2 unchanged sentences
Statements of Financial Condition
−Removed: June 30, 2025 and December 31, 2024
+Added: September 30, 2025 and December 31, 2024
+Added: September 30,
United States Treasury Obligations , at value (cost $– and $ 53,447,148 , respectively)
5 unchanged sentences
Receivable for:
−Removed: Fund shares sold
Dividends from affiliates
−Removed: Investments sold
−Removed: Due to custodian
−Removed: Investments purchased
Management fees
13 unchanged sentences
Schedule of Investments
−Removed: June 30, 2025
+Added: September 30, 2025
Percentage of
4 unchanged sentences
Money Market Mutual Fund
−Removed: Invesco Government & Agency Portfolio, Institutional Class, 4.26 % (cost $ 152,609,908 ) (c)
+Added: Invesco Government & Agency Portfolio, Institutional Class, 4.05 % (cost $ 142,248,939 ) (b)(c)
Total Affiliated Investments (cost $ 196,203,109 )
2 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.
−Removed: (c) The rate shown is the 7-day SEC standardized yield as of June 30, 2025 .
+Added: (c) The rate shown is the 7-day SEC standardized yield as of September 30, 2025 .
Open Commodity Futures Contracts
21 unchanged sentences
Money Market Mutual Fund
−Removed: Invesco Government & Agency Portfolio,
−Removed: Institutional Class, 4.43 % (cost $ 100,993,456 ) (b)(d)
+Added: Invesco Government & Agency Portfolio, Institutional Class, 4.43 % (cost $ 100,993,456 ) (b)(d)
Total Affiliated Investments (cost $ 154,947,626 )
17 unchanged sentences
Statements of Income and Expenses
−Removed: For the Three and Six Months Ended June 30, 2025 and 2024
+Added: For the Three and Nine Months Ended September 30, 2025 and 2024
Three Months Ended
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
+Added: September 30,
Interest Income
23 unchanged sentences
Statements of Changes in Shareholders’ Equity
−Removed: For the Three Months Ended June 30, 2025 and 2024
+Added: For the Three Months Ended September 30, 2025 and 2024
General Shares
Shareholders'
−Removed: Balance at March 31, 2025
+Added: Balance at June 30, 2025
Purchases of Shares
11 unchanged sentences
Net Change in Shareholders' Equity
−Removed: Balance at June 30, 2025
+Added: Balance at September 30, 2025
General Shares
Shareholders'
−Removed: Balance at March 31, 2024
+Added: Balance at June 30, 2024
Purchases of Shares
11 unchanged sentences
Net Change in Shareholders' Equity
−Removed: Balance at June 30, 2024
+Added: Balance at September 30, 2024
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
1 unchanged sentence
Statements of Changes in Shareholders’ Equity
−Removed: For the Six Months Ended June 30, 2025 and 2024
+Added: For the Nine Months Ended September 30, 2025 and 2024
General Shares
14 unchanged sentences
Net Change in Shareholders' Equity
−Removed: Balance at June 30, 2025
+Added: Balance at September 30, 2025
General Shares
14 unchanged sentences
Net Change in Shareholders' Equity
−Removed: Balance at June 30, 2024
+Added: Balance at September 30, 2024
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements
1 unchanged sentence
Statements of Cash Flows
−Removed: For the Six Months Ended June 30, 2025 and 2024
−Removed: Six Months Ended
+Added: For the Nine Months Ended September 30, 2025 and 2024
+Added: Nine Months Ended
+Added: September 30,
Cash flows from operating activities:
14 unchanged sentences
Dividends from affiliates
−Removed: Securities sold
−Removed: Investments purchased
Management fees
5 unchanged sentences
Redemption of Shares
−Removed: Increase (Decrease) in payable for amount due to custodian
Net cash provided by (used in) financing activities
7 unchanged sentences
Notes to Unaudited F inancial Statements
−Removed: June 30, 2025
+Added: September 30, 2025
Note 1 - Organization
21 unchanged sentences
(the “NYSE Arca”).
−Removed: This Quarterly Report (the “Report”) covers the three and six months ended June 30, 2025.
+Added: This Quarterly Report (the “Report”) covers the three and nine months ended September 30, 2025.
The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
40 unchanged sentences
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.
−Removed: No distributions were declared for the three and six months ended June 30, 2025 and 2024 .
+Added: No distributions were declared for the three and nine months ended September 30, 2025 and 2024 .
Routine Operational, Administrative and Other Ordinary Expenses
6 unchanged sentences
Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount.
−Removed: For the three and six months ended June 30, 2025 and 2024 , the Fund did not incur such expenses.
+Added: For the three and nine months ended September 30, 2025 and 2024 , the Fund did not incur such expenses.
Brokerage Commissions and Fees
2 unchanged sentences
The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis.
−Removed: On average, total charges paid to the Commodity Broker, as applicable were less than $ 6.00 and $ 6.00 per round-turn trade during the three and six months ended June 30, 2025 , respectively.
−Removed: On average, total charges paid to the Commodity Broker, as applicable were less than $ 6.00 and $ 6.00 per round-turn trade during the three and six months ended June 30, 2024 , respectively.
+Added: On average, total charges paid to the Commodity Broker, as applicable were less than $5 .00 and $ 6.00 per round-turn trade during the three and nine months ended September 30, 2025 , respectively.
+Added: On average, total charges paid to the Commodity Broker, as applicable were less than $ 6.00 and $ 6.00 per round-turn trade during the three and nine months ended September 30, 2024 , respectively.
The Fund is classified as a partnership for U.S.
45 unchanged sentences
The Managing Owner may terminate this fee waiver on 60 days’ notice.
−Removed: The Managing Owner waived fees of $ 40,292 and $ 70,967 for the three and six months ended June 30, 2025, respectively.
−Removed: The Managing Owner waived fees of $ 38,589 and $ 77,209 for the three and six months ended June 30, 2024, respectively.
+Added: The Managing Owner waived fees of $ 48,044 and $ 119,011 for the three and nine months ended September 30, 2025, respectively.
+Added: The Managing Owner waived fees of $ 32,209 and $ 109,418 for the three and nine months ended September 30, 2024, respectively.
The Distributor
31 unchanged sentences
Cash deposits held by the Commodity Broker are reflected as Deposit with Commodity Broker on the Statements of Financial Condition.
−Removed: There were no other cash equivalents held by the Fund as of June 30, 2025 and December 31, 2024.
+Added: There were no other cash equivalents held by the Fund as of September 30, 2025 and December 31, 2024.
The Fund considers investments in money market funds to be investments in securities and, accordingly, includes them in its Schedule of Investments.
27 unchanged sentences
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.
−Removed: The following is a summary of the tiered valuation input levels as of June 30, 2025:
+Added: The following is a summary of the tiered valuation input levels as of September 30, 2025:
Investments in Securities
4 unchanged sentences
Commodity Futures Contracts
−Removed: Total Other Investments
Total Investments
12 unchanged sentences
The Fair Value of Derivative Instruments is as follows:
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
7 unchanged sentences
Location of Gain (Loss) on Derivatives
+Added: September 30,
Risk Exposure/Derivative Type
4 unchanged sentences
Net Change in Unrealized Gain (Loss)
−Removed: For the Six Months Ended
+Added: For the Nine Months Ended
Location of Gain (Loss) on Derivatives
+Added: September 30,
Risk Exposure/Derivative Type
6 unchanged sentences
For the Three Months Ended
−Removed: For the Six Months Ended
+Added: For the Nine Months Ended
+Added: September 30,
+Added: September 30,
Average Notional Value
10 unchanged sentences
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.
−Removed: The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2025.
+Added: The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and nine months ended September 30, 2025.
Value 06/30/2025
28 unchanged sentences
( 151,819,963
−Removed: The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2024.
+Added: The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and nine months ended September 30, 2024.
Value 06/30/2024
12 unchanged sentences
Institutional Class
+Added: ( 118,840,234
+Added: ( 118,840,234
Value 12/31/2023
34 unchanged sentences
As provided below, the redemption order settlement date may occur up to one business day after the redemption order date.
−Removed: The redemption procedures allow Authorized Participants to redeem Creation
+Added: The redemption procedures allow Authorized Participants to redeem Creation Units.
Individual Shareholders may not redeem directly from the Fund.
18 unchanged sentences
Note 11 - Financial Highlights
−Removed: The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and six months ended June 30, 2025 and 2024.
+Added: The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and nine months ended September 30, 2025 and 2024.
An individual investor’s return and ratios may vary based on the timing of capital transactions.
1 unchanged sentence
Three Months Ended
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: September 30,
+Added: September 30,
Net Asset Value
23 unchanged sentences
Not annualized for periods less than one year, if applicable.
+Added: Note 12 - Subsequent Event
+Added: Effective November 10, 2025, changes will be made to the Index.
+Added: The changes to the Index are being implemented by Deutsche Bank AG, the Index provider, and will result in the current Optimum Yield methodology being modified to eliminate contracts with limited liquidity.
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.