INVESCO DB AGRICULTURE FUND
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
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-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105189
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.
0001193125-25-270326
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 96 previous paragraphs and 95 current paragraphs.
69 unchanged; 13 reworded; 13 added; 13 removed; 1 previous and 0 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 (13)
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Current report
Commodity 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 $26.16 per Share to $26.78 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 $25.63 per Share (-2.03%) on July 15, 2025, and a high of $27.92 per Share (+6.73%) on September 15, 2025. The total return for the Fund on a market value basis was +2.37%.
Current report
The Fund recovered in the third quarter of 2025 with a positive return overall. Coffee was the largest contributor to performance, with prices boosted by drought conditions in Brazil and heightened tariff fears after President Trump raised tariffs on Brazil. Livestock commodities also contributed positively to performance with US cattle herds and lean hog stockpiles continuing to contract, while demand was strong throughout the summer grilling season and tariffs began to raise the cost of imported beef. Cocoa was the biggest detractor from performance, as previously high prices and declining availability led to demand destruction, while weather improvements also helped ease supply concerns. Wheat, corn, sugar, cotton, and soybeans prices fell in the third quarter due to ample supply. For soybeans, export demand was also pressured by trade tensions with China.
Current report
For the three months ended September 30, 2024, the NYSE Arca market value of each Share increased from $23.81 per Share to $26.10 per Share. The Share price low and high for the three months ended September 30, 2024 and related change from the Share price on June 30, 2024 was as follows: Shares traded at a low of $23.26 per Share (-2.31%) on August 1, 2024, and a high of $26.56 per Share (+11.55%) on September 27, 2024. The total return for the Fund on a market value basis was +9.62%.
Current report
Agricultural commodities continued to move higher in the third quarter of 2024, however the bifurcation between grains and soft commodities continued. Cocoa and coffee were the top contributors, supported by persisting supply shortfalls. In contrast, for grains, while there were pockets of adverse weather, specifically in Europe and the US, the markets largely expected there to be enough cushion to weather those losses, keeping prices capped. Soybeans and corn were the largest detractors in the quarter, followed by feeder and live cattle, which fell on the availability of cheaper alternatives.
Current report
For the three months ended September 30, 2025, the NAV of each Share increased from $26.20 per Share to $26.80 per Share. Rising commodity futures contract prices for Coffee, Feeder Cattle, Lean Hogs and Live Cattle were partially offset by falling commodity futures contract prices of Cocoa, Corn, Cotton, Kansas City Wheat, Soybeans, Sugar and Wheat during the three months ended September 30, 2025, contributing to an overall 1.41% increase in the level of the Index and to a 2.48% increase in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was +2.29%.
Current report
Net income (loss) for the three months ended September 30, 2025 was $16.9 million, primarily resulting from $8.2 million of income, net realized gain (loss) of $(17.3) million, net change in unrealized gain (loss) of $27.6 million and net operating expenses of $1.6 million.
Current report
Net income (loss) for the three months ended September 30, 2024 was $59.8 million, primarily resulting from $9.2 million of income, net realized gain (loss) of $(33.5) million, net change in unrealized gain (loss) of $85.7 million and net operating expenses of $1.6 million.
Current report
The Fund recovered in the third quarter after posting negative returns for the first half of 2025. Coffee and livestock were the main contributors to positive performance across this period. Despite falling in the second quarter, coffee was a strong performer overall due to recurring supply concerns and the 50% tariff on imports from Brazil. Livestock has consistently contributed to the Fund's performance, with prices getting a boost from tight US herds and robust demand. Cocoa prices dropped sharply in the third quarter due to deteriorating demand, making cocoa the largest detractor to performance year-to-date. Wheat and corn also detracted, as tariffs put pressure on exports while bumper harvests kept supply levels elevated.
Current report
Net income (loss) for the nine months ended September 30, 2025 was $0.4 million, primarily resulting from $25.5 million of income, net realized gain (loss) of $32.5 million, net change in unrealized gain (loss) of $(52.5) million and net operating expenses of $5.2 million.
Current report
Net income (loss) for the nine months ended September 30, 2024 was $162.2 million, primarily resulting from $28.9 million of income, net realized gain (loss) of $92.0 million, net change in unrealized gain (loss) of $46.2 million and net operating expenses of $4.8 million.
Removed paragraphs (13)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Previous report
Commodity 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 decreased from $26.34 per Share to $26.16 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 $25.28 per Share (-4.02%) on April 8, 2025, and a high of $27.68 per Share (+5.09%) on May 21, 2025. The total return for the Fund on a market value basis was -0.68%.
Previous report
The Fund ended the second quarter of 2025 with a loss as agricultural markets faced several challenges. Coffee was the biggest drag on performance, dropping sharply because better weather and bigger harvests in Brazil and Central America led to an improved supply outlook. Sugar also struggled, as higher production forecasts in India and Brazil meant more supply to the market. Corn and wheat both fell, mainly due to strong plantings and good weather in the U.S. and Brazil. Trade and tariff uncertainty also weighed on prices more broadly. On the positive side, cocoa performed positively, supported by supply shortages and weather concerns in West Africa. Livestock markets were also a bright spot, with live cattle, feeder cattle, and lean hogs all benefiting from tight U.S. herds and strong demand, especially as the summer grilling season began. Soybeans were mostly flat, as good planting was balanced by trade issues and positive changes in biofuel policy.
Previous report
For the three months ended June 30, 2024, the NYSE Arca market value of each Share decreased from $24.75 per Share to $23.81 per Share. The Share price low and high for the three months ended June 30, 2024 and related change from the Share price on March 31, 2024 was as follows: Shares traded at a low of $23.47 per Share (-5.17%) on May 13, 2024, and a high of $26.53 per Share (+7.19%) on April 24, 2024. The total return for the Fund on a market value basis was -3.80%.
Previous report
Agricultural commodities moved lower in the second quarter of 2024. The largest detractors for the Fund were Cocoa, Corn, Sugar, and Lean Hogs. While fundamentals remained supportive, with no end in sight for the shortfalls in West Africa, front month Cocoa prices plunged sharply in May and June on increased profit-taking and demand destruction fears. For corn, while prices were on an uptrend for most of the quarter on resurfaced supply concerns and strong U.S. export sales, it plunged through June on reports of ample supplies. Sugar has been in a consistent decline since its peak late last year, pressured by improving global production prospects in India, Thailand, and Brazil. The one positive standout was Coffee which saw front month prices gain over 20% in the quarter on ramped up weather concerns in Vietnam.
Previous report
For the three months ended June 30, 2025, the NAV of each Share decreased from $26.33 per Share to $26.20 per Share. Falling commodity futures contract prices for Coffee, Corn, Cotton, Kansas City Wheat, Sugar and Wheat were partially offset by rising commodity futures contract prices of Cocoa, Feeder Cattle, Lean Hogs, Live Cattle and Soybeans during the three months ended June 30, 2025, contributing to an overall 1.34% decrease in the level of the Index and to a 0.27% decrease in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was -0.50%.
Previous report
Net income (loss) for the three months ended June 30, 2025 was $(5.2) million, primarily resulting from $8.7 million of income, net realized gain (loss) of $(33.8) million, net change in unrealized gain (loss) of $21.7 million and net operating expenses of $1.8 million.
Previous report
Net income (loss) for the three months ended June 30, 2024 was $(26.5) million, primarily resulting from $10.2 million of income, net realized gain (loss) of $81.1 million, net change in unrealized gain (loss) of $(116.2) million and net operating expenses of $1.7 million.
Previous report
The Fund posted a negative return for the first half of 2025 as agricultural markets experienced large amounts of volatility, mainly from cocoa and coffee. Cocoa, which hurt performance in the first quarter due to surplus forecasts and weak demand, bounced back in the second quarter as supply shortages and weather issues in West Africa returned. Coffee, after a strong start in the first quarter from drought worries in Brazil and Vietnam, fell in the second quarter as weather improved and harvests grew. Sugar also went from an early strength to a later weakness as production forecasts in India and Brazil increased. Corn and wheat both finished the first half lower, as strong planting and good weather led to expectations of big harvests. Trade and tariff uncertainty continued to be a challenge for grains. Livestock markets were steadily positive, with live cattle, feeder cattle, and lean hogs all supported by tight U.S. herds and strong demand.
Previous report
Net income (loss) for the six months ended June 30, 2025 was $(16.4) million, primarily resulting from $17.3 million of income, net realized gain (loss) of $49.9 million, net change in unrealized gain (loss) of $(80.1) million and net operating expenses of $3.5 million.
Previous report
Net income (loss) for the six months ended June 30, 2024 was $102.5 million, primarily resulting from $19.7 million of income, net realized gain (loss) of $125.5 million, net change in unrealized gain (loss) of $(39.5) million and net operating expenses of $3.3 million.
Reworded paragraphs (13)
Previous wording
Net cash flow provided by (used in) operating activities was $(31.1) million and $94.2 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 $(17.5) million and $124.7 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 $250.0 million was received from sales and maturing United States Treasury Obligations. During the six months ended June 30, 2024, $292.1 million was paid to purchase United States Treasury Obligations and $350.0 million was received from sales and maturing United States Treasury Obligations. $365.9 million was received from sales of affiliated investments and $493.9 million was paid to purchase affiliated investments during the six months ended June 30, 2025. $477.2 million was received from sales of affiliated investments and $516.9 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 $138.0 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 $250.0 million was received from sales and maturing United States Treasury Obligations. During the nine months ended September 30, 2024, $292.1 million was paid to purchase United States Treasury Obligations and $350.0 million was received from sales and maturing United States Treasury Obligations. $395.9 million was received from sales of affiliated investments and $515.0 million was paid to purchase affiliated investments during the nine months ended September 30, 2025. $659.0 million was received from sales of affiliated investments and $744.5 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 $149.5 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 $17.7 million and $(99.0) million during the six months ended June 30, 2025 and 2024, respectively. This included $146.9 million and $86.2 million from Shares purchased by Authorized Participants and $129.3 million and $184.8 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 $0.3 million.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $4.0 million and $(129.4) million during the nine months ended September 30, 2025 and 2024, respectively. This included $167.4 million and $96.4 million from Shares purchased by Authorized Participants and $163.4 million and $225.4 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 $0.3 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 Diversified Agriculture 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 Diversified Agriculture 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 Diversified Agriculture 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 Diversified Agriculture 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 Diversified Agriculture 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 Diversified Agriculture 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, 2024, the NAV of each Share decreased from $24.76 per Share to $23.92 per Share. Falling commodity futures contract prices for Cocoa, Corn, Cotton, Lean Hogs, Soybeans, Sugar and Wheat were partially offset by rising commodity futures contract prices of Coffee, Feeder Cattle, Kansas City Wheat and Live Cattle during the three months ended June 30, 2024, contributing to an overall 4.47% decrease in the level of the Index and to a 3.19% decrease in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was -3.39%.
Current wording
For the three months ended September 30, 2024, the NAV of each Share increased from $23.92 per Share to $26.05 per Share. Rising commodity futures contract prices for Cocoa, Coffee, Cotton, Lean Hogs, Live Cattle, Sugar and Wheat were partially offset by falling commodity futures contract prices of Corn, Feeder Cattle, Kansas City Wheat and Soybeans during the three months ended September 30, 2024, contributing to an overall 7.67% increase in the level of the Index and to a 9.09% increase in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was +8.90%.
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 decreased from $26.59 per Share to $26.16 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 $25.28 per Share (-4.93%) on April 8, 2025, and a high of $28.35 per Share (+6.62%) on February 18, 2025. The total return for the Fund on a market value basis was -1.62%.
Current wording
For the nine months ended September 30, 2025, the NYSE Arca market value of each Share increased from $26.59 per Share to $26.78 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 $25.28 per Share (-4.93%) on April 8, 2025, and a high of $28.35 per Share (+6.62%) on February 18, 2025. The total return for the Fund on a market value basis was +0.71%.
Previous wording
For the six months ended June 30, 2024, the NYSE Arca market value of each Share increased from $20.73 per Share to $23.81 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
Current wording
For the nine months ended September 30, 2024, the NYSE Arca market value of each Share increased from $20.73 per Share to $26.10 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 $20.52 per Share (-1.01%) on January 8, 2024, and a high of $26.56 per Share (+28.13%) on September 27, 2024. The total return for the Fund on a market value basis was +25.90%.
Previous wording
Agricultural commodities ended the first half of 2024 with strong positive performance, though Cocoa was more or less the sole positive driver. Front month prices skyrocketed over 180% between the start of the year and its peak in mid-April, repeatedly surpassing all-time highs as crop damaging disease and adverse weather in West Africa fueled worries for a global supply shortfall. However, prices did ease in the second quarter with increased profit-taking dealing a heavy blow. The other contributors were Coffee and livestock commodities which also faced supply concerns. Grains, on the other hand, all retreated on ample global supplies and the lack of U.S. competitiveness. While renewed weather concerns did take the market by surprise in April and May, sending wheat prices skyrocketing, the rally was short-lived, and all gains were erased by the end of June.
Current wording
Agricultural commodities ended the first three quarters of 2024 with strong positive performance, though cocoa was the dominant driver. Front month prices skyrocketed over 180% between the start of the year and its peak in mid-April, repeatedly surpassing all-time highs as crop-damaging disease and adverse weather in West Africa fueled worries for a global supply shortfall. However, front month prices did ease in the second and end of third quarter on increased profit-taking. The other contributors were coffee and livestock commodities which also faced supply concerns. Grains, on the other hand, all retreated on ample global supplies and lacking US competitiveness. While renewed weather concerns did take the market by surprise in April and May, sending wheat skyrocketing, the rally was short-lived. Corn and soybeans led the losses year-to-date as the US is expected to have close to record yields due to favorable weather.
Previous wording
For the six months ended June 30, 2025, the NAV of each Share decreased from $26.60 per Share to $26.20 per Share. Falling commodity futures contract prices for Cocoa, Coffee, Corn, Cotton, Kansas City Wheat, Sugar and Wheat were partially offset by rising commodity futures contract prices of Feeder Cattle, Lean Hogs, Live Cattle and Soybeans during the six months ended June 30, 2025, contributing to an overall 3.07% decrease in the level of the Index and to a 0.98% decrease in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was -1.50%.
Current wording
For the nine months ended September 30, 2025, the NAV of each Share increased from $26.60 per Share to $26.80 per Share. Rising commodity futures contract prices for Coffee, Feeder Cattle, Lean Hogs, Live Cattle and Soybeans were partially offset by falling commodity futures contract prices of Cocoa, Corn, Cotton, Kansas City Wheat, Sugar and Wheat during the nine months ended September 30, 2025, contributing to an overall 1.71% decrease in the level of the Index and to a 1.47% increase in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was +0.75%.
Previous wording
For the six months ended June 30, 2024, the NAV of each Share increased from $20.74 per Share to $23.92 per Share. Rising commodity futures contract prices for Cocoa, Coffee, Feeder Cattle, Lean Hogs and Live Cattle, were partially offset by falling commodity futures contract prices of Corn, Cotton, Kansas City Wheat, Soybeans, Sugar and Wheat during the six months ended June 30, 2024, contributing to an overall 12.88% increase in the level of the Index and to a 15.92% increase in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was +15.33%.
Current wording
For the nine months ended September 30, 2024, the NAV of each Share increased from $20.74 per Share to $26.05 per Share. Rising commodity futures contract prices for Cocoa, Coffee, Feeder Cattle, Lean Hogs, Live Cattle and Sugar were partially offset by falling commodity futures contract prices of Corn, Cotton, Kansas City Wheat, Soybeans and Wheat during the nine months ended September 30, 2024, contributing to an overall 21.53% increase in the level of the Index and to a 26.47% increase in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was +25.60%.
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 previous paragraphs (1)
Previous report — wording carried elsewhere
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 $26.53 per Share (+27.99%) on April 24, 2024. The total return for the Fund on a market value basis was +14.86%.