INVESCO DB BASE METALS FUND

Previous wording

“off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. The financial instruments used by the Fund are commodity futures, the values of which are based upon an underlying asset and generally represent future commitments which have a reasonable possibility to be settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts.

Current wording

In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. The financial instruments used by the Fund are commodity futures, the values of which are based upon an underlying asset and generally represent future commitments which have a reasonable possibility to be settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts.

Previous wording

Net cash flow provided by (used in) operating activities was $(2.2) million and $(35.0) 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 $(4.3) million and $9.4 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 $50.0 million was received from sales and maturing United States Treasury Obligations. During the six months ended June 30, 2024, $74.0 million was paid to purchase United States Treasury Obligations and $57.0 was received from sales and maturing United States Treasury Obligations. $31.7 million was received from sales of affiliated investments and $72.2 million was paid to purchase affiliated investments during the six months ended June 30, 2025. $86.0 million was received from sales of affiliated investments and $104.8 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 $4.7 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 $50.0 million was received from sales and maturing United States Treasury Obligations. During the nine months ended September 30, 2024, $74.0 million was paid to purchase United States Treasury Obligations and $57.0 was received from sales and maturing United States Treasury Obligations. $41.6 million was received from sales of affiliated investments and $84.9 million was paid to purchase affiliated investments during the nine months ended September 30, 2025. $152.6 million was received from sales of affiliated investments and $127.6 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 $7.5 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 $2.2 million and $35.0 million during the six months ended June 30, 2025 and 2024, respectively. This included $25.1 million and $82.6 million from Shares purchased by Authorized Participants and $22.8 million and $47.2 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2025 and 2024, respectively. No distributions were paid to shareholders during the six months ended June 30, 2025. During the six months ended June 30, 2024, distributions paid to Shareholders were $(0.4) million.

Current wording

The Fund’s net cash flow provided by (used in) financing activities was $4.3 million and $(9.4) million during the nine months ended September 30, 2025 and 2024, respectively. This included $38.8 million and $91.2 million from Shares purchased by Authorized Participants and $34.5 million and $100.2 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2025 and 2024, respectively. No distributions were paid to shareholders during the nine months ended September 30, 2025. During the nine months ended September 30, 2024, distributions paid to Shareholders were $(0.4) million.

Previous 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.

Current wording

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 Industrial 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 Industrial 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 Industrial 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 Industrial 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 Industrial 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 Industrial 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 June 30, 2025, the NAV of each Share increased from $19.19 per Share to $19.34 per Share. Rising commodity futures contract prices for aluminum and copper were partially offset by falling commodity futures contract prices for zinc during the three months June 30, 2025, contributing to an overall 0.15% decrease in the level of the Index and to a 0.93% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +0.78%.

Current wording

For the three months ended September 30, 2025, the NAV of each Share increased from $19.34 per Share to $20.48 per Share. Rising commodity futures contract prices for aluminum, copper and zinc during the three months September 30, 2025 contributed to an overall 5.06% increase in the level of the Index and to a 6.17% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +5.89%.

Previous wording

Net income (loss) for the three months ended June 30, 2025, was $0.0 million, primarily resulting from $1.2 million of income, net realized gain (loss) of $(7.2) million, net change in unrealized gain of $6.1 million and net operating expenses of $0.2 million.

Current wording

Net income (loss) for the three months ended September 30, 2025, was $6.9 million, primarily resulting from $1.2 million of income, net realized gain (loss) of $2.5 million, net change in unrealized gain of $3.4 million and net operating expenses of $0.2 million.

Previous wording

For the three months ended June 30, 2024 the NAV of each Share increased from $17.94 per Share to $20.16 per Share. Rising commodity futures contract prices for aluminum, zinc and copper during the three months ended June 30, 2024 contributed to an overall 11.20% increase in the level of the Index and to a 12.70% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +12.37%.

Current wording

For the three months ended September 30, 2024 the NAV of each Share increased from $20.16 per Share to $20.81 per Share. Rising commodity futures contract prices for aluminum, zinc and copper during the three months ended September 30, 2024 contributed to an overall 2.04% increase in the level of the Index and to a 3.40% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +3.22%.

Previous wording

Net income (loss) for the three months ended June 30, 2024 was $14.6 million, primarily resulting from $2.0 million of income, net realized gain (loss) of $6.7 million, net change in unrealized gain (loss) of $6.2 million and net operating expenses of $0.3 million.

Current wording

Net income (loss) for the three months ended September 30, 2024 was $2.0 million, primarily resulting from $1.7 million of income, net realized gain (loss) of $0.2 million, net change in unrealized gain (loss) of $0.4 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 $18.84 per Share to $19.35 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 $17.28 per Share (-8.28%) on April 8, 2025 and a high of $19.93 per Share (+5.79%) on March 17, 2025. The total return for the Fund on a market value basis was +2.71%.

Current wording

For the nine months ended September 30, 2025, the NYSE Arca market value of each Share increased from $18.84 per Share to $20.55 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 $17.28 per Share (-8.28%) on April 08, 2025 and a high of $20.57 per Share (+9.18%) on September 29, 2025. The total return for the Fund on a market value basis was +9.08%.

Previous wording

For the six months ended June 30, 2024, the NYSE Arca market value of each Share increased from $18.31 per Share to $20.11 per Share. The Share price low and high for the six months ended June 30, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $16.80 per Share (-8.25%) on February 9, 2024 and a high of $21.65 per Share (+18.25%) on May 21, 2024. The total return for the Fund on a market value basis was +9.83%.

Current wording

For the nine months ended September 30, 2024, the NYSE Arca market value of each Share increased from $18.31 per Share to $20.80 per Share. The Share price low and high for the nine months ended September 30, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $16.80 per Share (-8.25%) on February 09, 2024 and a high of $21.65 per Share (+18.25%) on May 21, 2024. The total return for the Fund on a market value basis was +13.60%.

Previous wording

Industrial metals ended the first half of 2024 in positive territory with all three metals included in the Fund posting gains. Copper and zinc were supported by shortfalls in concentrate supplies and plunging treatment and refining charges, i.e., the profit for smelters to refine the metal, forcing cutbacks in refined metal supply. Aluminum was the weakest of the three but still gained significantly on tightening physical fundamentals. Adding to this, the U.S. and U.K. issued fresh sanctions on Russian copper, aluminum, and nickel in April. Furthermore, an improving macro backdrop, bolstered by expectations for a soft landing in the U.S. and brighter Chinese outlook, underpinned stronger prices. However, the sector did retreat sharply through June with Federal Reserve rate cut expectations repeatedly being pushed out and physical markets turning weaker – China remained well-supplied in copper and European zinc smelters announced plans to restart idled capacity.

Current wording

Industrial metals ended the first three quarters of 2024 in positive territory with all three metals included in the Fund posting gains. Copper and zinc were supported by shortfalls in concentrate supplies and plunging treatment and refining charges i.e., the profit for smelters to refine the metal, forcing cutbacks in refined metal supply. Aluminum was the weakest of the three but still gained significantly on tightening physical fundamentals. Adding to this, the U.S. and United Kingdom issued fresh sanctions on Russian copper, aluminum, and nickel in April. Furthermore, an improving macro backdrop, bolstered by expectations for a soft landing in the U.S. and brighter Chinese outlook, underpinned stronger prices especially in the third quarter. The kickoff of the Federal Reserve's easing cycle and China’s surprise stimulus in September marked a key shift in sentiment.

Previous wording

For the six months ended June 30, 2025, the NAV of each Share increased from $18.79 per Share to $19.34 per Share. Rising commodity futures contract prices for aluminum and copper were partially offset by falling commodity futures contract prices for zinc during the six months ended June 30, 2025 contributing to an overall 1.12% increase in the level of the Index and to a 3.30% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +2.93%.

Current wording

For the nine months ended September 30, 2025, the NAV of each Share increased from $18.79 per Share to $20.48 per Share. Rising commodity futures contract prices for aluminum, zinc and copper during the nine months ended September 30, 2025 contributed to an overall 6.24% increase in the level of the Index and to a 9.67% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +8.99%.

Previous wording

Net income (loss) for the six months ended June 30, 2024 was $12.4 million, primarily resulting from $3.7 million of income, net realized gain (loss) of $6.6 million, net change in unrealized gain (loss) of $2.6 million and net operating expenses of $0.5 million.

Current wording

Net income (loss) for the nine months ended September 30, 2025 was $9.0 million, primarily resulting from $3.7 million of income, net realized gain (loss) of $(4.8) million, net change in unrealized gain of $10.7 million and net operating expenses of $0.6 million.

Previous wording

For the six months ended June 30, 2024, the NAV of each Share increased from $18.28 per Share to $20.16 per Share. Rising commodity futures contract prices for aluminum, zinc and copper during the six months ended June 30, 2024 contributing to an overall 7.88% increase in the level of the Index and to a 10.79% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +10.29%.

Current wording

For the nine months ended September 30, 2024, the NAV of each Share increased from $18.28 per Share to $20.81 per Share. Rising commodity futures contract prices for aluminum, zinc and copper during the nine months ended September 30, 2024 contributed to an overall 10.09% increase in the level of the Index and to a 14.56% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +13.84%.

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.