Invesco DB Agriculture Fund

What they do

The Fund is a separate series of Invesco DB Multi-Sector Commodity Trust, formed August 3, 2006, and managed by Invesco Capital Management LLC as managing owner, commodity pool operator and commodity trading advisor. It seeks to track changes in the DBIQ Diversified Agriculture Index Excess Return, plus interest income from U.S. Treasury Obligations, money market fund dividends and T-Bill ETF income, less expenses. It invests in agriculture futures contracts and holds Treasury Obligations, money market mutual funds and T-Bill ETFs as collateral for margin and cash management. Shares trade on NYSE Arca under the symbol DBA, and are created and redeemed in 50,000-share Creation Units by Authorized Participants.

Revenue drivers

• Agriculture futures trading — The Fund's performance is driven primarily by trading futures contracts to track the Index; as of November 10, 2025 the Index comprised Corn, Soybeans, Soybean Meal, Soybean Oil, Wheat, Kansas City Wheat, Sugar, Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle and Lean Hogs.
• Treasury Income — Interest income from holdings of United States Treasury Obligations, which the Fund may hold directly.
• Money Market Income — Dividends from holdings in money market mutual funds, affiliated or otherwise.
• T-Bill ETF Income — Dividends or distributions of capital gains from holdings of T-Bill ETFs, which are ETFs tracking indexes of U.S. Treasury Obligations with maximum remaining maturity up to 12 months.

Recent performance

Annual net income was $161.8M in 2021, -$68.0M in 2022, $60.6M in 2023, $210.4M in 2024 and -$9.8M in 2025. Operating cash flow was -$214.6M in 2021, -$138.6M in 2022, $448.5M in 2023, $137.5M in 2024 and $38.7M in 2025. At June 30, 2026, total assets were $1.20B, total liabilities $44.8M, shareholder equity $1.15B and cash and equivalents $0.00. For the six months ended June 30, 2026, net assets were $1,153,084,114, daily volatility was 0.54% and one-day 99th percentile VaR was $14,551,237, with VaR exceeded 16 times. For the year ended December 31, 2025, net assets were $722,802,601, daily volatility was 0.67% and VaR was $11,247,582, exceeded 9 times.

Strategy

The Fund seeks to track changes, positive or negative, in the level of the DBIQ Diversified Agriculture Index Excess Return over time, plus income from Treasury Obligations, money market mutual funds and T-Bill ETFs, less expenses. It attempts to gain exposure to Index Commodities by investing in futures contracts, and may invest in other futures contracts if position limits are approached or reached, if the market for an Index Contract is thinly traded or inefficient, or if it is impractical to gain exposure through Index Contracts. The Managing Owner may select correlated futures contracts when those contracts are not based on an Index Commodity. The Managing Owner has licensed the Index from Deutsche Bank Securities, Inc. and pays licensing and index services fees out of the Management Fee, not charged to or reimbursed by the Fund. The Fund offers Shares only to Authorized Participants in Creation Units of 50,000 Shares.

Risks

• Commodity price risk — The Fund's market risk is primarily influenced by changes in commodity prices, and market movements can produce frequent changes in the fair value of open positions, earnings and cash flow.
• Tracking and basis risk — The Fund seeks to track the Index, but may invest in other futures contracts when position limits are reached or Index Contracts are thinly traded or impractical, which may cause performance to diverge from the Index.
• Risk of ruin beyond VaR — VaR is a statistical measure at a 99% confidence level, and the inherent uncertainty of markets and recurrence of moves far exceeding expectations could result in actual trading or non-trading losses far beyond indicated VaR.
• Non-trading market risk — The Fund has non-trading market risk from short-term U.S. Treasury Obligations, T-Bill ETFs and money market mutual funds, though this risk is not expected to be material.

Outlook

Management's quantitative disclosures are forward-looking statements and the Fund states that its primary market risk exposures are subject to numerous uncertainties, contingencies and risks. The Fund notes that government interventions, defaults, expropriations, illiquid markets, political upheavals, changes in historical price relationships, an influx of new market participants and increased regulation could result in material losses. No material estimates involving significant estimation uncertainty were used in preparing the financial statements.