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 $ 14,849,209 , respectively)
21 unchanged sentences
Schedule of Investments
−Removed: June 30, 2025
+Added: September 30, 2025
Percentage of
3 unchanged sentences
Invesco Government & Agency Portfolio, Institutional Class, 4.05 % (cost $ 147,233,056 ) (a)(b)
+Added: Total Investments in Securities (cost $ 147,233,056 )
(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.
−Removed: (b) The rate shown is the 7-day SEC standardized yield as of June 30, 2025 .
+Added: (b) The rate shown is the 7-day SEC standardized yield as of September 30, 2025 .
Open Currency Futures Contracts
3 unchanged sentences
Short Futures Contracts
−Removed: September - 2025
+Added: December - 2025
( 156,993,561
13 unchanged sentences
Money Market Mutual Fund
−Removed: Invesco Government & Agency Portfolio, Institutional
−Removed: Class, 4.43 % (cost $ 36,311,736 ) (c)(d)
+Added: Invesco Government & Agency Portfolio, Institutional Class, 4.43 % (cost $ 36,311,736 ) (c)(d)
Total Investments in Securities (cost $ 51,160,945 )
14 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
22 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
7 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
7 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
10 unchanged sentences
Net Change in Shareholders' Equity
−Removed: Balance at June 30, 2025
+Added: Balance at September 30, 2025
General Shares
10 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:
11 unchanged sentences
Variation margin - Currency Futures Contracts
−Removed: Deposit with Commodity Broker
Dividends from affiliates
1 unchanged sentence
Brokerage commissions and fees
+Added: Deposit with Commodity Broker
Net cash provided by (used in) operating activities
12 unchanged sentences
Notes to Unaudited F inancial Statements
−Removed: June 30, 2025
+Added: September 30, 2025
Note 1 – Organization
31 unchanged sentences
(the “NYSE Arca”).
−Removed: This Quarterly Report (the “Report”) covers the three and six months ended June 30, 2025 and 2024.
+Added: This Quarterly Report (the “Report”) covers the three and nine months ended September 30, 2025 and 2024.
The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
39 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 $ 5.00 and $ 5.00 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 $ 5.00 and $ 5.00 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 $ 5.00 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 $ 5.00 and $ 5.00 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 $ 30,051 and $ 38,929 for the three and six months ended June 30, 2025, respectively.
−Removed: The Managing Owner waived fees of $ 6,121 and $ 14,746 for the three and six months ended June 3, 2024, respectively.
+Added: The Managing Owner waived fees of $ 35,515 and $ 74,444 for the three and nine months ended September 30, 2025, respectively.
+Added: The Managing Owner waived fees of $ 5,734 and $ 20,480 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 cash equivalents held by the Fund as of June 30, 2025 and December 31, 2024.
+Added: There were no 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
Money Market Mutual Fund
−Removed: Other Investments - Assets (a)
+Added: Other Investments - Liabilities (a)
Currency Futures Contracts
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
( 150,746,854
+Added: ( 108,224,176
Note 8 – Investments in Affiliates
2 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
24 unchanged sentences
Institutional Class
−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
66 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
24 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.