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Item 7. Management’s Discussion and Analysis

2025-02-26 compared with 2024-02-23 · 111 added, 115 removed, 863 unchanged (21% of the section changed)

91 unchanged sentences

The day on which a redemption order is settled is 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.

Redemption orders are irrevocable.

3 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 no 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.

20 unchanged sentences

This cash is used to invest in United States Treasury Obligations, money market mutual funds and T-Bill ETFs, if any, and to meet margin requirements as a result of the positions taken in futures contracts to match the fluctuations of the Index.

As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jefferies LLC, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co.

As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, Bank of America Securities, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Morgan Stanley & Co.

LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, Virtu Americas LLC and Virtu Financial Capital Markets LLC has executed a Participant Agreement and are the only Authorized Participants.

40 unchanged sentences

DB Aluminum Indices

DB Zinc Indices

DB Copper—Grade A Indices

AGGREGATE RETURNS

DB Zinc Indices

AGGREGATE RETURN

If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income were to exceed the Fund’s fees and expenses, the aggregate return on an investment in the Fund would be expected to outperform the Index and underperform the DBIQ-OY Industrial Metals TR.

10 unchanged sentences

Fund Share Price Performance

For the year ended December 31, 2023, the NYSE Arca market value of each Share decreased from $19.57 per Share to $18.31 per Share.

For the year ended December 31, 2024, the NYSE Arca market value of each Share increased from $18.31 per Share to $18.84 per Share.

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

Shares traded at a low of $17.50 per Share (-10.58%) on May 25, 2023, and a high of $22.28 per Share (+13.85%) on January 26, 2023.

Shares traded at a low of $16.80 per Share (-8.25%) on February 9, 2024, and a high of $21.65 per Share (+18.24%) on May 21, 2024.

On December 27, 2024, the Fund paid a distribution of $0.89614 for each General Share and Share to holders of record as of December 23, 2024.

Therefore, the total return for the Fund on a market value basis was+7.77%.

Industrial metals ended 2024 higher, largely thanks to gains in zinc, though copper also contributed.

Both metals were supported by shortfalls in concentrate supplies and plunging treatment and refining charges (i.e., the profit for smelters to refine the metal), forcing cutbacks in refined metal supply.

Aluminum was the weakest of the three industrial metals but still exhibited slight gains on tightening physical fundamentals.

Other drivers of positive performance included fresh US and UK sanctions on Russian copper,

aluminum, and nickel in April, an improving macroeconomic backdrop leading into the Federal Reserve interest rate easing in September, and optimism around China’s stimulus measures.

However, US dollar strength and tariff concerns added some pressure on the metals to end the year.

For the year ended December 31, 2023, the NYSE Arca market value of each Share decreased from $19.57 per Share to$18.31 per Share.

The Share price low and high for the year ended December 31, 2023 and related change from the Share price on December 31, 2022 was as follows Shares traded at a low of $17.50 per Share (-10.58%) on May 25, 2023, and a high of $22.28 per Share (+13.85%) on January 26, 2023.

On December 23, 2023.

the Fund paid a distribution of $1.31965 for each General Share and Share to holders of record as of December 20, 2023.

Therefore, the total return for the Fund on a market value basis was +0.56%.

Industrial metals ended 2023 with negative performance.

3 unchanged sentences

While the sector recovered a bit in the latter half of the year on improving macro sentiment, renewed supply concerns, and Chinese stimulus hopes, triggering a short covering rally, it still fell short of reversing second quarter’s losses.

For the year ended December 31, 2022, the NYSE Arca market value of each Share decreased from $22.18 per Share to $19.57 per Share.

The Share price low and high for the year ended December 31, 2022 and related change from the Share price on December 31, 2021 was as follows Shares traded at a low of $17.54 per Share (-20.92%) on September 27, 2022, and a high of $26.95 per Share (+21.51%) on March 4, 2022.

On December 23, 2022.

the Fund paid a distribution of $0.18371 for each General Share and Share to holders of record as of December 20, 2022.

Therefore, the total return for the Fund on a market value basis was -10.93%.

Despite posting its strongest quarterly gain since 2010 in the first quarter of the year leading up to Russia’s invasion of Ukraine, the Fund failed to lock in a gain in 2022, ending down over 10%.

China’s persistent adherence to its stringent zero-COVID policies and accelerating recession concerns in Europe, US and China heavily weighed on both physical and investment demand, sending the sector into freefall throughout the third quarter – China is the world’s largest consumer of industrial metals.

Prices did rebound quite significantly in the last quarter as sentiment improved with growing optimism around a Chinese reopening and expectations for a shift in Federal Reserve policies following a larger-than-expected drop in US inflation.

Fund Share Net Asset Performance

For the year ended December 31, 2023, the NAV of each Share decreased from $19.50 per Share to $18.28 per Share.

Rising commodity futures contract prices for Copper were offset by falling commodity futures contracts prices for Zinc and Aluminum during the year ended December 31, 2023, contributing to an overall 4.29% decrease in the level of the Index and to a 0.76% increase in the level of the DBIQ-OY Industrial Metals TR.

For the year ended December 31, 2024, the NAV of each Share increased from $18.28 per Share to $18.79 per Share.

Rising commodity futures contract prices for Copper, Zinc and Aluminum during the year ended December 31, 2024 contributed to an overall 3.11% increase in the level of the Index and to a 8.51% increase in the level of the DBIQ-OY Industrial Metals TR.

On December 27, 2024, the Fund paid a distribution of $0.89614 for each General Share and Share to holders of record as of December 23, 2024.

2 unchanged sentences

For the year ended December 31, 2023, the NAV of each Share decreased from $19.50 per Share to $18.28 per Share.

Falling commodity futures contract prices for Copper, Zinc and Aluminum during the year ended December 31, 2022 contributed to an overall 12.18% decrease in the level of the Index and to a 10.38% decrease in the level of the DBIQ-OY Industrial Metals TR.

On December 22, 2023, the Fund paid a distribution of $1.31965 for each General Share and Share to holders of record as of December 19, 2023.

118 unchanged sentences

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying statements of financial condition, including the schedules of investments, of Invesco DB Base Metals Fund (one of the funds constituting Invesco DB Multi-Sector Commodity Trust, hereafter referred to as the “Fund”) as of December 31, 2023 and 2022, and the related statements of income and expenses, of changes in shareholders’ equity and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”).We also have audited the Fund's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

We also have audited the Fund's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fund as of December 31, 2024 and 2023 , and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

17 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.

13 unchanged sentences

Other investments:

LME Commodity Futures Contracts receivable

Unrealized appreciation on LME Commodity Futures Contracts

1 unchanged sentence

Cash collateral - Commodity Futures Contracts

Cash held by custodian

Receivable for:

4 unchanged sentences

Distributions

Fund shares reacquired

Management fees

18 unchanged sentences

United States Treasury Obligations (a)

Treasury Bills, 5.250 % due March 7, 2024 (b)

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

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

Treasury Bills, 5.190 % due June 6, 2024

Total United States Treasury Obligations (cost $ 49,104,326 )

Affiliated Investments

Exchange-Traded Fund

Invesco Short Term Treasury ETF (Cost $ 20,059,238 ) (c)(d)

Money Market Mutual Fund

Invesco Government & Agency Portfolio, Institutional

Class, 5.27 % (cost $ 33,302,006 ) (c)(e)

Total Affiliated Investments (cost $ 53,361,244 )

Invesco Government & Agency Portfolio,

Institutional Class, 4.43 % (cost $ 51,500,959 ) (c)(d)

Total Investments in Securities (cost $ 100,605,285 )

4 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 .

Open Commodity Futures Contracts (f)

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

Open Commodity Futures Contracts (e)

Number of Contracts

Expiration Date

Unrealized Appreciation (Depreciation) (g)

Unrealized Appreciation (Depreciation) (f)

Long Futures Contracts

Total Commodity Futures Contracts

(f) Futures contracts collateralized by $ 15,000,000 cash held with Morgan Stanley & Co.

(e) Futures contracts collateralized by $ 15,000,000 cash held with Morgan Stanley & Co.

LLC, the futures commission merchant.

(g) 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.

6 unchanged sentences

United States Treasury Obligations (a)

Treasury Bills, 3.820 % due January 19, 2023 (b)

Treasury Bills, 4.155 % due February 16, 2023 (b)

Treasury Bills, 4.220 % due February 23, 2023 (b)

Treasury Bills, 5.250 % due March 7, 2024 (b)

Treasury Bills, 4.270 % due March 9, 2023 (b)

Treasury Bills, 5.270 % due May 16, 2024 (b)

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

Treasury Bills, 5.190 % due June 6, 2024

Total United States Treasury Obligations (cost $ 55,864,584 )

1 unchanged sentence

Exchange-Traded Fund

Invesco Treasury Collateral ETF (Cost $ 20,059,238 ) (c)

Invesco Short Term Treasury ETF (Cost $ 20,059,238 ) (c)(d)

Money Market Mutual Fund

Invesco Government & Agency Portfolio, Institutional

Class, 4.22 % (cost $ 143,604,164 ) (c)(d)

Class, 5.29 % (cost $ 33,302,006 ) (c)(e)

Total Affiliated Investments (cost $ 53,361,244 )

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

Open Commodity Futures Contracts (e)

(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 (f)

Number of Contracts

Expiration Date

Unrealized Appreciation (Depreciation) (f)

Unrealized Appreciation (Depreciation) (g)

Long Futures Contracts

Total Commodity Futures Contracts

(e) Futures contracts collateralized by $ 15,000,000 cash held with Morgan Stanley & Co.

(f) Futures contracts collateralized by $ 15,000,000 cash held with Morgan Stanley & Co.

LLC, the futures commission merchant.

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

(g) 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.

4 unchanged sentences

Dividends from Affiliates

Management Fee

Management Fees

Brokerage Commissions and Fees

2 unchanged sentences

Net Investment Income (Loss)

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

United States Treasury Obligations, Affiliated Investments

and Commodity Futures Contracts

Net Realized Gain (Loss) on

Net Realized Gain (Loss) from

United States Treasury Obligations

Affiliated Investments

Capital gain distributions from Affiliated Investments

Commodity Futures Contracts

Net Realized Gain (Loss)

Net Change in Unrealized Gain (Loss) on

Net Change in Unrealized Gain (Loss) from

United States Treasury Obligations

3 unchanged sentences

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

United States Treasury Obligations, Affiliated Investments

and Commodity Futures Contracts

United States Treasury Obligations, Affiliated

Investments and Commodity Futures Contracts

Net Income (Loss)

17 unchanged sentences

Commodity Futures Contracts

Net Change in Unrealized Gain (Loss) on United States

Treasury Obligations, Affiliated Investments and

Commodity Futures Contracts

Net Change in Unrealized Gain (Loss) on United

States Treasury Obligations, Affiliated Investments

and Commodity Futures Contracts

Net Income (Loss)

Net Change in Shareholders' Equity

( 102,693,374

( 102,693,423

Balance at December 31, 2024

11 unchanged sentences

Net Increase (Decrease) due to Share Transactions

( 194,687,542

Return of Capital Distributions

4 unchanged sentences

Commodity Futures Contracts

Net Change in Unrealized Gain (Loss) on United States

Treasury Obligations, Affiliated Investments and

Commodity Futures Contracts

Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts

Net Income (Loss)

12 unchanged sentences

Redemption of Shares

( 447,650,859

Net Increase (Decrease) due to Share Transactions

( 194,687,542

Return of Capital Distributions

Net Income (Loss)

3 unchanged sentences

Commodity Futures Contracts

Net Change in Unrealized Gain (Loss) on United States

Treasury Obligations, Affiliated Investments and

Commodity Futures Contracts

Net Change in Unrealized Gain (Loss) on United

States Treasury Obligations, Affiliated Investments

and Commodity Futures Contracts

Net Income (Loss)

Net Change in Shareholders' Equity

( 262,910,667

( 262,910,773

Balance at December 31, 2022

3 unchanged sentences

For the Years Ended December 31, 2024, 2023 and 2022

Cash flows from operating activities:

Net Income (Loss)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating

Cost of securities purchased

9 unchanged sentences

Net accretion of discount on United States Treasury Obligations

Net realized (gain) loss on United States Treasury Obligations and

Affiliated Investments

Net change in unrealized (gain) loss on United States Treasury

Obligations, Affiliated Investments and Commodity

Futures Contracts

Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments

Net change in unrealized (gain) loss on United States Treasury Obligations, Affiliated

Investments and LME Commodity Futures Contracts

Change in operating assets and liabilities:

5 unchanged sentences

Net cash provided by (used in) operating activities

( 232,779,212

Cash flows from financing activities:

4 unchanged sentences

( 196,118,350

( 445,686,226

Net cash provided by (used in) financing activities

46 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 no t affect the Fund's financial position or the results of its operations.

Investment Valuations

20 unchanged sentences

Profit and Loss Allocations and Distributions

Pursuant to the Trust Agreement, income and expenses are allocated pro rata to the Managing Owner as holder of the General Shares and to the Shareholders monthly based on their respective percentage interests as of the close of the last trading day of the preceding month.

Pursuant to the Trust Agreement, income and expenses are allocated pro rata to the Managing Owner as holder of the General Shares and to the Fund's shareholders ("Shareholders") monthly based on their respective percentage interests as of the close of the last trading day of the preceding month.

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.

The Managing Owner has sole discretion in determining what distributions, if any, the Fund will make to Shareholders.

A distribution for the year ended December 31, 2023 was paid on December 22, 2023 to holders of record as of December 19, 2023 at a

rate of $ 1.31965 for each General Share and Share for a total distribution of $ 53 to General Shares and $ 9,171,567 to Shares.

Distributions of $ 395,895 were unpaid at December 31, 2023 and are reported as a liability on the Statements of Financial Condition.

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 $ 0.89614 for each General Share and Share for a total distribution of $ 36 to General Shares and $ 5,421,647 to Shares.

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

36 unchanged sentences

When LME or non-LME 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.

Receivable/(Payable) for LME Contracts

1 unchanged sentence

For settlement of futures contracts traded on the LME, cash is not transferred until the settled futures contracts expire.

As of December 31, 2023 , the Fund had a payable to the Commodity Broker of $ 4,329,738 , related to net realized losses on LME contracts, which have been closed out but for which the contract was not yet expired.

As of December 31, 2024, the Fund had a receivable from the Commodity Broker of $ 462,018 , related to net realized gains on LME contracts, which have been closed out but for which the contract was not yet expired.

As of December 31, 2023, the Fund had a payable to the Commodity Broker of $ 4,329,738 , related to net realized losses on LME contracts, which have been closed out but for which the contract was not yet expired.

15 unchanged sentences

Note 4 – Service Providers and Related Party Agreements

Under the Trust Agreement, Wilmington Trust Company, the trustee of the Fund (the “Trustee”), has the power and authority to execute and file certificates as required by the Delaware Statutory Trust Act and to accept service of process on the Fund in the State of Delaware.

The Managing Owner has the exclusive management and control of all aspects of the business of the Fund.

21 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.

12 unchanged sentences

The Managing Owner will utilize any excess cash held at the Commodity Broker to offset any realized losses incurred in the commodity futures contracts, if available.

To the extent that any excess cash held at the Commodity Broker is not adequate to cover any realized losses, a portion of the United States Treasury Obligations

and T-Bill ETFs, if any, on deposit with the Commodity Broker will be sold to make additional cash available.

To the extent that any excess cash held at the Commodity Broker is not adequate to cover any realized losses, a portion of the United States Treasury Obligations and T-Bill ETFs, if any, on deposit with the Commodity Broker will be sold to make additional cash available.

For financial reporting purposes, the Fund offsets financial assets and financial liabilities that are subject to legally enforceable netting arrangements.

21 unchanged sentences

United States Treasury Obligations

Exchange-Traded Fund

Money Market Mutual Fund

29 unchanged sentences

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:

For the Years Ended

Location of Gain or (Loss) on Derivatives

For the Year Ended

Location of Gain (Loss) on Derivatives

Risk Exposure/Derivative Type

4 unchanged sentences

Net Change in Unrealized Gain (Loss)

The table below summarizes the average monthly notional value of futures contracts outstanding during the period:

The table below summarizes the average monthly notional value of futures contracts held during the period:

For the Years Ended

8 unchanged sentences

Because it is advised by the Managing Owner, the Invesco Short Term Treasury ETF is an affiliate of the Fund.

The Invesco Government & Agency Portfolio is a Government Money Market Fund, as defined by Rule 2a-7, under the Investment Company Act of 1940, as amended, whose shares are primarily purchased and sold through financial intermediaries.

In seeking its investment objective, the Invesco Government & Agency Portfolio primarily invests in cash, Government Securities, and repurchases agreements collateralized by cash or Government Securities.

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 year ended December 31, 2024.

Value 12/31/2023

Purchases at Cost

2 unchanged sentences

Realized Gain (Loss)

Value 12/31/2024

Dividend Income

Invesco Short Term Treasury ETF

Investments in Affiliated

Money Market Funds

Invesco Government & Agency Portfolio, Institutional Class

Investments in Affiliated Money

Invesco Government & Agency

Portfolio, Institutional Class

( 210,131,865

1 unchanged sentence

The following is a summary of the transactions in, and earnings from, investments in affiliates for the year ended December 31, 2023.

Value 12/31/2022

Purchases at Cost

2 unchanged sentences

Realized Gain (Loss)

Value 12/31/2023

Dividend Income

Invesco Treasury Collateral ETF

Investments in Affiliated

Money Market Funds

Invesco Government & Agency Portfolio, Institutional Class

Invesco Short Term Treasury ETF

Investments in Affiliated Money

Invesco Government & Agency

Portfolio, Institutional Class

( 486,004,546

6 unchanged sentences

Realized Gain (Loss)

Value 12/31/2022

Dividend Income

Invesco Treasury Collateral ETF

Investments in Affiliated

Money Market Funds

Invesco Government & Agency Portfolio, Institutional Class

Invesco Short Term Treasury ETF

Investments in Affiliated Money

Invesco Government & Agency

Portfolio, Institutional Class

( 694,466,176

( 710,462,727

(a) Includes $ 6,116 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

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.

20 unchanged sentences

Net asset value per Share, beginning of period

Net realized and change in unrealized gain (loss) on United States

Treasury Obligations, Affiliated Investments and Commodity

Futures Contracts (a)

Net realized and change in unrealized gain (loss) on

United States Treasury Obligations, Affiliated Investments

and Commodity Futures Contracts (a)

Net investment income (loss) (b)

20 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 7. Management’s Discussion and Analysis