What changed in this filing

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Item 1. Financial Statements

2025-11-07 compared with 2025-08-07 · 70 added, 50 removed, 619 unchanged (16% of the section changed)

2 unchanged sentences

Statements of Financial Condition

June 30, 2025 and December 31, 2024

September 30, 2025 and December 31, 2024

September 30,

United States Treasury Obligations, at value (cost $ 0 and

23 unchanged sentences

Schedule of Investments

June 30, 2025

September 30, 2025

Percentage of

11 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.

(b) The rate shown is the 7-day SEC standardized yield as of June 30, 2025 .

(b) The rate shown is the 7-day SEC standardized yield as of September 30, 2025 .

Open Commodity Futures Contracts

7 unchanged sentences

CME Feeder Cattle

August - 2025

November - 2025

CME Lean Hogs

August - 2025

December - 2025

CME Live Cattle

August - 2025

December - 2025

NYB-ICE Cocoa

September - 2025

December - 2025

NYB-ICE Coffee

September - 2025

December - 2025

NYB-ICE Cotton

49 unchanged sentences

Statements of Income and Expenses

For the Three and Six Months Ended June 30, 2025 and 2024

For the Three and Nine Months Ended September 30, 2025 and 2024

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Interest Income

16 unchanged sentences

Commodity Futures Contracts

( 116,244,280

Net Change in Unrealized Gain (Loss)

( 116,189,936

Net Realized and Net Change in Unrealized Gain (Loss) on

5 unchanged sentences

Statements of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2025 and 2024

For the Three Months Ended September 30, 2025 and 2024

General Shares

Shareholders'

Balance at March 31, 2025

Balance at June 30, 2025

Purchases of Shares

11 unchanged sentences

Net Change in Shareholders' Equity

Balance at June 30, 2025

Balance at September 30, 2025

General Shares

Shareholders'

Balance at March 31, 2024

Balance at June 30, 2024

Purchases of Shares

Redemption of Shares

( 126,333,155

Net Increase (Decrease) due to Share Transactions

7 unchanged sentences

Investments and Commodity Futures Contracts

( 116,189,792

( 116,189,936

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at June 30, 2024

Balance at September 30, 2024

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

1 unchanged sentence

Statements of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2025 and 2024

For the Nine Months Ended September 30, 2025 and 2024

General Shares

16 unchanged sentences

Net Change in Shareholders' Equity

Balance at June 30, 2025

Balance at September 30, 2025

General Shares

6 unchanged sentences

Net Increase (Decrease) due to Share Transactions

( 127,982,836

Net Income (Loss)

8 unchanged sentences

Net Change in Shareholders' Equity

Balance at June 30, 2024

Balance at September 30, 2024

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

1 unchanged sentence

Statements of Cash Flows

For the Six Months Ended June 30, 2025 and 2024

Six Months Ended

For the Nine Months Ended September 30, 2025 and 2024

Nine Months Ended

September 30,

Cash flows from operating activities:

27 unchanged sentences

Net cash provided by (used in) financing activities

( 129,402,233

Net change in cash

6 unchanged sentences

Notes to Unaudited F inancial Statements

June 30, 2025

September 30, 2025

Note 1 – Organization

23 unchanged sentences

(the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three and six months ended June 30, 2025 and 2024.

This Quarterly Report (the “Report”) covers the three and nine months ended September 30, 2025 and 2024.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

40 unchanged sentences

Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the Shareholders.

No distributions were declared for the three and six months ended June 30, 2025 and 2024 .

No distributions were declared for the three and nine months ended September 30, 2025 and 2024 .

Routine Operational, Administrative and Other Ordinary Expenses

6 unchanged sentences

Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount.

For the three and six months ended June 30, 2025 and 2024 , the Fund did no t incur such expenses.

For the three and nine months ended September 30, 2025 and 2024 , the Fund did no t incur such expenses.

Brokerage Commissions and Fees

2 unchanged sentences

The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 7.00 and $ 7.00 per round-turn trade during the three and six months ended June 30, 2025 , respectively.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 7.00 and $ 7.00 per round-turn trade during the three and six months ended June 30, 2024 , respectively.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 6.00 and $ 7.00 per round-turn trade during the three and nine months ended September 30, 2025 , respectively.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 7.00 and $ 7.00 per round-turn trade during the three and nine months ended September 30, 2024 , respectively.

The Fund is classified as a partnership for U.S.

21 unchanged sentences

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss in excess of the amounts shown on the Statements of Financial Condition.

The financial instruments used by the Fund are commodity futures contracts, the values of which are based upon an underlying asset and generally represent future

commitments that have a reasonable possibility of being settled in cash or through physical delivery.

The financial instruments used by

the Fund are commodity futures contracts, the values of which are based upon an underlying asset and generally represent future commitments that have a reasonable possibility of being settled in cash or through physical delivery.

The financial instruments are traded on an exchange and are standardized contracts.

21 unchanged sentences

The Managing Owner may terminate this fee waiver on 60 days ’ notice.

The Managing Owner waived fees of $ 119,781 and $ 238,777 for the three and six months ended June 30, 2025, respectively.

The Managing Owner waived fees of $ 101,271 and $ 188,314 for the three and six months ended June 30, 2024, respectively.

The Managing Owner waived fees of $ 154,920 and $ 393,697 for the three and nine months ended September 30, 2025, respectively.

The Managing Owner waived fees of $ 87,709 and $ 276,023 for the three and nine months ended September 30, 2024, respectively.

The Distributor

9 unchanged sentences

Such executing brokers give-up all such transactions to the Commodity Broker.

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 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.

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 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

18 unchanged sentences

Cash deposits held by the Commodity Broker are reflected as Deposit with Commodity Broker on the Statements of Financial Condition.

There were no cash equivalents held by the Fund as of June 30, 2025 and December 31, 2024.

There were no cash equivalents held by the Fund as of September 30, 2025 and December 31, 2024.

The Fund considers investments in money market funds to be investments in securities and, accordingly, includes them in its Schedule of Investments.

27 unchanged sentences

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The following is a summary of the tiered valuation input levels as of June 30, 2025:

The following is a summary of the tiered valuation input levels as of September 30, 2025:

Investments in Securities

United States Treasury Obligations

Exchange-Traded Fund

23 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

June 30, 2025

September 30, 2025

December 31, 2024

7 unchanged sentences

Location of Gain (Loss) on Derivatives

September 30,

Risk Exposure/Derivative Type

4 unchanged sentences

Net Change in Unrealized Gain (Loss)

( 116,244,280

For the Six Months Ended

For the Nine Months Ended

Location of Gain (Loss) on Derivatives

September 30,

Risk Exposure/Derivative Type

6 unchanged sentences

For the Three Months Ended

For the Six Months Ended

For the Nine Months Ended

September 30,

Average Notional Value

10 unchanged sentences

The Invesco Government & Agency Portfolio and the Fund are advised by investment advisers under common control of Invesco Ltd., and therefore the Invesco Government & Agency Portfolio is considered to be affiliated with the Fund.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2025.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and nine months ended September 30, 2025.

Value 06/30/2025

28 unchanged sentences

( 395,936,232

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2024.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and nine months ended September 30, 2024.

Value 06/30/2024

71 unchanged sentences

Note 11 – Financial Highlights

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and six months ended June 30, 2025 and 2024.

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and nine months ended September 30, 2025 and 2024.

An individual investor’s return and ratios may vary based on the timing of capital transactions.

1 unchanged sentence

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Net Asset Value

23 unchanged sentences

Not annualized for periods less than one year, if applicable.

Note 12 – Subsequent Event

Effective November 10, 2025, changes will be made to the Index.

The changes to the Index are being implemented by Deutsche Bank AG, the Index provider.

A summary of the changes are as follows:

Expanded Commodity Universe

• Eligible commodities will be determined annually based on their liquidity and economic importance.

• Under the new methodology, the number of commodities included in the Index universe is expected to expand.

Modified Optimum Yield Methodology

• The current Optimum Yield methodology will be modified to eliminate contracts with limited liquidity.

Annual Review of Base Weights and Commodities

• The current static allocations to commodities will be changed by implementing a rules-based annual review to better reflect current global production and market liquidity.

Weight Limits (Annually at Rebalance)

• Implementation of sector and single commodity caps and floors to reduce concentration risk.

Intra-year Rebalancing Events

• An intra-year rebalance event will be triggered should a large deviation occur on a monthly observation date to help prevent significant deviations from annual rebalance target weights.

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-Q

Item 1. Financial Statements