">August 26, 2025</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;">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_b7f43a91-9f18-493f-9a2f-dd194500ab9f_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_e14e789d-2439-4c02-b39c-304e4b9076c9_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;">92</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_e14e789d-2439-4c02-b39c-304e4b9076c9_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;">92</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;">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_e14e789d-2439-4c02-b39c-304e4b9076c9_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 $1.94 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;">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_e14e789d-2439-4c02-b39c-304e4b9076c9_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: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><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> </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_e14e789d-2439-4c02-b39c-304e4b9076c9_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%;">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 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-DBO-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;">94</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
