Invesco DB Multi-Sector Commodity Trust
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 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 2025-06-30; filed 2025-08-07.
0000950170-25-105195
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001193125-25-270317
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 118 previous paragraphs and 123 current paragraphs.
67 unchanged; 23 reworded; 30 added; 26 removed; 2 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 (30)
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Current report
Returns for the Three and Nine Months Ended September 30, 2025 and 2024
Current report
For the three months ended September 30, 2025, the NYSE Arca market value of each Share increased from $75.14 per Share to $88.98 per Share. The Share price low and high for the three months ended September 30, 2025 and related change from the Share price on June 30, 2025 was as follows: Shares traded at a low of $74.62 per Share (-0.69%) on July 30, 2025 and a high of $88.98 per Share (+18.42%) on September 30, 2025. The total return for the Fund on a market value basis was +18.42%.
Current report
Precious metals added to their strong year to date gains in the third quarter of 2025. Gold continued to reach new record highs supported by the growth of U.S. dollar debasement trades and safe haven demand due to concerns about fiscal sustainability, the Federal Reserve’s independence, geopolitical developments, and overall macro uncertainty. Lower interest rates, inflation expectations, and a softer U.S. dollar were also supporting factors, while central banks and ETFs alike have continued to accumulate gold amid the aforementioned themes. The silver rally outpaced gold, benefiting from this macroeconomic backdrop but also from industrial demand for energy/power grid technology, increased defense spending plans, and persistent supply deficits.
Current report
$63.76 per Share. The Share price low and high for the three months ended September 30, 2024 and related change from the Share
Current report
price on June 30, 2024 was as follows: Shares traded at a low of $57.28 per Share (-0.03%) on August 7, 2024 and a high of $64.98
Current report
per Share (+13.41%) on September 26, 2024. The total return for the Fund on a market value basis was +11.29%.
Current report
Precious metals ended the third quarter of 2024 significantly higher, with gold continuing to break through its previous record
Current report
highs. While markets have been speculating on the Federal Reserve’s easing of interest rates since the end of 2022, the central bank
Current report
finally kicked off its rate-cutting cycle in September. Prices rallied leading into it, as Federal Reserve Chair Powell’s dovish comment
Current report
at the Jackson Hole symposium mostly cemented the September 0.50% cut. In addition, a more sustained recovery of ETP and money
Current report
manager flows also supported the bullish story. While not a huge impact, escalating geopolitical tensions in the Middle East likely also
Current report
contributed to the gains.
Current report
For the three months ended September 30, 2024, the NAV of each Share increased from $57.40 per Share to $63.93 per Share.
Current report
overall 10.08% increase in the level of the Index and to a 11.53% increase in the level of the DBIQ-OY Precious Metals TR™. The
Current report
total return for the Fund on a NAV basis was +11.38%.
Current report
Net income (loss) for the three months ended September 30, 2024 was $18.0 million, primarily resulting from income of $2.2
Current report
million, from net realized gain (loss) of $0.8 million, net change in unrealized gain (loss) of $15.3 million and net operating expenses
Current report
of $0.3 million.
Current report
Precious metals showed strong performance in the first three quarters of 2025, gaining from persistent macro themes. Both central bank buying and ETF inflows were key performance drivers as investors sought safe havens and portfolio hedges amid de-dollarization trends, economic uncertainty, and geopolitical risks. Gold and silver have both soared this year, but the rally in silver has outpaced that of gold, benefitting from additional industrial metal tailwinds, demand for solar technology, increased defense spending plans which boosted silver’s demand expectations, and persisting supply deficits.
Current report
$63.76 per Share. The Share price low and high for the nine months ended September 30, 2024 and related change from the Share
Current report
$64.98 per Share (+29.89%) on September 26, 2024. The total return for the Fund on a market value basis was +27.44%.
Current report
Precious metals showed strong performance in the first three quarters of 2024, with both gold and silver front month prices up
Current report
Federal Reserve’s interest rate-cutting cycle finally underway and ETP demand coming back.
Current report
Rising commodity futures contracts prices for gold and silver during the nine months ended September 30, 2024 contributed to an
Current report
overall 23.64% increase in the level of the Index and to a 28.66% increase in the level of the DBIQ-OY Precious Metals TR™. The
Current report
total return for the Fund on a NAV basis was +27.89%.
Current report
Net income (loss) for the nine months ended September 30, 2024 was $37.9 million, primarily resulting from income of $6.0
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million, from net realized gain (loss) of $2.1 million, net change in unrealized gain (loss) of $30.8 million and net operating expenses
Current report
of $0.8 million.
Removed paragraphs (26)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Previous report
Returns for the Three and Six Months Ended June 30, 2025 and 2024
Previous 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%.
Previous 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.
Previous report
For the three months ended June 30, 2024, the NYSE Arca market value of each Share increased from $53.46 per Share to
Previous 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
Previous report
(+13.14%) on May 21, 2024. The total return for the Fund on a market value basis was +7.17%.
Previous report
Precious metals ended the second quarter of 2024 positive. Bullish drivers from the previous (central bank purchases, Asian
Previous report
consumer demand, Federal Reserve easing expectations and geopolitical uncertainty) continued to support gold, pushing front month
Previous 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.
Previous 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
Previous 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
Previous report
Fund on a NAV basis was +7.51%.
Previous 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
Previous report
million.
Previous 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.
Previous 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
Previous report
per Share (+20.90%) on May 21, 2024. The total return for the Fund on a market value basis was +14.51%.
Previous report
Precious metals showed strong performance in the first half of 2024. In the first quarter, price gains were underpinned by
Previous report
ground, with its front month contract staying above the $2,300 threshold.
Previous report
commodity futures contracts prices for gold and silver during the six months ended June 30, 2024 contributed to an overall 12.32%
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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
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Fund on a NAV basis was +14.82%.
Previous report
Net income (loss) for the six months ended June 30, 2024 was $19.9 million, primarily resulting from income of $3.8 million,
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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
Reworded paragraphs (23)
Previous wording
Risks related to market volatility and fluctuations in the price of assets held by the Fund, including as a result of global trade, macroeconomic events, the imposition of trading limitations or trading halts, and the potential loss of investment;
Current wording
Risks related to market volatility and fluctuations in the price of assets held by the Fund, including as a result of global
Previous 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.
Current wording
Net cash flow provided by (used in) operating activities was $4.9 million and $6.5 million for the nine months ended September 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 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.
Current wording
During the nine months ended September 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 nine months ended September 30, 2024, $53.6 million was paid to purchase United States Treasury Obligations and $55.0 million was received from sales and maturing United States Treasury Obligations. $64.5 million was received from sales of affiliated investments and $114.8 million was paid to purchase affiliated investments during the nine months ended September 30, 2025. $117.7 million was received from sales of affiliated investments and $148.3 million was paid to purchase affiliated investments during the nine months ended September 30, 2024. During the nine months ended September 30, 2025, net deposits to/from the Commodity Broker was $70.5 million. There were no net deposits to/from the Commodity Broker during the nine months ended September 30, 2024.
Previous 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.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $(4.9) million and $(6.5) million during the nine months ended September 30, 2025 and 2024, respectively. This included $35.3 million and $20.8 million from Shares purchased by Authorized Participants and $39.2 million and $27.3 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2025 and 2024, respectively.
Previous 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
Current wording
COMPARISON OF MARKET, NAV AND DBIQ-OPT YIELD PRECIOUS METALS INDEX ERTM FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
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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.
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This Report covers the three and nine months ended September 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 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.
Current wording
The section “Summary of the DBIQ-OY Precious Metals TR™ and Underlying Index Commodity Returns for the Three and Nine Months Ended September 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
$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 wording
For the three months ended September 30, 2024, the NYSE Arca market value of each Share increased from $57.29 per Share to
Previous 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%.
Current wording
For the three months ended September 30, 2025, the NAV of each Share increased from $74.82 per Share to $88.59 per Share. Rising commodity futures contracts prices for gold and silver during the three months ended September 30, 2025 contributed to an overall 17.47% increase in the level of the Index and to a 18.71% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was +18.40%.
Previous 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.
Current wording
Net income (loss) for the three months ended September 30, 2025 was $34.4 million, primarily resulting from income of $2.0 million, from net change in unrealized gain (loss) of $32.8 million and net operating expenses of $0.3 million.
Previous wording
FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2024
Current wording
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2024
Previous 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%.
Current wording
For the nine months ended September 30, 2025, the NYSE Arca market value of each Share increased from $60.62 per Share to $88.98 per Share. The Share price low and high for the nine months ended September 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 $88.98 per Share (+46.78%) on September 30, 2025. The total return for the Fund on a market value basis was +46.78%.
Previous 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
Current wording
For the nine months ended September 30, 2024, the NYSE Arca market value of each Share increased from $50.03 per Share to
Previous wording
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 wording
price on 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
Previous wording
expectations that the Federal Reserve would start easing interest rates imminently, strong central bank demand, robust Asian consumer
Current wording
around 30%. In the first quarter, price gains were underpinned by expectations that the Federal Reserve would start easing interest
Previous wording
demand, and the increased call for haven assets from the escalating conflicts. Front month prices broke past all-time highs, even
Current wording
rates imminently, strong central bank demand, robust Asian consumer demand, and the increased call for haven assets from the
Previous wording
surpassing levels during the COVID-19 pandemic. Silver also gained, riding the wave higher with industrial metals, though prices
Current wording
gained, riding the wave higher with industrial metals, though prices were further supported by robust solar, and improving industrial
Previous wording
were further supported by robust solar, and expectations for a fourth consecutive annual deficit. While the bullion did face headwinds
Current wording
demand amid expectations for a fourth consecutive annual deficit. While the bullion did face headwinds in the second quarter from the
Previous wording
in the second quarter from the stall in Chinese central bank purchases and increased profit taking, the metal has managed to hold its
Current wording
stall in Chinese central bank purchases and increased profit taking, the metal returned to strong gains in the third quarter with the
Previous wording
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 wording
For the nine months ended September 30, 2025, the NAV of each Share increased from $60.72 per Share to $88.59 per Share. Rising commodity futures contracts prices for gold and silver during the nine months ended September 30, 2025 contributed to an overall 42.38% increase in the level of the Index and to a 46.97% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was +45.90%.
Previous wording
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 wording
Net income (loss) for the nine months ended September 30, 2025 was $70.6 million, primarily resulting from income of $5.7 million, from net realized gain (loss) of $3.5 million, net change in unrealized gain (loss) of $62.3 million and net operating expenses of $1.0 million.
Previous wording
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 wording
For the nine months ended September 30, 2024, the NAV of each Share increased from $49.99 per Share to $63.93 per Share.
Previous wording
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s financial position and results of operations. These estimates and assumptions affect the Fund’s application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2024.
Current wording
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s financial position and results of operations. These estimates and assumptions affect the Fund’s application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
trade, macroeconomic events, the imposition of trading limitations or trading halts, and the potential loss of investment;
Current report — wording carried from elsewhere
Rising commodity futures contracts prices for gold and silver during the three months ended September 30, 2024 contributed to an
Current report — wording carried from elsewhere
escalating conflicts. Front month prices broke past all-time highs, even surpassing levels during the COVID-19 pandemic. Silver also
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
commodity futures contracts prices for gold and silver during the three months ended June 30, 2024 contributed to an overall 6.29%
Previous report — wording carried elsewhere
Net income (loss) for the three months ended June 30, 2024 was $10.9 million, primarily resulting from income of $2.0 million,