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Item 8. Financial Statements and Supplementary Data

2025-02-26 compared with 2024-02-23 · 41 added, 46 removed, 691 unchanged (11% of the section changed)

52 unchanged sentences

(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

and (iii) provide reasonable assurance regarding prevention or timely

detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

14 unchanged sentences

respectively)

Other investments:

Variation margin receivable- Commodity Futures Contracts

Cash held by custodian

2 unchanged sentences

Dividends from affiliates

1,091,027,240

Other investments:

8 unchanged sentences

Shareholders' equity—Shares

1,072,706,124

Total shareholders' equity

1,072,706,930

Total liabilities and equity

1,091,027,240

General Shares outstanding

10 unchanged sentences

United States Treasury Obligations (a)

Treasury Bill, 5.250 % due March 7, 2024

Treasury Bill, 5.240 % due May 30, 2024 (b)

Treasury Bill, 5.190 % due June 6, 2024

Treasury Bills, 4.340 % due May 29, 2025 (b)

Total United States Treasury Obligations (cost $ 245,521,628 )

1 unchanged sentence

Exchange-Traded Fund

Invesco Short Term Treasury ETF (cost $ 119,520,055 ) (c)(d)

Invesco Short Term Treasury ETF (cost $ 119,520,055 ) (c)

Money Market Mutual Fund

Invesco Government & Agency Portfolio,

Institutional Class, 5.29 % (cost $ 248,080,509 ) (c)(e)

Institutional Class, 4.43 % (cost $ 402,174,495 ) (c)(d)

Total Affiliated Investments (cost $ 521,694,550 )

5 unchanged sentences

The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd.

(d) Effective after the close of markets on August 25, 2023, the fund’s name changed from Invesco Treasury Collateral ETF to Invesco Short Term Treasury ETF.

(e) The rate shown is the 7-day SEC standardized yield as of December 31, 2023 .

(d) The rate shown is the 7-day SEC standardized yield as of December 31, 2024 .

Open Commodity Futures Contracts

1 unchanged sentence

Expiration Date

(Depreciation) (f)

(Depreciation) (e)

Long Futures Contracts

12 unchanged sentences

Total Commodity Futures Contracts

(f) Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

(e) Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 unchanged sentences

United States Treasury Obligations (a)

Treasury Bill, 3.340 % due January 5, 2023

Treasury Bill, 4.285 % due March 2, 2023 (b)

Treasury Bill, 5.250 % due March 7, 2024

Treasury Bill, 5.240 % due May 30, 2024 (b)

Treasury Bill, 5.190 % due June 6, 2024

Total United States Treasury Obligations (cost $ 342,604,310 )

1 unchanged sentence

Exchange-Traded Fund

Invesco Treasury Collateral ETF (cost $ 89,044,868 ) (c)

Invesco Short Term Treasury ETF (cost $ 119,520,055 ) (c)(d)

Money Market Mutual Fund

Invesco Government & Agency Portfolio,

Institutional Class, 4.22 % (cost $ 428,581,904 ) (c)(d)

Institutional Class, 5.29 % (cost $ 248,080,509 ) (c)(e)

Total Affiliated Investments (cost $ 367,600,564 )

Total Investments in Securities (cost $ 710,204,874 )

1,089,260,788

(a) Security may be traded on a discount basis.

3 unchanged sentences

The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd.

(d) The rate shown is the 7-day SEC standardized yield as of December 31, 2022 .

(d) Effective after the close of markets on August 25, 2023, the fund’s name changed from Invesco Treasury Collateral ETF to Invesco Short Term Treasury ETF.

(e) The rate shown is the 7-day SEC standardized yield as of December 31, 2023 .

Open Commodity Futures Contracts

16 unchanged sentences

Total Commodity Futures Contracts

(e) Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

(f) Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 unchanged sentences

United States Treasury Obligations

Capital Gain Distributions from Affiliated Investments

Commodity Futures Contracts

16 unchanged sentences

Balance at December 31, 2023

1,072,706,124

1,072,706,930

Purchases of Shares

3 unchanged sentences

Net Increase (Decrease) due to Share Transactions

( 394,777,513

Return of Capital Distributions

12 unchanged sentences

Net Change in Shareholders' Equity

( 368,440,384

( 368,440,360

Balance at December 31, 2024

9 unchanged sentences

Purchases of Shares

1,560,144,663

Redemption of Shares

2 unchanged sentences

Net Increase (Decrease) due to Share Transactions

( 394,777,513

Return of Capital Distributions

12 unchanged sentences

Net Change in Shareholders' Equity

Balance at December 31, 2022

( 368,440,384

( 368,440,360

Balance at December 31, 2023

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

5 unchanged sentences

Balance at December 30, 2021

1,018,199,258

1,018,200,047

Purchases of Shares

1,560,144,663

Redemption of Shares

2 unchanged sentences

Net Increase (Decrease) due to Share Transactions

Return of Capital Distributions

Net Income (Loss)

36 unchanged sentences

3,465,598,343

1,108,185,850

Net accretion of discount on United States Treasury Obligations

9 unchanged sentences

( 138,607,859

( 214,560,822

Cash flows from financing activities:

8 unchanged sentences

( 128,698,947

( 443,729,913

Net change in cash

44 unchanged sentences

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued.

Segment Reporting

In November 2023, the FASB issued Accounting Standards Update 2023-07 , Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance.

The Fund represents a single operating segment.

Subject to the oversight and, when applicable, approval of the Board of Managers, the Fund's Managing Owner acts as the Fund's chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund.

The CODM monitors the operating results as a whole and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy.

The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

Investment Valuations

20 unchanged sentences

A distribution for the year ended December 31, 2024 was paid on December 27, 2024 to holders of record as of December 23, 2024 at a rate of $ 1.08408 for each General Share and Share for a total distribution of $ 43 to General Shares and $ 31,763,544 to Shares.

Distributions of $ 336,157 were unpaid at December 31, 2023 and are reported as a liability on the Statements of Financial Condition.

The table below shows distributions per General Share and Share in total for the years presented:

35 unchanged sentences

When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract.

Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

Realized gains (losses) and changes

in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

Note 3 - Financial Instrument Risk

38 unchanged sentences

In its capacity as clearing broker, the Commodity Broker may execute or receive transactions executed by others and clears all of the Fund’s futures transactions and performs certain administrative and custodial services for the Fund.

The Commodity Broker is responsible, among other things, for providing periodic accountings of all dealings and actions taken by the Fund during the reporting period, together with an accounting of all securities, cash or other indebtedness or obligations held by it or its nominees for or on behalf of the Fund.

The Commodity Broker is responsible, among other things, for providing periodic accountings of all dealings and actions taken by the Trust on behalf of the Fund during the reporting period, together with an accounting of all securities, cash or other indebtedness or obligations held by it or its nominees for or on behalf of the Fund.

The Administrator, Custodian and Transfer Agent

12 unchanged sentences

to serve as the index sponsor (the “Index Sponsor”).

On February 1, 2021, the provision of index sponsor services transferred back to Deutsche Bank Securities, Inc.

from DWS Investment Management Americas, Inc., to whom Deutsche Bank Securities, Inc.

had previously assigned such responsibility.

The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels.

52 unchanged sentences

Total Investments in Securities

1,089,260,788

Other Investments - Assets (a)

4 unchanged sentences

Total Investments

1,080,293,109

(a) Unrealized appreciation (depreciation).

83 unchanged sentences

( 3,465,598,343

(a) Includes $ 15,129 of capital gains distributions from Invesco Treasury Collateral ETF.

Note 9 - Share Purchases and Redemptions

7 unchanged sentences

Cash settlement occurs at the creation order settlement date.

As provided below, the creation order settlement date may occur up to two business days after the creation order date.

As provided below, the creation order settlement date may occur up to one business day after the creation order date.

By placing a creation order, and prior to delivery of such Creation Units, an Authorized Participant’s Depository Trust Company (“DTC”) account is charged the non-refundable transaction fee due for the creation order.

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, Creation Units are issued on the creation order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the creation order date at the applicable NAV per Share as of the closing time of the NYSE Arca or the last to close of the exchanges on which its futures contracts are traded, whichever is later, on the creation order date, but only if the required payment has been timely received.

Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to two business days after the creation order date.

Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to one business day after the creation order date.

(b) Redemptions

4 unchanged sentences

Cash settlement occurs at the redemption order settlement date.

As provided below, the redemption order settlement date may occur up to two business days after the redemption order date.

As provided below, the redemption order settlement date may occur up to one business day after the redemption order date.

The redemption procedures allow Authorized Participants to redeem Creation Units.

2 unchanged sentences

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the Fund not later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date.

Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to two business days after the redemption order date.

Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to one business day after the redemption order date.

By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.

45 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data