Invesco DB Multi-Sector Commodity Trust
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
DBP$90.75-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0000950170-25-067198
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105195
Item 2. 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 85 previous paragraphs and 118 current paragraphs.
65 unchanged; 14 reworded; 36 added; 5 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 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 (36)
Current report
Returns for the Three and Six Months Ended June 30, 2025 and 2024
Current report
For the three months ended June 30, 2025, the NYSE Arca market value of each Share increased from $71.51 per Share to $75.14 per Share. The Share price low and high for the three months ended June 30, 2025 and related change from the Share price on March 31, 2025 was as follows: Shares traded at a low of $66.67 per Share (-6.77%) on April 7, 2025 and a high of $77.58 per Share (+8.49%) on June 13, 2025. The total return for the Fund on a market value basis was +5.08%.
Current report
Precious metals moved higher in the second quarter of 2025, dominated by gains in gold. The quarter was marked by elevated volatility in precious metals, with gold prices reaching new all-time highs in April before consolidating in the latter half of May and June. Gold benefited from heightened geopolitical tensions in the Middle East, a weaker U.S. dollar, resilient central bank demand, and exchange-traded product (“ETP”) inflows. Silver, while more volatile, was supported by tailwinds for both base and precious metals. Investors also added to silver ETPs as an alternative to the costlier gold.
Current report
For the three months ended June 30, 2024, the NYSE Arca market value of each Share increased from $53.46 per Share to
Current report
$57.29 per Share. The Share price low and high for the three months ended June 30, 2024 and related change from the Share price on
Current report
March 31, 2024 was as follows: Shares traded at a low of $54.03 per Share (+1.08%) on April 1, 2024 and a high of $60.48 per Share
Current report
(+13.14%) on May 21, 2024. The total return for the Fund on a market value basis was +7.17%.
Current report
Precious metals ended the second quarter of 2024 positive. Bullish drivers from the previous (central bank purchases, Asian
Current report
consumer demand, Federal Reserve easing expectations and geopolitical uncertainty) continued to support gold, pushing front month
Current report
prices to a new record high of over $2,400 in mid-May. However, the stall in Chinese central bank purchases and increased profittaking did add some pressure. ETF investor demand for gold also turned more optimistic following declines since April 2022. That said, silver was the outperformer, with front month futures rallying 17% on robust solar, and recovering industrial demand, all amid forecasts for a fourth consecutive annual deficit. Finally, U.S. election uncertainty was the new supportive driver for precious metals.
Current report
For the three months ended June 30, 2024, the NAV of each Share increased from $53.39 per Share to $57.40 per Share. Rising
Current report
commodity futures contracts prices for gold and silver during the three months ended June 30, 2024 contributed to an overall 6.29%
Current report
increase in the level of the Index and to a 7.72% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the
Current report
Fund on a NAV basis was +7.51%.
Current report
Net income (loss) for the three months ended June 30, 2024 was $10.9 million, primarily resulting from income of $2.0 million,
Current report
from net realized gain (loss) of $1.4 million, net change in unrealized gain (loss) of $7.8 million and net operating expenses of $0.3
Current report
million.
Current report
FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2024
Current report
Fund Share Price Performance
Current report
Precious metals saw strong performance in the first half of 2025. Gold’s rally was driven by a confluence of macroeconomic and geopolitical factors, including persistent de-dollarization trends, robust central bank purchases, and safe haven demand amid global trade uncertainty and tensions in the Middle East. Gold hit a new all-time high in April, while silver benefited from both precious and industrial metal tailwinds, including Chinese stimulus optimism and resilient global manufacturing. Gold and silver ETP holdings also grew as investors allocated to gold as a portfolio hedge.
Current report
per Share. The Share price low and high for the six months ended June 30, 2024 and related change from the Share price on
Current report
per Share (+20.90%) on May 21, 2024. The total return for the Fund on a market value basis was +14.51%.
Current report
Precious metals showed strong performance in the first half of 2024. In the first quarter, price gains were underpinned by
Current report
were further supported by robust solar, and expectations for a fourth consecutive annual deficit. While the bullion did face headwinds
Current report
in the second quarter from the stall in Chinese central bank purchases and increased profit taking, the metal has managed to hold its
Current report
ground, with its front month contract staying above the $2,300 threshold.
Current report
Fund Share Net Asset Performance
Current report
For the six months ended June 30, 2025, the NAV of each Share increased from $60.72 per Share to $74.82 per Share. Rising commodity futures contracts prices for gold and silver during the six months ended June 30, 2025 contributed to an overall 21.20% increase in the level of the Index and to a 23.81% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was +23.22%.
Current report
Net income (loss) for the six months ended June 30, 2025 was $36.1 million, primarily resulting from income of $3.6 million, from net realized gain (loss) of $3.5 million, net change in unrealized gain (loss) of $29.6 million and net operating expenses of $0.6 million.
Current report
For the six months ended June 30, 2024, the NAV of each Share increased from $49.99 per Share to $57.40 per Share. Rising
Current report
commodity futures contracts prices for gold and silver during the six months ended June 30, 2024 contributed to an overall 12.32%
Current report
increase in the level of the Index and to a 15.35% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the
Current report
Fund on a NAV basis was +14.82%.
Current report
Net income (loss) for the six months ended June 30, 2024 was $19.9 million, primarily resulting from income of $3.8 million,
Current report
from net realized gain (loss) of $1.2 million, net change in unrealized gain (loss) of $15.4 million and net operating expenses of $0.5
Removed paragraphs (5)
Previous report
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
Previous report
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
Previous report
Precious metals saw strong positive performance in the first quarter of 2025 with both gold and silver posting front month gains of nearly 20%. Gold repeatedly broke all-time highs above $3,000/oz as the Federal Reserve elected to keep rates unchanged and investors flocked to safe haven assets in the wake of the global tariff/ trade war. Other longtime factors like central bank purchases amid persistent de-dollarization efforts and robust ETF investor demand also contributed to positive performance. In addition to the tailwinds from precious metals, silver was also supported by positive drivers in industrial metals, including Chinese stimulus optimism in January, general strengthening in global manufacturing, and frontloading demand in anticipation of tariffs.
Previous report
For the three months ended March 31, 2024, the NAV of each Share increased from $49.99 per Share to $53.99 per Share. Rising commodity futures contracts prices for gold and silver during the three months ended March 31, 2024 contributed to an overall 5.68% increase in the level of the Index and to a 7.09% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was +6.80%.
Previous report
Net income (loss) for the three months ended March 31, 2024 was $9.1 million, primarily resulting from income of $1.8 million, from net realized gain (loss) of $(0.2) million, net change in unrealized gain (loss) of $7.6 million and net operating expenses of $0.2 million.
Reworded paragraphs (14)
Previous wording
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. 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
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 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. 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
Net cash flow provided by (used in) operating activities was $(20.0) million and $9.7 million for the three months ended March 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, affiliated investments and net deposits to/from the Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, for margin and/or cash management purposes. 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 $4.9 million and $12.4 million for the six months ended June 30, 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, affiliated investments and net deposits to/from the Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, for margin and/or cash management purposes. 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 three months ended March 31, 2025, $0 was paid to purchase United States Treasury Obligations and $0 was received from sales and maturing United States Treasury Obligations. During the three months ended March 31, 2024, $0 was paid to purchase United States Treasury Obligations and $0 was received from sales and maturing United States Treasury Obligations. $31.6 million was received from sales of affiliated investments and $50.3 million was paid to purchase affiliated investments during the three months ended March 31, 2025. $30.6 million was received from sales of affiliated investments and $26.8 million was paid to purchase affiliated investments during the three months ended March 31, 2024. During the three months ended March 31, 2025, net deposits to/from the Commodity Broker was $29.4 million. There were no net deposits to/from the Commodity Broker during the three months ended March 31, 2024.
Current wording
During the six months ended June 30, 2025, there were no purchases of United States Treasury Obligations and $55.0 million was received from sales and maturing United States Treasury Obligations. During the six months ended June 30, 2024, $53.5 million was paid to purchase United States Treasury Obligations and $55.0 million was received from sales and maturing United States Treasury Obligations. $64.0 million was received from sales of affiliated investments and $113.5 million was paid to purchase affiliated investments during the six months ended June 30, 2025. $79.3 million was received from sales of affiliated investments and $85.4 million was paid to purchase affiliated investments during the six months ended June 30, 2024. During the six months ended June 30, 2025, net deposits to/from the Commodity Broker was $37.2 million. There were no net deposits to/from the Commodity Broker during the six months ended June 30, 2024.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $20.0 million and $(9.7) million during the three months ended March 31, 2025 and 2024, respectively. This included $27.7 million and $0.0 million from Shares purchased by Authorized Participants and $6.7 million and $9.7 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2025 and 2024, respectively.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $(4.9) million and $(12.4) million during the six months ended June 30, 2025 and 2024, respectively. This included $35.3 million and $8.7 million from Shares purchased by Authorized Participants and $39.2 million and $21.1 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2025 and 2024, respectively.
Previous wording
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
Current wording
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Previous wording
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 level 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.
Current wording
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 level 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 assurance that the price of the Shares or the Fund’s NAV will exceed the Index levels.
Previous wording
COMPARISON OF MARKET, NAV AND DBIQ-OPT YIELD PRECIOUS METALS INDEX ERTM FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
Current wording
COMPARISON OF MARKET, NAV AND DBIQ-OPT YIELD PRECIOUS METALS INDEX ERTM FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Previous wording
This Report covers the three months ended March 31, 2025 and 2024. Past performance of the Fund is not necessarily indicative of future performance.
Current wording
This Report covers the three and six months ended June 30, 2025 and 2024. Past performance of the Fund is not necessarily indicative of future performance.
Previous wording
The section “Summary of the DBIQ-OY Precious Metals TR™ and Underlying Index Commodity Returns for the Three Months Ended March 31, 2025 and 2024” below provides an overview of the changes in the closing levels of the DBIQ-OY Precious Metals TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Precious Metals TR™), and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
Current wording
The section “Summary of the DBIQ-OY Precious Metals TR™ and Underlying Index Commodity Returns for the Three and Six Months Ended June 30, 2025 and 2024” below provides an overview of the changes in the closing levels of the DBIQ-OY Precious Metals TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Precious Metals TR™), and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
Previous wording
For the three months ended March 31, 2025, the NAV of each Share increased from $60.72 per Share to $71.29 per Share. Rising commodity futures contracts prices for gold and silver during the three months ended March 31, 2025 contributed to an overall 16.48% increase in the level of the Index and to a 17.71% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was +17.41%.
Current wording
For the three months ended June 30, 2025, the NAV of each Share increased from $71.29 per Share to $74.82 per Share. Rising commodity futures contracts prices for gold and silver during the three months ended June 30, 2025 contributed to an overall 4.05% increase in the level of the Index and to a 5.18% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was +4.95%.
Previous wording
Net income (loss) for the three months ended March 31, 2025 was $27.3 million, primarily resulting from income of $1.7 million, from net realized gain (loss) of $0.3 million, net change in unrealized gain (loss) of $25.6 million and net operating expenses of $0.3 million.
Current wording
Net income (loss) for the three months ended June 30, 2025 was $8.8 million, primarily resulting from income of $1.9 million, from net realized gain (loss) of $3.3 million, net change in unrealized gain (loss) of $3.9 million and net operating expenses of $0.3 million.
Previous wording
For the three months ended March 31, 2025, the NYSE Arca market value of each Share increased from $60.62 per Share to $71.51 per Share. The Share price low and high for the three months ended March 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 $71.51 per Share (+17.96%) on March 31, 2025. The total return for the Fund on a market value basis was +17.96%.
Current wording
For the six months ended June 30, 2025, the NYSE Arca market value of each Share increased from $60.62 per Share to $75.14 per Share. The Share price low and high for the six months ended June 30, 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 $77.58 per Share (+27.98%) on June 13, 2025. The total return for the Fund on a market value basis was +23.95%.
Previous wording
For the three months ended March 31, 2024, the NYSE Arca market value of each Share increased from $50.03 per Share to $53.46 per Share. The Share price low and high for the three months ended March 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 (-3.99%) on February 13, 2024 and a high of $53.46 per Share (+6.86%) on March 28, 2024. The total return for the Fund on a market value basis was +6.86%.
Current wording
For the six months ended June 30, 2024, the NYSE Arca market value of each Share increased from $50.03 per Share to $57.29
Previous wording
Precious metals, especially gold, performed strongly in the first quarter of 2024, underpinned by expectations that the Federal Reserve would start easing interest rates imminently, strong central bank demand, robust Asian consumer demand, and increased haven demand from the escalating conflicts. Front month prices broke past all-time highs, even surpassing levels during the COVID- 19 pandemic. Silver also gained, further supported by the bullish fundamentals in industrial metals.
Current wording
expectations that the Federal Reserve would start easing interest rates imminently, strong central bank demand, robust Asian consumer
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
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 $60.48
Current report — wording carried from elsewhere
demand, and the increased call for haven assets from the escalating conflicts. Front month prices broke past all-time highs, even
Current report — wording carried from elsewhere
surpassing levels during the COVID-19 pandemic. Silver also gained, riding the wave higher with industrial metals, though prices
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Returns for the Three Months Ended March 31, 2025 and 2024