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Item 7. Management’s Discussion and Analysis

2026-03-02 compared with 2025-02-26 · 97 added, 95 removed, 859 unchanged (18% of the section changed)

12 unchanged sentences

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Precious Metals 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 precious metals 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 precious metals sector.

The commodities comprising the Index are gold and silver (each an “Index Commodity,” and collectively, the “Index Commodities”).

Effective November 10, 2025, the commodities comprising the Index are Gold, Platinum, and Silver (each, an “Index Commodity,” and collectively, the “Index Commodities”).

The Fund may invest directly in United States Treasury Obligations.

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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 notional amounts of each Index Commodity included in the Index are broadly in proportion to historic levels of the world’s production and stocks of 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 precious metals 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 precious metals 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.

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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.

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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.

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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 $10.9 million and $28.0 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 futures contracts in an attempt to track its Index.

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 only.

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 only.

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, $107.4 million was paid to purchase United States Treasury Obligations and $110.0 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 $55.0 million was received from sales and maturing United States Treasury Obligations.

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$223.5 million was received from sales of affiliated investments and $229.5 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 $111.7 million.

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

Financing Activities

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During the year ended December 31, 2024, distributions paid to Shareholders were $6.8 million.

During the year ended December 31, 2025, amounts due to the Custodian decreased by $1.0 million.

During the year ended December 31, 2024, amounts due to the Custodian increased by $1.0 million.

Results of Operations

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The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ-Opt Yield Precious Metals Index ER”).

Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the levels of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income from the Fund’s collateral holdings whereas the Index does not consider such income.

Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the levels of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income, if any, from the Fund’s collateral holdings whereas the Index does not consider such income.

There can be no assurances that the price of the Shares or the Fund’s NAV will exceed the Index levels.

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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 PRECIOUS METALS 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 PRECIOUS METALS INDEX ER

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

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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 precious metals sector.

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 Precious Metals Index Total Return , (the “DBIQ-OY Precious Metals TR”) consists of the Index plus 3-month United States Treasury Obligations returns.

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DB Gold Indices

DB Platinum Indices

DB Silver Indices

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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 $61.04 per Share (+0.69%) on January 6, 2025, and a high of $110.40 per Share (+82.12%) on December 26, 2025.

On December 26, 2025, the Fund paid a distribution of $2.50366 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 +73.59%.

Precious metals delivered exceptionally strong results in 2025, with the Fund advancing more than 68%.

Robust central bank purchases and renewed exchange-traded product inflows were key drivers, as investors sought safe‑haven assets and portfolio hedges amid de‑dollarization trends, economic uncertainty, and heightened geopolitical risks.

Both gold and silver posted significant gains;

however, silver outperformed gold on a relative basis, aided by industrial‑metal tailwinds such as rising demand from solar technology, increased defense‑related spending expectations, and persistent supply deficits.

Despite silver’s stronger rally, gold remained the larger contributor to overall Fund performance due to its heavier weighting.

Platinum, which was added to the Fund in November, also contributed modest gains.

For the year ended December 31, 2024, the NYSE Arca market value of each Share increased from $50.03 per Share to $60.62 per Share.

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

Shares traded at a low of $48.03 per Share (-4.00%) on February 14, 2024, and a high of $67.85 per Share (+35.62%) on October 29, 2024.

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While the bullion did face headwinds in the second quarter from the stall in Chinese central bank purchases and increased profit taking, the metal returned to strong gains in the third quarter when the Federal Reserve’s rate-cutting cycle began and exchange-traded product demand returned.

However, the sector did move lower to end the year on post-election profit taking, as some market participants purchased gold to weather US election uncertainty, which did not play out.

For the year ended December 31, 2023, the NYSE Arca market value of each Share increased from $48.00 per Share to $50.03 per Share.

The Share price low and high for the year ended December 31, 2023 and related change from the Share price on December 31, 2022 was as follows:

Shares traded at a low of $46.15 per Share (-3.85%) on March 7, 2023, and a high of $53.42 per Share (+11.29%) on May 4, 2023.

On December 22, 2023, the Fund paid a distribution of $2.23426 for each General Share and Share to holders of record as of December 20, 2023.

Therefore, the total return for the Fund on a market value basis was +8.95%.

Precious metals ended 2023 with positive performance.

In March, gold prices had rallied sharply following the collapse of Silicon Valley Bank.

Investors flocked to safe havens like the bullion in fear that a contagion effect could ripple through the U.S.

and even global financial sector.

Expectations that the Federal Reserve would start to soften its aggressive rate-hike policy also added some gains earlier in the first quarter though that was fully reversed in February given stickier-than-expected inflation and a resilient U.S.

labor market.

However, in the second quarter, both metals moved lower as contagion fears from the banking sector turmoil dissipated and the U.S.

government was able to reach a deal in time, averting what would have been the first U.S.

debt ceiling default in history.

Prices remained pressured in the third quarter as the Federal Reserve stuck to its higher-for-longer rhetoric and the U.S.

Dollar held up.

However, gold reversed sharply in the fourth quarter amid growing rate cut expectations in the U.S.

and rising tensions in the Middle East.

Throughout the year, strong central bank demand, especially in China, also protected the metal’s downside.

However, the sector did move lower to end the year on post-election profit taking, as some market participants purchased gold to weather U.S.

election uncertainty, which did not play out.

Fund Share Net Asset Performance

For the year ended December 31, 2025, the NAV of each Share increased from $60.72 per Share to $103.02 per Share.

Rising commodity future contracts prices for gold and silver during the year ended December 31, 2024 contributing to an overall 21.16% increase in the level of the Index and to a 27.52% increase in the level of the DBIQ-OY Precious Metals TR.

Rising commodity future contracts prices for gold, platinum and silver during the year ended December 31, 2025 contributed to an overall 68.31% increase in the level of the Index and to a 75.40% increase in the level of the DBIQ-OY Precious Metals TR.

On December 26, 2025, the Fund paid a distribution of $2.50366 for each General Share and Share to holders of record as of December 22, 2025.

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For the year ended December 31, 2024, the NAV of each Share increased from $49.99 per Share to $60.72 per Share.

Rising commodity future contracts prices for gold were partially offset by falling commodity future contracts prices for silver during the year ended December 31, 2023 contributed to an overall 4.60% increase in the level of the Index and to a 10.11% increase in the level of the DBIQ-OY Precious Metals TR.

Rising commodity future contracts prices for gold and silver during the year ended December 31, 2024 contributed to an overall 21.16% increase in the level of the Index and to a 27.52% increase in the level of the DBIQ-OY Precious Metals TR.

On December 27, 2024, the Fund paid a distribution of $2.55968 for each General Share and Share to holders of record as of December 23, 2024.

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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.

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Gold prices may also be affected by industry factors such as industrial and jewelry demand.

The price of platinum is volatile and is affected by numerous factors.

Platinum prices float freely in accordance with supply and demand.

The price movement of platinum may be influenced by a variety of factors, including limited and geographically concentrated supply, primarily from South Africa and Russia, changing demand in the automotive, jewelry, chemical, petroleum and medical industries, geopolitical and mining operational risks, political instability, sanctions, trade restrictions, or government policy shifts.

Additionally, international tensions and sanctions currently related to Russia’s invasion of Ukraine in particular could impair the ability to export platinum, constraining global supply and driving volatility in prices.

South Africa, meanwhile, faces risks tied to labor unrest, power shortages, infrastructure challenges, and political uncertainty, each of which can interrupt mining operations and exports.

South Africa’s mining industry has historically been subject to frequent labor disputes, electricity shortages, regulatory uncertainty, and social unrest.

The price of silver is volatile and is affected by numerous factors.

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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 in accordance with generally accepted accounting principles.

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;

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Variation margin receivable- Commodity Futures Contracts

Deposit with Commodity Broker

Receivable for:

Dividends from affiliates

Other investments:

Variation margin payable- Commodity Futures Contracts

Due to custodian

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Shareholders'

Principal Value

United States Treasury Obligations (a)

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

Total United States Treasury Obligations (cost $ 54,014,758 )

Affiliated Investments

Exchange-Traded Fund

Invesco Short Term Treasury ETF (cost $ 21,504,074 ) (c)(d)

Invesco Short Term Treasury ETF (cost $ 21,504,074 ) (a)(b)

Money Market Mutual Fund

Invesco Government & Agency Portfolio, Institutional Class, 3.68 %

(cost $ 78,702,911 ) (c)(e)

(cost $ 124,024,968 ) (a)(c)

Total Affiliated Investments (cost $ 145,529,042 )

Total Investments in Securities (cost $ 145,529,042 )

(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 $ 24,575,000 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(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.

(d) All or a portion of the value was pledged as collateral to cover margin requirements for open future contracts.

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

(b) All or a portion of the value was pledged as collateral to cover margin requirements for open future contracts.

Open Commodity Futures Contracts

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Expiration Date

Unrealized Appreciation (Depreciation) (f)

Unrealized Appreciation (Depreciation) (d)

Long Futures Contracts

December-2026

COMEX Platinum

December-2026

Total Commodity Futures Contracts

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

(d) 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.

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Exchange-Traded Fund

Invesco Short Term Treasury ETF (cost $ 21,504,074 ) (b)(c)

Invesco Short Term Treasury ETF (cost $ 21,504,074 ) (c)(d)

Money Market Mutual Fund

Invesco Government & Agency Portfolio, Institutional Class, 4.43 %

(cost $ 72,736,020 ) (b)(d)

(cost $ 78,702,911 ) (c)(e)

Total Affiliated Investments (cost $ 100,206,985 )

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The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd.

(d) Effective after the close of markets on August 25, 2023, the fund’s name changed from Invesco Treasury Collateral ETF to Invesco Short Term Treasury ETF.

(d) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts.

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

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United States Treasury Obligations

Affiliated Investments

Commodity Futures Contracts

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Variation margin - Commodity Futures Contracts

Cash due from broker

Deposit with Commodity Broker

( 111,726,421

Dividends from affiliates

1 unchanged sentence

Brokerage commissions and fees

Net cash provided by (used for) operating activities

Net cash provided by (used in) operating activities

Cash flows from financing activities:

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Increase (Decrease) in payable for amount due to custodian

Net cash provided by (used for) financing activities

Net cash provided by (used in) financing activities

Net change in cash

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

The commodities comprising the Index are gold and silver (each an “Index Commodity”, and collectively, the “Index Commodities”).

Effective November 10, 2025, the Index comprised the following commodities:

Gold, Platinum, and Silver (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 holds 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.

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.

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Segment Reporting

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (“ ASU 2023-07 ”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance.

The Fund represents a single operating segment.

Subject to the oversight and, when applicable, approval of the Board of Managers, the Fund's Managing Owner acts as the Fund's chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund.

The 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.

Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

Investment Valuations

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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, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity.

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.

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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.

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.

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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 Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The major tax jurisdiction for the Fund and the earliest tax year subject to examination:

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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 are received or made depending upon whether unrealized gains or losses are incurred.

These amounts are reflected as a receivable or payable on the Statements of Financial Condition.

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.

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and trading and related documents received from the Commodity Broker.

The Managing Owner pays the Administrator fees for its services out of the Management Fee.

The Managing Owner pays the Administrator for its services out of the Management Fee.

Index Sponsor

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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.

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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 with the Commodity Broker.

The Fund transfers cash to the Commodity Broker to satisfy variation margin requirements.

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.

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Investments in Securities

United States Treasury Obligations

Exchange-Traded Fund

1 unchanged sentence

Total Investments in Securities

Other Investments - Liabilities (a)

Other Investments - Assets (a)

Commodity Futures Contracts

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Total Investments in Securities

Other Investments - Assets (a)

Commodity Futures Contracts

Other Investments - Liabilities (a)

Commodity Futures Contracts

Total Other Investments

Total Investments

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(a) Includes cumulative appreciation (depreciation) of commodity futures contracts.

Only the current day’s variation margin receivable (payable) is reported in the December 31, 2024 and December 31, 2023 Statements of Financial Condition for non-LME 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:

18 unchanged sentences

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

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

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

The Invesco Government & Agency Portfolio and the Fund are advised by investment advisers under common control of Invesco Ltd., and therefore the Invesco Government & Agency Portfolio is considered to be affiliated with the Fund.

7 unchanged sentences

Dividend Income

Invesco Short Term Treasury ETF

Invesco Short Term

Investments in Affiliated Money Market Funds:

2 unchanged sentences

Institutional Class

( 223,545,766

The following is a summary of the transactions in, and earnings from, investments in affiliates for the year ended December 31, 2024.

6 unchanged sentences

Dividend Income

Invesco Treasury

Collateral ETF

Invesco Short Term

Investments in Affiliated Money Market Funds:

64 unchanged sentences

NAV per Share is the NAV of the Fund divided by the number of outstanding Shares at the date of each respective period presented.

Years Ended December 31,

Net Asset Value

25 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