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Item 2. Management’s Discussion and Analysis

2025-11-07 compared with 2025-08-07 · 70 added, 76 removed, 214 unchanged (41% of the section changed)

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The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.

The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of June 30, 2025:

The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of September 30, 2025:

Index Commodity

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Kansas City Wheat

Closing Level as of June 30, 2025:

Closing Level as of September 30, 2025:

Please see http://www.invesco.com/ETFs with respect to the most recently available weighted composition of the Fund and the composition of the Index.

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Operating Activities

Net cash flow provided by (used in) operating activities was $(31.1) million and $94.2 million for the six months ended June 30, 2025 and 2024, respectively.

Net cash flow provided by (used in) operating activities was $(17.5) million and $124.7 million for the nine months ended September 30, 2025 and 2024, respectively.

These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations, affiliated investments and net deposits to/from the Commodity Broker.

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While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.

During the six months ended June 30, 2025, there were no purchases of United States Treasury Obligations and $250.0 million was received from sales and maturing United States Treasury Obligations.

During the six months ended June 30, 2024, $292.1 million was paid to purchase United States Treasury Obligations and $350.0 million was received from sales and maturing United States Treasury Obligations.

$365.9 million was received from sales of affiliated investments and $493.9 million was paid to purchase affiliated investments during the six months ended June 30, 2025.

$477.2 million was received from sales of affiliated investments and $516.9 million was paid to purchase affiliated investments during the six months ended June 30, 2024.

During the six months ended June 30, 2025, net deposits to/from the Commodity Broker was $138.0 million.

There were no net deposits to/from the Commodity Broker during the six months ended June 30, 2024.

During the nine months ended September 30, 2025, there were no purchases of United States Treasury Obligations and $250.0 million was received from sales and maturing United States Treasury Obligations.

During the nine months ended September 30, 2024, $292.1 million was paid to purchase United States Treasury Obligations and $350.0 million was received from sales and maturing United States Treasury Obligations.

$395.9 million was received from sales of affiliated investments and $515.0 million was paid to purchase affiliated investments during the nine months ended September 30, 2025.

$659.0 million was received from sales of affiliated investments and $744.5 million was paid to purchase affiliated investments during the nine months ended September 30, 2024.

During the nine months ended September 30, 2025, net deposits to/from the Commodity Broker was $149.5 million.

There were no net deposits to/from the Commodity Broker during the nine months ended September 30, 2024.

Financing Activities

The Fund’s net cash flow provided by (used in) financing activities was $17.7 million and $(99.0) million during the six months ended June 30, 2025 and 2024, respectively.

This included $146.9 million and $86.2 million from Shares purchased by Authorized Participants and $129.3 million and $184.8 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2025 and 2024, respectively.

No distributions were paid to Shareholders during the six months ended June 30, 2025.

During the six months ended June 30, 2024, distributions paid to Shareholders were $0.3 million.

The Fund’s net cash flow provided by (used in) financing activities was $4.0 million and $(129.4) million during the nine months ended September 30, 2025 and 2024, respectively.

This included $167.4 million and $96.4 million from Shares purchased by Authorized Participants and $163.4 million and $225.4 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2025 and 2024, respectively.

No distributions were paid to Shareholders during the nine months ended September 30, 2025.

During the nine months ended September 30, 2024, distributions paid to Shareholders were $0.3 million.

Results of Operations

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ Diversified Agriculture Index ER”).

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COMPARISON OF MARKET, NAV AND DBIQ DIVERSIFIED AGRICULTURE INDEX ER TM

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

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Performance Summary

This Report covers the three and six months ended June 30, 2025 and 2024.

This Report covers the three and nine months ended September 30, 2025 and 2024.

Past performance of the Fund is not necessarily indicative of future performance.

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Past results of the Index and the DBIQ Diversified Agriculture TR are not necessarily indicative of future changes, positive or negative.

The section “Summary of the DBIQ Diversified Agriculture TR and Underlying Index Commodity Returns for the Three and Six Months Ended June 30, 2025 and 2024” below provides an overview of the changes in the closing levels of the DBIQ Diversified Agriculture TR by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns.

The section “Summary of the DBIQ Diversified Agriculture TR and Underlying Index Commodity Returns for the Three and Nine Months Ended September 30, 2025 and 2024” below provides an overview of the changes in the closing levels of the DBIQ Diversified Agriculture TR by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns.

Please note also that the Fund’s objective is to track the Index (not the DBIQ Diversified Agriculture TR) and the Fund does not attempt to outperform or underperform the Index.

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Summary of the DBIQ Diversified Agriculture TR and Underlying Index

Commodity Returns for the Three and Six Months Ended June 30, 2025 and 2024

Commodity Returns for the Three and Nine Months Ended September 30, 2025 and 2024

AGGREGATE RETURNS FOR INDICES IN THE DBIQ AGRICULTURE TR

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Underlying Index

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If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.

FOR THE THREE MONTHS ENDED JUNE 30, 2025 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2024

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2024

Fund Share Price Performance

For the three months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $26.34 per Share to $26.16 per Share.

The Share price low and high for the three months ended June 30, 2025 and related change from the Share price on March 31, 2025 was as follows:

Shares traded at a low of $25.28 per Share (-4.02%) on April 8, 2025, and a high of $27.68 per Share (+5.09%) on May 21, 2025.

For the three months ended September 30, 2025, the NYSE Arca market value of each Share increased from $26.16 per Share to $26.78 per Share.

The Share price low and high for the three months ended September 30, 2025 and related change from the Share price on June 30, 2025 was as follows:

Shares traded at a low of $25.63 per Share (-2.03%) on July 15, 2025, and a high of $27.92 per Share (+6.73%) on September 15, 2025.

The total return for the Fund on a market value basis was +2.37%.

The Fund ended the second quarter of 2025 with a loss as agricultural markets faced several challenges.

Coffee was the biggest drag on performance, dropping sharply because better weather and bigger harvests in Brazil and Central America led to an improved supply outlook.

Sugar also struggled, as higher production forecasts in India and Brazil meant more supply to the market.

Corn and wheat both fell, mainly due to strong plantings and good weather in the U.S.

Trade and tariff uncertainty also weighed on prices more broadly.

On the positive side, cocoa performed positively, supported by supply shortages and weather concerns in West Africa.

Livestock markets were also a bright spot, with live cattle, feeder cattle, and lean hogs all benefiting from tight U.S.

herds and strong demand, especially as the summer grilling season began.

Soybeans were mostly flat, as good planting was balanced by trade issues and positive changes in biofuel policy.

For the three months ended June 30, 2024, the NYSE Arca market value of each Share decreased from $24.75 per Share to $23.81 per Share.

The Share price low and high for the three months ended June 30, 2024 and related change from the Share price on March 31, 2024 was as follows:

Shares traded at a low of $23.47 per Share (-5.17%) on May 13, 2024, and a high of $26.53 per Share (+7.19%) on April 24, 2024.

The Fund recovered in the third quarter of 2025 with a positive return overall.

Coffee was the largest contributor to performance, with prices boosted by drought conditions in Brazil and heightened tariff fears after President Trump raised tariffs on Brazil.

Livestock commodities also contributed positively to performance with US cattle herds and lean hog stockpiles continuing to contract, while demand was strong throughout the summer grilling season and tariffs began to raise the cost of imported beef.

Cocoa was the biggest detractor from performance, as previously high prices and declining availability led to demand destruction, while weather improvements also helped ease supply concerns.

Wheat, corn, sugar, cotton, and soybeans prices fell in the third quarter due to ample supply.

For soybeans, export demand was also pressured by trade tensions with China.

For the three months ended September 30, 2024, the NYSE Arca market value of each Share increased from $23.81 per Share to $26.10 per Share.

The Share price low and high for the three months ended September 30, 2024 and related change from the Share price on June 30, 2024 was as follows:

Shares traded at a low of $23.26 per Share (-2.31%) on August 1, 2024, and a high of $26.56 per Share (+11.55%) on September 27, 2024.

The total return for the Fund on a market value basis was +9.62%.

Agricultural commodities moved lower in the second quarter of 2024.

The largest detractors for the Fund were Cocoa, Corn, Sugar, and Lean Hogs.

While fundamentals remained supportive, with no end in sight for the shortfalls in West Africa, front month Cocoa prices plunged sharply in May and June on increased profit-taking and demand destruction fears.

For corn, while prices were on an uptrend for most of the quarter on resurfaced supply concerns and strong U.S.

export sales, it plunged through June on reports of ample supplies.

Sugar has been in a consistent decline since its peak late last year, pressured by improving global production prospects in India, Thailand, and Brazil.

The one positive standout was Coffee which saw front month prices gain over 20% in the quarter on ramped up weather concerns in Vietnam.

Agricultural commodities continued to move higher in the third quarter of 2024, however the bifurcation between grains and soft commodities continued.

Cocoa and coffee were the top contributors, supported by persisting supply shortfalls.

In contrast, for grains, while there were pockets of adverse weather, specifically in Europe and the US, the markets largely expected there to be enough cushion to weather those losses, keeping prices capped.

Soybeans and corn were the largest detractors in the quarter, followed by feeder and live cattle, which fell on the availability of cheaper alternatives.

Fund Share Net Asset Performance

For the three months ended June 30, 2025, the NAV of each Share decreased from $26.33 per Share to $26.20 per Share.

Falling commodity futures contract prices for Coffee, Corn, Cotton, Kansas City Wheat, Sugar and Wheat were partially offset by rising commodity futures contract prices of Cocoa, Feeder Cattle, Lean Hogs, Live Cattle and Soybeans during the three months ended June 30, 2025, contributing to an overall 1.34% decrease in the level of the Index and to a 0.27% decrease in the level of the DBIQ Diversified Agriculture Index TR.

For the three months ended September 30, 2025, the NAV of each Share increased from $26.20 per Share to $26.80 per Share.

Rising commodity futures contract prices for Coffee, Feeder Cattle, Lean Hogs and Live Cattle were partially offset by falling commodity futures contract prices of Cocoa, Corn, Cotton, Kansas City Wheat, Soybeans, Sugar and Wheat during the three months ended September 30, 2025, contributing to an overall 1.41% increase in the level of the Index and to a 2.48% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +2.29%.

Net income (loss) for the three months ended June 30, 2025 was $(5.2) million, primarily resulting from $8.7 million of income, net realized gain (loss) of $(33.8) million, net change in unrealized gain (loss) of $21.7 million and net operating expenses of $1.8 million.

For the three months ended June 30, 2024, the NAV of each Share decreased from $24.76 per Share to $23.92 per Share.

Falling commodity futures contract prices for Cocoa, Corn, Cotton, Lean Hogs, Soybeans, Sugar and Wheat were partially offset by rising commodity futures contract prices of Coffee, Feeder Cattle, Kansas City Wheat and Live Cattle during the three months ended June 30, 2024, contributing to an overall 4.47% decrease in the level of the Index and to a 3.19% decrease in the level of the DBIQ Diversified Agriculture Index TR.

Net income (loss) for the three months ended September 30, 2025 was $16.9 million, primarily resulting from $8.2 million of income, net realized gain (loss) of $(17.3) million, net change in unrealized gain (loss) of $27.6 million and net operating expenses of $1.6 million.

For the three months ended September 30, 2024, the NAV of each Share increased from $23.92 per Share to $26.05 per Share.

Rising commodity futures contract prices for Cocoa, Coffee, Cotton, Lean Hogs, Live Cattle, Sugar and Wheat were partially offset by falling commodity futures contract prices of Corn, Feeder Cattle, Kansas City Wheat and Soybeans during the three months ended September 30, 2024, contributing to an overall 7.67% increase in the level of the Index and to a 9.09% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +8.90%.

Net income (loss) for the three months ended June 30, 2024 was $(26.5) million, primarily resulting from $10.2 million of income, net realized gain (loss) of $81.1 million, net change in unrealized gain (loss) of $(116.2) million and net operating expenses of $1.7 million.

FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2024

Net income (loss) for the three months ended September 30, 2024 was $59.8 million, primarily resulting from $9.2 million of income, net realized gain (loss) of $(33.5) million, net change in unrealized gain (loss) of $85.7 million and net operating expenses of $1.6 million.

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Fund Share Price Performance

For the six months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $26.59 per Share to $26.16 per Share.

The Share price low and high for the six months ended June 30, 2025 and related change from the Share price on December 31, 2024 was as follows:

For the nine months ended September 30, 2025, the NYSE Arca market value of each Share increased from $26.59 per Share to $26.78 per Share.

The Share price low and high for the nine months ended September 30, 2025 and related change from the Share price on December 31, 2024 was as follows:

Shares traded at a low of $25.28 per Share (-4.93%) on April 8, 2025, and a high of $28.35 per Share (+6.62%) on February 18, 2025.

The total return for the Fund on a market value basis was +0.71%.

The Fund posted a negative return for the first half of 2025 as agricultural markets experienced large amounts of volatility, mainly from cocoa and coffee.

Cocoa, which hurt performance in the first quarter due to surplus forecasts and weak demand, bounced back in the second quarter as supply shortages and weather issues in West Africa returned.

Coffee, after a strong start in the first quarter from drought worries in Brazil and Vietnam, fell in the second quarter as weather improved and harvests grew.

Sugar also went from an early strength to a later weakness as production forecasts in India and Brazil increased.

Corn and wheat both finished the first half lower, as strong planting and good weather led to expectations of big harvests.

Trade and tariff uncertainty continued to be a challenge for grains.

Livestock markets were steadily positive, with live cattle, feeder cattle, and lean hogs all supported by tight U.S.

herds and strong demand.

For the six months ended June 30, 2024, the NYSE Arca market value of each Share increased from $20.73 per Share to $23.81 per Share.

The Share price low and high for the six months ended June 30, 2024 and related change from the Share price on December

31, 2023 was as follows:

Shares traded at a low of $20.52 per Share (-1.01%) on January 8, 2024, and a high of $26.53 per Share (+27.99%) on April 24, 2024.

The Fund recovered in the third quarter after posting negative returns for the first half of 2025.

Coffee and livestock were the main contributors to positive performance across this period.

Despite falling in the second quarter, coffee was a strong performer overall due to recurring supply concerns and the 50% tariff on imports from Brazil.

Livestock has consistently contributed to the Fund's performance, with prices getting a boost from tight US herds and robust demand.

Cocoa prices dropped sharply in the third quarter due to deteriorating demand, making cocoa the largest detractor to performance year-to-date.

Wheat and corn also detracted, as tariffs put pressure on exports while bumper harvests kept supply levels elevated.

For the nine months ended September 30, 2024, the NYSE Arca market value of each Share increased from $20.73 per Share to $26.10 per Share.

The Share price low and high for the nine months ended September 30, 2024 and related change from the Share price on December 31, 2023 was as follows:

Shares traded at a low of $20.52 per Share (-1.01%) on January 8, 2024, and a high of $26.56 per Share (+28.13%) on September 27, 2024.

The total return for the Fund on a market value basis was +25.90%.

Agricultural commodities ended the first half of 2024 with strong positive performance, though Cocoa was more or less the sole positive driver.

Front month prices skyrocketed over 180% between the start of the year and its peak in mid-April, repeatedly surpassing all-time highs as crop damaging disease and adverse weather in West Africa fueled worries for a global supply shortfall.

However, prices did ease in the second quarter with increased profit-taking dealing a heavy blow.

Agricultural commodities ended the first three quarters of 2024 with strong positive performance, though cocoa was the dominant driver.

Front month prices skyrocketed over 180% between the start of the year and its peak in mid-April, repeatedly

surpassing all-time highs as crop-damaging disease and adverse weather in West Africa fueled worries for a global supply shortfall.

However, front month prices did ease in the second and end of third quarter on increased profit-taking.

The other contributors were coffee and livestock commodities which also faced supply concerns.

Grains, on the other hand, all retreated on ample global supplies and the lack of U.S.

competitiveness.

While renewed weather concerns did take the market by surprise in April and May, sending wheat prices skyrocketing, the rally was short-lived, and all gains were erased by the end of June.

Grains, on the other hand, all retreated on ample global supplies and lacking US competitiveness.

While renewed weather concerns did take the market by surprise in April and May, sending wheat skyrocketing, the rally was short-lived.

Corn and soybeans led the losses year-to-date as the US is expected to have close to record yields due to favorable weather.

Fund Share Net Asset Performance

For the six months ended June 30, 2025, the NAV of each Share decreased from $26.60 per Share to $26.20 per Share.

Falling commodity futures contract prices for Cocoa, Coffee, Corn, Cotton, Kansas City Wheat, Sugar and Wheat were partially offset by rising commodity futures contract prices of Feeder Cattle, Lean Hogs, Live Cattle and Soybeans during the six months ended June 30, 2025, contributing to an overall 3.07% decrease in the level of the Index and to a 0.98% decrease in the level of the DBIQ Diversified Agriculture Index TR.

For the nine months ended September 30, 2025, the NAV of each Share increased from $26.60 per Share to $26.80 per Share.

Rising commodity futures contract prices for Coffee, Feeder Cattle, Lean Hogs, Live Cattle and Soybeans were partially offset by falling commodity futures contract prices of Cocoa, Corn, Cotton, Kansas City Wheat, Sugar and Wheat during the nine months ended September 30, 2025, contributing to an overall 1.71% decrease in the level of the Index and to a 1.47% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +0.75%.

Net income (loss) for the six months ended June 30, 2025 was $(16.4) million, primarily resulting from $17.3 million of income, net realized gain (loss) of $49.9 million, net change in unrealized gain (loss) of $(80.1) million and net operating expenses of $3.5 million.

For the six months ended June 30, 2024, the NAV of each Share increased from $20.74 per Share to $23.92 per Share.

Rising commodity futures contract prices for Cocoa, Coffee, Feeder Cattle, Lean Hogs and Live Cattle, were partially offset by falling commodity futures contract prices of Corn, Cotton, Kansas City Wheat, Soybeans, Sugar and Wheat during the six months ended June 30, 2024, contributing to an overall 12.88% increase in the level of the Index and to a 15.92% increase in the level of the DBIQ Diversified Agriculture Index TR.

Net income (loss) for the nine months ended September 30, 2025 was $0.4 million, primarily resulting from $25.5 million of income, net realized gain (loss) of $32.5 million, net change in unrealized gain (loss) of $(52.5) million and net operating expenses of $5.2 million.

For the nine months ended September 30, 2024, the NAV of each Share increased from $20.74 per Share to $26.05 per Share.

Rising commodity futures contract prices for Cocoa, Coffee, Feeder Cattle, Lean Hogs, Live Cattle and Sugar were partially offset by falling commodity futures contract prices of Corn, Cotton, Kansas City Wheat, Soybeans and Wheat during the nine months ended September 30, 2024, contributing to an overall 21.53% increase in the level of the Index and to a 26.47% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +25.60%.

Net income (loss) for the six months ended June 30, 2024 was $102.5 million, primarily resulting from $19.7 million of income, net realized gain (loss) of $125.5 million, net change in unrealized gain (loss) of $(39.5) million and net operating expenses of $3.3 million.

Net income (loss) for the nine months ended September 30, 2024 was $162.2 million, primarily resulting from $28.9 million of income, net realized gain (loss) of $92.0 million, net change in unrealized gain (loss) of $46.2 million and net operating expenses of $4.8 million.

Critical Accounting Estimates

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These estimates and assumptions affect the Fund’s application of accounting policies.

In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2024.

There were no material estimates, which involve a significant level of estimation uncertainty and had or are reasonably likely to have had a material impact on the Fund's financial condition, used in the preparation of these financial statements.

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 2. Management’s Discussion and Analysis