What changed in this filing

/stocks — the workspaceLOADING

Item 7. Management’s Discussion and Analysis

2026-03-02 compared with 2025-02-26 · 60 added, 38 removed, 262 unchanged (27% of the section changed)

7 unchanged sentences

Invesco DB Energy Fund (the “Fund”), a separate series of Invesco DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in seven separate series, was formed on August 3, 2006.

The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended (the “Trust Agreement”).

The Fund has an unlimited number of shares authorized for issuance.

Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Trust and the Fund since February 23, 2015.

Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Fund since February 23, 2015.

The Managing Owner is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Energy Index Excess Return (the “Index”) over time, plus the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill ETF Income”) over the expenses of the Fund.

The Index is intended to reflect the economic performance of investing in futures contracts on the energy sector.

The Fund invests in futures contracts in an attempt to track its Index.

The Index is intended to reflect the change in market value of the energy sector.

The commodities comprising the Index are Light Sweet Crude Oil, Ultra-Low Sulphur Diesel (also commonly known as Heating Oil), Brent Crude Oil, RBOB Gasoline (reformulated gasoline blendstock for oxygen blending, or “RBOB”) and Natural Gas (each, an “Index Commodity,” and collectively, the “Index Commodities”).

Effective November 10, 2025, the commodities comprising the Index are Light Sweet Crude Oil (WTI);

Ultra-Low Sulphur Diesel (also commonly known as Heating Oil);

Brent Crude Oil;

RBOB Gasoline and Natural Gas (each, an “Index Commodity,” and collectively, the “Index Commodities”).

The Fund may invest directly in United States Treasury Obligations.

2 unchanged sentences

While the Fund’s performance reflects the appreciation or 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.

The Fund pursues its investment objective by investing in a portfolio of exchange-traded commodity futures contracts that expire in a specific month and trade on a specific exchange (the “Index Contracts”) in the Index Commodities.

The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co.

LLC, the Fund’s commodity broker (the “Commodity Broker”) as margin, to the extent permissible under CFTC rules and United States Treasury Obligations, cash, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with The Bank of New York Mellon (the “Custodian”), for cash management purposes.

The aggregate notional value of the commodity futures contracts owned by the Fund is expected to approximate the aggregate net asset value (“NAV”) of the Fund, as opposed to the aggregate Index value.

The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on commodities in the energy sector.

The Index Sponsor selects and weights commodities in the Index on an annual basis based on (i) the value and liquidity of the market for associated commodity futures contracts and (ii) their production volume (in order to factor in the relative importance of the commodity in the global economy).

Commodity futures quoted in U.S.

Dollars and listed on major U.S.

and European exchanges are eligible for inclusion in the Index.

Eligible commodities are selected based on their Three-Year Total Dollar Volume Average (i.e., commodities are initially screened for inclusion based on their relative three-year “Total Dollar Volume” traded, which is calculated by multiplying the total volume of futures traded during the last one-year period by the average close price of the front month contract on each month end during that one-year period).

Each commodity’s three-year Total Dollar Volume traded is calculated in proportion to the three-year Total Dollar Volume traded of all commodities within its sector to determine its initial sector liquidity rate.

A commodity with a proportionate weight of less than 2% (or 1.5% for a commodity included at the last rebalance) within its sector is excluded from the Index.

Each remaining commodity’s three-year Total Dollar Volume traded is calculated in proportion to the three-year Total Dollar Volume traded of all eligible commodities (“Filtered Commodity Weight”).

Commodity weights in the Index are determined by the Parent Index.

The Parent Index determines production weights for each eligible commodity based on the total dollar amount of the commodity produced within the year in proportion to the sum of the production dollar amounts within the energy sector (“Production Weights”).

The weight of each commodity in the Index is generally based on the average of the Filtered Commodity Weight and the Production Weight, subject to the requirement that each commodity must have an allocation within the Index of no less than 5%.

The Index is rebalanced annually on the sixth business day in November.

However, during periods of heightened volatility or when commodity prices experience significant movements, the commodities weights within the Index may be reset or reduced based on the weight implemented at the previous annual rebalance.

The CFTC and certain futures exchanges impose position limits on futures contracts, including on Index Contracts.

36 unchanged sentences

The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange.

In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any one member.

In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions.

6 unchanged sentences

The Fund in turn allocates its net assets to commodity futures trading.

A significant portion of the NAV is held in United States Treasury Obligations, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes.

A significant portion of the NAV may be held in United States Treasury Obligations or cash, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes.

The amount of cash and/or United States Treasury Obligations on deposit with the Commodity Broker may exceed the amount of margin required to be on deposit, depending on market conditions and comparative yields available from United States Treasury Obligations, money market funds, T-Bill ETFs and cash held on deposit with Commodity Broker.

The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s commodity interests change.

A portion of the Fund’s United States Treasury Obligations is held for deposit with the Commodity Broker to meet margin requirements.

All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian.

15 unchanged sentences

Redemption orders are irrevocable.

The redemption procedures allow Authorized Participants to redeem Creation Units.

The redemption procedures allow Authorized Participants to redeem

Creation Units.

Individual Shareholders may not redeem directly from the Fund.

25 unchanged sentences

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.

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

Operating Activities

Net cash flow provided by (used in) operating activities was $3.5 million and $30.4 million for the years ended December 31, 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 and affiliated investments.

The Fund invests in United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes.

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 Commodity Broker.

The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, or maintains excess deposits with brokers for margin and/or cash management purposes.

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 year ended December 31, 2024, $54.6 million was paid to purchase United States Treasury Obligations and $80.6 million was received from sales and maturing United States Treasury Obligations.

During the year ended December 31, 2025, there were no purchases of United States Treasury Obligations and $20.0 million was received from sales and maturing United States Treasury Obligations.

1 unchanged sentence

$143.4 million was received from sales of affiliated investments and $139.5 million was paid to purchase affiliated investments during the year ended December 31, 2024.

During the year ended December 31, 2025, net deposits to/from the Commodity Broker was $7.6 million.

There were no net deposits to/from the Commodity Broker during the year ended December 31, 2024.

Financing Activities

9 unchanged sentences

Similarly, no representation is being made that the Fund will generate profits or losses similar to the Fund’s past performance or changes in the Index closing levels.

COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD ENERGY INDEX ER

Effective November 10, 2025, the Index methodology underwent a change.

Performance information included herein prior to November 10, 2025 may have differed had the new methodology been in place.

COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD ENERGY INDEX ER

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

7 unchanged sentences

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

The Index is intended to reflect the change in market value of the Index Commodities.

In turn, the Index is intended to reflect the energy sector.

Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels.

The Index is intended to reflect the changes in market value, positive or negative, of the Index Commodities.

The Index is intended to reflect the economic performance of investing in futures contracts on a basket of commodities.

The DBIQ Optimum Yield Energy Index Total Return (the “DBIQ-OY Energy TR”) consists of the Index plus 3-month United States Treasury Obligations returns.

10 unchanged sentences

DB Light Sweet Crude Oil Indices

DB Gas Oil Indices

DB Natural Gas Indices

16 unchanged sentences

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

Shares traded at a low of $16.79 per Share (-9.54%) on April 8, 2025, and a high of $20.65 per Share (+11.26%) on June 20, 2025.

On December 26, 2025, the Fund paid a distribution of $0.67476 for each General Share and Share to holders of record as of December 22, 2025.

Therefore, the total return for the Fund on a market value basis was -2.26%.

The Fund delivered negative performance in 2025, largely driven by declines in crude oil.

Crude oil prices weakened through the first half of the year and only partially recovered in the third quarter;

however, the rebound remained limited as the market continued to balance concerns over a mounting supply glut against ongoing geopolitical tensions.

NY Harbor Ultra-Low Sulfur Diesel was the Fund’s strongest contributor, supported by tightening inventories and resilient end‑user demand.

Gasoline, despite trending lower for much of the year, was the second‑largest contributor to performance, benefiting from reduced stock levels and pockets of robust travel demand.

Natural gas finished the year roughly flat for the Fund, though prices experienced meaningful volatility driven by shifting weather expectations and sustained support from liquified natural gas export flows.

For the year ended December 31, 2024, the NYSE Arca market value of each Share decreased from $19.19 per Share to $18.56

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 $17.79 per Share (-7.30%) on September 10, 2024, and a high of $21.52 per Share (+12.14%) on April 12, 2024.

2 unchanged sentences

Energy commodities ended 2024 lower, with the largest detractors being NY Harbor Ultra-Low Sulfur Diesel (ULSD) and natural gas which were both pressured by weak demand and ample supply.

However, cold winter weather significantly boosted US natural gas prices to end the year.

However, cold winter weather significantly boosted U.S.

natural gas prices to end the year.

Crude oil, the Fund’s only positive contributor, gained in the first quarter as escalating tensions in the Middle East and between Russia and Ukraine raised supply concerns.

1 unchanged sentence

Additionally, increased tripwires between Iran and Israel, the Federal Reserve’s interest rate easing kickoff in September, and Chinese stimulus hopes raised bullish energy bets.

For the year ended December 31, 2023, the NYSE Arca market value of each Share decreased from $22.65 per Share to $19.19

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 $18.57 per Share (-18.01%) on May 3, 2023, and a high of $24.26 per Share (+7.11%) on September 14, 2023.

On December 22, 2023, the Fund paid a distribution of $0.74176 for each General Share and Share to holders of record as of December 19, 2023.

Therefore, the total return for the Fund on a market value basis was -12.11%.

Energy commodities posted sharp negative returns in 2023;

while all Fund commodities were detractors, natural gas and NY Harbor Ultra Low Sulfur Diesel (ULSD) were the worst performing.

In the first quarter, US natural gas prices went into freefall, pressured by persistently warm temperatures in both the US and Europe.

While prices did recover in the second and third quarter on hotter-than-expected weather forecasts and a broad energy rally, gains were reversed in the fourth quarter, leaving natural gas prices down over 35% to end the year.

Diesel prices fell in the first quarter with Europe boosting imports of Russian supplies ahead of the February 5th ban and the weakness continued into the second quarter, and while prices recovered significantly in the third quarter, those gains were completely erased in the last quarter, leaving front month prices down nearly 18%.

Crude oil prices had also plunged sharply in the first half of the year as macro recession concerns remained top of mind and China’s recovery continued to disappoint.

However, crude oil prices recovered significantly in June and through the third quarter as Saudi Arabian and Russian supply curbs brought the global oil market back to a deficit and demand outperformed expectations.

Macro sentiment also improved amid US economic resilience and ending Federal Reserve tightening, supporting broader risk appetite.

However, like with natural gas and diesel, crude oil gains were erased in the fourth quarter.

Fund Share Net Asset Performance

For the year ended December 31, 2025, the NAV of each Share decreased from $18.52 per Share to $17.47 per Share.

Falling commodity futures contract prices for Natural Gas and Ultra-Low Sulphur Diesel were partially offset by rising commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil and RBOB Gasoline during the year ended December 31, 2024, contributing to an overall 1.62% decrease in the level of the Index and to a 3.54% increase in the level of the DBIQ-OY Energy TR.

Falling commodity futures contract prices for Brent Crude Oil and Light Sweet Crude Oil were partially offset by rising commodity futures contract prices for Ultra-Low Sulphur Diesel, Gas Oil, Natural Gas and RBOB Gasoline during the year ended December 31, 2025, contributing to an overall 5.27% decrease in the level of the Index and to a 1.26% decrease in the level of the DBIQ-OY Energy TR.

On December 26, 2025, the Fund paid a distribution of $0.67476 for each General Share and Share to holders of record as of December 22, 2025.

2 unchanged sentences

For the year ended December 31, 2024, the NAV of each Share decreased from $19.19 per Share to $18.52 per Share.

Falling commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, Natural Gas, RBOB Gasoline and Ultra-Low Sulphur Diesel during the year ended December 31, 2023 contributed to an overall 15.67% decrease in the level of the Index and to a 11.22% decrease in the level of the DBIQ-OY Energy TR.

commodity futures contract prices for Natural Gas and Ultra-Low Sulphur Diesel were partially offset by rising commodity futures

contract prices for Brent Crude Oil, Light Sweet Crude Oil and RBOB Gasoline during the year ended December 31, 2024 contributed to an overall 1.62% decrease in the level of the Index and to a 3.54% decrease in the level of the DBIQ-OY Energy TR.

On December 27, 2024, the Fund paid a distribution of $1.17198 for each General Share and Share to holders of record as of December 23, 2024.

17 unchanged sentences

The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Exchange Act).

All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the U.S.

dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

Value at Risk (“VaR”) is a statistical measure of the value of losses that would not be expected to be exceeded over a given time horizon and at a given probability level arising from movement of underlying risk factors.

56 unchanged sentences

In addition to the seasonal temperatures in countries throughout the world, any fluctuations in temperature may also heavily influence the demand for natural gas.

The price of gas oil is volatile.

The price movement of gas oil may be influenced by many factors, including, but not limited to, the amount of output by oil producing nations, refinery capacity and utilization rates, transportation and storage constraints, and changes in seasonal consumption patterns.

Gas oil prices are also affected by the price of crude oil, since gas oil is a refined product derived from crude oil.

Accordingly, changes in crude oil supply or production decisions may materially impact the price of gas oil.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING MARKET RISK EXPOSURE

8 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