10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

The financial statements of the Fund have been prepared using U.S. GAAP.

The Fund has determined that it meets the definition of an investment company and has prepared the financial statements in conformity with U.S. GAAP for investment companies in conformity with accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

Accounting Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued.

Investment Valuations

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value (“NAV”) per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

United States Treasury Obligations are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as developments related to specific securities, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. All debt obligations involve some risk of default with respect to interest and/or principal payments.

Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Managing Owner. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Investment Transactions and Investment Income

Investment transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of securities or derivatives are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the sale or disposition occurs, respectively. Interest income on United States Treasury Obligations is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

Profit and Loss Allocations and Distributions

Pursuant to the Trust Agreement, income and expenses are allocated pro rata to the Managing Owner as holder of the General Shares and to the Shareholders monthly based on their respective percentage interests as of the close of the last trading day of the preceding month. Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the shareholders.

No distributions were paid for the three and nine months ended September 30, 2023 and 2022.

Routine Operational, Administrative and Other Ordinary Expenses

The Managing Owner is responsible for all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. The Fund does not reimburse the Managing Owner for the routine operational, administrative and other ordinary expenses of the Fund. Accordingly, such expenses are not reflected in the Statements of Income and Expenses of the Fund.

Non-Recurring Fees and Expenses

The Fund pays all non-recurring and unusual fees and expenses, if any, of itself, as determined by the Managing Owner. Non-recurring and unusual fees and expenses include fees and expenses, such as legal claims and liabilities, litigation costs, indemnification expenses or other non-routine expenses. Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the three and nine months ended September 30, 2023 and 2022, the Fund did not incur such expenses.

Brokerage Commissions and Fees

The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker (as defined below). These costs are recorded as Brokerage Commissions and Fees in the Statements of Income and Expenses. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker, as applicable, were less than $7.00 and $7.00 per round-turn trade during the three and nine months ended September 30, 2023, respectively. On average, total charges paid to the Commodity Broker, as applicable, were less than $7.00 and $7.00 per round-turn trade during the three and nine months ended September 30, 2022, respectively.

Income Taxes

The Fund is classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will generally not incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items.

The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions taken or expected to be taken in future tax returns. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, 2020.

Commodity Futures Contracts

The Fund utilizes derivative instruments to achieve its investment objective. A commodity futures contract is an agreement between counterparties to purchase or sell a specified underlying commodity for a specified price, or to pay or receive a cash amount based on the value of an index or other reference instrument, at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker. During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Financial Condition. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

Note 6 – Additional Valuation Information

U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. U.S. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods or market conditions may result in transfers in or out of an investment’s assigned level:

Level 1: Prices are determined using quoted prices in an active market for identical assets.

Level 2: Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3: Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The levels assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The following is a summary of the tiered valuation input levels as of September 30, 2023:


	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	346,559,364	$	—	$	346,559,364
Exchange-Traded Fund		119,615,900			—		—		119,615,900
Money Market Mutual Fund		366,620,158			—		—		366,620,158
Total Investments in Securities		486,236,058			346,559,364		—		832,795,422
Other Investments - Assets(a)
Commodity Futures Contracts		13,073,496			—		—		13,073,496
Other Investments - Liabilities(a)
Commodity Futures Contracts		(30,126,206	)		—		—		(30,126,206	)
Total Other Investments		(17,052,710	)		—		—		(17,052,710	)
Total Investments	$	469,183,348		$	346,559,364	$	—	$	815,742,712

(a)

Unrealized appreciation (depreciation).

The following is a summary of the tiered valuation input levels as of December 31, 2022:


	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	571,698,186	$	—	$	571,698,186
Exchange-Traded Fund		88,980,698			—		—		88,980,698
Money Market Mutual Fund		428,581,904			—		—		428,581,904
Total Investments in Securities		517,562,602			571,698,186		—		1,089,260,788
Other Investments - Assets(a)
Commodity Futures Contracts		28,870,863			—		—		28,870,863
Other Investments - Liabilities(a)
Commodity Futures Contracts		(37,838,542	)		—		—		(37,838,542	)
Total Other Investments		(8,967,679	)		—		—		(8,967,679	)
Total Investments	$	508,594,923		$	571,698,186	$	—	$	1,080,293,109

(a)

Unrealized appreciation (depreciation).

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:


	September 30, 2023					December 31, 2022
Risk Exposure/Derivative Type (a)	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	13,073,496	$	(30,126,206	)	$	28,870,863	$	(37,838,542	)

(a)

Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the September 30, 2023 and December 31, 2022 Statements of Financial Condition.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:


		For the Three Months Ended
	Location of Gain (Loss) on Derivatives	September 30,
Risk Exposure/Derivative Type	Recognized in Income	2023			2022
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	12,986,866		$	(63,789,914	)
	Net Change in Unrealized Gain (Loss)		(9,017,234	)		25,433,737
Total		$	3,969,632		$	(38,356,177	)


		For the Nine Months Ended
	Location of Gain (Loss) on Derivatives	September 30,
Risk Exposure/Derivative Type	Recognized in Income	2023			2022
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	31,335,023		$	26,647,801
	Net Change in Unrealized Gain (Loss)		(8,085,031	)		(102,237,000	)
Total		$	23,249,992		$	(75,589,199	)

The table below summarizes the average monthly notional value of futures contracts outstanding during the period:


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Average Notional Value	$	834,991,570	$	1,596,033,043	$	903,993,000	$	1,657,682,077

Note 8 – Investments in Affiliates

The Invesco Treasury Collateral ETF is an investment company registered under the Investment Company Act of 1940, as amended, whose shares are primarily purchased and sold on a national securities exchange. In seeking its investment objective, the Invesco Treasury Collateral ETF primarily holds U.S. Treasury Obligations that: (i) are issued in U.S. Dollars; (ii) have a minimum remaining maturity of at least one month and a maximum remaining maturity of 12 months at the time of rebalance; and (iii) have a minimum amount outstanding of $300 million. Because it is advised by the Managing Owner, the Invesco Treasury Collateral ETF is an affiliate of the Fund.

The Invesco Government & Agency Portfolio and the Fund are advised by investment advisers under common control of Invesco Ltd., and therefore the Invesco Government & Agency Portfolio is considered to be affiliated with the Fund.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and nine months ended September 30, 2023.


	Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 09/30/2023		Dividend Income
Invesco Treasury Collateral ETF	$	119,581,886	$	—	$	—		$	34,014	$	—	$	119,615,900	$	1,481,831
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		369,294,166		158,979,371		(161,653,379	)		—		—		366,620,158		4,898,554
Total	$	488,876,052	$	158,979,371	$	(161,653,379	)	$	34,014	$	—	$	486,236,058	$	6,380,385


	Value 12/31/2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 09/30/2023		Dividend Income
Invesco Treasury Collateral ETF	$	88,980,698	$	30,475,187	$	—		$	160,015	$	—	$	119,615,900	$	3,756,511
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		428,581,904		1,274,876,593		(1,336,838,339	)		—		—		366,620,158		14,479,210
Total	$	517,562,602	$	1,305,351,780	$	(1,336,838,339	)	$	160,015	$	—	$	486,236,058	$	18,235,721

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and nine months ended September 30, 2022.



	Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value 09/30/2022		Dividend Income
Invesco Treasury Collateral ETF	$	89,200,320	$	—	$	—		$	(185,834	)	$	—	$	89,014,486	$	407,982
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		908,887,796		454,948,790		(766,732,148	)		—			—		597,104,438		3,266,169
Total	$	998,088,116	$	454,948,790	$	(766,732,148	)	$	(185,834	)	$	—	$	686,118,924	$	3,674,151

	Value 12/31/2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value 09/30/2022		Dividend Income
Invesco Treasury Collateral ETF	$	89,221,438	$	—	$	—		$	(206,952	)	$	—	$	89,014,486	$	473,725
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		738,422,201		2,518,951,339		(2,660,269,102	)		—			—		597,104,438		5,820,278
Total	$	827,643,639	$	2,518,951,339	$	(2,660,269,102	)	$	(206,952	)	$	—	$	686,118,924	$	6,294,003

Note 11 – Financial Highlights

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and nine months ended September 30, 2023 and 2022. An individual investor’s return and ratios may vary based on the timing of capital transactions.

NAV per Share is the NAV of the Fund divided by the number of outstanding Shares at the date of each respective period presented.


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Net Asset Value
Net asset value per Share, beginning of period	$	21.10		$	20.38		$	20.16		$	19.73
Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts (a)		0.08			(0.36	)		0.64			0.33
Net investment income (loss) (b)		0.24			0.04			0.62			(0.00	)
Net income (loss)		0.32			(0.32	)		1.26			0.33
Net asset value per Share, end of period	$	21.42		$	20.06		$	21.42		$	20.06
Market value per Share, beginning of period (c)	$	21.08		$	20.39		$	20.15		$	19.75
Market value per Share, end of period (c)	$	21.40		$	20.03		$	21.40		$	20.03

Ratio to average Net Assets (d)
Net investment income (loss)		4.41	%		0.85	%		3.96	%		(0.01	)%
Expenses, after waivers		0.86	%		0.89	%		0.88	%		0.88	%
Expenses, prior to waivers		0.92	%		0.94	%		0.93	%		0.92	%
Total Return, at net asset value (e)		1.52	%		(1.57	)%		6.25	%		1.67	%
Total Return, at market value (e)		1.52	%		(1.76	)%		6.20	%		1.42	%

(a)

Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments.

(b)

Based on average shares outstanding.

(c)

The mean between the last bid and ask prices.

(d)

Annualized.

(e)

Total Return, at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, reinvestment of all dividends and distributions at NAV during the period, and redemption of Shares at NAV on the last day of the period. Total Return, at NAV includes adjustments in accordance with U.S. GAAP and as such, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions. Total Return, at market value is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and redemption of Shares at the market value on the last day of the period. Not annualized for periods less than one year, if applicable.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report on Form 10-Q (the “Report”). This Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. The matters discussed throughout this Report that are not historical facts are forward-looking statements. These forward-looking statements are based on the Fund’s and Invesco Capital Management LLC’s (the “Managing Owner”) current expectations, estimates and projections about the future results, performance, prospects and opportunities of the Fund and the Fund’s business and industry and their beliefs and assumptions about future events and speak only as of the date on which they are made. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate,” as well as similar words and phrases, signify forward-looking statements. Forward-looking statements are not guarantees of future results. Future economic and industry trends that could potentially impact the Fund and its performance are difficult to predict. Conditions and important factors, risks and uncertainties in the markets for financial instruments that the Fund trades, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Managing Owner, the Fund, and the Fund’s service providers, in the broader economy and in global politics may cause actual results to differ materially from those expressed by such forward-looking statements. There can be no assurance that the forward-looking statements included in this Report will prove to be accurate. Factors that could cause results to differ from those expressed in the forward-looking statements are subject to a number of risks, uncertainties and other factors, including those described in the “Risk Factors” section of the Fund’s Prospectus and elsewhere in the Prospectus and in other SEC filings by the Fund, such as its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as well as the following:

You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, the Fund and the Managing Owner undertake no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.

Invesco DB Agriculture Fund (the “Fund”), a separate series of Invesco DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in five separate series, was formed on August 3, 2006. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended (the “Trust Agreement”). The Fund has an unlimited number of shares authorized for issuance.

Invesco Capital Management LLC (“Invesco”) has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Trust and the Fund since February 23, 2015. The Managing Owner is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Diversified Agriculture Index Excess Return™ (the “Index”) over time, plus the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill ETF Income”) over the expenses of the Fund. The Fund invests in futures contracts in an attempt to track its Index. The Index is intended to reflect the change in market value of the agricultural sector. The commodities comprising the Index are Corn, Soybeans, Wheat, Kansas City Wheat, Sugar, Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle and Lean Hogs (each an “Index Commodity”, and collectively, the “Index Commodities”).

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.

The Fund pursues its investment objective by investing in a portfolio of exchange-traded commodity futures contracts that expire in a specific month and trade on a specific exchange (the “Index Contracts”) in the Index Commodities. The notional amounts of each Index Commodity included in the Index are broadly in proportion to historic levels of the world’s production and stocks of the Index Commodities. The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co. LLC, the Fund’s commodity broker (the “Commodity Broker”) as margin, to the extent permissible under CFTC rules and United States Treasury Obligations, cash, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with The Bank of New York Mellon (the “Custodian”), for cash management purposes. The aggregate notional value of the commodity futures contracts owned by the Fund is expected to approximate the aggregate net asset value (“NAV”) of the Fund, as opposed to the aggregate Index value.

The CFTC and certain futures exchanges impose position limits on futures contracts, including on Index Contracts. As the Fund approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in Index Contracts that reference other Index Commodities. In those circumstances, the Fund may also trade in futures contracts based on commodities other than Index Commodities that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

The Managing Owner may determine to invest in other futures contracts if at any time it is impractical or inefficient to gain full or partial exposure to an Index Commodity through the use of Index Contracts. These other futures contracts may or may not be based on an Index Commodity. When they are not, the Managing Owner may seek to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

The Shares are intended to provide investment results that generally correspond to the changes, positive or negative, in the levels of the Index over time. The value of the Shares is expected to fluctuate in relation to changes in the value of the Fund’s portfolio. The market price of the Shares may not be identical to the NAV per Share, but these two valuations are expected to be very close.

The Managing Owner pays Deutsche Bank Securities, Inc. (the “Index Sponsor”) a licensing fee and an index services fee for performing its duties.

These fees constitute a portion of the routine operational, administrative and other ordinary expenses which are paid out of the management fee paid to the Managing Owner (“Management Fee”) and are not charged to or reimbursed by the Fund.

Neither the Managing Owner nor any affiliate of the Managing Owner has any rights to influence the selection of the futures contracts underlying the Index. The Managing Owner has entered into a license agreement with the Index Sponsor to use the Index.

The Fund is not sponsored or endorsed by Deutsche Bank AG, Deutsche Bank Securities, Inc. or any subsidiary or affiliate of Deutsche Bank AG or Deutsche Bank Securities, Inc. (collectively, “Deutsche Bank”). The DBIQ Diversified Agriculture Index Excess Return™ (the “Index”) is the exclusive property of Deutsche Bank Securities, Inc. “DBIQ” is a service mark of Deutsche Bank AG and has been licensed for use for certain purposes by Deutsche Bank Securities, Inc. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index makes any representation or warranty, express or implied, concerning the Index, the Fund or the advisability of investing in securities generally. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation to take the needs of the Managing Owner, or its clients into consideration in determining, composing or calculating the Index. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Fund. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation or liability in connection with the administration or trading of the Fund.

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO CAPITAL MANAGEMENT LLC FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY EXPRESS OR

IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO CAPITAL MANAGEMENT LLC.

No purchaser, seller or holder of the Shares of this Fund, or any other person or entity, should use or refer to any Deutsche Bank trade name, trademark or service mark to sponsor, endorse, market or promote this Fund without first contacting Deutsche Bank to determine whether Deutsche Bank’s permission is required. Under no circumstances may any person or entity claim any affiliation with Deutsche Bank without the written permission of Deutsche Bank.

The Index Sponsor may from time-to-time subcontract the provision of the calculation and other services described below to one or more third parties. The Index is composed of notional amounts of each of the underlying Index Commodities. The notional amount of each Index Commodity included in the Index is intended to reflect the changes in market value of each such Index Commodity within the Index. The closing level of the Index is calculated on each business day by the Index Sponsor based on the closing price of the commodity futures contracts for each of the Index Commodities and the notional amount of such Index Commodity.

The Index is rebalanced annually in November to ensure that each of the Index Commodities is weighted in the same proportion that such Index Commodities were weighted on January 18, 1989. The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.

The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of September 30, 2023:

Please see http://www.invesco.com/ETFs with respect to the most recently available weighted composition of the Fund and the composition of the Index.

Trading in futures contracts involves the Fund entering into contractual commitments to purchase a particular commodity at a specified date and price. The market risk associated with the Fund’s commitments to purchase commodities is limited to the gross or face amount of the contracts held.

The Fund’s exposure to market risk is also influenced by a number of factors including the volatility of interest rates and foreign currency exchange rates, the liquidity of the markets in which the contracts are traded and the relationships among the contracts held. The inherent uncertainty of the Fund’s trading as well as the development of drastic market occurrences could ultimately lead to a loss of all or substantially all of the investors’ capital.

When the Fund enters into futures contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any other one member. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.

The Commodity Broker, when acting as the Fund’s futures commission merchant (“FCM”) in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading. The Commodity Broker is not allowed to commingle such assets with other assets of the Commodity Broker. In addition, CFTC regulations also require the Commodity Broker to hold in a secure account assets of the Fund related to foreign futures trading. While these legal requirements are designed to protect the customers of FCMs, a failure by the Commodity Broker to comply with those requirements would be likely to have a material adverse effect on the Fund in the event that the Commodity Broker became insolvent or suffered other financial distress.

The Fund’s entire source of capital is derived from the Fund’s offering of Shares to Authorized Participants. The Fund in turn allocates its net assets to commodity futures trading. A significant portion of the NAV is held in United States Treasury Obligations, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes. The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s commodity interests change. A portion of the Fund’s United States Treasury Obligations are held for deposit with the Commodity Broker to meet margin requirements. All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian. Interest earned on the Fund’s interest-bearing funds and dividends from the Fund’s holdings of money market mutual funds are paid to the Fund. Any dividends or distributions of capital gains received from the Fund’s holdings of T-Bill ETFs, if any, are paid to the Fund.

The Fund’s commodity futures contracts may be subject to periods of illiquidity because of market conditions, regulatory considerations or for other reasons. For example, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits” or “daily limits,” and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a “limit price.” Once a limit price has been reached in a particular contract, it is usually the case that no trades may be made at a different price than specified in the limit. The duration of limit prices generally varies. Limit prices may have the effect of precluding the Fund from trading in a particular contract or requiring the Fund to liquidate contracts at disadvantageous times or prices. Either of those outcomes could adversely affect the Fund’s ability to pursue its investment objective.

Because the Fund trades futures contracts, its capital is at risk due to changes in the value of futures contracts (market risk) or the inability of counterparties (including the Commodity Broker and/or exchange clearinghouses) to perform under the terms of the contracts (credit risk).

On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more blocks of 50,000 Shares (“Creation Units”). Redemption orders must be placed by 10:00 a.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. As provided below, the redemption order settlement date may occur up to two business days after the redemption order date. Redemption orders are irrevocable. The redemption procedures allow Authorized Participants to redeem Creation Units. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 50,000 and only through an Authorized Participant.

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the Fund no later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date. Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to two business days after the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.

Redemption orders may be placed either (i) through the Continuous Net Settlement (“CNS”) clearing processes of the National Securities Clearing Corporation (the “NSCC”) (the “CNS Clearing Process”) or (ii) if outside the CNS Clearing Process, only through the facilities of The Depository Trust Company (“DTC” or the “Depository”) (the “DTC Process”), or a successor depository, and only in exchange for cash. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order and such fee is not borne by the Fund.

The Fund is unaware of any known trends or any known demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in the registrant's liquidity increasing or decreasing in any material way.

The Fund does not have any material cash requirements as of the end of the latest fiscal period. The Fund is unaware of any known material trends, favorable or unfavorable, in the Fund’s capital resources.

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.

The Fund has not utilized, nor does it expect to utilize in the future, special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind, other than agreements entered into in the normal course of business noted above, which may include indemnification provisions related to certain risks service providers undertake in providing services to the Fund. While the Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Fund’s financial position. The Managing Owner expects the risk of loss relating to indemnification to be remote.

The Fund has financial obligations to the Managing Owner and the Commodity Broker under the Trust Agreement and its agreement with the Commodity Broker (the “Commodity Broker Agreement”), respectively. Management Fee payments made to the Managing Owner, pursuant to the Trust Agreement, are calculated as a fixed percentage of the Fund’s NAV. Commission payments to the Commodity Broker, pursuant to the Commodity Broker Agreement, are on a contract-by-contract, or round-turn, basis. As such, the Managing Owner cannot anticipate the number of payments that will be required under these arrangements for future periods as NAVs and trading activity will not be known until a future date. The Fund’s agreement with the Commodity Broker may be terminated by either party for various reasons. All Management Fees and commission payments are paid to the Managing Owner and the Commodity Broker, respectively.

A primary cash flow activity of the Fund is to raise capital from Authorized Participants through the issuance of Shares. This cash is used to invest in United States Treasury Obligations, money market mutual funds and T-Bill ETFs, if any, and to meet margin requirements as a result of the positions taken in futures contracts to match the fluctuations of the Index.

As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jefferies LLC, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, Virtu Americas LLC and Virtu Financial Capital Markets LLC has executed a Participant Agreement and are the only Authorized Participants.

Net cash flow provided by (used in) operating activities was $319.4 million and $(541.3) million for the nine months ended September 30, 2023 and 2022, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations and affiliated investments. The Fund invests in 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.

During the nine months ended September 30, 2023, $760.8 million was paid to purchase United States Treasury Obligations and $1,000.0 million was received from sales and maturing United States Treasury Obligations. During the nine months ended September 30, 2022, $1,074.7 million was paid to purchase United States Treasury Obligations and $479.0 million was received from sales and maturing United States Treasury Obligations. $1,336.8 million was received from sales of affiliated investments and $1,305.4 million was paid to purchase affiliated investments during the nine months ended September 30, 2023. $2,660.3 million was received from sales of affiliated investments and $2,519.0 million was paid to purchase affiliated investments during the nine months ended September 30, 2022.

The Fund’s net cash flow provided by (used in) financing activities was $(319.4) million and $541.3 million during the nine months ended September 30, 2023 and 2022, respectively. This included $95.5 million and $1,498.1 million from Shares purchased by Authorized Participants and $414.9 million and $956.7 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2023 and 2022, respectively.

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 Diversified Agriculture 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 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.

No representation is being made that the Index will or is likely to achieve closing levels consistent with or similar to those set forth herein. Similarly, no representation is being made that the Fund will generate profits or losses similar to the Fund’s past performance or changes in the Index closing levels.

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.

This Report covers the three and nine months ended September 30, 2023 and 2022. Past performance of the Fund is not necessarily indicative of future performance.

The Index is intended to reflect the change in market value of the Index Commodities. In turn, the notional amounts of each Index Commodity are broadly in proportion to historic levels of the world’s production and stocks of such Index Commodities. The DBIQ Diversified Agriculture Index Total Return™ (the “DBIQ Diversified Agriculture TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the Index and the DBIQ Diversified Agriculture TR™ are not necessarily indicative of future changes, positive or negative.

The section “Summary of the DBIQ Diversified Agriculture TR™ and Underlying Index Commodity Returns for the Three and Nine Months Ended September 30, 2023 and 2022” 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.

Commodity Returns for the Three and Nine Months Ended September 30, 2023 and 2022

If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income were to exceed the Fund’s fees and expenses, the aggregate return on an investment in the Fund would be expected to outperform the Index and underperform the DBIQ Diversified Agriculture TR™. The only difference between (i) the Index (the “Excess Return Index”) and (ii) the DBIQ Diversified Agriculture TR™ (the “Total Return Index”) is that the Excess Return Index does not include interest income from fixed income securities while the Total Return Index does include such a component. Thus, the difference between the Excess Return Index and the Total Return Index is attributable entirely to the interest income attributable to the fixed income securities reflected in the Total Return Index. The Total Return Index does not actually hold any fixed income securities. If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, exceeds the Fund’s fees and expenses, then the amount of such excess is expected to be distributed periodically. The market price of the Shares is expected to closely track the Excess Return Index. The aggregate return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. Consequently, the Fund’s aggregate return is expected to outperform the Excess Return Index by the amount of the excess, if any, of the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income over its fees and expenses. As a result of the Fund’s fees and expenses, however, the aggregate return on the Fund is expected to underperform the Total Return Index. If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2022

For the three months ended September 30, 2023, the NYSE Arca market value of each Share increased from $21.08 per Share to $21.40 per Share. The Share price low and high for the three months ended September 30, 2023 and related change from the Share price on June 30, 2023 was as follows: Shares traded at a low of $21.09 per Share (+0.05%) on August 15, 2023, and a high of $22.37 per Share (+6.12%) on July 25, 2023. The total return for the Fund on a market value basis was +1.52%.

Agricultural commodities posted slight positive performance in the third quarter of 2023, with most of the gains coming from sugar. Front month sugar prices rose nearly 15% over the quarter as concerns over a domestic supply shortfall rose with India, the world’s second largest sugar exporter, closing in on an export ban. Cocoa also rose on deteriorating crops in West Africa but fell sharply to end the quarter. While grains gained in July after Russia pulled out of the Black Sea Grain Initiative (BSGI) and escalated attacks on Ukraine’s grain export infrastructure, prices retreated starting the last week of July. Improving weather outlooks across the US Midwest, another bumper Russian wheat harvest, strong corn and soybean harvests in Brazil and the availability of alternative shipping routes all helped ease the blow from escalating tensions in Ukraine. US grains remained largely uncompetitive on global markets, sending prices even lower in September.

For the three months ended September 30, 2022, the NYSE Arca market value of each Share decreased from $20.39 per Share to $20.03 per Share. The Share price low and high for the three months ended September 30, 2022 and related change from the Share price on June 30, 2022 was as follows: Shares traded at a low of $19.30 per Share (-5.35%) on July 22, 2022, and a high of $20.81 per Share (+2.06%) on August 29, 2022. The total return for the Fund on a market value basis was -1.76%.

Agricultural commodities were mixed for the third quarter of 2022 but finished slightly down. From July to mid-August, this sector experienced investor outflows buoyed by recession fears and favorable weather, as well as the initial success of the Black Sea Grains Initiative, but shifted to inflows to end August as severe heatwaves and low precipitation threatened grain yields. In September, supply concerns were escalated due to a lagged harvest in the U.S., delays in Ukraine and China due to wet weather, lack of rain in Argentina (for wheat) and renewed geopolitical turbulence, though prices continued to be weighed down heavily by recession fears and U.S. dollar strength.

For the three months ended September 30, 2023, the NAV of each Share increased from $21.10 per Share to $21.42 per Share. Rising commodity futures contract prices for Cocoa, Cotton, Feeder Cattle, Lean Hogs, Live Cattle and Sugar were offset by falling commodity futures contract prices of Coffee, Corn, Kansas City Wheat, Soybeans and Wheat during the three months ended September 30, 2023, contributing to an overall 0.42% increase in the level of the Index and to a 1.78% increase in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was +1.52%.

Net income (loss) for the three months ended September 30, 2023 was $13.2 million, primarily resulting from $11.2 million of income, net realized gain (loss) of $13.0 million, net change in unrealized gain (loss) of $(9.2) million and net operating expenses of $1.8 million.

For the three months ended September 30, 2022, the NAV of each Share decreased from $20.38 per Share to $20.06 per Share. Falling commodity futures contract prices for Cocoa, Coffee, Cotton, Feeder Cattle, Lean Hogs, Soybeans and Sugar were offset by rising commodity futures contract prices of Corn, Kansas City Wheat, Live Cattle and Wheat during the three months ended September 30, 2022, contributing to an overall 1.82% decrease in the level of the Index and to a 1.17% decrease in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was -1.57%.

Net income (loss) for the three months ended September 30, 2022 was $(34.5) million, primarily resulting from $6.8 million of income, net realized gain (loss) of $(63.8) million, net change in unrealized gain (loss) of $26.0 million and net operating expenses of $3.5 million.

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2022

For the nine months ended September 30, 2023, the NYSE Arca market value of each Share increased from $20.15 per Share to $21.40 per Share. The Share price low and high for the nine months ended September 30, 2023 and related change from the Share price on December 31, 2022 was as follows: Shares traded at a low of $19.36 per Share (-3.92%) on January 19, 2023, and a high of $22.37 per Share (+11.02%) on July 25, 2023. The total return for the Fund on a market value basis was +6.20%.

Agricultural commodities remained in positive territory for the first three quarters of 2023, supported by gains in sugar, cocoa, live cattle, and feeder cattle. The cocoa rally was driven by supply shortfalls in the Ivory Coast, the largest global exporter, while sugar prices rallied on Indian export uncertainty. Live cattle and feeder cattle also added positive performance on dwindled herd counts, while grains (wheat, corn, soybeans) were all detractors. Robust wheat harvests from Russia and Australia, projections for bumper Brazilian corn and soybeans harvests, as well as the continued extension of the Black Sea Grain Initiative (BSGI), continued to ease supply concerns through the first half of the year. While Russia did pull out of the BSGI in July, the impact was mitigated given strong Russian wheat exports and the availability of alternative shipping routes. US grains were also largely uncompetitive on global markets, adding further pressure.

For the nine months ended September 30, 2022, the NYSE Arca market value of each Share increased from $19.75 per Share to $20.03 per Share. The Share price low and high for the nine months ended September 30, 2022 and related change from the Share price on December 31, 2021 was as follows: Shares traded at a low of $19.30 per Share (-2.28%) on July 22, 2022, and a high of $22.98 per Share (+16.36%) on May 17, 2022. The total return for the Fund on a market value basis was +1.42%.

Despite the negative performance for agricultural commodities in the second and third quarters of 2022, the Fund still managed to lock in a small gain year-to-date. The largest contributors were grains which rallied to multi-year highs in the first quarter following Russia’s invasion of Ukraine given both countries are vital players in the global grains trade. Additionally, significant risk premium was added back to the grains market to end the third quarter after tensions in Ukraine escalated with Russian President Vladimir Putin threatening to use nuclear weapons and annexing territories in response to his military setbacks. Increasing energy prices also continued to drive up agricultural processing and transportation costs though underperformance in softs and livestock commodities dented returns.

For the nine months ended September 30, 2023, the NAV of each Share increased from $20.16 per Share to $21.42 per Share. Rising commodity futures contract prices for Cocoa, Cotton, Feeder Cattle, Live Cattle and Sugar, were offset by falling commodity

futures contract prices of Coffee, Corn, Kansas City Wheat, Lean Hogs, Soybeans and Wheat during the nine months ended September 30, 2023, contributing to an overall 3.11% increase in the level of the Index and to a 7.10% increase in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was +6.25%.

Net income (loss) for the nine months ended September 30, 2023 was $49.9 million, primarily resulting from $32.5 million of income, net realized gain (loss) of $31.3 million, net change in unrealized gain (loss) of $(8.0) million and net operating expenses of $5.9 million.

For the nine months ended September 30, 2022, the NAV of each Share increased from $19.73 per Share to $20.06 per Share. Rising commodity futures contract prices for Coffee, Corn, Kansas City Wheat, Lean Hogs, Soybeans and Wheat were offset by falling commodity futures contract prices of Cocoa, Cotton, Feeder Cattle, Live Cattle and Sugar during the nine months ended September 30, 2022, contributing to an overall 1.77% increase in the level of the Index and to a 2.80% increase in the level of the DBIQ Diversified Agriculture Index TR™. The total return for the Fund on a NAV basis was +1.67%.

Net income (loss) for the nine months ended September 30, 2022 was $(77.0) million, primarily resulting from $11.0 million of income, net realized gain (loss) of $26.6 million, net change in unrealized gain (loss) of $(103.5) million and net operating expenses of $11.1 million.

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, 2022.

There were no material estimates, which involve a significant level of estimation uncertainty and had or are reasonably likely to have had a material impact on the Fund's financial condition, used in the preparation of these financial statements.

The Fund is designed to track the performance of the Index. The market sensitive instruments held by it are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Fund’s main line of business.

Market movements can produce frequent changes in the fair market value of the Fund’s open positions and, consequently, in its earnings and cash flow. The Fund’s market risk is primarily influenced by changes in the prices of commodities.

The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Exchange Act). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

Value at Risk (“VaR”) is a statistical measure of the value of losses that would not be expected to be exceeded over a given time horizon and at a given probability level arising from movement of underlying risk factors. Loss is measured as a decline in the fair value of the portfolio as a result of changes in any of the material variables by which fair values are determined. VaR is measured over a specified holding period (one day) and to a specified level of statistical confidence (99th percentile). However, the inherent uncertainty in the markets in which the Fund trades and the recurrence in the markets traded by the Fund of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated VaR or the Fund’s experience to date (i.e., “risk of ruin”). In light of these considerations, as well as the risks and uncertainties intrinsic to all future projections, the following VaR presentation does not constitute any assurance or representation that the Fund’s losses in any market sector will be limited to VaR.

The Fund calculates VaR using the actual historical market movements of the Fund’s net assets.

The following table indicates the trading VaR associated with the Fund’s net assets as of September 30, 2023.

The following table indicates the trading VaR associated with the Fund’s net assets as of December 31, 2022.

* The VaR represents the one day downside risk, under normal market conditions, with a 99% confidence level. It is calculated using historical market moves of the Fund’s net assets and uses a one year look-back.

The Fund has non-trading market risk as a result of investing in short-term United States Treasury Obligations, T-Bill ETFs and money market mutual funds. The market risk represented by these investments is not expected to be material. Although the Fund purchases and sells shares of T-Bill ETFs on an exchange, it does not establish or liquidate those positions for trading purposes.

The following qualitative disclosures regarding the Fund’s market risk exposures—except for those disclosures that are statements of historical fact—constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The Fund’s primary market risk exposures are subject to numerous uncertainties, contingencies and risks. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures of the Fund. The Fund’s current market exposure may change materially. Investors may lose all or substantially all of their investment in the Fund.

The following were the primary trading risk exposures of the Fund as of September 30, 2023 by market sector:

The price of corn is volatile. The price movement of corn may be influenced by three primary supply factors: farmer planting decisions, climate, and government agricultural policies and three major market demand factors: livestock feeding, shortages or surpluses of world grain supplies, and domestic and foreign government policies and trade agreements. Additionally, the price movement of corn may be influenced by a variety of other factors, including weather conditions, disease, transportation costs, political uncertainties and economic concerns.

The price of wheat is volatile. The price movement of wheat may be influenced by three primary supply factors: farmer planting decisions, climate, and government agricultural policies and three major market demand factors: food, shortages or surpluses of world grain supplies, and domestic and foreign government policies and trade agreements. Additionally, the price movement of wheat may be influenced by a variety of other factors, including weather conditions, disease, transportation costs, political uncertainties and economic concerns.

The price of soybeans is volatile. The price movement of soybeans may be influenced by a variety of factors, including demand, weather conditions, disease, crop production, transportation costs, political uncertainties and economic concerns.

The price of sugar is volatile. The price movement of sugar may be influenced by a variety of factors, including demand, weather conditions, disease, crop production, transportation costs, political uncertainties and economic concerns.

The price of cocoa is volatile. The price movement of cocoa may be influenced by a variety of factors, including demand, weather conditions, disease, crop production, transportation costs, political uncertainties and economic concerns.

The price of coffee is volatile. The price movement of coffee may be influenced by a variety of factors, including demand, weather conditions, disease, crop production, transportation costs, political uncertainties and economic concerns.

The price of cotton is volatile. The price movement of cotton may be influenced by a variety of factors, including demand, weather conditions, disease, crop production, transportation costs, political uncertainties and economic concerns.

The price of live cattle is volatile. The price movement of live cattle may be influenced by a variety of factors, including demand, weather conditions, disease, agricultural feed prices (i.e. corn, milo, wheat, soybeans, hay and alfalfa), live cattle production, transportation costs, political uncertainties and economic concerns.

The price of feeder cattle is volatile. The price movement of feeder cattle may be influenced by a variety of factors, including demand, weather conditions, disease, agricultural feed prices (i.e. corn, milo, wheat, soybeans, hay and alfalfa), feeder cattle production, transportation costs, political uncertainties and economic concerns.

The price of lean hogs is volatile. The price movement of lean hogs may be influenced by a variety of factors, including demand, weather conditions, disease, agricultural feed prices (i.e. corn), hog production, crop production, transportation costs, political uncertainties and economic concerns.

As noted above, the Fund has non-trading market risk as a result of investing in short-term United States Treasury Obligations, T-Bill ETFs and money market mutual funds. The market risk represented by these investments is not expected to be material.

Under ordinary circumstances, the Managing Owner’s exercise of discretionary power is limited to determining whether the Fund will make a distribution. Under emergency or extraordinary circumstances, the Managing Owner’s use of its discretionary powers may increase. These special circumstances, for example, include the unavailability of the Index or certain natural or man-made disasters. The Managing Owner does not actively manage the Fund to avoid losses. The Fund only takes long positions in investments and does not employ “stop-loss” techniques.

For purposes of this Item 4, all references to the “Fund” shall be read to specifically include the Fund and the Trust. Please note that the disclosure controls and procedures and internal control over financial reporting of the Trust are the aggregate disclosure controls and procedures and internal control over financial reporting of the Fund and that of Invesco DB Base Metals Fund, Invesco DB Energy Fund, Invesco DB Oil Fund and Invesco DB Precious Metals Fund, each a series of the Trust.

Under the supervision and with the participation of the management of the Managing Owner, including Anna Paglia, its Principal Executive Officer, and Kelli Gallegos, its Principal Financial and Accounting Officer, Investment Pools, the Fund carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report, and, based upon that evaluation, Anna Paglia, the Principal Executive Officer of the Managing Owner, and Kelli Gallegos, the Principal Financial and Accounting Officer, Investment Pools, of the Managing Owner, concluded that the Fund’s disclosure controls and procedures were effective to provide reasonable assurance that information the Fund is required to disclose in the reports that it files or submits with the Securities and Exchange Commission (the “SEC”) under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and to provide reasonable assurance that information required to be disclosed by the Fund in the reports that it files or submits under the Exchange Act is accumulated and communicated to management of the Managing Owner, including its Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Fund’s quarter ended September 30, 2023 that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

There are no material changes from risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022, filed February 24, 2023.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities.

(a) There have been no unregistered sales of Shares. No Shares are authorized for issuance by the Fund under equity compensation plans.

(c) Although the Fund did not redeem Shares directly from its shareholders, the Fund redeemed Creation Units from Authorized Participants during the three months ended September 30, 2023 as follows:

During the period covered by this Quarterly Report, none of the members of the Managing Owner responsible for overseeing the business and operations of the Fund adopted, modified or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Delaware	87-0778078
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, Illinois	60515
(Address of Principal Executive Offices)	(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Units of Beneficial Interest	DBA	NYSE Arca, Inc.


			Page
PART I.		FINANCIAL INFORMATION	1

	ITEM 1.	Financial Statements	1
		Notes to Unaudited Financial Statements	10
	ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21
	ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	31
	ITEM 4.	Controls and Procedures	33

PART II.		OTHER INFORMATION	34

	Item 1.	Legal Proceedings	34
	Item 1A.	Risk Factors	34
	Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	34
	Item 3.	Defaults Upon Senior Securities	34
	Item 4.	Mine Safety Disclosures	34
	Item 5.	Other Information	34
	Item 6.	Exhibits	34

SIGNATURES			36


	September 30,		December 31,
	2023		2022
Assets
United States Treasury Obligations, at value (cost $346,474,953 and $571,517,656, respectively)	$	346,559,364	$	571,698,186
Affiliated Investments, at value (cost $486,140,213 and $517,626,772, respectively)		486,236,058		517,562,602
Receivable for:
Dividends from affiliates		1,621,940		1,766,452
Total assets	$	834,417,362	$	1,091,027,240
Liabilities
Other investments:
Variation margin payable- Commodity Futures Contracts	$	14,506,306	$	1,359,934
Payable for:
Fund shares reacquired		4,284,381		16,131,716
Management fees		549,632		826,520
Brokerage commissions and fees		4,997		2,140
Total liabilities		19,345,316		18,320,310
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares		857		806
Shareholders' equity—Shares		815,071,189		1,072,706,124
Total shareholders' equity		815,072,046		1,072,706,930
Total liabilities and equity	$	834,417,362	$	1,091,027,240
General Shares outstanding	40			40
Shares outstanding		38,050,000		53,200,000
Net asset value per share	$	21.42	$	20.16
Market value per share	$	21.40	$	20.15


Description	Percentage of Shareholders' Equity			Value		Principal Value
United States Treasury Obligations (a)
U.S. Treasury Bill, 5.340% due November 30, 2023 (b)		36.48	%	$	297,381,876	$	300,000,000
U.S. Treasury Bill, 5.315% due December 7, 2023		3.03			24,756,625		25,000,000
U.S. Treasury Bill, 5.300% due March 7, 2024		3.00			24,420,863		25,000,000
Total United States Treasury Obligations (cost $346,474,953)		42.51	%	$	346,559,364
Affiliated Investments						Shares
Exchange-Traded Fund
Invesco Treasury Collateral ETF (cost $119,520,055) (c)		14.68	%	$	119,615,900		1,133,800
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 5.26% (cost $366,620,158) (c)(d)		44.98			366,620,158		366,620,158
Total Affiliated Investments (cost $486,140,213)		59.66	%	$	486,236,058
Total Investments in Securities (cost $832,615,166)		102.17	%	$	832,795,422


Large Accelerated Filer	☒	Accelerated Filer	☐

Non-Accelerated Filer	☐	Smaller reporting company	☐

		Emerging growth company	☐


Open Commodity Futures Contracts	Number of Contracts		Expiration Date	Notional Value		Value(e)			Unrealized Appreciation (Depreciation)(e)
Long Futures Contracts
CBOT Corn		2,936	September - 2024	$	73,877,100	$	(1,529,805	)	$	(1,529,805	)
CBOT Soybean		1,418	November - 2023		90,397,500		(5,571,108	)		(5,571,108	)
CBOT Wheat		1,038	July - 2024		31,775,775		(3,676,374	)		(3,676,374	)
CBOT Wheat KCB		1,109	July - 2024		37,733,725		(4,976,830	)		(4,976,830	)
CME Feeder Cattle		308	November - 2023		39,254,600		(729,604	)		(729,604	)
CME Lean Hogs		1,870	December - 2023		53,687,700		(2,245,917	)		(2,245,917	)
CME Live Cattle		1,561	December - 2023		117,340,370		714,976			714,976
NYB-ICE Cocoa		3,464	December - 2023		118,399,520		(2,219,455	)		(2,219,455	)
NYB-ICE Coffee		1,463	December - 2023		80,181,544		(9,177,113	)		(9,177,113	)
NYB-ICE Cotton		526	December - 2023		22,920,450		1,448,480			1,448,480
NYB-ICE Sugar		5,512	June - 2024		150,014,592		10,910,040			10,910,040
Total Commodity Futures Contracts						$	(17,052,710	)	$	(17,052,710	)


Description	Percentage of Shareholders’ Equity			Value		Principal Value
United States Treasury Obligations (a)
U.S. Treasury Bill, 3.340% due January 5, 2023		9.32	%	$	99,979,833	$	100,000,000
U.S. Treasury Bill, 4.285% due March 2, 2023 (b)	39.35				422,100,973		425,000,000
U.S. Treasury Bill, 4.270% due March 9, 2023	4.63				49,617,380		50,000,000
Total United States Treasury Obligations (cost $571,517,656)		53.30	%	$	571,698,186
Affiliated Investments						Shares
Exchange-Traded Fund
Invesco Treasury Collateral ETF (cost $89,044,868) (c)		8.29	%	$	88,980,698		844,700
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.22% (cost $428,581,904) (c)(d)		39.95			428,581,904		428,581,904
Total Affiliated Investments (cost $517,626,772)		48.24	%	$	517,562,602
Total Investments in Securities (cost $1,089,144,428)		101.54	%	$	1,089,260,788


	General Shares					Shares						Total
	Shares		Total Equity			Shares			Total Equity			Shareholders' Equity
Balance at June 30, 2023		40	$	844			39,650,000		$	836,534,898		$	836,535,742
Purchases of Shares							800,000			17,302,168			17,302,168
Redemption of Shares							(2,400,000	)		(51,931,428	)		(51,931,428	)
Net Increase (Decrease) due to Share Transactions							(1,600,000	)		(34,629,260	)		(34,629,260	)
Net Income (Loss)
Net Investment Income (Loss)				9						9,340,011			9,340,020
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				13						12,986,992			12,987,005
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(9	)					(9,161,452	)		(9,161,461	)
Net Income (Loss)				13						13,165,551			13,165,564
Net Change in Shareholders' Equity		—		13			(1,600,000	)		(21,463,709	)		(21,463,696	)
Balance at September 30, 2023		40	$	857			38,050,000		$	815,071,189		$	815,072,046


Index Commodity	Fund Weight (%)
Cocoa		14.53	%
Coffee		9.83
Corn		9.06
Cotton		2.81
Feeder Cattle		4.82
Kansas City Wheat		4.63
Lean Hogs		6.55
Live Cattle		14.39
Soybeans		11.08
Sugar		18.40
Wheat		3.90
Closing Level as of September 30, 2023:		100.00	%


	AGGREGATE RETURNS FOR INDICES IN THE DBIQ AGRICULTURE TR™
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Underlying Index	2023			2022			2023			2022
DB Cocoa Indices		3.08	%		(0.61	)%		36.46	%		(12.34	)%
DB Coffee Indices		(6.52	)		(1.55	)		(6.60	)		0.27
DB Corn Indices		(1.63	)		3.24			(21.45	)		15.74
DB Cotton Indices		9.90			(13.08	)		11.96			(7.73	)
DB Feeder Cattle Indices		1.63			(2.66	)		21.73			(13.39	)
DB Kansas City Wheat Indices		(10.22	)		2.99			(15.32	)		23.92
DB Lean Hogs Indices		2.20			(2.90	)		(14.59	)		1.78
DB Live Cattle Indices		3.57			3.57			21.42			(3.74	)
DB Soybean Indices		(3.80	)		(5.77	)		(6.52	)		8.61
DB Sugar Indices		16.72			(5.09	)		54.05			(4.04	)
DB Wheat Indices		(11.06	)		1.85			(27.81	)		18.62
AGGREGATE RETURN		1.78	%		(1.17	)%		7.10	%		2.80	%


								For the Year Ended
								December 31, 2022
Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		Number of times VaR Exceeded
Invesco DB Agriculture Fund	$	1,072,706,930		0.74	%	$	18,830,389		25


Period of Redemption	Total Number of Shares Redeemed		Average Price Paid per Share
July 1, 2023 to July 31, 2023		700,000	$	21.64
August 1, 2023 to August 31, 2023		850,000	$	21.45
September 1, 2023 to September 30, 2023		850,000	$	21.83
Total		2,400,000	$	21.64


31.1	Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

31.2	Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)


101		Interactive data file pursuant to Rule 405 of Regulation S-T: (i) the Statements of Financial Condition of Invesco DB Agriculture Fund — September 30, 2023 and December 31, 2022 (Unaudited), (ii) the Schedule of Investments of Invesco DB Agriculture Fund — September 30, 2023 (Unaudited), (iii) the Schedule of Investments of Invesco DB Agriculture Fund — December 31, 2022 (Unaudited), (iv) the Statements of Income and Expenses of Invesco DB Agriculture Fund — For the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited), (v) the Statement of Changes in Shareholders’ Equity of Invesco DB Agriculture Fund — For the Three Months Ended September 30, 2023 (Unaudited), (vi) the Statement of Changes in Shareholders’ Equity of Invesco DB Agriculture Fund — For the Three Months Ended September 30, 2022 (Unaudited), (vii) the Statement of Changes in Shareholders’ Equity of Invesco DB Agriculture Fund — For the Nine Months Ended September 30, 2023 (Unaudited), (viii) the Statement of Changes in Shareholders’ Equity of Invesco DB Agriculture Fund — For the Nine Months Ended September 30, 2022 (Unaudited), (ix) the Statements of Cash Flows of Invesco DB Agriculture Fund — For the Nine Months Ended September 30, 2023 and 2022 (Unaudited), and (x) Notes to Unaudited Financial Statements of Invesco DB Agriculture Fund — September 30, 2023.

101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

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101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		The cover page of the Fund's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in Inline XBRL


	Invesco DB Multi-Sector Commodity Trust on its own behalf and with respect to Invesco DB Agriculture Fund

	By:	Invesco Capital Management LLC,
		its Managing Owner

Dated: November 7, 2023		By:	/s/ ANNA PAGLIA
		Name:	Anna Paglia
		Title:	Principal Executive Officer

Dated: November 7, 2023		By:	/s/ KELLI GALLEGOS
		Name:	Kelli Gallegos
		Title:	Principal Financial and Accounting Officer, Investment Pools

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Trading Symbol	DBA
Entity Registrant Name	INVESCO DB AGRICULTURE FUND
Entity Central Index Key	0001383082
Current Fiscal Year End Date	--12-31
Entity File Number	001-33238
Entity Tax Identification Number	87-0778078
Entity Address, Address Line One	c/o Invesco Capital Management LLC
Entity Address, Address Line Two	3500 Lacey Road
Entity Address, Address Line Three	Suite 700
Entity Address, City or Town	Downers Grove
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60515
City Area Code	800
Local Phone Number	983-0903
Title of 12(b) Security	Common Units of Beneficial Interest
Security Exchange Name	NYSEArca
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding	38,050,000

Statements of Financial Condition (Unaudited) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Assets
United States Treasury Obligations, at value (cost $346,474,953 and $571,517,656, respectively)	$ 346,559,364	$ 571,698,186
Investments, at value	832,795,422	1,089,260,788
Receivable for:
Dividends from affiliates	1,621,940	1,766,452
Total assets	834,417,362	1,091,027,240
Other investments:
Variation margin payable- Commodity Futures Contracts	14,506,306	1,359,934
Payable for:
Fund shares reacquired	4,284,381	16,131,716
Management fees	549,632	826,520
Brokerage commissions and fees	4,997	2,140
Total liabilities	19,345,316	18,320,310
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	857	806
Shareholders' equity—Shares	815,071,189	1,072,706,124
Total shareholders' equity	815,072,046	1,072,706,930
Total liabilities and equity	$ 834,417,362	$ 1,091,027,240
General Shares outstanding	40	40
Shares outstanding	38,050,000	53,200,000
Net asset value per share	$ 21.42	$ 20.16
Market value per share	$ 21.40	$ 20.15
Investment, Affiliated [Member]
Assets
Investments, at value	$ 486,236,058	$ 517,562,602

Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Investments in Securities, cost	$ 832,615,166	$ 1,089,144,428
US Treasury Bill Securities [Member]
Investments in Securities, cost	346,474,953	571,517,656
Affiliated Investments [Member]
Affiliated Investments, at Cost	$ 486,140,213	$ 517,626,772

Statements of Income and Expense (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
Statements of Income and Expense (Unaudited) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income
Interest Income	$ 4,788,543	$ 3,141,756	$ 14,291,035	$ 4,698,003
Dividends from Affiliates	6,380,385	3,674,151	18,235,721	6,294,003
Total Income	11,168,928	6,815,907	32,526,756	10,992,006
Expenses
Management Fees	1,799,485	3,325,068	5,722,675	10,725,764
Brokerage Commissions and Fees	111,690	302,134	423,216	880,786
Interest Expense	36,350	39,452	109,570	57,803
Total Expenses	1,947,525	3,666,654	6,255,461	11,664,353
Less: Waivers	(118,617)	(173,488)	(352,996)	(556,974)
Net Expenses	1,828,908	3,493,166	5,902,465	11,107,379
Net Investment Income (Loss)	9,340,020	3,322,741	26,624,291	(115,373)
Net Realized Gain (Loss) on
United States Treasury Obligations	139		74	1
Commodity Futures Contracts	12,986,866	(63,789,914)	31,335,023	26,647,801
Net Realized Gain (Loss)	12,987,005	(63,789,914)	31,335,097	26,647,802
Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations	(178,241)	708,668	(96,119)	(1,065,981)
Affiliated Investments	34,014	(185,834)	160,015	(206,952)
Commodity Futures Contracts	(9,017,234)	25,433,737	(8,085,031)	(102,237,000)
Net Change in Unrealized Gain (Loss)	(9,161,461)	25,956,571	(8,021,135)	(103,509,933)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	3,825,544	(37,833,343)	23,313,962	(76,862,131)
Net Income (Loss)	$ 13,165,564	$ (34,510,602)	$ 49,938,253	$ (76,977,504)

Statement of Changes in Shareholders' Equity (Unaudited) - USD ($)	Total	General Shares [Member]	Shares [Member]
Balance - Value at Dec. 31, 2021	$ 1,018,200,047	$ 789	$ 1,018,199,258
Balance - Shares at Dec. 31, 2021		40	51,600,000
Purchases of Shares - Value	1,498,075,669		$ 1,498,075,669
Purchases of Shares - Shares			68,700,000
Redemption of Shares - Value	(964,762,263)		$ (964,762,263)
Redemption of Shares - Shares			(46,800,000)
Net Increase (Decrease) due to Share Transactions, value	533,313,406		$ 533,313,406
Net Increase (Decrease) due to Share Transactions, shares			21,900,000
Net Income (Loss)
Net Investment Income (Loss)	(115,373)		$ (115,373)
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	26,647,802	$ (4)	26,647,806
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(103,509,933)	17	(103,509,950)
Net Income (Loss)	(76,977,504)	13	(76,977,517)
Net Change in Shareholders' Equity, value	456,335,902	13	$ 456,335,889
Net Change in Shareholders' Equity, shares			21,900,000
Balance - Value at Sep. 30, 2022	1,474,535,949	$ 802	$ 1,474,535,147
Balance - Shares at Sep. 30, 2022		40	73,500,000
Balance - Value at Jun. 30, 2022	1,826,390,333	$ 815	$ 1,826,389,518
Balance - Shares at Jun. 30, 2022		40	89,600,000
Purchases of Shares - Value	73,208,679		$ 73,208,679
Purchases of Shares - Shares			3,600,000
Redemption of Shares - Value	(390,552,461)		$ (390,552,461)
Redemption of Shares - Shares			(19,700,000)
Net Increase (Decrease) due to Share Transactions, value	(317,343,782)		$ (317,343,782)
Net Increase (Decrease) due to Share Transactions, shares			(16,100,000)
Net Income (Loss)
Net Investment Income (Loss)	3,322,741	$ (2)	$ 3,322,743
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(63,789,914)	51	(63,789,965)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	25,956,571	(62)	25,956,633
Net Income (Loss)	(34,510,602)	(13)	(34,510,589)
Net Change in Shareholders' Equity, value	(351,854,384)	(13)	$ (351,854,371)
Net Change in Shareholders' Equity, shares			(16,100,000)
Balance - Value at Sep. 30, 2022	1,474,535,949	$ 802	$ 1,474,535,147
Balance - Shares at Sep. 30, 2022		40	73,500,000
Balance - Value at Dec. 31, 2022	1,072,706,930	$ 806	$ 1,072,706,124
Balance - Shares at Dec. 31, 2022		40	53,200,000
Purchases of Shares - Value	95,514,366		$ 95,514,366
Purchases of Shares - Shares			4,550,000
Redemption of Shares - Value	(403,087,503)		$ (403,087,503)
Redemption of Shares - Shares			(19,700,000)
Net Increase (Decrease) due to Share Transactions, value	(307,573,137)		$ (307,573,137)
Net Increase (Decrease) due to Share Transactions, shares			(15,150,000)
Net Income (Loss)
Net Investment Income (Loss)	26,624,291	$ 27	$ 26,624,264
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	31,335,097	32	31,335,065
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(8,021,135)	(8)	(8,021,127)
Net Income (Loss)	49,938,253	51	49,938,202
Net Change in Shareholders' Equity, value	(257,634,884)	51	$ (257,634,935)
Net Change in Shareholders' Equity, shares			(15,150,000)
Balance - Value at Sep. 30, 2023	815,072,046	$ 857	$ 815,071,189
Balance - Shares at Sep. 30, 2023		40	38,050,000
Balance - Value at Jun. 30, 2023	836,535,742	$ 844	$ 836,534,898
Balance - Shares at Jun. 30, 2023		40	39,650,000
Purchases of Shares - Value	17,302,168		$ 17,302,168
Purchases of Shares - Shares			800,000
Redemption of Shares - Value	(51,931,428)		$ (51,931,428)
Redemption of Shares - Shares			(2,400,000)
Net Increase (Decrease) due to Share Transactions, value	(34,629,260)		$ (34,629,260)
Net Increase (Decrease) due to Share Transactions, shares			(1,600,000)
Net Income (Loss)
Net Investment Income (Loss)	9,340,020	$ 9	$ 9,340,011
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	12,987,005	13	12,986,992
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(9,161,461)	(9)	(9,161,452)
Net Income (Loss)	13,165,564	13	13,165,551
Net Change in Shareholders' Equity, value	(21,463,696)	13	$ (21,463,709)
Net Change in Shareholders' Equity, shares			(1,600,000)
Balance - Value at Sep. 30, 2023	$ 815,072,046	$ 857	$ 815,071,189
Balance - Shares at Sep. 30, 2023		40	38,050,000

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
Statements of Cash Flows (Unaudited) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net Income (Loss)	$ 49,938,253	$ (76,977,504)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	(760,806,844)	(1,074,733,385)
Proceeds from securities sold and matured	1,000,000,074	479,011,600
Cost of affiliated investments purchased	(1,305,351,780)	(2,518,951,339)
Proceeds from affiliated investments sold	1,336,838,339	2,660,269,102
Net accretion of discount on United States Treasury Obligations	(14,150,453)	(4,669,200)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	(74)	(1)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	(63,896)	1,272,933
Change in operating assets and liabilities:
Variation margin - Commodity Futures Contracts	13,146,372	(5,600,735)
Dividends from affiliates	144,512	(1,229,266)
Management fees	(276,888)	271,591
Brokerage commissions and fees	2,857	(2,023)
Net cash provided by (used in) operating activities	319,420,472	(541,338,227)
Cash flows from financing activities:
Proceeds from purchases of Shares	95,514,366	1,498,075,669
Redemption of Shares	(414,934,838)	(956,737,442)
Net cash provided by (used in) financing activities	(319,420,472)	541,338,227
Supplemental disclosure of cash flow information
Cash paid for interest	$ 109,570	$ 57,803

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 13,165,564	$ (34,510,602)	$ 49,938,253	$ (76,977,504)

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies A. Basis of Presentation The financial statements of the Fund have been prepared using U.S. GAAP. The Fund has determined that it meets the definition of an investment company and has prepared the financial statements in conformity with U.S. GAAP for investment companies in conformity with accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies. B. Accounting Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued. C. Investment Valuations Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value (“NAV”) per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. United States Treasury Obligations are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as developments related to specific securities, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. All debt obligations involve some risk of default with respect to interest and/or principal payments. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Managing Owner. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. D. Investment Transactions and Investment Income Investment transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of securities or derivatives are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the sale or disposition occurs, respectively. Interest income on United States Treasury Obligations is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. E. Profit and Loss Allocations and Distributions Pursuant to the Trust Agreement, income and expenses are allocated pro rata to the Managing Owner as holder of the General Shares and to the Shareholders monthly based on their respective percentage interests as of the close of the last trading day of the preceding month. Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the shareholders. No distributions were paid for the three and nine months ended September 30, 2023 and 2022. F. Routine Operational, Administrative and Other Ordinary Expenses The Managing Owner is responsible for all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. The Fund does not reimburse the Managing Owner for the routine operational, administrative and other ordinary expenses of the Fund. Accordingly, such expenses are not reflected in the Statements of Income and Expenses of the Fund. G. Non-Recurring Fees and Expenses The Fund pays all non-recurring and unusual fees and expenses, if any, of itself, as determined by the Managing Owner. Non-recurring and unusual fees and expenses include fees and expenses, such as legal claims and liabilities, litigation costs, indemnification expenses or other non-routine expenses. Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the three and nine months ended September 30, 2023 and 2022, the Fund did not incur such expenses. H. Brokerage Commissions and Fees The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker (as defined below). These costs are recorded as Brokerage Commissions and Fees in the Statements of Income and Expenses. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker, as applicable, were less than $7.00 and $7.00 per round-turn trade during the three and nine months ended September 30, 2023, respectively. On average, total charges paid to the Commodity Broker, as applicable, were less than $7.00 and $7.00 per round-turn trade during the three and nine months ended September 30, 2022, respectively. I. Income Taxes The Fund is classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will generally not incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items. The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions taken or expected to be taken in future tax returns. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, 2020. J. Commodity Futures Contracts The Fund utilizes derivative instruments to achieve its investment objective. A commodity futures contract is an agreement between counterparties to purchase or sell a specified underlying commodity for a specified price, or to pay or receive a cash amount based on the value of an index or other reference instrument, at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker. During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Financial Condition. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

Organization - Additional Information (Detail)	9 Months Ended
Organization - Additional Information (Detail)	Sep. 30, 2023 CreationUnit shares	Dec. 31, 2022 shares	Feb. 23, 2015 shares	Aug. 03, 2006 Trust
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of series of trusts \| Trust				5
General shares, shares issued	40	40	40
Treasury obligation measurement maximum maturity period	12 months
Minimum number of Creation Units that can be purchased \| CreationUnit	1
Number of shares issued per Creation Unit	50,000

Deposits with Commodity Broker and Custodian - Additional Information (Detail) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Broker-Dealer [Abstract]
Cash equivalents held by fund	$ 0	$ 0

Additional Valuation Information - Summary of the Tiered Valuation Input Levels (Detail) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
United States Treasury Obligations	$ 346,559,364	$ 571,698,186
Exchange-Traded Fund	119,615,900	88,980,698
Money Market Mutual Fund	366,620,158	428,581,904
Total Investments in Securities	832,795,422	1,089,260,788
Commodity Futures Contracts, Appreciation	13,073,496	28,870,863
Commodity Futures Contracts, Depreciation	(30,126,206)	(37,838,542)
Commodity Futures Contracts	(17,052,710)	(8,967,679)
Total Investments	815,742,712	1,080,293,109
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exchange-Traded Fund	119,615,900	88,980,698
Money Market Mutual Fund	366,620,158	428,581,904
Total Investments in Securities	486,236,058	517,562,602
Commodity Futures Contracts, Appreciation	13,073,496	28,870,863
Commodity Futures Contracts, Depreciation	(30,126,206)	(37,838,542)
Commodity Futures Contracts	(17,052,710)	(8,967,679)
Total Investments	469,183,348	508,594,923
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
United States Treasury Obligations	346,559,364	571,698,186
Total Investments in Securities	346,559,364	571,698,186
Total Investments	$ 346,559,364	$ 571,698,186

Derivative Instruments - Fair Value of Derivative Instruments (Detail) - Commodity Futures Contract [Member] - Not Designated as Hedging Instrument [Member] - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Assets	$ 13,073,496	$ 28,870,863
Liabilities	$ (30,126,206)	$ (37,838,542)

Investments in Affiliates - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Investments in and Advances to Affiliates [Line Items]
Treasury obligation measurement maximum maturity period	12 months
United States Treasury Obligations, at value	$ 346,559,364	$ 571,698,186
United States Treasury Obligations [Member] \| Affiliated Investments [Member]
Investments in and Advances to Affiliates [Line Items]
Treasury obligation measurement minimum maturity period	1 month
Treasury obligation measurement maximum maturity period	12 months
Minimum [Member] \| United States Treasury Obligations [Member] \| Affiliated Investments [Member]
Investments in and Advances to Affiliates [Line Items]
United States Treasury Obligations, at value	$ 300,000,000

Share Purchases and Redemptions - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023 CreationUnit shares
Equity [Abstract]
Minimum number of Creation Units that can be purchased \| CreationUnit	1
Number of shares issued per Creation Unit \| shares	50,000
Minimum number of Creation Units that can be redeemed \| CreationUnit	1
Number of shares issued per Creation Unit \| shares	50,000