What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-07 compared with 2026-05-07 · 91 added, 41 removed, 217 unchanged (38% of the section changed)

84 unchanged sentences

Corn, Soybeans, Soybean Meal, Soybean Oil, Wheat, Kansas City Wheat, Sugar, Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle, and Lean Hogs.

The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of March 31, 2026:

The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of June 30, 2026:

Index Commodity

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Kansas City Wheat

Closing Level as of March 31, 2026:

Closing Level as of June 30, 2026:

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 $(435.9) million and $(56.3) million for the three months ended March 31, 2026 and 2025, respectively.

Net cash flow provided by (used in) operating activities was $(412.9) million and $(31.1) million for the six months ended June 30, 2026 and 2025, 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 and affiliated investments.

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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.

$41.9 million was received from sales of affiliated investments and $578.9 million was paid to purchase affiliated investments during the three months ended March 31, 2026.

$299.8 million was received from sales of affiliated investments and $199.6 million was paid to purchase affiliated investments during the three months ended March 31, 2025.

During the three months ended March 31, 2026 and 2025, net deposits to/from the Commodity Broker were $52.8 million and $148.4 million, respectively.

$563.0 million was received from sales of affiliated investments and $1,037.7 million was paid to purchase affiliated investments during the six months ended June 30, 2026.

$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.

During the six months ended June 30, 2026 and 2025, net deposits to/from the Commodity Broker were $49.0 million and $138.0 million, respectively.

Financing Activities

The Fund’s net cash flow provided by (used in) financing activities was $435.9 million and $42.8 million during the three months ended March 31, 2026 and 2025, respectively.

This included $480.7 million and $97.0 million from Shares purchased by Authorized Participants and $44.8 million and $54.2 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2026 and 2025, respectively.

No distributions were paid to Shareholders during the three months ended March 31, 2026 and 2025, respectively.

The Fund’s net cash flow provided by (used in) financing activities was $412.9 million and $17.7 million during the six months ended June 30, 2026 and 2025, respectively.

This included $923.3 million and $146.9 million from Shares purchased by Authorized Participants and $510.4 million and $129.3 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2026 and 2025, respectively.

No distributions were paid to Shareholders during the six months ended June 30, 2026 and 2025, respectively.

Results of Operations

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

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 MONTHS ENDED MARCH 31, 2026 AND 2025

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

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.

Performance Summary

This Report covers the three months ended March 31, 2026 and 2025.

This Report covers the three and six months ended June 30, 2026 and 2025.

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

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The Index is intended to reflect the economic performance of investing in commodities in the agriculture sector.

The DBIQ Diversified Agriculture Index Total Return (the “DBIQ Diversified Agriculture TR”) consists of the Index plus 3-month United States Treasury Obligations returns.

The DBIQ Diversified Agriculture Index Total Return (the “DBIQ Diversified Agriculture TR”) consists of the Index plus 3-month United States Treasury

Obligations returns.

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 Months Ended March 31, 2026 and 2025” below provides an overview of the changes in the closing levels of 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 Six Months Ended June 30, 2026 and 2025” below provides an overview of the changes in the closing levels of 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 Months Ended March 31, 2026 and 2025

Commodity Returns for the Three and Six Months Ended June 30, 2026 and 2025

AGGREGATE RETURNS FOR INDICES IN THE DBIQ AGRICULTURE TR

Three Months Ended

Six Months Ended

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 MARCH 31, 2026 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2025

FOR THE THREE MONTHS ENDED JUNE 30, 2026 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2025

Fund Share Price Performance

For the three months ended March 31, 2026, the NYSE Arca market value of each Share increased from $25.54 per Share to $27.32 per Share.

The Share price low and high for the three months ended March 31, 2026 and related change from the Share price on December 31, 2025 was as follows:

Shares traded at a low of $25.50 per Share (-0.16%) on January 20, 2026, and a high of $27.32 per Share (+6.97%) on March 31, 2026.

For the three months ended June 30, 2026, the NYSE Arca market value of each Share decreased from $27.32 per Share to $26.68 per Share.

The Share price low and high for the three months ended June 30, 2026 and related change from the Share price on

March 31, 2026 was as follows:

Shares traded at a low of $26.25 per Share (-3.92%) on June 12, 2026, and a high of $28.73 per Share (+5.16%) on May 13, 2026.

The total return for the Fund on a market value basis was -2.34%.

Agricultural commodities delivered strong performance in the first quarter of 2026, led by meaningful gains in grains, particularly soybeans, soybean oil, and wheat, as supply constraints, steady export demand, and early‑season weather uncertainty supported prices.

Livestock also contributed positively, with cattle prices remaining elevated amid historically tight herd levels following years of herd liquidation and resilient end‑market demand.

Grain‑led strength, however, was partially offset by weakness in soft commodities, most notably cocoa and coffee.

Heightened geopolitical tensions due to the ongoing conflict with Iran, and the associated risk to global energy flows through the Strait of Hormuz, provided a broader tailwind to commodity markets by lifting inflation expectations and reinforcing investor demand for real assets.

Specific to agricultural markets, higher energy prices increased input costs for fertilizers and fuel, raised transportation expenses, and pressured production economics for agricultural producers.

For the three months ended March 31, 2025, the NYSE Arca market value of each Share decreased from $26.59 per Share to $26.34 per Share.

The Share price low and high for the three months ended March 31, 2025 and related change from the Share price

on December 31, 2024 was as follows:

Shares traded at a low of $26.07 per Share (-1.96%) on March 3, 2025, and a high of $28.35 per Share (+6.62%) on February 18, 2025.

Agricultural commodities generated negative performance during the second quarter of 2026, as weakness across grains and several soft commodities more than offset strong gains in cocoa and coffee.

Corn and lean hogs were the largest detractors, followed by wheat and sugar.

Grain prices came under pressure as improving U.S.

weather conditions, favorable crop development, and expectations for ample global supplies reduced concerns over production shortfalls, while higher global corn stock estimates reinforced the bearish outlook.

Cocoa was the largest positive contributor to returns, with coffee also posting gains as renewed concerns over West African weather, disease pressures, and the potential impact of a developing El Niño supported soft commodity prices.

Livestock performance was mixed.

Live cattle posted modest gains as historically tight U.S.

cattle supplies, the smallest beef cow herd in decades, and concerns surrounding the spread of New World screwworm supported prices, while lean hogs weakened.

Agricultural markets also responded to broader geopolitical developments during the quarter.

Escalating tensions between the U.S.

and Iran increased volatility across commodity markets and raised concerns over agricultural input costs, while the Trump-Xi summit and China's renewed commitments to purchase U.S.

agricultural products helped support sentiment.

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.

The total return for the Fund on a market value basis was -0.68%.

Agricultural commodities performed negatively in the first quarter of 2025 with the largest detractor being Cocoa.

Cocoa was the largest contributor to the sector's positive performance last year, but Cocoa was pressured by a weakening fundamental outlook due to demand concerns sparked by global trade concerns and the International Cocoa Organization’s forecast for the first global surplus in four years for 2024/2025.

These considerations caused front month Cocoa prices to plunge by more than 30%.

On the other hand, positive performance was led by Coffee, Live Cattle, and Sugar.

Coffee rallied nearly 20% year-to-date, spurred by renewed supply concerns as the two largest global Coffee growers, Brazil and Vietnam, faced a severe drought to start the year and persistent adverse weather, respectively.

Cattle and Sugar also rallied on supply-side concerns, with the former receiving an additional boost from strengthening demand, and a weaker U.S.

dollar was a tailwind for commodities overall.

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.

Fund Share Net Asset Performance

For the three months ended March 31, 2026, the NAV of each Share increased from $25.54 per Share to $27.26 per Share.

Rising commodity futures contract prices for Corn, Cotton, Feeder Cattle, Kansas City Wheat, Lean Hogs, Live Cattle, Soybeans, Soybean Meal, Soybean Oil and Wheat were partially offset by falling commodity futures contract prices of Cocoa, Coffee and Sugar during the three months ended March 31, 2026, contributing to an overall 6.01% increase in the level of the Index and to a 6.97% increase in the level of the DBIQ Diversified Agriculture Index TR.

For the three months ended June 30, 2026, the NAV of each Share decreased from $27.26 per Share to $26.69 per Share.

Falling commodity futures contract prices for Corn, Feeder Cattle, Kansas City Wheat, Lean Hogs, Soybeans, Soybean Meal, Sugar and Wheat were partially offset by rising commodity futures contract prices of Cocoa, Coffee, Cotton, Live Cattle and Soybean Oil during the three months ended June 30, 2026, contributing to an overall 2.65% decrease in the level of the Index and to a 1.75% decrease in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was -2.09%.

Net income (loss) for the three months ended March 31, 2026 was $55.7 million, primarily resulting from $7.0 million of income, net realized gain (loss) of $5.3 million, net change in unrealized gain (loss) of $44.9 million and net operating expenses of $1.5 million.

For the three months ended March 31, 2025, the NAV of each Share decreased from $26.60 per Share to $26.33 per Share.

Falling commodity futures contract prices for Cocoa, Corn, Cotton, Lean Hogs and Wheat were partially offset by rising commodity futures contract prices of Coffee, Feeder Cattle, Kansas City Wheat, Live Cattle, Soybeans and Sugar during the three months ended March 31, 2025, contributing to an overall 1.76% decrease in the level of the Index and to a 0.72% decrease in the level of the DBIQ Diversified Agriculture Index TR.

Net income (loss) for the three months ended June 30, 2026 was $(35.5) million, primarily resulting from $11.3 million of income, net realized gain (loss) of $2.4 million, net change in unrealized gain (loss) of $(46.6) million and net operating expenses of $2.6 million.

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.

The total return for the Fund on a NAV basis was -0.50%.

Net income (loss) for the three months ended March 31, 2025 was $(11.3) million, primarily resulting from $8.6 million of income, net realized gain (loss) of $83.7 million, net change in unrealized gain (loss) of $(101.8) million and net operating expenses of $1.8 million.

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 SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025

Fund Share Price Performance

For the six months ended June 30, 2026, the NYSE Arca market value of each Share increased from $25.54 per Share to $26.68 per Share.

The Share price low and high for the six months ended June 30, 2026 and related change from the Share price on December 31, 2025 was as follows:

Shares traded at a low of $25.50 per Share (-0.16%) on January 2, 2026, and a high of $28.73 per Share (+12.49%) on May 13, 2026.

The total return for the Fund on a market value basis was +4.46%.

Agricultural commodities generated positive returns for the first half of 2026, led by strong gains in soybean oil, soybeans, cattle, cotton, and wheat.

Oilseeds benefited from continued biofuel demand, weather-related production risks, and expectations for increased U.S.

agricultural exports after China committed to additional purchases of U.S.

farm products and reaffirmed soybean import commitments following the Trump-Xi summit.

Livestock was another key source of strength, with live cattle and feeder cattle prices supported by historically tight herd levels following years of herd liquidation, while concerns surrounding the spread of New

World screwworm added to supply uncertainty.

Geopolitical tensions, including the U.S.-Iran conflict and ongoing Russia-Ukraine war, further supported agricultural markets by increasing energy and input costs and creating uncertainty around global grain trade flows.

These gains more than offset weakness in corn, cocoa, lean hogs, and coffee.

Corn prices came under pressure during the second quarter as favorable U.S.

growing conditions and expectations for ample global supplies weighed on prices, while cocoa and coffee recovered during the second quarter but remained negative contributors on a year-to-date basis following sharp declines earlier in the year.

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:

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 -1.62%.

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.

Fund Share Net Asset Performance

For the six months ended June 30, 2026, the NAV of each Share increased from $25.54 per Share to $26.69 per Share.

Rising commodity futures contract prices for Cotton, Feeder Cattle, Kansas City Wheat, Live Cattle, Soybeans, Soybean Oil and Wheat were partially offset by falling commodity futures contract prices of Cocoa, Coffee, Corn, Lean Hogs, Soybean Meal and Sugar during the six months ended June 30, 2026, contributing to an overall 3.20% increase in the level of the Index and to a 5.09% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +4.50%.

Net income (loss) for the six months ended June 30, 2026 was $20.1 million, primarily resulting from $18.3 million of income, net realized gain (loss) of $7.8 million, net change in unrealized gain (loss) of $(1.7) million and net operating expenses of $4.1 million.

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.

The total return for the Fund on a NAV basis was -1.50%.

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.

Critical Accounting Estimates

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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