Invesco DB Energy Fund 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. Index to Financial Statements Documents Page Report of Management on Internal Control Over Financial Reporting 36 Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) 37 Statements of Financial Condition as of December 31, 2025 and 2024 39 Schedule of Investments as of December 31, 2025 40 Schedule of Investments as of December 31, 2024 41 Statements of Income and Expenses for the Years Ended December 31, 2025, 2024 and 20 23 42 Statement of Changes in Shareholders’ Equity for the Year Ended December 31, 2025 43 Statement of Changes in Shareholders’ Equity for the Year Ended December 31, 2024 44 Statement of Changes in Shareholders’ Equity for the Year Ended December 31, 20 23 45 Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 20 23 46 Notes to Financial Statements 47 35 Report of Management on Internal Control Over Financial Reporting Management of Invesco Capital Management LLC, as managing owner (the “Managing Owner”) of Invesco DB Energy Fund (the “Fund”), is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We, Brian Hartigan, Principal Executive Officer, and Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools, of the Managing Owner, assessed the effectiveness of the Fund’s internal control over financial reporting as of December 31, 2025. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control—Integrated Framework (2013). Based on our assessment and those criteria, we have concluded that the Fund maintained effective internal control over financial reporting as of December 31, 2025. The Fund’s independent registered public accounting firm, PricewaterhouseCoopers LLP , has audited the Fund’s internal control over financial reporting as of December 31, 2025, as stated in their report on page 37 of the Fund’s Annual Report on Form 10-K. By: /S/ BRIAN HARTIGAN Name: Brian Hartigan Title: Principal Executive Officer By: /S/ K ELLI G ALLEGOS Name: Kelli Gallegos Title: Principal Financial and Accounting Officer, Investment Pools February 27, 2026 36 R eport of Independent Registered Public Accounting Firm To the Board of Managers of Invesco Capital Management LLC (as Managing Owner of Invesco DB Multi-Sector Commodity Trust) and Shareholders of Invesco DB Energy Fund 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 Energy Fund (one of the funds constituting Invesco DB Multi-Sector Commodity Trust, hereafter referred to as the “Fund”) as of December 31, 2025 and 2024, 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, 2025, 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, 2025, 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, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Fund maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO. Basis for Opinions The Fund's management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control Over Financial Reporting. Our responsibility is to express opinions on the Fund’s financial statements and on the Fund's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes 37 in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (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. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Critical Audit Matters Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective, or complex judgments. We determined there are no critical audit matters. /s/PricewaterhouseCoopers LLP Chicago, Illinois February 27, 2026 We have served as the Fund’s auditor since 2013. 38 Invesco DB Energy Fund Statements of Financial Condition December 31, 2025 and 2024 December 31, 2025 2024 Assets United States Treasury Obligations, at value (cost $ – and $ 19,832,291 , respectively) $ — $ 19,853,708 Affiliated investments, at value and cost 34,215,550 26,514,962 Other investments: Variation margin receivable - Commodity Futures Contracts — 136,953 Cash held by custodian — 648,140 Deposit with Commodity Broker 7,614,281 — Receivable for: Dividends from affiliates 115,364 103,938 Total assets $ 41,945,195 $ 47,257,701 Liabilities Payable for: Fund shares reacquired $ 873,319 $ — Management fees 25,471 28,760 Brokerage commissions and fees — 5,001 Total liabilities 898,790 33,761 Commitments and Contingencies (Note 10) Equity Shareholder's equity—General Shares 699 741 Shareholders' equity—Shares 41,045,706 47,223,199 Total shareholders' equity 41,046,405 47,223,940 Total liabilities and equity $ 41,945,195 $ 47,257,701 General Shares outstanding 40 40 Shares outstanding 2,350,000 2,550,000 Net asset value per share $ 17.47 $ 18.52 Market value per share $ 17.47 $ 18.56 See accompanying Notes to Financial Statements which are an integral part of the financial statements. 39 Invesco DB Energy Fund Schedule of Investments December 31, 2025 Description Percentage of Shareholders' Equity Value Shares Affiliated Investments Money Market Mutual Fund Invesco Government & Agency Portfolio, Institutional Class, 3.68 % (cost $ 34,215,550 ) (a)(b) 83.36 % $ 34,215,550 34,215,550 Total Investments in Securities (cost $ 34,215,550 ) 83.36 % $ 34,215,550 (a) Affiliated issuer. 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. See Note 8. (b) The rate shown is the 7-day SEC standardized yield as of December 31, 2025. Open Commodity Futures Contracts Number of Contracts Expiration Date Notional Value Value (c) Unrealized Appreciation (Depreciation) (c) Long Futures Contracts ICE-Low Sulphur Gasoil 72 April-2026 $ 4,386,600 $ ( 215,300 ) ( 215,300 ) ICE-UK Brent Crude 217 January-2026 13,204,450 ( 361,773 ) ( 361,773 ) NYMEX Natural Gas 140 April-2026 4,522,000 ( 702,211 ) ( 702,211 ) NYMEX NY Harbor ULSD 40 April-2026 3,442,320 ( 194,307 ) ( 194,307 ) NYMEX RBOB Gasoline 46 November-2026 3,199,585 ( 117,094 ) ( 117,094 ) NYMEX WTI Crude 215 January-2026 12,345,300 ( 328,206 ) ( 328,206 ) Total Commodity Futures Contracts $ ( 1,918,891 ) $ ( 1,918,891 ) (c) 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. 40 Invesco DB Energy Fund Schedule of Investments December 31, 2024 Description Percentage of Shareholders' Equity Value Principal Value United States Treasury Obligations (a) U.S. Treasury Bills, 4.400 % due March 6, 2025 (b) 42.04 % $ 19,853,708 $ 20,000,000 Total United States Treasury Obligations (cost $ 19,832,291 ) 42.04 % $ 19,853,708 Affiliated Investments Shares Money Market Mutual Fund Invesco Government & Agency Portfolio, Institutional Class, 4.43 % (cost $ 26,514,962 ) (c)(d) 56.15 % 26,514,962 26,514,962 Total Investments in Securities (cost $ 46,347,253 ) 98.19 % $ 46,368,670 (a) Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end. (b) United States Treasury Obligations of $ 11,911,200 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts. (c) Affiliated issuer. 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. See Note 8. (d) The rate shown is the 7-day SEC standardized yield as of December 31, 2024. Open Commodity Futures Contracts Number of Contracts Expiration Date Notional Value Value (e) Unrealized Appreciation (Depreciation) (e) Long Futures Contracts ICE-UK Brent Crude 142 January-2025 $ 10,598,880 $ 405,760 $ 405,760 NYMEX Natural Gas 171 April-2025 5,398,470 490,558 490,558 NYMEX NY Harbor ULSD 111 May-2025 10,395,328 ( 987,212 ) ( 987,212 ) NYMEX RBOB Gasoline 129 November-2025 10,189,633 102,916 102,916 NYMEX WTI Crude 149 February-2025 10,616,250 511,059 511,059 Total Commodity Futures Contracts $ 523,081 $ 523,081 (e) 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. 41 Invesco DB Energy Fund Statements of Income and Expenses For the Years Ended December 31, 2025, 2024 and 2023 2025 2024 2023 Income Interest Income $ 455,049 $ 1,676,451 $ 2,242,727 Dividends from Affiliates 1,614,546 1,939,738 2,577,415 Total Income 2,069,595 3,616,189 4,820,142 Expenses Management Fees 375,415 527,219 729,661 Brokerage Commissions and Fees 15,331 8,004 16,336 Interest Expense 3,715 28,268 38,661 Total Expenses 394,461 563,491 784,658 Less: Waivers ( 37,993 ) ( 35,050 ) ( 48,893 ) Net Expenses 356,468 528,441 735,765 Net Investment Income (Loss) 1,713,127 3,087,748 4,084,377 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 United States Treasury Obligations — 11,835 ( 33 ) Affiliated Investments — 34,620 — Commodity Futures Contracts ( 382,289 ) ( 3,599,310 ) ( 20,390,794 ) Net Realized Gain (Loss) ( 382,289 ) ( 3,552,855 ) ( 20,390,827 ) Net Change in Unrealized Gain (Loss) on United States Treasury Obligations ( 21,417 ) ( 11,629 ) ( 2,262 ) Affiliated Investments — ( 21,953 ) 25,228 Commodity Futures Contracts ( 2,441,972 ) 2,939,087 ( 1,584,351 ) Net Change in Unrealized Gain (Loss) ( 2,463,389 ) 2,905,505 ( 1,561,385 ) Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts ( 2,845,678 ) ( 647,350 ) ( 21,952,212 ) Net Income (Loss) $ ( 1,132,551 ) $ 2,440,398 $ ( 17,867,835 ) See accompanying Notes to Financial Statements which are an integral part of the financial statements. 42 Invesco DB Energy Fund Statement of Changes in Shareholders’ Equity For the Year Ended December 31, 2025 General Shares Shares Total Shares Total Equity Shares Total Equity Shareholders' Equity Balance at December 31, 2024 40 $ 741 2,550,000 $ 47,223,199 $ 47,223,940 Purchases of Shares 1,100,000 20,827,866 20,827,866 Redemption of Shares ( 1,300,000 ) ( 24,253,399 ) ( 24,253,399 ) Net Increase (Decrease) due to Share Transactions ( 200,000 ) ( 3,425,533 ) ( 3,425,533 ) Return of Capital Distributions ( 27 ) ( 1,619,424 ) ( 1,619,451 ) Net Income (Loss) Net Investment Income (Loss) 28 1,713,099 1,713,127 Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts ( 6 ) ( 382,283 ) ( 382,289 ) Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts ( 37 ) ( 2,463,352 ) ( 2,463,389 ) Net Income (Loss) ( 15 ) ( 1,132,536 ) ( 1,132,551 ) Net Change in Shareholders' Equity — ( 42 ) ( 200,000 ) ( 6,177,493 ) ( 6,177,535 ) Balance at December 31, 2025 40 $ 699 2,350,000 $ 41,045,706 $ 41,046,405 See accompanying Notes to Financial Statements which are an integral part of the financial statements. 43 Invesco DB Energy Fund Statement of Changes in Shareholders’ Equity For the Year Ended December 31, 2024 General Shares Shares Total Shares Total Equity Shares Total Equity Shareholders' Equity Balance at December 31, 2023 40 $ 768 3,850,000 $ 73,888,099 $ 73,888,867 Purchases of Shares 850,000 16,660,010 16,660,010 Redemption of Shares ( 2,150,000 ) ( 42,776,739 ) ( 42,776,739 ) Net Increase (Decrease) due to Share Transactions ( 1,300,000 ) ( 26,116,729 ) ( 26,116,729 ) Return of Capital Distributions ( 47 ) ( 2,988,549 ) ( 2,988,596 ) Net Income (Loss) Net Investment Income (Loss) 52 3,087,696 3,087,748 Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts ( 175 ) ( 3,552,680 ) ( 3,552,855 ) Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts 143 2,905,362 2,905,505 Net Income (Loss) 20 2,440,378 2,440,398 Net Change in Shareholders' Equity — ( 27 ) ( 1,300,000 ) ( 26,664,900 ) ( 26,664,927 ) Balance at December 31, 2024 40 $ 741 2,550,000 $ 47,223,199 $ 47,223,940 See accompanying Notes to Financial Statements which are an integral part of the financial statements. 44 Invesco DB Energy Fund Statement of Changes in Shareholders’ Equity For the Year Ended December 31, 2023 General Shares Shares Total Shares Total Equity Shares Total Equity Shareholders' Equity Balance at December 31, 2022 40 $ 906 6,800,000 $ 154,008,030 $ 154,008,936 Purchases of Shares 2,350,000 52,238,644 52,238,644 Redemption of Shares ( 5,300,000 ) ( 111,004,576 ) ( 111,004,576 ) Net Increase (Decrease) due to Share Transactions ( 2,950,000 ) ( 58,765,932 ) ( 58,765,932 ) Return of Capital Distributions ( 30 ) ( 3,486,272 ) ( 3,486,302 ) Net Income (Loss) Net Investment Income (Loss) 34 4,084,343 4,084,377 Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts ( 132 ) ( 20,390,695 ) ( 20,390,827 ) Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts ( 10 ) ( 1,561,375 ) ( 1,561,385 ) Net Income (Loss) ( 108 ) ( 17,867,727 ) ( 17,867,835 ) Net Change in Shareholders' Equity — ( 138 ) ( 2,950,000 ) ( 80,119,931 ) ( 80,120,069 ) Balance at December 31, 2023 40 $ 768 3,850,000 $ 73,888,099 $ 73,888,867 See accompanying Notes to Financial Statements which are an integral part of the financial statements. 45 Invesco DB Energy Fund Statements of Cash Flows For the Years Ended December 31, 2025, 2024 and 2023 2025 2024 2023 Cash flows from operating activities: Net Income (Loss) $ ( 1,132,551 ) $ 2,440,398 $ ( 17,867,835 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Cost of securities purchased — ( 54,598,196 ) ( 137,612,105 ) Proceeds from securities sold and matured 20,000,000 80,608,039 200,000,000 Cost of affiliated investments purchased ( 46,490,607 ) ( 139,468,963 ) ( 257,917,727 ) Proceeds from affiliated investments sold 38,790,019 143,441,091 273,941,233 Net accretion of discount on United States Treasury Obligations ( 167,709 ) ( 1,660,062 ) ( 2,202,530 ) Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments — ( 46,455 ) 33 Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments 21,417 33,582 ( 22,966 ) Change in operating assets and liabilities: Variation margin - Commodity Futures Contracts 136,953 ( 428,440 ) 3,389,422 Deposit with Commodity Broker ( 7,614,281 ) — — Dividends from affiliates ( 11,426 ) 89,028 ( 41,136 ) Management fees ( 3,289 ) ( 26,069 ) ( 44,647 ) Brokerage commissions and fees ( 5,001 ) 8 ( 4 ) Net cash provided by (used in) operating activities 3,523,525 30,383,961 61,621,738 Cash flows from financing activities: Distributions Paid to Shareholders ( 1,619,451 ) ( 3,619,092 ) ( 2,855,806 ) Proceeds from purchases of Shares 20,827,866 16,660,010 52,238,644 Redemption of Shares ( 23,380,080 ) ( 42,776,739 ) ( 111,004,576 ) Net cash provided by (used in) financing activities ( 4,171,665 ) ( 29,735,821 ) ( 61,621,738 ) Net change in cash ( 648,140 ) 648,140 — Cash at beginning of period 648,140 — — Cash at end of period $ — $ 648,140 $ — Supplemental disclosure of cash flow information Cash paid for interest $ 3,715 $ 28,268 $ 38,661 See accompanying Notes to Financial Statements which are an integral part of the financial statements. 46 Invesco DB Energy Fund Notes to Financial Statements December 31, 2025 Note 1 - Organization 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 Fund, 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 Fund since February 23, 2015. The Managing Owner holds 40 general shares (the “General Shares”) of the Fund. The fiscal year end of the Fund is December 31st. 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. Effective November 10, 2025, the Index comprised the following commodities: Light, Sweet Crude Oil (WTI); Ultra-Low Sulphur Diesel (also commonly known as Heating Oil); Brent Crude Oil; Gas 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. The Fund may also gain exposure to United States Treasury Obligations through investments in exchange-traded funds (“ETFs”) (affiliated or otherwise) that track indexes that measure the performance of United States Treasury Obligations with a maximum remaining maturity of up to 12 months (“T-Bill ETFs”). The Fund may hold as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, 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. The Commodity Futures Trading Commission (the “CFTC”) and certain futures exchanges impose position limits on futures contracts that reference Index Commodities (the “Index Contracts”). As the Fund approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in Index Contracts that reference other Index Commodities. In those circumstances, the Fund may also trade in futures contracts based on commodities other than Index Commodities that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract. The Managing Owner may determine to invest in other futures contracts if at any time it is impractical, including in scenarios wherein the futures market for an Index Contract is thinly traded, or inefficient to gain full or partial exposure to an Index Commodity through the use of Index Contracts. These other futures contracts may or may not be based on an Index Commodity. When they are not, the Managing Owner may seek to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with an Index Contract. The Fund offers common units of beneficial interest (the “Shares”) only to certain eligible financial institutions (the “Authorized Participants”) in one or more blocks of 50,000 Shares (“Creation Units”). The Fund commenced investment operations on January 3, 2007. The Fund commenced trading on the American Stock Exchange (which became the NYSE Alternext US LLC) on January 5, 2007 and, since November 25, 2008, has been listed on the NYSE Arca, Inc. (the “NYSE Arca”). This Annual Report (the “Annual Report”) covers the years ended December 31, 2025, 2024 and 2023 . Past performance of the Fund is not necessarily indicative of future performance. 47 Note 2 - Summary of Significant Accounting Policies A. Basis of Presentation The financial statements of the Fund have been prepared using accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Fund has determined that it meets the definition of an investment company and has prepared the financial statements in conformity with U.S. GAAP for investment companies in conformity with accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies . B. Accounting Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. 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. C. Segment Reporting The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Managers, portfolio managers and senior executives at the Managing Owner act 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. D. Investment Valuations Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value (“NAV”) per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. United States Treasury Obligations are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as developments related to specific securities, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. All debt obligations involve some risk of default with respect to interest and/or principal payments. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Managing Owner. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. E. Investment Transactions and Investment Income Investment transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of securities or derivatives 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 sale or disposition occurs, respectively. Interest income on United States Treasury Obligations is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. 48 F. 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. 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, 2025 was paid on December 26, 2025 to holders of record, as of December 22, 2025 , at a rate of $ 0.67476 for each General Share and Share for a total distribution of $ 27 to General Shares and $ 1,619,424 to Shares. The table below shows distributions per General Share and Share in total for the years presented: Years Ended December 31, 2025 2024 2023 Distributions per General Share $ 0.67476 $ 1.17198 $ 0.74176 Distributions per Share $ 0.67476 $ 1.17198 $ 0.74176 Distributions paid to General Shares $ 27 $ 47 $ 30 Distributions paid to Shares $ 1,619,424 $ 2,988,549 $ 3,486,272 G. Routine Operational, Administrative and Other Ordinary Expenses The Managing Owner is responsible for all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. The Fund does not reimburse the Managing Owner for the routine operational, administrative and other ordinary expenses of the Fund. Accordingly, such expenses are not reflected in the Statements of Income and Expenses of the Fund. H. Non-Recurring Fees and Expenses The Fund pays all non-recurring and unusual fees and expenses, if any, of itself, as determined by the Managing Owner. Non-recurring and unusual fees and expenses include fees and expenses, such as legal claims and liabilities, litigation costs, indemnification expenses or other non-routine expenses. Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the years ended December 31, 2025, 2024, and 2023 the Fund did not incur such expenses. I. Brokerage Commissions and Fees The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker (as defined below). These costs are recorded as Brokerage Commissions and Fees in the Statements of Income and Expenses. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker, as applicable were less than $ 5.00 , $ 6.00 and $ 6.00 per round-turn trade during the years ended December 31, 2025, 2024 and 2023 , respectively. J. Income Taxes The Fund is classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will generally not incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items. The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions taken or expected to be taken in future tax returns. The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, 2022. 49 K. Commodity Futures Contracts The Fund utilizes derivative instruments to achieve its investment objective. A commodity futures contract is an agreement between counterparties to purchase or sell a specified underlying commodity for a specified price, or to pay or receive a cash amount based on the value of an index or other reference instrument, at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker. During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments can be received or made depending upon whether unrealized gains or losses are incurred. These amounts, if any, are reflected as a receivable or payable on the Statements of Financial Condition. Otherwise, the variation margin excess or deficit can be netted with cash held at the Commodity Broker. These amounts, if any, are reflected as Deposit with Commodity Broker on the Statements of Financial Condition. When the 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. Note 3 - Financial Instrument Risk In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss in excess of the amounts shown on the Statements of Financial Condition. The financial instruments used by the Fund are commodity futures contracts, the values of which are based upon an underlying asset and generally represent future commitments that have a reasonable possibility of being settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts. Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including fluctuations in commodity prices. In entering into these futures contracts, there exists a market risk that such futures contracts may be significantly influenced by adverse market conditions, resulting in such futures contracts being less valuable. If the markets should move against all of the futures contracts at the same time, the Fund could experience substantial losses. Credit risk is the possibility that a loss may occur due to the failure of the Commodity Broker and/or clearing house to perform according to the terms of a futures contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Commodity Broker, when acting as the Fund’s futures commission merchant (“FCM”) in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading. The Commodity Broker is not allowed to commingle such assets with other assets of the Commodity Broker. In addition, CFTC regulations also require the Commodity Broker to hold, in a secure account, assets of the Fund related to foreign futures trading. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and not represented by the futures contract or notional amounts of the instruments. The Fund has not utilized, nor does it expect to utilize in the future, special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind, other than agreements entered into in the normal course of business noted above. Note 4 – Service Providers and Related Party Agreements The Trustee 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 Fund. The Trustee will serve in that capacity until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor is appointed by the Managing Owner. The Trustee will have no duty or liability to supervise or monitor the performance of the Managing Owner, nor will the Trustee have any liability for the acts or omissions of the Managing Owner. The Managing Owner The Managing Owner serves as the Fund’s commodity pool operator, commodity trading advisor and managing owner. The Fund pays the Managing Owner a management fee, monthly in arrears, in an amount equal to 0.75 % per annum of the daily NAV of the Fund (the “Management Fee”). The Fund, for cash management purposes, invests in money market mutual funds and/or T-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the management fee that the Fund incurs through such investments is in addition to the Management Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the fees that it receives in an amount equal to the indirect management fees that the Fund incurs through its 50 investments in affiliated money market mutual funds and/or affiliated T-Bill ETFs. The Managing Owner may terminate this fee waiver on 60 days ’ notice. The Managing Owner waived fees of $ 37,993 , $ 35,050 and $ 48,893 for the years ended December 31, 2025, 2024 and 2023, respectively. The Distributor Invesco Distributors, Inc. (the “Distributor”) provides certain distribution services to the Fund. Pursuant to the Distribution Services Agreement among the Managing Owner, the Fund and the Distributor, the Distributor assists the Managing Owner and the Fund’s administrator, The Bank of New York Mellon, with certain functions and duties relating to distribution and marketing services to the Fund including reviewing and approving marketing materials. The Managing Owner pays the Distributor a distribution fee out of the Management Fee. The Commodity Broker Morgan Stanley & Co. LLC, a Delaware limited liability company, serves as the Fund’s futures clearing broker (the “Commodity Broker”). The Commodity Broker is registered with the CFTC as an FCM and is a member of the NFA in such capacity. A variety of executing brokers execute futures transactions on behalf of the Fund. Such executing brokers give-up all such transactions to the Commodity Broker. In its capacity as clearing broker, the Commodity Broker may execute or receive transactions executed by others and clears all of the Fund’s futures transactions and performs certain administrative and custodial services for the Fund. The Commodity Broker is responsible, among other things, for providing periodic accountings of all dealings and actions taken by the Trust on behalf of the Fund during the reporting period, together with an accounting of all securities, cash or other indebtedness or obligations held by it or its nominees for or on behalf of the Fund. The Administrator, Custodian and Transfer Agent The Bank of New York Mellon (the “Administrator”, “Custodian” and “Transfer Agent”) is the administrator, custodian and transfer agent of the Fund. The Fund and the Administrator have entered into separate administrative and accounting, custodian, transfer agency and service agreements (collectively referred to as the “Administration Agreement”). Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of services necessary for the operation and administration of the Fund (other than making investment decisions), including receiving and processing orders from Authorized Participants to create and redeem Creation Units, NAV calculations, accounting and other fund administrative services. The Administrator maintains certain financial books and records, including: Creation Unit creation and redemption records; fund accounting records; ledgers with respect to assets, liabilities, capital, income and expenses; the registrar, transfer journals and related details; and trading and related documents received from the Commodity Broker. The Managing Owner pays the Administrator for its services out of the Management Fee. Index Sponsor The Managing Owner, on behalf of the Fund, has appointed Deutsche Bank Securities, Inc. to serve as the index sponsor (the “Index Sponsor”). The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels. Additionally, the Index Sponsor also calculates the indicative value per Share of the Fund throughout each business day. The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties. Note 5 - Deposits with Commodity Broker and Custodian The Fund defines cash as cash held by the Custodian. Cash deposits held by the Commodity Broker are reflected as Deposit with Commodity Broker on the Statements of Financial Condition. There were no cash equivalents held by the Fund as of December 31, 2025 and 2024. The Fund considers investments in money market funds to be investments in securities and, accordingly, includes them in its Schedule of Investments. The Fund may deposit cash, United States Treasury Obligations, T-Bill ETFs and money market mutual funds with the Commodity Broker as margin, to the extent permissible under CFTC rules. The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open futures contracts represents the Fund’s overall equity in its broker trading account. To meet the Fund’s maintenance margin requirements, the Fund holds United States Treasury Obligations and/or cash with the Commodity Broker. The Fund may utilize excess cash or otherwise transfer cash to the Commodity Broker to satisfy variation margin requirements. The Fund earns interest on any excess cash deposited with the Commodity Broker and incurs interest expense on any deficit balance with the Commodity Broker. 51 The brokerage agreement with the Commodity Broker provides for the net settlement of all financial instruments covered by the agreement in the event of default or termination of any one contract. 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. For financial reporting purposes, the Fund offsets financial assets and financial liabilities that are subject to legally enforceable netting arrangements. The Fund’s remaining cash, United States Treasury Obligations, T-Bill ETFs and money market mutual fund holdings are on deposit with the Custodian. The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with the Custodian. The Fund incurs interest expense on any overdraft balance with the Custodian. Such balances, if any at period-end, are shown on the Statements of Financial Condition under the payable caption Due to custodian . Because the Fund’s assets are maintained with the Commodity Broker and Custodian, the distress, impairment or failure of the Commodity Broker or Custodian could result in the loss of or delay in access to Fund assets. Note 6 - Additional Valuation Information U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. U.S. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods or market conditions may result in transfers in or out of an investment’s assigned level: Level 1: Prices are determined using quoted prices in an active market for identical assets. Level 2: Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. Level 3: Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. The levels assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. The following is a summary of the tiered valuation input levels as of December 31, 2025: Level 1 Level 2 Level 3 Total Investments in Securities United States Treasury Obligations $ — $ — $ — $ — Money Market Mutual Fund 34,215,550 — — 34,215,550 Total Investments in Securities 34,215,550 — — 34,215,550 Other Investments - Liabilities (a) Commodity Futures Contracts ( 1,918,891 ) — — ( 1,918,891 ) Total Investments $ 32,296,659 $ — $ — $ 32,296,659 (a) Unrealized appreciation (depreciation). The following is a summary of the tiered valuation input levels as of December 31, 2024: Level 1 Level 2 Level 3 Total Investments in Securities United States Treasury Obligations $ — $ 19,853,708 $ — $ 19,853,708 Money Market Mutual Fund 26,514,962 — — 26,514,962 Total Investments in Securities 26,514,962 19,853,708 — 46,368,670 Other Investments - Assets (a) Commodity Futures Contracts 1,510,293 — — 1,510,293 Other Investments - Liabilities (a) Commodity Futures Contracts ( 987,212 ) — — ( 987,212 ) Total Other Investments 523,081 — — 523,081 Total Investments $ 27,038,043 $ 19,853,708 $ — $ 46,891,751 52 (a) Unrealized appreciation (depreciation). Note 7 – Derivative Instruments The Fair Value of Derivative Instruments is as follows: December 31, 2025 2024 Risk Exposure/Derivative Type (a) Assets Liabilities Assets Liabilities Commodity risk Commodity Futures Contracts $ — $ ( 1,918,891 ) $ 1,510,293 $ ( 987,212 ) (a) Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the Statements of Financial Condition. 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 December 31, Risk Exposure/Derivative Type Recognized in Income 2025 2024 2023 Commodity risk Commodity Futures Contracts Net Realized Gain (Loss) $ ( 382,289 ) $ ( 3,599,310 ) $ ( 20,390,794 ) Net Change in Unrealized Gain (Loss) ( 2,441,972 ) 2,939,087 ( 1,584,351 ) Total $ ( 2,824,261 ) $ ( 660,223 ) $ ( 21,975,145 ) The table below summarizes the average monthly notional value of futures contracts outstanding during the period: Years Ended December 31, 2025 2024 2023 Average Notional Value $ 49,669,866 $ 69,317,156 $ 98,749,338 N ote 8 - Investments in Affiliates The Invesco Short Term Treasury ETF, formerly known as the Invesco Treasury Collateral ETF is an investment company registered under the Investment Company Act of 1940, as amended, whose shares are primarily purchased and sold on a national securities exchange. In seeking its investment objective, the Invesco Short Term Treasury ETF primarily holds U.S. Treasury Obligations that: (i) are issued in U.S. Dollars; (ii) have a minimum remaining maturity of at least one month and a maximum remaining maturity of 12 months at the time of rebalance; and (iii) have a minimum amount outstanding of $ 300 million. 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, 2025. Value 12/31/2024 Purchases at Cost Proceeds from Sales Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Value 12/31/2025 Dividend Income Investments in Affiliated Money Market Funds: Invesco Government & Agency Portfolio, Institutional Class $ 26,514,962 $ 46,490,607 $ ( 38,790,019 ) $ — $ — $ 34,215,550 $ 1,614,546 Total $ 26,514,962 $ 46,490,607 $ ( 38,790,019 ) $ — $ — $ 34,215,550 $ 1,614,546 53 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 Proceeds from Sales Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Value 12/31/2024 Dividend Income Invesco Short Term Treasury ETF $ 10,053,596 $ — $ ( 10,066,263 ) $ ( 21,953 ) $ 34,620 $ — $ 297,700 Investments in Affiliated Money Market Funds: Invesco Government & Agency Portfolio, Institutional Class 20,420,827 139,468,963 ( 133,374,828 ) — — 26,514,962 1,642,038 Total $ 30,474,423 $ 139,468,963 $ ( 143,441,091 ) $ ( 21,953 ) $ 34,620 $ 26,514,962 $ 1,939,738 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 Proceeds from Sales Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Value 12/31/2023 Dividend Income Invesco Treasury Collateral ETF $ 10,028,368 $ — $ — $ 25,228 $ — $ 10,053,596 $ 465,527 Investments in Affiliated Money Market Funds: Invesco Government & Agency Portfolio, Institutional Class 36,444,333 257,917,727 ( 273,941,233 ) — — 20,420,827 2,111,888 Total $ 46,472,701 $ 257,917,727 $ ( 273,941,233 ) $ 25,228 $ — $ 30,474,423 $ 2,577,415 Note 9 - Share Purchases and Redemptions (a) Purchases On any business day, an Authorized Participant may place an order with the Transfer Agent to create one or more Creation Units. Each Creation Unit consists of a block of 50,000 Shares. For purposes of processing both creation and redemption orders, a “business day” means any day other than a day when banks in New York City are required or permitted to be closed. Creation orders must be placed by 10:00 a.m., Eastern Time. The day on which the Transfer Agent receives a valid creation order is the creation order date. The day on which a creation order is settled is the creation order settlement date. Cash settlement occurs at the creation order settlement 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 one business day after the creation order date. (b) Redemptions On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more Creation Units. Redemption orders must be placed by 10:00 a.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. Cash settlement occurs at the redemption order settlement 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 54 Units. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 50,000 and only through an Authorized Participant. 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 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. The redemption proceeds from the Fund consist of the cash redemption amount. The cash redemption amount is equal to the NAV of the number of Creation Unit(s) requested in the Authorized Participant’s redemption order as of the closing time of the NYSE Arca or the last to close of the exchanges on which the Fund’s futures contracts are traded, whichever is later, on the redemption order date. The Managing Owner will distribute the cash redemption amount at the redemption order settlement date as of 2:45 p.m., Eastern Time, on the redemption order settlement date through DTC to the account of the Authorized Participant as recorded on DTC’s book-entry system. The redemption proceeds due from the Fund are delivered to the Authorized Participant at 2:45 p.m., Eastern Time, on the redemption order settlement date if, by such time, the Fund’s DTC account has been credited with the Creation Units to be redeemed. If the Fund’s DTC account has not been credited with all of the Creation Units to be redeemed by such time, the redemption distribution is delivered to the extent of whole Creation Units received. Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole Creation Units received if the Transfer Agent receives the fee applicable to the extension of the redemption distribution date which the Managing Owner may, from time to time, determine and the remaining Creation Units to be redeemed are credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on such next business day. Any further outstanding amount of the redemption order will be cancelled. The Managing Owner is also authorized to deliver the redemption distribution notwithstanding that the Creation Units to be redeemed are not credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on the redemption order settlement date if the Authorized Participant has collateralized its obligation to deliver the Creation Units through DTC’s book-entry system on such terms as the Managing Owner may determine from time to time. 55 Note 10 - Commitments and Contingencies The Managing Owner, either in its own capacity or in its capacity as the Managing Owner and on behalf of the Fund, has entered into various service agreements that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services for the Fund. The Trust Agreement provides for the Fund to indemnify the Managing Owner and any affiliate of the Managing Owner that provides services to the Fund to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Managing Owner or such an affiliate. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Further, the Fund has not had prior claims or losses pursuant to these contracts. Accordingly, the Managing Owner expects the risk of loss to be remote. Note 11 - Financial Highlights The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the years ended December 31, 2025, 2024 and 2023. An individual investor’s return and ratios may vary based on the timing of capital transactions. NAV per Share is the NAV of the Fund divided by the number of outstanding Shares at the date of each respective period presented. 2025 2024 2023 Net Asset Value Net asset value per Share, beginning of period $ 18.52 $ 19.19 $ 22.65 Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts (a) ( 1.02 ) ( 0.38 ) ( 3.62 ) Net investment income (loss) (b) 0.64 0.88 0.90 Net income (loss) ( 0.38 ) 0.50 ( 2.72 ) Less: Return of Capital Distributions ( 0.67 ) ( 1.17 ) ( 0.74 ) Net asset value per Share, end of period $ 17.47 $ 18.52 $ 19.19 Market value per Share, beginning of period (c) $ 18.56 $ 19.19 $ 22.65 Market value per Share, end of period (c) $ 17.47 $ 18.56 $ 19.19 Ratio to average Net Assets Net investment income (loss) 3.42 % 4.39 % 4.21 % Expenses, after waivers 0.71 % 0.75 % 0.76 % Expenses, prior to waivers 0.79 % 0.80 % 0.81 % Total Return, at net asset value (d) ( 2.04 )% 2.82 % ( 12.10 )% Total Return, at market value (d) ( 2.26 )% 3.02 % ( 12.11 )% (a) Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments. (b) Based on average shares outstanding. (c) The mean between the last bid and ask prices. (d) Total Return, at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, reinvestment of all dividends and distributions at NAV during the period, and redemption of Shares at NAV on the last day of the period. Total Return, at NAV includes adjustments in accordance with U.S. GAAP and as such, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions. Total Return, at market value is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and redemption of Shares at the market value on the last day of the period. Not annualized for periods less than one year, if applicable. 56 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. None.