INVESCO DB AGRICULTURE FUND
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 26, 2025
DBA$26.11-0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-02-23.
0000950170-24-019060
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2024-12-31; filed 2025-02-26.
0000950170-25-027262
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 76 previous paragraphs and 74 current paragraphs.
64 unchanged; 9 reworded; 1 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
Agricultural commodities wrapped up 2024 with strong positive performance, though cocoa accounted for the bulk of the gains. Front month cocoa prices skyrocketed over 180% between the start of the year and peaked in mid-April, repeatedly surpassing all-time highs as crop-damaging disease and adverse weather in West Africa fueled worries for a global cocoa supply shortfall. While prices did ease in the second and third quarters on increased profit-taking, cocoa again gained in the fourth quarter, locking in a yearly return of 180%. The other top contributor was coffee, which rallied 70% for the year due to supply concerns. Conversely, despite a short-lived rally in April and May that sent wheat skyrocketing due to renewed weather concerns, grains all retreated due to ample global supplies and lacking US competitiveness.
Removed paragraphs (3)
Previous report
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Previous report
Results of Operations
Previous report
Despite the negative performance for agricultural commodities in the second and third quarters of the year, the Fund still managed to lock in a small gain in 2022. The largest contributors were grains which rallied to multi-year highs in the first quarter following Russia’s invasion of Ukraine, given both countries are vital players in the global grains trade. Additionally, significant risk premium was added back to the grains market to end the third quarter after tensions in Ukraine escalated with Russian President Vladimir Putin threatening to use nuclear weapons and annexing territories in response to his military setbacks. Increasing energy prices also continued to drive up agricultural processing and transportation costs, though underperformance in some softs and livestock commodities dented returns. Coffee was the largest detractor with prices plunging in the last quarter amid growing warehouse stockpiles.
Reworded paragraphs (9)
Previous wording
On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more blocks of 50,000 Shares (“Creation Units”). Redemption orders must be placed by 10:00 a.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. As provided below, the redemption order settlement date may occur up to two business days after the redemption order date. Redemption orders are irrevocable. The redemption procedures allow Authorized Participants to redeem Creation Units. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 50,000 and only through an Authorized Participant.
Current wording
On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more blocks of 50,000 Shares (“Creation Units”). Redemption orders must be placed by 10:00 a.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. As provided below, the redemption order settlement date may occur up to one business day after the redemption order date. Redemption orders are irrevocable. The redemption procedures allow Authorized Participants to redeem Creation Units. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 50,000 and only through an Authorized Participant.
Previous wording
Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the Fund no later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date. Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to two business days after the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.
Current wording
Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the Fund no later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date. Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to one business day after the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.
Previous wording
As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, 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, Jefferies LLC, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., 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.
Current wording
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.
Previous wording
Net cash flow provided by (used in) operating activities was $448.5 million and $(138.6) million for the years ended December 31, 2023 and 2022, 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. 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.
Current wording
Net cash flow provided by (used in) operating activities was $137.5 million and $448.5 million for the years ended December 31, 2024 and 2023, 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. 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.
Previous wording
During the year ended December 31, 2023, $1,077.2 million was paid to purchase United States Treasury Obligations and $1,325.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2022, $1,643.7 million was paid to purchase United States Treasury Obligations and $1,284.0 million was received from sales and maturing United States Treasury Obligations. $1,611.5 million was received from sales of affiliated investments and $1,461.5 million was paid to purchase affiliated investments during the year ended December 31, 2023. $3,465.6 million was received from sales of affiliated investments and $3,155.8 million was paid to purchase affiliated investments during the year ended December 31, 2022.
Current wording
During the year ended December 31, 2024, $536.7 million was paid to purchase United States Treasury Obligations and $650.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2023, $1,077.2 million was paid to purchase United States Treasury Obligations and $1,325.0 million was received from sales and maturing United States Treasury Obligations. $934.7 million was received from sales of affiliated investments and $1,088.8 million was paid to purchase affiliated investments during the year ended December 31, 2024. $1,611.5 million was received from sales of affiliated investments and $1,461.5 million was paid to purchase affiliated investments during the year ended December 31, 2023.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $(443.7) million and $138.6 million during the years ended December 31, 2023 and 2022, respectively. This included $133.4 million and $1,560.1 million from Shares purchased by Authorized Participants and $543.2 million and $1,415.9 million from Shares redeemed by Authorized Participants during the years ended December 31, 2023 and 2022, respectively. During the years ended December 31, 2023 and 2022, distributions paid to Shareholders were $33.9 million and $5.7 million, respectively.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $(128.7) million and $(443.7) million during the years ended December 31, 2024 and 2023, respectively. This included $148.7 million and $133.4 million from Shares purchased by Authorized Participants and $245.3 million and $543.2 million from Shares redeemed by Authorized Participants during the years ended December 31, 2024 and 2023, respectively. During the years ended December 31, 2024 and 2023, distributions paid to Shareholders were $32.1 million and $33.9 million, respectively.
Previous wording
For the year ended December 31, 2022, the NYSE Arca market value of each Share increased from $19.75 per Share to $20.15 per Share. The Share price low and high for the year ended December 31, 2022 and related change from the Share price on December 31, 2021 was as follows: Shares traded at a low of $19.30 per Share (-2.28%) on July 22, 2022, and a high of $22.98 per Share (+16.35%) on May 17, 2022. On December 23, 2022, the Fund paid a distribution of $0.09643 for each General Share and Share to holders of record as of December 20, 2022. Therefore, the total return for the Fund on a market value basis was +2.53%.
Current wording
For the year ended December 31, 2024, the NYSE Arca market value of each Share increased from $20.73 per Share to $26.59 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 $20.52 per Share (-1.01%) on January 8, 2024, and a high of $27.84 per Share (+34.30%) on December 18, 2024. On December 27, 2024, the Fund paid a distribution of $1.08408 for each General Share and Share to holders of record as of December 23, 2024. Therefore, the total return for the Fund on a market value basis was +33.53%.
Previous wording
For the year ended December 31, 2022, the NAV of each Share increased from $19.73 per Share to $20.16 per Share. Rising commodity futures contract prices of Corn, Kansas City Wheat, Lean Hogs, Live Cattle, Soybean, Sugar and Wheat were partially offset by falling commodity futures contract prices of Cocoa, Coffee, Cotton and Feeder Cattle during the year ended December 31, 2022, contributing to an overall 2.11% increase in the level of the Index and to a 4.20% increase in the level of the DBIQ Diversified Agriculture TR™. On December 23, 2022, the Fund paid a distribution of $0.09643 for each General Share and Share to holders of record as of December 20, 2022. Therefore, the total return for the Fund on a NAV basis was +2.68%.
Current wording
For the year ended December 31, 2024, the NAV of each Share increased from $20.74 per Share to $26.60 per Share. Rising commodity futures contract prices of Cocoa, Coffee, Feeder Cattle, Lean Hogs and Live Cattle were partially offset by falling commodity futures contract prices of Corn, Cotton, Kansas City Wheat, Soybean, Sugar and Wheat during the year ended December 31, 2024, contributing to an overall 27.94% increase in the level of the Index and to a 34.65% increase in the level of the DBIQ Diversified Agriculture TR™. On December 27, 2024, the Fund paid a distribution of $1.08408 for each General Share and Share to holders of record as of December 23, 2024. Therefore, the total return for the Fund on a NAV basis was +33.51%.
Previous wording
Net income (loss) for the year ended December 31, 2022 was $(68.0) million, resulting from $21.3 million of income, net realized gain (loss) of $(31.2) million, net change in unrealized gain (loss) of $(44.0) million and net operating expenses of $14.1 million.
Current wording
Net income (loss) for the year ended December 31, 2024 was $210.4 million, resulting from $38.0 million of income, net realized gain (loss) of $112.4 million, net change in unrealized gain (loss) of $66.5 million and net operating expenses of $6.5 million.