Invesco DB Precious Metals Fund

What they do

The Fund is a separate series of Invesco DB Multi-Sector Commodity Trust, a Delaware statutory trust formed August 3, 2006, with Invesco Capital Management LLC as managing owner, commodity pool operator and commodity trading advisor since February 23, 2015. It seeks to track changes in the DBIQ Optimum Yield Precious Metals 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 exchange-traded futures on Gold, Platinum and Silver, the Index Commodities effective November 10, 2025, and holds Treasury Obligations, money market funds and T-Bill ETFs as collateral. Shares are issued only to Authorized Participants in 50,000-share Creation Units and trade on NYSE Arca under the symbol DBP.

Revenue drivers

• Precious metals futures portfolio — Returns come from trading exchange-traded futures on Gold, Platinum and Silver selected and weighted by the Index Sponsor; this is the dominant driver of the Fund's performance and net income.
• Treasury Income — Interest income from direct holdings of United States Treasury Obligations used for margin and cash management.
• Money Market Income — Dividends from holdings in money market mutual funds, which may be affiliated.
• T-Bill ETF Income — Dividends or capital gain distributions from exchange-traded funds tracking U.S. Treasury indexes with maximum remaining maturity up to 12 months.

Recent performance

Annual net income rose from $11.5M in 2023 to $36.3M in 2024 and $112.6M in 2025. Operating cash flow was negative $26.7M in 2023, positive $28.0M in 2024 and $10.9M in 2025. At June 30, 2026, total assets were $241.2M, total liabilities $138,064 and shareholder equity $241.0M, with cash and equivalents of $0.00. Net assets were $241,026,398 at June 30, 2026 versus $257,543,648 at December 31, 2025, with daily volatility of 1.86% and one-day 99% VaR of $10,432,706 in the 2026 period. The Fund reported 72 holders of record as of January 31, 2026, and redeemed 100,000 shares in Q4 2025 at an average price of $98.15.

Strategy

The Fund's stated objective is to track changes, positive or negative, in the DBIQ Optimum Yield Precious Metals Index Excess Return over time, plus income from Treasury Obligations, money market funds and T-Bill ETFs, less expenses. Because the CFTC and futures exchanges impose position limits, the Fund may shift into other Index Contracts or correlated futures when approaching limits or when an Index Contract is impractical to trade. The Index is rebalanced annually on the sixth business day in November, and weights may be reset or reduced during periods of heightened volatility. Effective November 10, 2025, the Index comprises Gold, Platinum and Silver. The Fund does not own or use physical properties; its assets are futures contracts, cash, U.S. Treasury Obligations and may include money market funds and T-Bill ETFs.

Risks

• Commodity price risk — Market risk is integral to the Fund's main line of business, with June 30, 2026 daily volatility of 1.86% and one-day 99% VaR of $10,432,706, and VaR was exceeded 8 times in the six months then ended.
• Index tracking and weighting risk — The Fund may not track the Index if position limits force it into other futures, and the Index is reconstituted with Gold, Platinum and Silver effective November 10, 2025.
• Concentration in Creation Units — Shares are offered only to Authorized Participants in 50,000-share Creation Units, and redemptions such as the 100,000 shares redeemed in Q4 2025 reduce Fund net assets.
• Reliance on the Managing Owner and Index Sponsor — Invesco Capital Management LLC serves as managing owner, commodity pool operator and commodity trading advisor, and the Index is licensed from Deutsche Bank Securities, Inc.

Outlook

The filings do not contain management guidance on future performance. The Fund states it will continue to seek to track the Index, investing in Gold, Platinum and Silver futures and holding Treasury Obligations, money market funds and T-Bill ETFs as collateral. Disclosures note no material accounting estimates and that non-trading market risk from short-term Treasury, T-Bill ETF and money market holdings is not expected to be material.