Post-Effective amendments for registration statement

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As filed with the Securities and Exchange Commission on April 10, 2019

Registration Nos. 333-228404

333-228404-01

333-228404-02

333-228404-03

333-228404-04

333-228404-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

POST-EFFECTIVE AMENDMENT NO. 1

TO

FORM S-1

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

INVESCO DB MULTI-SECTOR COMMODITY TRUST

(Registrant)

INVESCO DB ENERGY FUND;

INVESCO DB OIL FUND;

INVESCO DB PRECIOUS METALS FUND;

INVESCO DB GOLD FUND;

INVESCO DB BASE METALS FUND

(Co-Registrants)

(Exact name of registrant as specified in its charter)

Delaware 6799 87-0778078 (Trust)
(State of Organization) (Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, Illinois 60515

(800) 983-0903

Anna Paglia

c/o Invesco Capital

Management LLC

3500 Lacey Road, Suite 700

Downers Grove, Illinois 60515

(800) 983-0903

(Address, including zip code, and telephone

number, including

area code, of registrants’ principal executive offices)

(Name, address, including zip code, and telephone number,
including area code, of agent for service)

Copies to:

Joshua B. Sterling, Esq.

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue NW

Washington, DC 20004

Approximate date of commencement of proposed sale to the public:

As promptly as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box.  ☒


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If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.  ☐

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. (check one).

Invesco DB Energy Fund

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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 7(a)(2)(B) of the Securities Act.  ☐

Invesco DB Oil Fund

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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 7(a)(2)(B) of the Securities Act.  ☐

Invesco DB Precious Metals Fund

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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 7(a)(2)(B) of the Securities Act.  ☐

Invesco DB Gold Fund

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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 7(a)(2)(B) of the Securities Act.  ☐

Invesco DB Base Metals Fund

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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 7(a)(2)(B) of the Securities Act.  ☐

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.


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EXPLANATORY NOTE

This Post-Effective Amendment No. 1 to the registration statement on Form S-1 (this “Post-Effective Amendment No. 1”) of Invesco DB Multi-Sector Commodity Trust (the “Trust”) and Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund, Invesco DB Gold Fund and Invesco DB Base Metals Fund (each, a “Fund”) (Registration Nos. 333-228404, 333-228404-01, 333-228404-02, 333-228404-03, 333-228404-04, 333-228404-05, respectively) is being filed to incorporate by reference each Fund’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which were filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2019.


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INVESCO DB MULTI-SECTOR COMMODITY TRUST

Invesco DB Energy Fund 21,400,000 Common Units of Beneficial Interest
Invesco DB Oil Fund 79,000,000 Common Units of Beneficial Interest
Invesco DB Precious Metals Fund 21,600,000 Common Units of Beneficial Interest
Invesco DB Gold Fund 14,200,000 Common Units of Beneficial Interest
Invesco DB Base Metals Fund 24,600,000 Common Units of Beneficial Interest

Invesco DB Multi-Sector Commodity Trust (the “Trust”) is organized in seven separate series as a Delaware statutory trust. Each series of the Trust (each a “Fund”) issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of such series only. Unless the context otherwise requires, references in this Prospectus to a “Fund” or the “Funds” are to the series of the Trust that is or are being offered pursuant to this Prospectus. Shares in each Fund are being separately offered. Shares may be purchased from each Fund only by certain eligible financial institutions, called Authorized Participants, and only in one or more blocks of 200,000 Shares (“Baskets”). Baskets are issued on the creation order settlement date as of 2:45 p.m., Eastern time, on the business day immediately following the creation order date at the applicable net asset value (“NAV”) per Share as of the closing time if the NYSE Arca, Inc. (“NYSE Arca”) or the last to close of the exchanges on which a Fund’s futures contracts are traded, whichever is later, on the creation order date. Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to two business days after the creation order date.

The Shares of each Fund trade on the NYSE Arca under the following symbols: Invesco DB Energy Fund – DBE; Invesco DB Oil Fund – DBO; Invesco DB Precious Metals Fund – DBP; Invesco DB Gold Fund – DGL and Invesco DB Base Metals Fund – DBB.

Invesco Capital Management LLC serves as each Fund’s managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor.

Each Fund trades exchange-traded futures contracts on the commodities comprising a particular commodities index, with a view to tracking the index over time. Each Fund also earns interest income (“Treasury Income”) from United States Treasury securities (“Treasury Securities”) and dividends from its holdings

in money market mutual funds (affiliated or otherwise) (“Money Market Income”). Each Fund also gains an exposure to Treasury Securities through an investment in exchange-traded funds (affiliated or otherwise) (“ETFs”) that track indexes that measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of up to twelve months (“T-Bill ETFs”), and each Fund may receive dividends or distributions of capital gains from those investments (“T-Bill ETF Income”). Additionally, each Fund’s performance reflects the appreciation or depreciation of its investments in Treasury Securities, money market mutual funds and T-Bill ETFs.

•

Invesco DB Energy Fund is designed to track the DBIQ Optimum Yield Energy Index Excess Return™ (“DBIQ-OY Energy ER™”), which is intended to reflect the changes in market value of the energy sector.

•

Invesco DB Oil Fund is designed to track the DBIQ Optimum Yield Crude Oil Index Excess Return™ (“DBIQ-OY CL ER™”), which is intended to reflect the changes in market value of crude oil.

•

Invesco DB Precious Metals Fund is designed to track the DBIQ Optimum Yield Precious Metals Index Excess Return™ (“DBIQ-OY Precious Metals ER™”), which is intended to reflect the changes in market value of the precious metals sector.

•

Invesco DB Gold Fund is designed to track the DBIQ Optimum Yield Gold Index Excess Return™ (“DBIQ-OY GC ER™”), which is intended to reflect the changes in market value of gold.

•

Invesco DB Base Metals Fund is designed to track the DBIQ Optimum Yield Industrial Metals Index Excess Return™ (“DBIQ-OY Industrial Metals ER™”), which is intended to reflect the changes in market value of the base metals sector.

We refer to each of the indexes as an “Index” and we refer to them collectively as the “Indexes”.

INVESTING IN THE SHARES INVOLVES SIGNIFICANT RISKS.

PLEASE REFER TO “ RISK FACTORS ” BEGINNING ON PAGE 16.

•

Futures trading is volatile and even a small movement in market prices could cause large losses.

•

The success of each Fund’s trading program depends upon the skill of the Managing Owner and its trading principals.

•

You could lose all or substantially all of your investment.

•

Each of the Indexes is concentrated in a small number of commodities and some are highly concentrated in a single commodity. Concentration may result in greater volatility.

•

Investors in each Fund pay fees in connection with their investment in the Shares, including asset-based fees of 0.75% per annum. Additional charges include brokerage fees of approximately 0.03% with respect to Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund and Invesco DB Gold Fund and 0.05% with respect to Invesco DB Base Metals Fund per annum in the aggregate.

Authorized Participants may offer to the public, from time to time, Shares from any Baskets they create. Shares offered to the public by Authorized Participants will be offered at a per-Share offering price that will vary depending on, among other factors, the trading price of the Shares of each Fund on the NYSE Arca, the NAV per Share and the supply of and demand for the Shares at the time of sale. Because the Shares will trade at market prices, rather than the NAV of each Fund, Shares may trade at prices greater than NAV (at a premium), at NAV,

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or less than NAV (at a discount). Authorized Participants will not receive from any Fund, the Managing Owner or any of their affiliates, any fee or other compensation in connection with their sale of Shares to the public.

An Authorized Participant may receive commissions or fees from investors who purchase Shares through their commission or fee-based brokerage accounts. In addition, the Managing Owner pays a distribution services fee to Invesco Distributors, Inc. and pays a marketing services fee to Deutsche Investment Management Americas Inc. (“DIMA”) without reimbursement from the Trust or any Fund. For more information regarding items of compensation paid to Financial Industry Regulatory Authority, Inc. (“FINRA”) members, please see the “Plan of Distribution” section on page 130.

These securities have not been approved or disapproved by the U.S. Securities and Exchange Commission (“SEC”) or any state securities commission nor has the SEC or any state securities commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. None of the Funds is a mutual fund or any other type of investment company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THESE POOLS NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.

April 10, 2019

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COMMODITY FUTURES TRADING COMMISSION

RISK DISCLOSURE STATEMENT

YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE AWARE THAT COMMODITY INTEREST TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE POOL.

FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THESE POOLS AT PAGE 82 AND A STATEMENT OF THE PERCENTAGE RETURNS NECESSARY TO BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 33.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN ANY OF THESE COMMODITY POOLS. THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE IN ANY OF THESE COMMODITY POOLS, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT, AT PAGES 16 THROUGH 30.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND ITS PARTICIPANTS. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE EFFECTED.

THIS PROSPECTUS DOES NOT INCLUDE ALL OF THE INFORMATION OR EXHIBITS IN THE REGISTRATION STATEMENT OF THE TRUST OR FUNDS. YOU CAN READ AND COPY THE ENTIRE REGISTRATION STATEMENT AT THE PUBLIC REFERENCE FACILITIES MAINTAINED BY THE SEC IN WASHINGTON, D.C.

THE FUNDS FILE QUARTERLY AND ANNUAL REPORTS WITH THE SEC. YOU CAN READ AND COPY THESE REPORTS AT THE SEC PUBLIC REFERENCE FACILITIES IN WASHINGTON, D.C. PLEASE CALL THE SEC AT 1-800-SEC-0330 FOR FURTHER INFORMATION.

THE FILINGS OF THE TRUST AND FUNDS ARE POSTED AT THE SEC WEBSITE AT HTTP://WWW.SEC.GOV .

REGULATORY NOTICES

NO DEALER, SALESMAN OR ANY OTHER PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION NOT CONTAINED IN THIS PROSPECTUS, AND, IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATION

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MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE TRUST, ANY FUND, THE MANAGING OWNER, THE AUTHORIZED PARTICIPANTS OR ANY OTHER PERSON.

THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO SELL OR A SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY OFFER, SOLICITATION, OR SALE OF THE SHARES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION, OR SALE IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE ANY SUCH OFFER, SOLICITATION, OR SALE.

THE BOOKS AND RECORDS OF EACH FUND ARE MAINTAINED AS FOLLOWS: ALL MARKETING MATERIALS ARE MAINTAINED AT THE OFFICES OF INVESCO DISTRIBUTORS, INC., 11 GREENWAY PLAZA, SUITE 1000, HOUSTON, TEXAS 77046-1173; TELEPHONE NUMBER (800) 983-0903; BASKET CREATION AND REDEMPTION BOOKS AND RECORDS, ACCOUNTING AND CERTAIN OTHER FINANCIAL BOOKS AND RECORDS (INCLUDING FUND ACCOUNTING RECORDS, LEDGERS WITH RESPECT TO ASSETS, LIABILITIES, CAPITAL, INCOME AND EXPENSES, THE REGISTRAR, TRANSFER JOURNALS AND RELATED DETAILS) AND TRADING AND RELATED DOCUMENTS RECEIVED FROM FUTURES COMMISSION MERCHANTS ARE MAINTAINED BY THE BANK OF NEW YORK MELLON, 2 HANSON PLACE, BROOKLYN, NEW YORK 11217, TELEPHONE NUMBER (718) 315-7500. ALL OTHER BOOKS AND RECORDS OF EACH FUND (INCLUDING MINUTE BOOKS AND OTHER GENERAL CORPORATE RECORDS, TRADING RECORDS AND RELATED REPORTS AND OTHER ITEMS RECEIVED FROM EACH FUND’S COMMODITY BROKERS) ARE MAINTAINED AT THE FUNDS’ PRINCIPAL OFFICE, C/O INVESCO CAPITAL MANAGEMENT LLC, 3500 LACEY ROAD, SUITE 700, DOWNERS GROVE, ILLINOIS 60515; TELEPHONE NUMBER (800) 983-0903. SHAREHOLDERS WILL HAVE THE RIGHT, DURING NORMAL BUSINESS HOURS, TO HAVE ACCESS TO AND COPY (UPON PAYMENT OF REASONABLE REPRODUCTION COSTS) SUCH BOOKS AND RECORDS IN PERSON OR BY THEIR AUTHORIZED ATTORNEY OR AGENT. MONTHLY ACCOUNT STATEMENTS FOR EACH FUND CONFORMING TO COMMODITY FUTURES TRADING COMMISSION (“CFTC”) AND THE NATIONAL FUTURES ASSOCIATION (“NFA”) REQUIREMENTS ARE POSTED ON THE MANAGING OWNER’S WEBSITE AT WWW.INVESCO.COM/ETFs . ADDITIONAL REPORTS MAY BE POSTED ON THE MANAGING OWNER’S WEBSITE IN THE DISCRETION OF THE MANAGING OWNER OR AS REQUIRED BY REGULATORY AUTHORITIES. INFORMATION ON THE MANAGING OWNER’S WEBSITE SHALL NOT BE DEEMED TO BE A PART OF THIS PROSPECTUS OR INCORPORATED BY REFERENCE HEREIN UNLESS OTHERWISE EXPRESSLY STATED. THERE WILL SIMILARLY BE DISTRIBUTED TO SHAREHOLDERS, NOT MORE THAN 90 DAYS AFTER THE CLOSE OF EACH FUND’S FISCAL YEAR, CERTIFIED AUDITED FINANCIAL STATEMENTS AND (IN NO EVENT LATER THAN MARCH 15 OF THE IMMEDIATELY FOLLOWING YEAR) THE TAX INFORMATION RELATING TO SHARES OF EACH FUND NECESSARY FOR THE PREPARATION OF SHAREHOLDERS’ ANNUAL FEDERAL INCOME TAX RETURNS.

THE DIVISION OF INVESTMENT MANAGEMENT OF THE SECURITIES AND EXCHANGE COMMISSION REQUIRES THAT THE FOLLOWING STATEMENT BE PROMINENTLY SET FORTH HEREIN: “NEITHER INVESCO DB MULTI-SECTOR COMMODITY TRUST NOR ANY SERIES THEREOF IS A MUTUAL FUND OR ANY OTHER TYPE OF INVESTMENT COMPANY WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, AND IS NOT SUBJECT TO REGULATION THEREUNDER.”

AUTHORIZED PARTICIPANTS MAY BE REQUIRED TO DELIVER A PROSPECTUS WHEN TRANSACTING IN SHARES. SEE “PLAN OF DISTRIBUTION.”

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PART ONE

DISCLOSURE DOCUMENT

SUMMARY

1

RISK FACTORS

16

FORWARD-LOOKING STATEMENTS

30

INVESTMENT OBJECTIVES OF THE FUNDS

31

BREAKEVEN ANALYSIS

33

BREAKEVEN TABLE

34

PERFORMANCE OF INVESCO DB ENERGY FUND (TICKER: DBE), A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST

36

PERFORMANCE OF INVESCO DB OIL FUND (TICKER: DBO), A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST

37

PERFORMANCE OF INVESCO DB PRECIOUS METALS FUND (TICKER: DBP), A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST

38

PERFORMANCE OF INVESCO DB GOLD FUND (TICKER: DGL), A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST

39

PERFORMANCE OF INVESCO DB BASE METALS FUND (TICKER: DBB), A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST

40

DESCRIPTION OF THE DBIQ OPTIMUM YIELD INDEX EXCESS RETURN™ SECTOR INDEXES

42

USE OF PROCEEDS

81

CHARGES

82

WHO MAY SUBSCRIBE

84

CREATION AND REDEMPTION OF SHARES

84

THE COMMODITY BROKER

87

CONFLICTS OF INTEREST

94

DESCRIPTION OF THE SHARES; THE FUNDS; CERTAIN MATERIAL TERMS OF THE TRUST AGREEMENT

96

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SUMMARY

This summary of material information contained or incorporated by reference in this Prospectus is intended for quick reference only and does not contain all of the information that may be important to you. For ease of reference, any references throughout this Prospectus to various actions taken by each of the Funds are actually actions that the Trust has taken on behalf of such respective Funds. The remainder of this Prospectus contains more detailed information. You should read the entire Prospectus, including the information incorporated by reference in this Prospectus, before deciding whether to invest in Shares of any Fund. Please see the section “Incorporation by Reference of Certain Documents” for information on how you can obtain the information that is incorporated by reference in this Prospectus. This Prospectus is dated April 10, 2019.

The Trust and the Funds

Invesco DB Multi-Sector Commodity Trust (the “Trust”) was formed as a Delaware statutory trust, in seven separate series (“Funds”) on August 3, 2006. Each Fund issues common units of beneficial interest (“Shares”) which represent units of fractional undivided beneficial interest in and ownership of such Fund. The term of the Trust and each Fund is perpetual (unless terminated earlier in certain circumstances). The principal executive offices of the Trust and each Fund are located at c/o Invesco Capital Management LLC, 3500 Lacey Road, Suite 700, Downers Grove, IL 60515, and its telephone number is (800) 983-0903.

As of the date of this Prospectus, the Trust consists of the following seven series — Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund, Invesco DB Gold Fund, Invesco DB Silver Fund, Invesco DB Base Metals Fund and Invesco DB Agriculture Fund. This Prospectus is for each of the Funds listed in the prior sentence, except for Invesco DB Silver Fund and Invesco DB Agriculture Fund. Information regarding the offered Funds (including any other additional series of the Trust) and both Invesco DB Silver Fund and Invesco DB Agriculture Fund (neither of which

is offered by this Prospectus) is available at www.invesco.com/ETFs .

Shares Listed on the NYSE Arca

The Shares of each Fund are listed on the NYSE Arca under the following symbols:

•

Invesco DB Energy Fund — DBE;

•

Invesco DB Oil Fund — DBO;

•

Invesco DB Precious Metals Fund — DBP;

•

Invesco DB Gold Fund — DGL; and

•

Invesco DB Base Metals Fund — DBB.

Secondary market purchases and sales of Shares are subject to ordinary brokerage commissions and charges.

Purchases and Sales in the Secondary Market on the NYSE Arca

Individual Shares of each Fund may be purchased and sold only on the NYSE Arca. Because the Shares will trade at market prices, rather than the net asset value (“NAV”) of a Fund, Shares may trade at prices greater than NAV of such Fund (at a premium), at NAV, or less than NAV (at a discount).

Baskets may be created or redeemed directly with each Fund only by Authorized Participants. It is expected that Baskets in a Fund will be created when the market price per Share in such Fund is at a premium to the NAV per Share. Similarly, it is expected that Baskets in a Fund will be redeemed when the market price per Share of such Fund is at a discount to the NAV per Share. Retail investors seeking to purchase or sell Shares on any day are expected to effect such transactions in the secondary market, on the NYSE Arca, at the market price per Share.

The market price of the Shares of a Fund may not be identical to the NAV per Share, but these valuations are expected to be very close. Investors are able to use the intra-day indicative value (“IIV”) per Share to determine if they want to purchase in the secondary market via the NYSE Arca. The IIV per Share of each Fund is based on the prior day’s final



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NAV, adjusted four times per minute throughout the trading day to reflect the price changes of the Fund’s holdings. As a result, the IIV provides a continuously updated estimate of each Fund’s NAV per Share.

Retail investors may purchase and sell Shares through traditional brokerage accounts. Purchases or sales of Shares may be subject to brokerage commissions. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.

Pricing Information Available on the NYSE Arca and Other Sources

The intra-day data, including the IIV, is published once every fifteen seconds throughout each trading day.

The Index Sponsor (as defined herein) calculates and publishes the closing level of the Indexes daily. The Managing Owner publishes the NAV of each Fund and the NAV per Share of each Fund daily.

All of the foregoing information is published as follows:

Intra-Day Index Level Symbols and IIVs Per Share Symbols

Invesco DB Energy Fund . The intra-day index level of the DBIQ-OY Energy ER™ is published under the symbol DBENIX. The IIV per Share of Invesco DB Energy Fund is published under the symbol DBE.IV.

Invesco DB Oil Fund . The intra-day index level of the DBIQ-OY CL ER™ is published under the symbol DBOLIX. The IIV per Share of Invesco DB Oil Fund is published under the symbol DBO.IV.

Invesco DB Precious Metals Fund . The intra-day index level of the DBIQ-OY Precious Metals ER™ is published under the symbol DBPMIX. The IIV per Share of Invesco DB Precious Metals Fund is published under the symbol DBP.IV.

Invesco DB Gold Fund . The intra-day index level of the DBIQ-OY GC ER™ is published under the symbol DGLDIX. The IIV per Share of Invesco

DB Gold Fund is published under the symbol DGL.IV.

Invesco DB Base Metals Fund . The intra-day index level of the DBIQ-OY Industrial Metals ER™ is published under the symbol DBBMIX. The IIV per Share of Invesco DB Base Metals Fund is published under the symbol DBB.IV.

The current trading price per Share of each Fund (quoted in U.S. dollars) is published continuously under its ticker symbol as trades occur throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at www. invesco.com/ETFs , or any successor thereto.

The most recent end-of-day closing level of each Index is published under its own symbol as of the close of business for the NYSE Arca each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at www.invesco.com/ETFs , or any successor thereto.

The most recent end-of-day NAV of each Fund is published under its own symbol as of the close of business on Reuters and/or Bloomberg and on the Managing Owner’s website at www.invesco.com/ETFs , or any successor thereto. In addition, the most recent end-of-day NAV of each Fund is published under its own symbol the following morning on the consolidated tape.

End-of-Day Index Closing Level Symbols; End-of-Day NAV Symbols

Invesco DB Energy Fund . The end-of-day closing level of the DBIQ-OY Energy ER™ is published under the symbol DBCMYEEN. The end-of-day NAV of Invesco DB Energy Fund is published under the symbol DBE.NV.

Invesco DB Oil Fund . The end-of-day closing level of the DBIQ-OY CL ER™ is published under the symbol DBCMOCLE. The end-of-day NAV of Invesco DB Oil Fund is published under the symbol DBO.NV.

Invesco DB Precious Metals Fund . The end-of-day closing level of the DBIQ-OY Precious



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Metals ER™ is published under the symbol DBCMYEPM. The end-of-day NAV of Invesco DB Precious Metals Fund is published under the symbol DBP.NV.

Invesco DB Gold Fund . The end-of-day closing level of the DBIQ-OY GC ER™ is published under the symbol DBCMOGCE. The end-of-day NAV of Invesco DB Gold Fund is published under the symbol DGL.NV.

Invesco DB Base Metals Fund . The end-of-day closing level of the DBIQ-OY Industrial Metals ER™ is published under the symbol DBCMYEIM. The end-of-day NAV of Invesco DB Base Metals Fund is published under the symbol DBB.NV.

All of the foregoing information with respect to each Index, including each Index’s history, is also published at https://index.db.com.

The Index Sponsor obtains information for inclusion in, or for use in the calculation of, the Indexes from sources the Index Sponsor considers reliable. None of the Index Sponsor, the Managing Owner, the Funds or any of their respective affiliates accepts responsibility for or guarantees the accuracy and/or completeness of any of the Indexes or any data included in any of the Indexes.

Information on the Managing Owner’s website shall not be deemed to be a part of this Prospectus or incorporated by reference herein unless otherwise expressly stated.

CUSIP Numbers

The CUSIP number of Invesco DB Energy Fund is 46140H304.

The CUSIP number of Invesco DB Oil Fund is 46140H403.

The CUSIP number of Invesco DB Precious Metals Fund is 46140H502.

The CUSIP number of Invesco DB Gold Fund is 46140H601.

The CUSIP number of Invesco DB Base Metals Fund is 46140H700.

Risk Factors

An investment in the Shares of any Fund is speculative and involves a high degree of risk. The summary risk factors set forth below are intended merely to highlight certain risks that are common to all the Funds. Each Fund has additional risks that are set forth elsewhere in this Prospectus.

•

Past performance is not necessarily indicative of future results; all or substantially all of an investment in any Fund could be lost.

•

Each Fund’s trading of futures contracts takes place in very volatile markets.

•

Each Fund is subject to position limits imposed by the Commodity Futures Trading Commission (“CFTC”) and/or futures exchange rules. If a Fund were to reach a position limit, its ability to issue new Baskets or to reinvest income in additional futures contracts may be impaired or limited. This may adversely affect the correlation between the market price of a Fund’s Shares and the NAV of the Fund, which could result in Shares trading at a premium or discount to the corresponding NAV.

•

There can be no assurance that any Fund will achieve profits or avoid losses, significant or otherwise.

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Performance of a Fund may not track its Index during particular periods or over the long term. This tracking error may cause a Fund to outperform or underperform its Index.

Disruptions in the ability to create or redeem Baskets may adversely affect investors.

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Certain potential conflicts of interest exist between the Managing Owner, the Commodity Broker (as defined herein) and their affiliates and each Fund’s shareholders (“Shareholders”).



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Although the Managing Owner attempts to monitor for conflicts, it is extremely difficult, if not impossible, for the Managing Owner to ensure that the conflicts will not, in fact, result in adverse consequences to the Funds and the Shareholders.

•

Each Fund’s NAV may not always correspond to the market price of the Shares and, as a result, Baskets may be created or redeemed at a value that differs from the market price of the Shares.

•

Shareholders will be subject to taxation on their allocable share of each Fund’s taxable income, whether or not they receive cash distributions.

Each Fund is subject to fees and expenses in the aggregate amount of approximately 0.78% per annum for the Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund and Invesco DB Gold Fund, and of approximately 0.80% for the Invesco DB Base Metals Fund. Each Fund will be successful only if its annual returns from futures trading, plus its annual Treasury Income and any Money Market Income and T-Bill ETF Income, exceed such fees and expenses.

The Trustee

Wilmington Trust Company (the “Trustee”), a Delaware trust company, is the sole trustee of the Trust. The Trustee’s duties and liabilities with respect to the offering of the Shares and the management of the Funds are limited to its express obligations under the Fifth Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”).

Investment Objective

Each Fund seeks to track changes, whether positive or negative, in the level of its corresponding Index over time, plus the excess, if any, of the sum of its Treasury Income, Money Market Income and T-Bill ETF Income, over the expenses of the Funds. Each Fund invests in futures contracts in an attempt to track its corresponding Index. Each Fund holds Treasury Securities, money market mutual funds and T-Bill ETFs for margin and/or cash management

purposes only and each Fund’s performance reflects the appreciation and depreciation of such securities.

The Shares of each Fund are designed for investors who want a cost-effective and convenient way to invest in commodity futures on U.S. and non-U.S. markets.

Advantages of investing in the Funds include:

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Ease and Flexibility of Investment . The Shares trade on the NYSE Arca and provide institutional and retail investors with indirect access to commodity futures markets. The Shares may be bought and sold on the NYSE Arca like other exchange-listed securities. Retail investors may purchase and sell Shares through traditional brokerage accounts.

•

Margin . Shares are eligible for margin accounts.

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Diversification . The Shares may help to diversify a portfolio of investments in stocks, bonds, and related assets to the extent there is low to negative correlation between those asset classes and the performance of the Indexes.

•

Optimum Yield ™. The Indexes utilize an Optimum Yield™ methodology, which seeks to minimize the effects of negative roll yield that may be experienced by conventional commodities indexes. “Negative roll yield” is a term that describes the adverse impact of an upward-sloping price curve for futures contracts, which makes it more expensive to replace expiring contracts with new contracts.

•

Transparency . The Shares provide a more direct investment in commodities than mutual funds or ETFs that invest in commodity-linked notes or otherwise gain indirect exposure to commodities, which may have implicit imbedded costs, credit risk and other potentially opaque features.

Investing in a Fund does not insulate Shareholders from certain risks, including volatility in the spot prices of commodities comprising each



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Index (“Index Commodities”). In addition, each Fund seeks to mitigate the adverse consequences of negative roll yield and to maximize the potential benefits of positive roll yield by tracking the corresponding Index. However, the Funds may not be successful in doing so.

Each Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on one or more Index Commodities.

The Funds being offered pursuant to this Prospectus intend to reflect the sectors described below. Each Index is comprised of one or more underlying commodities and is intended to reflect each such sector.

•

Invesco DB Energy Fund is designed to track the DBIQ Optimum Yield Energy Index Excess Return™ (DBIQ-OY Energy ER™), which is intended to reflect the changes in market value of the energy sector. The Index Commodities consist of Light, Sweet Crude Oil (WTI); Heating Oil; Brent Crude Oil; RBOB Gasoline and Natural Gas.

•

Invesco DB Oil Fund is designed to track the DBIQ Optimum Yield Crude Oil Index Excess Return™ (DBIQ-OY CL ER™), which is intended to reflect the changes in market value of crude oil. The single Index Commodity is Light, Sweet Crude Oil (WTI).

•

Invesco DB Precious Metals Fund is designed to track the DBIQ Optimum Yield Precious Metals Index Excess Return™ (DBIQ-OY Precious Metals ER™), which is intended to reflect the changes in market value of the precious metals sector. The Index Commodities consist of Gold and Silver.

•

Invesco DB Gold Fund is designed to track the DBIQ Optimum Yield Gold Index Excess Return™ (DBIQ-OY GC ER™), which is intended to reflect the changes in market value of gold. The single Index Commodity is Gold.

•

Invesco DB Base Metals Fund is designed to track the DBIQ Optimum Yield Industrial Metals Index Excess Return™ (DBIQ-OY Industrial Metals ER™), which is intended to reflect the changes in market value of the base metals sector. The Index Commodities consist of Aluminum, Zinc and Copper — Grade A.

Each Fund trades futures contracts on the Index Commodities (“Index Contracts”) that are subject to position limits under regulations of the CFTC or futures exchange rules, as applicable. 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 any 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 seeks to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

As a Fund that is designed to track an Index with more than one underlying commodity 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. As a Fund that is designed to track an Index with one underlying commodity approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in futures contracts based on commodities other than the Index Commodity that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

The Index Sponsor calculates each Index on an excess return basis. The excess return basis calculation reflects the change in market value over time, whether positive or negative, of the applicable underlying commodity futures only.



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Each Fund also holds Treasury Securities for deposit with each Fund’s Commodity Broker as margin and has Treasury Securities, cash and money market mutual funds (affiliated or otherwise) on deposit with the Custodian (for cash management purposes). Additionally, each Fund gains an exposure to Treasury Securities, with a maximum remaining maturity of up to 12 months, through its holdings of T-Bill ETFs (affiliated or otherwise). Such holdings of T-Bill ETFs are on deposit with the Custodian (for cash management purposes) and may be held by each Fund’s Commodity Broker as margin, to the extent permissible under CFTC rules.

General

Each Index is calculated on an excess return, or unfunded basis. Each Index is rolled on an Optimum Yield™ basis. The Optimum Yield™ rolling methodology seeks to maximize the roll benefits in backwardated markets and to minimize the losses from rolling in contangoed markets. Each Index is comprised of one or more Index Commodities. The composition of Index Commodities with respect to each Index varies according to each specific sector that such Index is intended to reflect. The sponsor of each Index is Deutsche Investment Management Americas Inc. (the “Index Sponsor” or “DIMA”).

Index Composition

DBIQ-OY CL ER™ and DBIQ-OY GC ER™ are Indexes with a single Index Commodity (“Single Commodity Indexes”). Each Single Commodity Index is designed to be composed of one Index Commodity. Each other Index is composed of notional amounts of each of the underlying Index Commodities. The notional amount of each Index Commodity included in each such other Index is intended to reflect the changes in market value of each such Index Commodity within the specific Index. The Closing Level of each Index is calculated on each Index Business Day (as defined below) by the Index Sponsor based on the closing price of the futures contracts for each of the underlying Index Commodities and the notional amounts of such Index Commodities.

Each Index Commodity is assigned a weight (“Index Base Weight”), which is intended to reflect

the proportion of such Index Commodity relative to each Index. Each Index has been calculated back to a base date (“Base Date”). On the Base Date the closing level of each Index (“Closing Level”) was 100.

Each of DBIQ-OY Energy ER™, DBIQ-OY Precious Metals ER™ and DBIQ-OY Industrial Metals ER™ 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 the Base Date.

The composition of each Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.

Each Index methodology includes provisions for the replacement of futures contracts as they approach maturity. This replacement takes place over a period of time in order to lessen the impact on the market for the futures contracts being replaced. With respect to each Index Commodity, each Fund employs a rule-based approach when it ‘rolls’ from one futures contract to another. Rather than select a new futures contract based on a predetermined schedule (e.g., monthly), each Index Commodity rolls to the futures contract which generates the best possible “implied roll yield” under prevailing market conditions. Where there is an upward-sloping price curve for futures contracts, the implied roll yield is expected to be negative. The selection of a new futures contract on an Index Commodity in such market conditions is designed to minimize the impact of negative roll yield. Conversely, where there is a downward-sloping price curve for futures contracts, the implied roll yield is expected to be positive. The selection of a new futures contract on the Index Commodities in such market conditions is designed to maximize the impact of positive roll yield. The Indexes take the impact of implied roll yield into consideration by selecting, as the replacement for an expiring futures contract, the futures contract with a delivery month within the next thirteen months that generates the most favorable implied roll yield under the current market conditions.

The market condition in which an Index is designed to maximize the effect of positive roll yield



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when entering into new futures contracts is called backwardation. Backwardation exists when prices are higher for contracts with shorter-term expirations than those with longer-term expirations, a condition that is typically associated with commodities that are consumed quickly instead of being held in storage. Rolling in a backwardated market will tend to enhance returns from futures trading.

The market condition in which the Index is designed to mitigate the effect of negative roll yield when entering into new futures contracts is called contango. Contango exists when contract prices are higher in distant delivery months than in nearer delivery months, typically due to costs associated with storing a given physical commodity for a longer period. Rolling in a contangoed market will tend to cause a drag on returns from futures trading.

Each Fund’s returns from futures trading is called excess return, which is the combined return based on the spot prices of the Index Commodities and the roll yield from trading Index Contracts.

Contract Selection

On the first Index Business Day of each month (“Verification Date”), each Index Commodity futures contract will be tested in order to determine whether to continue including it in the applicable Index. If the Index Commodity futures contract requires delivery of the underlying commodity in the next month, known as the Delivery Month, a new Index Commodity futures contract will be selected for inclusion in such Index. For example, if the first Index Business Day is May 1 of the current year, and the Delivery Month of the Index Commodity futures contract currently in such Index is June of the current year, a new Index Commodity futures contract with a later Delivery Month will be selected.

For each underlying Index Commodity of an Index, the new Index Contract selected will be the Index Contract with the best possible “implied roll yield” based on the closing price for each eligible Index Contract. Eligible Index Contracts are any Index Contracts having a Delivery Month (i) no sooner than the month after the Delivery Month of the Index Contract currently in such Index, and (ii) no later than the thirteenth month after the

Verification Date. For example, if the first Index Business Day is May 1 of the current year and the Delivery Month of an Index Contract currently in an Index is therefore June of the current year, the Delivery Month of an eligible new Index Commodity futures contract must be between July of the current year and June of the following year. The implied roll yield is calculated and the futures contract on the Index Commodity with the best possible implied roll yield is selected. If two futures contracts have the same implied roll yield, the futures contract with the fewest number of months prior to the Delivery Month is selected.

After the futures contract selection with respect to the Indexes, the monthly roll for each Index Commodity subject to a roll in that particular month unwinds the old futures contract and enters a position in the new futures contract. This takes place between the second and sixth Index Business Day of the month.

On each day during the roll period, new notional holdings are calculated. The calculations for the old Index Commodities that are leaving an Index and the new Index Commodities are then calculated.

On all days that are not monthly index roll days, the notional holdings of each Index Commodity futures remains constant.

The calculation of each Index is expressed as the weighted average return of the Index Commodities.

Monthly Index Roll Period

After the futures contract selection with respect to the Indexes, the monthly roll for each Index Commodity subject to a roll in that particular month unwinds the old futures contract and enters a position in the new futures contract. This takes place between the second and sixth Index Business Day of the month.

On each day during the roll period, new notional holdings are calculated. The calculations for the Index Contracts that are leaving an Index and for the new Index Contracts that are being added to the Index are then calculated.



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On all days that are not monthly index roll days, the notional holdings of each Index Contract remains constant.

Each Index that is not a Single Commodity Index is re-weighted on an annual basis on the sixth Index Business Day of each November.

The calculation of each such Index is expressed as the weighted average return of the Index Commodities.

Shares of Each Fund Should Track Closely the Value of its Index

The Shares of each Fund are intended to provide investment results that generally correspond to changes, positive or negative, in the levels of the Fund’s corresponding Index, over time.

The value of the Shares of each Fund is expected to fluctuate in relation to changes in the value of its portfolio. The market price of the Shares of a Fund may not be identical to the NAV per Share, but these two valuations are expected to be very close.

Each Fund holds a portfolio of long futures contracts on each Index Commodity that comprises its corresponding Index, each of which are traded on various commodity futures markets. Each Fund’s portfolio is traded with a view to tracking the changes in its corresponding Index over time, whether the Index is rising, falling or flat over any particular period. None of the Funds actively management on the basis of judgments relating to economic, financial and market considerations with a view to obtaining positive results under all market conditions.

The Managing Owner

Invesco Capital Management LLC, a Delaware limited liability company, serves as Managing Owner of the Trust and each Fund. The Managing Owner was formed on February 7, 2003. The Managing Owner is an affiliate of Invesco Ltd. The Managing Owner was formed to be the managing owner of investment vehicles such as ETFs and has been managing non-commodity futures based ETFs since 2003 and a commodity futures based ETF since

2014. The Managing Owner serves as the commodity pool operator and commodity trading advisor of the Trust and each Fund. The Managing Owner is registered as a commodity pool operator and commodity trading advisor with the CFTC, and is a member of, and approved as a swap firm by, the National Futures Association (the “NFA”). As a registered commodity pool operator and commodity trading advisor, with respect to both the Trust and each Fund, the Managing Owner must comply with various regulatory requirements under the United States Commodity Exchange Act of 1936, as amended (the “Commodity Exchange Act”) and the rules and regulations of the CFTC and the NFA, including investor protection requirements, antifraud prohibitions, disclosure requirements, and reporting and recordkeeping requirements. The Managing Owner also is subject to periodic inspections and audits by the CFTC and NFA.

The principal office of the Managing Owner is located at 3500 Lacey Road, Suite 700, Downers Grove, IL 60515. The telephone number of the Managing Owner is (800) 983-0903.

Each Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amount equal to 0.75% per annum of the daily NAV of each Fund.

The Management Fee is paid in consideration of the Managing Owner’s services related to the management of a Fund’s business and affairs, including the provision of commodity futures trading advisory services.

Each Fund may, for margin and/or cash management purposes, invest in money market mutual funds and/or T-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the management fees that such Fund may incur through such investments is in addition to the Management Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the fees that it receives from each Fund in an amount equal to the indirect management fees that each Fund incurs through its investments in affiliated money market mutual funds and/or affiliated T-Bill ETFs. The Managing Owner may terminate these waivers on 60 days’ notice.



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Under the Trust Agreement, Wilmington Trust Company is the trustee of each Fund. The Trustee’s duties and liabilities with respect to the offering of each Fund’s Shares and the management of each Fund are limited to its express obligations under the Trust Agreement. The Trustee has no duty or liability to supervise or monitor the performance of the Managing Owner, nor does the Trustee have any liability for the acts or omissions of the Managing Owner.

Effective June 4, 2018, the name of the Managing Owner changed from Invesco PowerShares Capital Management LLC to Invesco Capital Management LLC, and the names of the Funds changed from PowerShares DB Energy Fund, PowerShares DB Base Metals Fund, PowerShares DB Oil Fund, PowerShares DB Gold Fund and PowerShares DB Precious Metals Fund to Invesco DB Energy Fund, Invesco DB Base Metals Fund, Invesco DB Oil Fund, Invesco DB Gold Fund and Invesco DB Precious Metals Fund, respectively.

The Commodity Broker

A variety of executing brokers execute futures transactions on behalf of the Funds. Such executing brokers give-up all such transactions to Morgan Stanley & Co. LLC, a Delaware limited liability company, which serves as the clearing broker (the “Commodity Broker”) of each of the Funds. In its capacity as clearing broker, the Commodity Broker may execute or receive transactions executed by others, clears all of each Fund’s futures transactions and performs certain administrative services for each Fund. The Commodity Broker is registered with the CFTC as a futures commission merchant and is a member of the NFA in such capacity.

Each Fund pays the Commodity Broker all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for each Fund. On average, total charges paid to the Commodity Broker are expected to be less than $6.00 per round-turn trade (except with respect to the Invesco DB Base Metals Fund, which is expected to be less than $13.00 per round-turn trade), although the Commodity Broker’s brokerage commissions and

trading fees are determined on a contract-by-contract basis. The Managing Owner estimates the brokerage commissions and fees will be approximately as follows in any year:

•

0.03% of the NAV of each of Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund and Invesco DB Gold Fund; and

•

0.05% of the NAV of Invesco DB Base Metals Fund

However, although the actual amount of brokerage commissions and fees in any year or any part of any year may be greater.

The Administrator, Custodian and Transfer Agent

The Bank of New York Mellon is the administrator (the “Administrator”) and serves as the custodian (the “Custodian”) and transfer agent (the “Transfer Agent”) of each Fund. The Bank of New York Mellon has entered into an Administration and Accounting Agreement (the “Administration Agreement”), a Global Custody Agreement (the “Custody Agreement”), and a Transfer Agency and Service Agreement in connection therewith.

Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of services necessary for the operation and administration of each Fund (other than making investment decisions), NAV calculations, accounting and other fund administrative services.

Key terms of the Administration Agreement are summarized under the heading “Material Contracts.”

The Administrator’s monthly fees are paid on behalf of each Fund by the Managing Owner out of the applicable Management Fee.

Pursuant to the Transfer Agency and Service Agreement, the Transfer Agent receives a transaction processing fee in connection with receiving and processing orders from Authorized Participants to create or redeem Baskets in the amount of $500 per order. These transaction processing fees are paid directly by the Authorized Participants and not by any Fund.



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Invesco Distributors, Inc.

Invesco Distributors, Inc. (“Invesco Distributors”) assists the Managing Owner with certain functions and duties relating to distribution and marketing, including reviewing and approving marketing materials. Invesco Distributors retains all marketing materials at c/o Invesco Distributors, Inc., 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. Investors may contact Invesco Distributors toll-free in the U.S. at (800) 983-0903. The Funds have entered into a Distribution Services Agreement with Invesco Distributors. Invesco Distributors is affiliated with the Managing Owner.

The Managing Owner, out of the relevant Management Fee, pays Invesco Distributors $25,000 annually ($6,250 per quarter) per Fund for performing its duties on behalf of each Fund. Such services may include, among other services, reviewing distribution related legal documents and contracts, consulting on marketing or sales strategy, maintaining certain books and records in respect of each Fund and performing additional marketing and distribution related services as may be agreed upon by Invesco Distributors and the Managing Owner.

Index Sponsor

The Managing Owner, on behalf of each Fund, has appointed DIMA to serve as the Index Sponsor. The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels. The Index Sponsor also calculates the IIV per Share of each Fund throughout each Business Day.

The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties.

Marketing Agent

The Managing Owner, on behalf of each Fund, has appointed DIMA (the “Marketing Agent”) to assist the Managing Owner by providing support to educate institutional investors about the Deutsche Bank indices and to complete governmental or institutional due diligence questionnaires or requests for proposals related to the Deutsche Bank indices.

The Managing Owner pays the Marketing Agent a marketing services fee out of the Management Fee.

The Marketing Agent will not open or maintain customer accounts or handle orders for any Fund. The Marketing Agent has no responsibility for the performance of any Fund or the decisions made or actions taken by the Managing Owner.

“800” Number for Investors

Investors may contact the Managing Owner toll free in the U.S. at (800) 983-0903.

Limitation of Liabilities

You cannot lose more than your investment, including any appreciation in your investment, in the Shares. Shareholders are entitled to limitation on liability equivalent to the limitation on liability enjoyed by stockholders of a Delaware business corporation for profit. An investor may be required to return some or all of its capital in the event of a bankruptcy of any Fund.

You will not be subject to the losses or liabilities of any other series of the Trust in which you have not invested. We have received an opinion of counsel that each Fund is entitled to the benefits of the limitation on inter-series liability provided under the Delaware Statutory Trust Act. Each Share, when purchased in accordance with the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended from time to time (the “Trust Agreement”), shall, except as otherwise provided by law, be fully-paid and non-assessable.

The debts, liabilities, obligations, claims and expenses of a particular Fund will be enforceable against the assets of that Fund only, and not against the assets of the Trust generally or the assets of any other series of the Trust, and, unless otherwise provided in the Trust Agreement, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other series thereof will be enforceable against the assets of such Fund, as the case may be.



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Creation and Redemption of Shares

The Funds create and redeem Shares from time to time, but only in one or more Baskets. A Basket is a block of 200,000 Shares. Baskets may be created or redeemed only by Authorized Participants. Baskets are created and redeemed continuously on the creation order settlement date or redemption order settlement date, as applicable, as of 2:45 p.m., Eastern time, on the business day immediately following the date on which a valid order to create or redeem a Basket is accepted by a Fund. The creation or redemption will be at the NAV of 200,000 Shares as of the closing time of the NYSE Arca or the last to close of the exchanges on which the Index Commodities are traded, whichever is later, on the date that a valid order to create or redeem a Basket is accepted by a Fund. Upon submission of a creation order or redemption order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement or redemption order settlement date up to two business days after the creation order date or redemption order date.

For purposes of processing both purchase and redemption orders, a “business day” means any day other than a day when banks in New York City are required or permitted to be closed. Except when aggregated in Baskets, the Shares are not redeemable securities. Authorized Participants pay a transaction fee of $500 in connection with each order to create or redeem a Basket and are subject to an additional processing charge for failure to timely deliver such orders. Authorized Participants may sell the Shares included in the Baskets they purchase from the Funds to other investors.

See “Creation and Redemption of Shares” for more details.

Authorized Participants

Baskets may be created or redeemed only by Authorized Participants. Each Authorized Participant must: (1) be a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions; (2) be a participant in the Depository

Trust Company (“DTC”); and (3) have entered into an agreement with each Fund and the Managing Owner (a “Participant Agreement”). The Participant Agreement sets forth the procedures for the creation and redemption of Baskets and for the delivery of cash required for such creations or redemptions. A list of the current Authorized Participants can be obtained from the Administrator. See “Creation and Redemption of Shares” for more details.

NAV

NAV means the total assets of a Fund including, but not limited to, all cash and cash equivalents or other debt securities less total liabilities of such Fund, each determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting.

NAV per Share, in respect of any Fund, is the NAV of the Fund divided by the number of outstanding Shares.

See “Description of the Shares; The Funds; Certain Material Terms of the Trust Agreement — NAV” for more details.

Clearance and Settlement

The Shares of each Fund are evidenced by global certificates that the Fund issues to DTC. The Shares of each Fund are available only in book-entry form. Shareholders may hold their Shares of any Fund through DTC, if they are participants in DTC, or indirectly through entities that are participants in DTC.

Segregated Accounts/Treasury Income, Money Market Income and T-Bill ETF Income

Each Fund has arranged for the proceeds of the continuous offering of the Shares of each Fund to be deposited as cash in a segregated account in such Fund’s the name at the Custodian (or another eligible financial institution, as applicable) in accordance with CFTC investor protection and segregation requirements. Each Fund is credited with 100% of



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the interest earned on its average net assets on deposit with the Custodian or such other financial institution each week. The Fund’s non-margin assets are generally invested in Treasury Securities, money market mutual funds (affiliated or otherwise), and T-Bill ETFs (affiliated or otherwise).

See “Fees and Expenses” for more details.

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Fees and Expenses

Management Fee

Each Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amount equal to 0.75% per annum of its daily NAV. The Management Fee is paid in consideration of the Managing Owner’s services related to the management of each Fund’s business and affairs, including the provision of commodity futures trading advisory services.

Each Fund may, for margin and/or cash management purposes, invest in money market mutual funds and/or T-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the management fees that such Fund may incur through such investments is in addition to the Management Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the fees that it receives in an amount equal to the indirect management fees that each Fund incurs through its investments in affiliated money market mutual funds and/or affiliated T-Bill ETFs. The Managing Owner may terminate each waiver on 60 days’ notice.

Offering Expenses

Expenses incurred in connection with the continuous offering of Shares are paid by the Managing Owner.

Brokerage Commissions and Fees

Each Fund pays to the Commodity Broker all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with its trading activities. On average, total charges paid to the Commodity Broker are expected to be less than $6.00 per round-turn trade (except with respect to the Invesco DB Base Metals Fund, which is expected to be less than $13.00 per round-turn trade), although the Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. The Managing Owner estimates the brokerage commissions and fees will be approximately (i) 0.03% of the NAV of each Fund with respect to Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund and Invesco DB Gold Fund and (ii) 0.05% of the NAV with respect to Invesco DB Base Metals Fund in any year, although the actual amount of brokerage commissions and fees in any year or any part of any year may be greater.

Routine Operational, Administrative and Other Ordinary Expenses

The Managing Owner pays all of the routine operational, administrative and other ordinary expenses of each Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, license and service fees paid to DIMA, as Marketing Agent and Index Sponsor, legal and accounting fees and expenses, tax preparation expenses, filing fees, and printing, mailing and duplication costs.

Non-Recurring Fees and Expenses

Each Fund pays all non-recurring and unusual fees and expenses (referred to as extraordinary fees and expenses in the Trust Agreement), if any, as determined by the Managing Owner. Non-recurring and unusual fees and expenses include items such as legal claims and liabilities, litigation costs, indemnification expenses and other expenses that are not currently anticipated obligations of any Fund or of managed futures funds in general.



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Management Fee and Expenses to be Paid First out of Treasury Income, Money Market Income and/or T-Bill ETF Income

The Management Fee and the brokerage commissions and fees of each Fund are paid first out of Treasury Income from such Fund’s holdings of Treasury Securities, Money Market Income from such Fund’s holdings of money market mutual funds (affiliated or otherwise) and T-Bill ETF Income from such Fund’s holdings of T-Bill ETFs (affiliated or otherwise), as applicable, on deposit with the Commodity Broker as margin, the Custodian, or otherwise. If the sum of the Treasury Income, the Money Market Income and the T-Bill ETF Income is not sufficient to cover the fees and expenses of each Fund that are payable by each Fund during any period, the excess of such fees and expenses over such Treasury Income, Money Market Income and T-Bill ETF Income will be paid out of income from futures trading, if any, or from sales of the Fund’s holdings in Treasury Securities, money market mutual funds, and/or holdings in T-Bill ETFs.

Selling Commission

Retail investors may purchase and sell Shares through traditional brokerage accounts. Investors are expected to be charged a commission by their brokers in connection with purchases of Shares that will vary from investor to investor. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.



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SUMMARY (cont’d)

Distributions

Each Fund will make distributions at the discretion of the Managing Owner. To the extent that a Fund’s actual and projected Treasury Income, the Fund’s actual and projected Money Market Income and the Fund’s actual and projected T-Bill ETF Income, as applicable, exceed the actual and projected fees and expenses of such Fund, the Managing Owner expects periodically to make distributions of the amount of such excess. The Managing Owner currently does not expect to make distributions with respect to capital gains for any of the Funds. Depending on the applicable Fund’s performance for the taxable year and your own tax situation for such year, your income tax liability for the taxable year for your allocable share of such Fund’s net ordinary income or loss and capital gain or loss may exceed any distributions you receive with respect to such year.

Fiscal Year

The fiscal year of each Fund ends on December 31 of each year.

U.S. Federal Income Tax Considerations

Subject to the discussion below in “Material U.S. Federal Income Tax Considerations,” each of the Funds will be classified as a partnership for U.S. federal income tax purposes. Accordingly, a Fund will generally not incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares will be required to take into account its allocable share of such Fund’s income, gain, loss, deduction and other items for the Fund’s taxable year ending with or within the owner’s taxable year.

Please refer to the “Material U.S. Federal Income Tax Considerations” section below for information on the potential U.S. federal income tax consequences of the purchase, ownership and disposition of Shares of a Fund.

Breakeven Amounts

A Shareholder should expect that a Fund’s fees and expenses during the first twelve months of the Shareholder’s investment will equal the following amount of the respective Fund’s NAV as of January 31, 2019:

Fund NAV per
Share
$ %

Invesco DB Energy Fund

$ 13.68 $ 0.11 0.78%

Invesco DB Oil Fund

$ 9.88 $ 0.08 0.78%

Invesco DB Precious Metals Fund

$ 37.42 $ 0.29 0.78%

Invesco DB Gold Fund

$ 40.60 $ 0.32 0.78%

Invesco DB Base Metals Fund

$ 16.35 $ 0.13 0.80%

Each Fund’s Treasury Income, Money Market Income, and T-Bill ETF Income are expected to exceed the Fund’s fees and expenses during those first twelve months, assuming that Treasury Income is earned at a rate of 2.43%, Money Market Income is earned at a rate of 2.10%, and T-Bill ETF Income is earned at a rate of 2.46%. (These assumed rates are based on market rates observed as of January 31, 2019). This means that, during those first twelve months, a Fund would have to experience trading losses that would exceed the positive difference between the Fund’s income and its expenses. As a result, the breakeven amount is reflected as $0.00 and 0% of NAV for each Fund.

THE SHARES ARE SPECULATIVE AND

INVOLVE A HIGH DEGREE OF RISK.

[Remainder of page left blank intentionally.]



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RISK FACTORS

You could lose money investing in Shares. You should consider carefully the risks described below before making an investment decision. You should also refer to the other information included in this Prospectus.

MARKET RISKS

NAV May Not Always Correspond to Market Price and, as a Result, Baskets May Be Created or Redeemed at a Value that Differs from the Market Price of the Shares.

Shares may trade at, above or below their NAV. The NAV fluctuates with changes in the market value of a Fund’s assets. The trading price of Shares fluctuates in accordance with changes in the NAV, intraday changes in the value of the futures contracts and market supply and demand. The amount of the discount or premium in the trading price of the Shares relative to their NAV may be influenced by non-concurrent trading hours between NYSE Arca (the exchange on which the Shares trade) and the exchanges on which futures contracts on the Index Commodities trade. While the Shares are expected to trade on NYSE Arca until 4:00 p.m. (Eastern time), liquidity in the markets for the futures contracts on the Index Commodities is expected to be reduced whenever the principal markets for those contracts are closed. As a result, trading spreads, and the resulting premium or discount on Shares, may widen during these gaps in market trading hours.

The NYSE Arca May Halt Trading in the Shares Which Would Adversely Impact Your Ability to Sell Shares.

The Shares are listed for trading on the NYSE Arca. Trading in Shares may be halted due to market conditions or in light of certain procedures and safeguards under NYSE Arca rules. In addition, trading is subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules that require trading to be halted for a specified period based on a specified market decline. If a Fund were no longer to meet the requirements necessary to maintain the listing of its Shares, the Shares would be delisted. In such a scenario, the Fund would be terminated.

The Lack of an Active Trading Market for the Shares May Result in Losses on Your Investment at the Time of Disposition of Your Shares.

Although the Shares are listed and traded on the NYSE Arca, there can be no guarantee that an active trading market for the Shares will be maintained. If you need to sell your Shares at a time when no active market for them exists, the price you receive for your Shares, assuming that you are able to sell them, likely will be lower than the price you would receive if an active market did exist.

Volatility May Cause the Total Loss of Your Investment.

Futures contract prices have a high degree of volatility and are subject to rapid and substantial changes. Consequently, there is a risk that the value of your investment in any of the Funds could decrease significantly due to rapid and substantial changes in the prices of futures contracts held by a Fund. The following table sets forth the average annual volatility of each Index. Average annual volatility is the average of an Index’s volatility each year since its inception:

Fund Index Average
Annual
Volatility

Invesco DB Energy Fund

DBIQ-OY Energy ER ™

23.89 %

Invesco DB Oil Fund

DBIQ-OY CL ER ™ 26.71 %

Invesco DB Precious Metals Fund

DBIQ-OY Precious Metals ER ™ 15.11 %

Invesco DB Gold Fund

DBIQ-OY GC ER ™ 13.93 %

Invesco DB Base Metals Fund

DBIQ-OY Industrial Metals ER ™

17.79 %

In addition, each Fund enters sell orders with the Commodity Broker from time to time, to liquidate Index Contract positions in order to satisfy redemption requests or to pay expenses and liabilities. A Fund is subject to the risk that temporary aberrations or distortions will occur in the market for Index Contracts at the time those orders are executed. The prices received by a Fund from the

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liquidation of its positions could be adversely affected, which in turn could adversely affect the value of the Shares. Those aberrations or distortions may result from trading activities by other market participants or actions taken by the Commodity Broker, the CFTC, the exchanges or other regulatory authorities. If a Fund’s positions are liquidated at inopportune times or in a manner that temporarily distorts the market or otherwise causes a pricing aberration, the value of the Shares may be adversely affected.

A Fund’s Trading of Index Contracts May Adversely Affect the Price that the Fund Pays for Index Contracts.

The prices that a Fund pays for Index Contracts may be adversely affected by the trading of Index Contracts by other market participants. Transactions by other market participants may be based on their awareness of a Fund’s positions in Index Contracts. If other market participants are able to anticipate the timing of a Fund’s Index Contract transactions, for instance, they may be able to execute transactions in advance of the Fund. If that were to occur, those market participants may receive more favorable pricing for their Index Contract transactions than the Fund does for its own, subsequent Index Contract transactions. If the Fund’s Index Contract positions represent a significant part of the open long interest in those Index Contracts, moreover, other market participants may take that fact into account and trade in a manner that adversely affects the prices that the Fund obtains when trading Index Contracts. A Fund may not be able to counteract adverse pricing effects of its own positions and transactions in Index Contracts.

Withdrawal from Participation by Authorized Participants May Affect the Liquidity of Shares.

If one or more Authorized Participants withdraws from participation, it may become more difficult to create or redeem Baskets, which may reduce the liquidity of the Shares. If it becomes more difficult to create or redeem Baskets, the correlation between the price of the Shares and the NAV may be affected, which may affect the trading market for the Shares. Having fewer participants in the market for the Shares could also adversely affect the ability to arbitrage any price difference between futures contracts and the Shares, which may also affect the trading market and liquidity of the Shares.

Possible Illiquid Markets May Exacerbate Losses.

Futures positions cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption, such as when foreign governments may take or be subject to political actions which disrupt the markets in their currencies or major commodities exports, can also make it difficult to liquidate a position.

Illiquidity may cause losses for the Funds. The large size of the positions which a Fund may acquire increases the risk of illiquidity by both making its positions more difficult to liquidate and increasing the losses incurred while trying to do so.

Trading on Futures Exchanges Outside the United States Is Not Subject to U.S. Regulation.

Trading on futures exchanges located outside the United States is not regulated by any United States governmental agency and may involve certain risks not applicable to trading on U.S. exchanges, including different or diminished investor protections. If a Fund trades contracts denominated in currencies other than U.S. dollars, the Fund will be exposed to the risk of adverse exchange-rate movements between the dollar and the currencies in which those contracts are denominated.

In addition, trading on non-U.S. exchanges is subject to the risks presented by exchange controls, expropriation, increased tax burdens and exposure to local economic declines and political instability, among other factors. An adverse development with respect to any of these factors could reduce the profit or increase the loss earned on these Funds’ trades on non-U.S. exchanges.

The Effect of Market Disruptions and Government Interventions Are Unpredictable and May Have an Adverse Effect on the Value of Your Shares.

The commodity futures markets may be subject to temporary distortions due to various factors, including lack of liquidity, congestion, disorderly closing periods, manipulation and disruptive conduct, limitations on deliverable supplies, excessive speculation, government regulation and intervention, technical and operational or system failures, nuclear accidents, terrorism, riots and acts of God.

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Government intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions. These interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies.

The financial crisis of 2008-2009 and associated regulatory changes, including the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), are generally considered to have contributed to less credit being available to financial market participants. This is particularly the case for credit extended by banks and other traditional lending sources. The Funds do not borrow from lenders for the purpose of pursuing their investment objectives. Nonetheless, restrictions on the availability of credit may adversely affect investors who borrow to purchase Shares and participants in the markets for financial instruments in which the Funds trades, including futures markets. Limitations on the availability of credit, whether in stressed market conditions or otherwise, may have a material adverse effect on investors and financial market participants, which in turn could affect a Fund’s ability to pursue its investment objective. Among other things, fewer prospective investors may adversely affect a Fund’s asset levels, and fewer financial market participants may reduce liquidity and adversely affect pricing for the financial instruments that the Fund seeks to trade.

The Funds may incur major losses in the event of disrupted markets and other extraordinary events in which historical pricing relationships become materially distorted. The risk of loss from pricing distortions is compounded by the fact that in disrupted markets many positions become illiquid, making it difficult or impossible to close out or liquidate positions against which the markets are moving. The large size of the positions which the Funds may acquire increases the risk of illiquidity by both making its positions more difficult to liquidate and increasing the losses incurred while trying to do so.

An Investment in the Shares May Be Adversely Affected by Competition from Other Methods of Investing in Commodities.

The Funds compete with other financial vehicles, including mutual funds, and other investment companies, ETFs, other index tracking commodity pools, actively traded commodity pools, hedge funds, traditional debt and equity securities issued by companies in the commodities industry, other securities backed by or linked to commodities, and direct investments in the underlying commodities or commodity futures contracts. Market and financial conditions, and other conditions beyond the Managing Owner’s control, may make it more attractive to invest in other financial vehicles or to invest in such commodities directly, which could limit the market for the Shares and therefore reduce the liquidity of the Shares.

The NAV Calculation of the Funds May Be Overstated or Understated Due to the Valuation Method Employed When a Settlement Price is Not Available on the Date of NAV Calculation.

Calculating the NAV of the Funds includes, in part, any unrealized profits or losses on open commodity futures contracts. Under normal circumstances, the NAV of each of the Funds reflects the settlement price of open commodity futures contracts on the date when the NAV is being calculated. However, if a settlement price for a commodity futures contract could not be determined for any reason, the Managing Owner may value the futures contract pursuant to policies the Managing Owner has adopted. In such a situation, there is a risk that the resulting calculation of a Fund’s NAV could be understated or overstated, perhaps to a significant degree.

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FUTURES RISKS

Fluctuations in the Price of Assets Held by the Funds Could Have a Materially Adverse Effect on the Value of an Investment in Shares.

The Shares of each Fund are designed to reflect as closely as possible the changes, positive or negative, in the level of the corresponding Index, over time, through a Fund’s portfolio of exchange-traded futures contracts on the Index Commodities. The value of the Shares of each Fund relates directly to the value of the portfolio, less the liabilities (including estimated accrued but unpaid expenses) of the Fund. The price of the Index Commodities may fluctuate widely. Several factors may affect the prices of the Index Commodities, including, but not limited to:

•

Global supply and demand of each of the Index Commodities, which may be influenced by such factors as forward selling by the various commodities producers, purchases made by the commodities’ producers to unwind their hedge positions and production and cost levels in the major markets of each of the Index Commodities;

•

Domestic and foreign interest rates and investors’ expectations concerning interest rates;

•

Domestic and foreign inflation rates and investors’ expectations concerning inflation rates;

•

Investment and trading activities of mutual funds, ETFs, closed-end funds, hedge funds and commodity funds;

•

Weather and other environmental conditions;

•

Acts of God; and

•

Global or regional political, economic or financial events and situations.

Fewer Representative Commodities May Result in Greater Index Volatility.

Each of the Indexes is concentrated in terms of the number of commodities represented. Each of the Indexes for the Invesco DB Energy Fund, Invesco DB Precious Metals Fund and Invesco DB Base

Metals Fund is concentrated in five or fewer commodities and each of the Indexes for Invesco DB Oil Fund and Invesco DB Gold Fund is concentrated in a single commodity. Other commodity indexes may contain a larger number of commodities than the Indexes. Accordingly, increased volatility in a single Index Commodity is expected to have a greater impact on an Index’s overall volatility than would likely be the case with increased volatility in a single commodity within a broader index. Because each Fund tracks the performance of its Index, your investment in a Fund will be exposed to the relatively greater impact on the Index of volatility in a single Index Commodity.

Because the Futures Contracts Have No Intrinsic Value, the Positive Performance of Your Investment Is Wholly Dependent Upon an Equal and Offsetting Loss.

Trading in futures contracts transfers the risk of future price movements from one market participant to another. For every gain in futures trading, there is an equal and offsetting loss. Accordingly, whether a futures trade is profitable for one party depends on whether the price paid, value received, or cost of delivery under the related futures contract is favorable to that party. The prices of stocks, bonds, and other assets could rise significantly, and the economy as a whole could prosper, while a Fund experiences losses as a result of pursuing its investment objective through trading Index Contracts.

The Funds May Not Provide a Diversification Benefit to Investments in Other Asset Classes and May Result in Additional Losses to Your Portfolio.

Historically, commodity futures returns have tended not to be correlated with the returns of other assets such as stocks and bonds. Commodity futures contracts therefore have the potential to help diversify investor portfolios consisting of stocks and bonds, to the extent there is low or negative correlation between commodity futures contracts and other assets held in those portfolios. However, the fact that the Indexes are not inversely correlated with other assets such as stocks and bonds means that, in seeking to replicate the performance of the Indexes, the Funds will not necessarily be profitable during unfavorable periods for the stock or bond markets. If

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the Shares perform in a manner that correlates with the stock or bond markets or otherwise do not perform successfully, the Shares may not provide any diversification from losses in those markets. In such a scenario, the Shares may produce no gains to offset losses from investments in stocks, bonds, or related assets and may result in additional losses.

The Funds’ Returns from Futures Trading Will Be Affected by Market Conditions When Replacing Expiring Futures Contracts With New Futures Contracts on Index Commodities.

The Funds’ returns from futures trading are called excess return, which is the combined return based on the spot prices of Index Commodities and the roll yield from trading Index Contracts. Market conditions at the time a Fund replaces expiring Index Contracts with new Index Contracts — i.e . , when Index Contracts are “rolled” — will affect the Fund’s roll yield. Those market conditions are referred to as backwardation and contango, which will generally affect a Fund’s roll yield as set forth below:

•

Rolling in a backwardated market will tend to enhance returns from futures trading. Backwardation exists when prices are higher for contracts with shorter-term expirations than those with longer-term expirations, a condition that is typically associated with commodities that are consumed quickly instead of being put in storage.

•

Rolling in a contangoed market will tend to cause a drag on returns from futures trading. Contango exists when contract prices are higher in distant delivery months than in nearer delivery months, typically due to costs associated with storing a given physical commodity for a longer period.

In seeking to track the performance of an Index, therefore, a Fund will be exposed to the effects of backwardation and contango when it rolls its positions in Index Contracts. An Index using the Optimum Yield ™ rolling methodology seeks to maximize the roll benefits in backwardated markets and to minimize the losses from rolling in contangoed markets. There can be no assurance that these outcomes will be obtained. The impact of backwardation and contango may also cause a Fund’s

performance to vary from the returns of other price references, including the spot prices of one or more Index Commodities.

INDEX RISKS

A Fund’s Performance May Not Always Replicate the Changes in the Levels of its Index.

Tracking an Index requires trading of the corresponding Fund’s portfolio with a view to tracking the Index over time and is dependent upon the skills of the Managing Owner and its trading principals, among other factors. It is possible that a Fund’s performance may not fully replicate the changes in levels of the corresponding Index due to disruptions in the markets for the relevant Index Commodities, the imposition of position limits, or due to other extraordinary circumstances. The CFTC and/or certain futures exchanges impose position limits on Index Contracts.

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.

As a Fund that is designed to track an Index with more than one underlying commodity 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. As a Fund that is designed to track an Index with one underlying commodity approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in futures contracts based on commodities other than the Index Commodity that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

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In addition, the Funds may not be able to replicate the changes in levels of the corresponding Index because the total return generated by the Funds is reduced by expenses and transaction costs, including those incurred in connection with the Funds’ trading activities, and increased by, as applicable, Treasury Income, Money Market Income and T-Bill ETF Income.

The Funds Are Not Actively Managed and Track the Indexes During Periods in Which any of the Indexes Is Flat or Declining as well as When any of the Indexes Is Rising.

None of the Funds are actively managed on the basis of judgments relating to economic, financial and market conditions with a view to obtaining positive results under all market conditions. Instead, the Managing Owner seeks to cause the NAV of each Fund to track the performance of its Index during periods in which the Index is flat or declining as well as when the Index is rising. Therefore, if positions in any one or more of the Index Commodities are declining in value, a Fund will not close out such positions, except in connection with a change in the composition or weighting of the corresponding Index.

Unusually Long Peak-to-Valley Drawdown Periods with Respect To the Indexes May Be Reflected in Equally Long Peak-to-Valley Drawdown Periods with Respect to the Performance of the Shares.

“Peak-to-valley drawdown” represents the cumulative percentage decline in month-end NAV per Share due to losses sustained during any period in which the initial month-end NAV per Share is not equaled or exceeded by a subsequent month-end NAV per Share.

Although past Index levels are not necessarily indicative of future Index levels, the peak-to-valley drawdown periods that the Indexes have experienced have been unusually long and have lasted for multi-year drawdown periods. Please see the charts beginning on page 36 for information regarding worst peak-to-valley drawdown periods with respect to each Index.

Because it is expected that each Fund’s performance will track the change of its underlying

Index, a Fund would experience a continuous drawdown during the period that its underlying Index experiences such a drawdown. The value of your Shares will also decrease during such a period.

REGULATORY RISKS

Position Limits and Other Potential Limitations on Futures Trading May Restrict the Creation of Baskets and the Operation of the Funds.

Position Limits . CFTC and futures exchange rules impose position limits on market participants, including the Funds, trading in certain commodity futures contracts. These position limits prohibit any person from holding a position of more than a specific number of futures contracts. Generally, position limits in the physical delivery markets are set at a stricter level during the spot month, which is the month when the futures contract matures and becomes deliverable, versus the limits for any other month or for all months combined. Limits are generally applied on an aggregate basis to positions held in accounts that are subject to 10% or greater common ownership or control. There are exemptions from this general aggregation requirement.

The Indexes are composed of Index Commodities, which are all subject to position limits imposed by the rules of the CFTC and/or futures exchanges on which the futures contracts for the applicable Index Commodities are traded. The CFTC has been seeking to amend its position limit rules for several years. In November 2013, the CFTC proposed for public comment new position limits and aggregation regulations. After a lengthy comment period on this proposal, the CFTC re-proposed in December 2016 position limits for 25 commodity futures and options contracts, as well as for swaps that are economically equivalent to those contracts. In December 2016, the CFTC adopted rule amendments that provide exemptions from the general requirement to aggregate all positions that are held pursuant to 10% or greater common ownership or control.

The ultimate outcome of this rulemaking effort, and the resulting impact on the Funds of any final regulations that impose new or revised position limits, is unknown. It is also possible that futures exchanges may amend their existing position limits

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rules or adopt new requirements. In addition, the CFTC could separately implement other changes to specific position limits or to the regime as a whole. New or more restrictive position limits could reduce liquidity in the market, which would be likely to have adverse effects on the pricing of commodity futures contracts. Changes in CFTC and/or exchange-level position limits rules therefore could adversely affect a Fund’s ability to pursue its investment objective.

Position Aggregation . In general, a trader is required by CFTC or exchange rules, as applicable, to aggregate all positions in accounts as to which the trader has 10% or greater ownership or control. CFTC and exchange rules provide exemptions from this requirement. For example, a trader is not required to aggregate positions in multiple accounts that it owns or controls if that trader is able to satisfy the requirements of an exemption from aggregation of those accounts, including, where available, the independent account controller exemption.

Failure to comply with the independent account controller exemption or another exemption from the aggregation requirement could obligate the Managing Owner to aggregate positions in multiple accounts under its control, which could include the Funds and other commodity pools or accounts under the Managing Owner’s control. In such a scenario, a Fund may not be able to obtain exposure to one or more Index Contracts necessary to pursue its investment objective, or it may be required to liquidate existing Index Contract positions in order to comply with a limit. Such an outcome could adversely affect a Fund’s ability to pursue its investment objective.

The CFTC amended its position aggregation rules in December 2016. The CFTC staff subsequently issued time-limited no-action relief from compliance with certain requirements under the amended aggregation rules, including the general requirement to aggregate positions in the same commodity futures contracts traded pursuant to substantially identical trading strategies. This no-action relief expires on August 12, 2019.

Since coming into effect on January 3, 2018, Markets in Financial Instruments Directive II (“MiFID II”) requires the competent authorities of member states in the European Union (“EU”) to impose position limits on certain commodity derivatives contracts which are applicable to any

person, whether or not based in the European Union. Pursuant to MiFID II, the UK’s regulatory agency, the Financial Conduct Authority (“FCA”), has established position limits applicable to aluminum, copper, lead, nickel, tin and zinc commodity derivative contracts traded on the London Metal Exchange (“LME”). LME may also impose accountability levels in certain contracts, where further directions in respect of those positions can then be required. If the Funds were to trade commodity derivatives contracts on other exchanges in the European Union, position limits may apply to such trading activity pursuant to MiFID II as implemented in the relevant national laws and regulations of member states. On November 25, 2018, European Union leaders approved the terms of the United Kingdom’s withdrawal from the European Union, which the United Kingdom’s Parliament has rejected. While the United Kingdom Parliament and the European Union have extended the withdrawal process beyond March 29, 2019, it remains unclear whether a negotiated withdrawal agreement can be reached and what form of withdrawal will ultimately be undertaken. Brexit has resulted in volatility in European and global markets and could have negative long-term effects on financial markets in the United Kingdom and throughout Europe. There is considerable uncertainty about the potential consequences and precise timeframe for Brexit, how it will be conducted, how negotiations of trade agreements will proceed, and how the financial markets will react. As this process unfolds, markets may be further disrupted. In the event the UK exits the EU without a transitional period, the UK commodity trading venues would immediately have more potential flexibility in setting position limits than is the case under MiFID II. In the event a transitional period is agreed then the status quo under MiFID II would be likely to continue until the end of that period. In addition, unless the EU agrees otherwise and subject to the possibility of such a transitional period, after the UK exits the EU any UK firm that was trading derivatives in EU markets will no longer be able to use its MiFID II passport to do so and instead would need to look to any MiFID II third country regime to access the EU market or establish a MiFID II compliant EU branch or subsidiary. The potential loss of MiFID II passports by UK-based firms through which the Fund trades derivatives in EU markets could adversely affect the Fund’s ability to continue doing so absent substitute arrangements for continued access to those markets.

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Accountability Levels . Exchanges may establish accountability levels applicable to futures contracts instead of position limits. An exchange may order a person who holds or controls a position in excess of a position accountability level not to further increase its position, to comply with any prospective limit that exceeds the size of the position owned or controlled, or to reduce any open position that exceeds the position accountability level if the exchange determines that such action is necessary to maintain an orderly market. Position accountability levels could adversely affect a Fund’s ability to establish and maintain positions in commodity futures contracts to which such levels apply, if the Fund were to trade in such contracts. Such an outcome could adversely affect a Fund’s ability to pursue its investment objective.

Daily Limits . 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 a Fund from trading in a particular contract or requiring a Fund to liquidate contracts at disadvantageous times or prices. Either of those outcomes could adversely affect a Fund’s ability to pursue its investment objective.

Potential Effects of Positions Limits, Accountability Levels, and Daily Limits . The Funds are currently subject to position limits and may be subject to new and more restrictive position limits in the future. If a Fund reached a position limit or accountability level or became subject to a price limit, its ability to issue new Baskets or reinvest income in additional commodity futures contracts may be limited to the extent these restrictions limit its ability to establish new futures positions, add to existing positions, or otherwise transact in futures. Limiting the size of a Fund, or restricting a Fund’s futures trading, under these requirements could adversely affect the Fund’s ability to pursue its investment objective.

Failure of Futures Commission Merchants or Commodity Brokers to Segregate Assets May Cause Losses for a Fund.

The Commodity Exchange Act requires a futures commission merchant to segregate all funds received from customers from such futures commission merchant’s proprietary assets. If the Commodity Broker fails to segregate customer assets as required, the assets of the Funds might not be fully protected in the event of the Commodity Broker’s bankruptcy. Furthermore, in the event of the Commodity Broker’s bankruptcy, the Funds could be limited to recovering either a pro rata share of all available funds segregated on behalf of the Commodity Broker’s combined customer accounts or the Funds may not recover any assets at all, even though certain property specifically traceable to the Funds was held by the Commodity Broker.

The Commodity Exchange Act requires an approved derivatives clearing organization to segregate all funds and other property received from a clearing member’s customers in connection with U.S. futures and options contracts from any funds held at the clearing organization to support the clearing member’s proprietary trading. Nevertheless, customer funds held at a clearing organization in connection with any futures or options contracts may be held in a commingled omnibus account, which may not identify the name of the clearing member’s individual customers. With respect to futures and options contracts, a clearing organization may use assets of a non-defaulting customer held in an omnibus account at the clearing organization to satisfy payment obligations of a defaulting customer of the clearing member to the clearing organization. In the event of a default of the clearing futures commission merchant’s other clients or the clearing futures commission merchant’s failure to extend its own funds in connection with any such default, a customer may not be able to recover the full amount of assets deposited by the clearing futures commission merchant with the clearing organization on the customer’s behalf.

In the event of a bankruptcy or insolvency of any exchange or a clearing house, the Funds could experience a loss of the funds deposited through the Commodity Broker as margin with the exchange or clearing house, a loss of any unrealized profits on the Funds’ open positions on the exchange, and the loss

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of unrealized profits on the Funds’ closed positions on the exchange.

Regulatory Changes or Actions May Alter the Operations and Profitability of the Funds.

The regulation of commodity interest transactions and markets, including under the Dodd-Frank Act, is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. In particular, the Dodd-Frank Act has expanded the regulation of markets, market participants and financial instruments. The regulatory regime under the Dodd-Frank Act has imposed additional compliance and legal burdens on participants in the markets for futures and other commodity interests. For example, under the Dodd-Frank Act new capital and risk requirements have been imposed on market intermediaries. Those requirements may cause the cost of trading to increase for market participants, like the Funds, that must interact with those intermediaries to carry out their trading activities. These increased costs can detract from each Fund’s performance.

Each Fund and the Managing Owner Are Subject to Extensive Legal and Regulatory Requirements.

Each Fund is subject to a comprehensive scheme of regulation under the federal commodity futures trading and securities laws, as well as futures market rules and the rules and listing standards for its Shares. The Funds and the Managing Owner could each be subject to sanctions for a failure to comply with those requirements, which could adversely affect the Funds’ financial performance and its ability to pursue its investment objective.

In addition, each Fund is subject to significant disclosure, internal control, governance, and financial reporting requirements because the Shares are publicly traded.

For example, the Funds are responsible for establishing and maintaining internal controls over financial reporting. Under this requirement, each Fund must adopt, implement, and maintain an internal control system designed to provide reasonable assurance to its management regarding the preparation and fair presentation of published financial statements. Each Fund is also required to

adopt, implement, and maintain disclosure controls and procedures that are designed to ensure information required to be disclosed by a Fund in reports that it files or submits to the SEC is recorded, processed, summarized and reported within the time periods specified by the SEC. A Fund’s internal controls over financial reporting and disclosure controls and procedures could fail to work properly or otherwise fail to satisfy SEC requirements. Such a failure could result in the reporting or disclosure of incorrect information or a failure to report information on a timely basis. Such a failure could be to the disadvantage of Shareholders and could expose a Fund to penalties or otherwise adversely affect the Fund’s status under the federal securities laws and SEC regulations.

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective may provide only reasonable assurance with respect to financial statement preparation and presentation and other disclosure matters.

Current Discussions between the SEC and PricewaterhouseCoopers LLP regarding PricewaterhouseCoopers LLP’s Independence Could Have Potentially Adverse Consequences for the Funds.

PricewaterhouseCoopers LLP informed the Funds that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. Each Fund is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receive a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Managing Owner and its

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affiliates, including other subsidiaries of the Managing Owner’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”). PricewaterhouseCoopers LLP informed the Funds it has and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. On May 2, 2018, the SEC proposed amendments to the Loan Rule that, if adopted as proposed, would address many of the issues that led to issuance of the no-action letter. In connection with prior independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on each Fund’s financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with Rule 3526(b)(1) and (2) of the Public Company Accounting Oversight Board (the “PCAOB”), which reflect conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Managing Owner, the Funds and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Funds’ independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.

If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Funds will need to take other action in order for the Funds’ filings with the SEC containing financial statements to be deemed compliant with applicable securities

laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. The SEC no-action relief was initially set to expire eighteen (18) months from issuance but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.

TAX RISKS

Shareholders Will Be Subject to Taxation on Their Allocable Share of a Fund’s Taxable Income, Whether or Not They Receive Cash Distributions.

Shareholders will be subject to U.S. federal income taxation and, in some cases, state, local, or foreign income taxation on their allocable share of a Fund’s taxable income, whether or not they receive cash distributions from the Fund. Shareholders may not receive cash distributions equal to their share of a Fund’s taxable income or even the tax liability that results from such income.

Items of Income, Gain, Loss and Deduction with Respect to Shares Could Be Reallocated if the IRS Does Not Accept the Assumptions or Conventions Used by the Funds in Allocating Such Items.

U.S. federal income tax rules applicable to partnerships are complex and often difficult to apply to publicly traded partnerships. The Funds will apply certain assumptions and conventions in an attempt to comply with applicable rules and to report items of income, gain, loss and deduction to Shareholders in a manner that reflects the Shareholders’ beneficial interest in such tax items, but these assumptions and conventions may not be in compliance with all aspects of the applicable tax requirements. It is possible that the United States Internal Revenue Service (the “IRS”) will successfully assert that the conventions and assumptions used by the Funds do not satisfy the technical requirements of the Internal Revenue Code of 1986, as amended (the “Code”), and/or the Federal Tax Regulations codified under 26 C.F.R., referred to herein as the Treasury Regulations, and could require that items of income, gain, loss and deduction be adjusted or reallocated in

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a manner that adversely affects one or more Shareholders.

The Tax Cuts and Jobs Act (the “Tax Act”) Makes Significant Changes to U.S. Federal Income Tax Rules.

The Tax Act makes significant changes to the U.S. federal income tax rules for taxation of individuals and corporations, generally effective for taxable years beginning after December 31, 2017. Most of the changes applicable to individuals are temporary and would apply only to taxable years beginning after December 31, 2017 and before January 1, 2026. In particular, for individuals, the Tax Act establishes for taxable years beginning after December 31, 2017 and before January 1, 2026 a 20% deduction for “qualified publicly traded partnership income” within the meaning of new Section 199A(e)(5) of the Code. In general, “qualified publicly traded partnership income” for this purpose is an item of income, gain, deduction or loss that is effectively connected with a United States trade or business and includable income for the year, but does not include certain investment income. It is currently not expected that a Fund’s income will be eligible for such deduction because as discussed below, although the matter is not free from doubt, each Fund believes that the activities directly conducted by the Fund will not result in the Fund being engaged in a trade or business within the United States. Potential investors should consult their tax advisors regarding the availability of such deduction for their allocable share of a Fund’s items of income, gain, deduction and loss.

PROSPECTIVE INVESTORS ARE STRONGLY URGED TO CONSULT THEIR OWN TAX ADVISORS AND COUNSEL WITH RESPECT TO THE POSSIBLE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN THE SHARES; SUCH TAX CONSEQUENCES MAY DIFFER WITH RESPECT TO DIFFERENT INVESTORS.

OTHER RISKS

An Insolvency Resulting From Another Series of the Trust or the Trust Itself May Have a Material Adverse Effect on the Funds.

Each Fund is a series of a Delaware statutory trust. Pursuant to Delaware law, the organization of

the Trust provides that the assets and liabilities of each Fund are separate from the assets and liabilities of the other series of the Trust, as well as the larger Trust itself. Though such organization may, under state law, protect the assets of the Funds in an insolvency action brought by the creditors of one or more of the series of the Trust, this may be insufficient to protect the assets of the Funds from such creditors in an insolvency action in federal court, or in a court in a foreign jurisdiction. Accordingly, an insolvency resulting from one or more of the other series of the Trust or the Trust itself may have a material adverse effect on the Funds.

Disruptions in the Ability to Create and Redeem Baskets May Adversely Affect Investors.

It is generally expected that the public trading price per Share will track the NAV per Share closely over time. The relationship between the public trading price per Share and the NAV per Share depends, to a considerable degree, on the ability of Authorized Participants or their clients or customers to purchase and redeem Baskets in the ordinary course. If the process for creating or redeeming Shares is impaired for any reason, Authorized Participants and their clients or customers may not be able to purchase and redeem Baskets or, even if possible, may choose not to do so. The inability to purchase and redeem Baskets, or the partial impairment of the ability to purchase and redeem Baskets, could result in Shares trading at a premium or discount to the NAV of each Fund. Such a premium or discount could be significant, depending upon the nature or duration of the impairment.

If any of the Funds were to issue all Shares registered in this offering, it would not be able to create new Baskets until it registered additional Shares and those additional Shares became available for sale. An inability to create new Baskets could increase the possibility that the trading price per Share would not track closely the NAV per Share. In addition, any of the Funds may, in its discretion, suspend the creation of Baskets. Suspension of creations may adversely affect how the Shares are traded and could cause Shares to trade at a premium or discount to the NAV of a Fund, perhaps to a significant degree.

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The Shares Could Decrease in Value if Unanticipated Operational or Trading Problems Arise.

The mechanisms and procedures governing the creation, redemption and offering of the Shares have been developed specifically for the Funds. Consequently, there may be unanticipated problems with respect to the mechanics of the operations of the Funds and the trading of the Shares that could have a material adverse effect on an investment in the Shares. To the extent that unanticipated operational or trading problems arise, the Managing Owner’s past experience and qualifications may not be suitable for solving those problems.

Historical Performance of the Funds and the Indexes is Not Indicative of Future Performance.

Past performance of any of the Funds or Indexes is not necessarily indicative of future results. Therefore, past performance of the Funds or the Indexes should not be relied upon in deciding whether to buy Shares of any of the Funds.

Fees and Expenses May Deplete the Funds’ Assets if the Funds’ Investment Performance is Not Favorable.

Each Fund pays fees and expenses regardless of its investment performance. Such fees and expenses include asset-based fees of 0.75% per annum. Additional charges include brokerage fees of approximately 0.03% of the NAV of Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund and Invesco DB Gold Fund, and 0.05% of the NAV of Invesco DB Base Metals Fund per annum in the aggregate and selling commissions. Selling commissions are not included in any of the Funds’ breakeven calculation. The sum of a Fund’s Treasury Income, Money Market Income and/or T-Bill ETF Income may not exceed its fees and expenses. If such income does not exceed its fees and expenses, in order to break even, a Fund’s futures trading activity will need to have a favorable performance that exceeds the difference between the sum of the Fund’s Treasury Income, Money Market Income and/or T-Bill ETF Income and its fees and expenses. If a Fund’s futures trading performance is not sufficiently favorable, the Fund’s expenses could deplete its assets over time. In such a scenario, the value of your Shares will decrease.

There May Be Circumstances That Could Prevent a Fund from Being Operated In a Manner Consistent With Its Investment Objective.

There may be circumstances outside the control of the Managing Owner and/or the Funds that make it, for all practical purposes, impossible to re-position the Funds and/or to process a purchase or redemption order. Examples of such circumstances include: natural disasters; public service disruptions or utility problems such as those caused by fires, floods, extreme weather conditions, and power outages resulting in telephone, telecopy, and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the aforementioned parties, as well as DTC, or any other participant in the purchase process, and similar extraordinary events. While the Managing Owner has established and implemented a disaster recovery plan, circumstances such as those identified above may prevent the Funds from being operated in a manner consistent with its investment objective.

Redemption Orders for Baskets May Be Subject to Postponement, Suspension or Rejection Under Certain Circumstances.

The Managing Owner may, in its discretion, suspend the right of redemption or postpone the redemption order settlement date with respect to a Basket for (1) any period during which an emergency exists as a result of which the redemption distribution is not reasonably practicable, or (2) such other period as the Managing Owner determines to be necessary for the protection of the Shareholders. In addition, the Funds will reject a redemption order if the order is not in proper form as described in the participant agreement with the Authorized Participant, or if the fulfillment of the order, in the opinion of the Funds’ counsel, might be unlawful. Any such postponement, suspension or rejection could adversely affect a redeeming Authorized Participant. For example, the resulting delay may adversely affect the value of the Authorized Participant’s redemption proceeds if the NAV of a Fund declines during the period of delay. The Funds disclaim any liability for any loss or damage that may result from any such suspension or postponement.

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Shareholders Do Not Have the Protections Associated with Ownership of Shares in an Investment Company Registered Under the Investment Company Act of 1940.

None of the Funds is registered as an investment company under the Investment Company Act of 1940, as amended. Consequently, Shareholders do not have the legal and regulatory protections provided to the investors in investment companies that are registered as such.

Shareholders Do Not Have the Rights Enjoyed by Investors in Certain Other Vehicles.

The Shares have none of the statutory rights normally associated with the ownership of shares of a corporation. However, under Delaware law, a beneficial owner of a business trust (such as a Shareholder) may, under certain circumstances, institute legal action on behalf of himself and all other similarly situated beneficial owners to recover damages from a third party where a managing owner has failed or refused to institute legal action on behalf of himself and all other similarly situated beneficial owners to recover damages from a managing owner for violations of fiduciary duties, or on behalf of a business trust to recover damages from a third party where a managing owner has failed or refused to institute proceedings to recover such damages. The Shares have limited voting and distribution rights (for example, Shareholders do not have the right to elect directors and the Funds are not required to pay regular distributions, although the Funds may pay distributions in the discretion of the Managing Owner).

Various Actual and Potential Conflicts of Interest May Be Detrimental to Shareholders.

Each Fund is subject to actual and potential conflicts of interest involving the Managing Owner or any of its affiliates, the Commodity Broker, including its principals and its affiliates, the Index Sponsor and Marketing Agent, and Invesco Distributors. The Managing Owner and its principals, all of whom are engaged in other investment activities, are not required to devote substantially all of their time to the business of the Funds, which also presents the potential for numerous conflicts of interest with the Funds. The Managing Owner and its principals and affiliates are engaged in a broad array

of asset management and financial services activities and may engage in activities during the ordinary course of business that cause their interests or those of their other clients to conflict with those of the Funds and their Shareholders.

As a result of these and other relationships, parties involved with the Funds have a financial incentive to act in a manner other than in the best interests of the Funds and the Shareholders. For example, by investing in affiliated money market mutual funds and/or T-Bill ETFs for margin and/or cash management purposes, the Managing Owner may select affiliated money market mutual funds and/or T-Bill ETFs that may pay dividends that are lower than non-affiliated money market mutual funds and/or T-Bill ETFs. In addition, the Managing Owner would have a conflict of interest if it sought to redeem a Fund’s interest in an affiliated money market mutual fund or T-Bill ETF in circumstances where such a redemption would be unfavorable for the affiliated fund. The Managing Owner has not established any formal procedure to resolve conflicts of interest. Consequently, investors are dependent on the good faith of the respective parties subject to such conflicts to resolve them equitably. Although the Managing Owner attempts to monitor these conflicts, it is extremely difficult, if not impossible, for the Managing Owner to ensure that these conflicts do not, in fact, result in adverse consequences to the Funds and the Shareholders.

The Funds may be subject to certain conflicts with respect to the Commodity Broker, including, but not limited to, conflicts that result from receiving greater amounts of compensation from other clients, or purchasing opposite or competing positions on behalf of third party accounts traded through the Commodity Broker.

Because the Managing Owner and Invesco Distributors are affiliates, the Managing Owner has a disincentive to replace Invesco Distributors. Furthermore, the Managing Owner did not conduct an arm’s length negotiation when it retained Invesco Distributors.

Lack of Independent Advisers Representing Investors.

The Managing Owner has consulted with counsel, accountants and other advisers regarding the operation of the Funds. No counsel has been

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appointed to represent you in connection with the Funds’ continuous offering of Shares. Accordingly, you should consult your own legal, tax and financial advisers about whether you should invest in the Funds.

Possibility of Termination of the Funds May Adversely Affect Your Portfolio.

It is ultimately within the discretion of the Managing Owner whether it will continue to operate and advise each Fund. The Managing Owner may withdraw from any of the Funds upon 120 days’ prior written notice to all Shareholders and the Trustee, which would cause any such Fund to terminate unless a substitute managing owner was obtained. Shareholders owning 50% or more of the Shares have the power to terminate any of the Funds. If it is so exercised, investors who may wish to continue to invest in a vehicle that tracks the Funds’ Indexes will have to find another vehicle, and may not be able to find another vehicle that offers the same features as the relevant Fund. See “Description of the Shares; Certain Material Terms of the Trust Agreement — Termination Events” for a summary of termination events. Such detrimental developments could cause you to liquidate your investments and upset the overall maturity and timing of your investment portfolio. If the registrations with the CFTC or memberships in the NFA of the Managing Owner or the Commodity Broker were revoked or suspended, such entity would no longer be able to provide services to the Funds.

Competing Claims Over Ownership of Intellectual Property Rights Related to the Funds Could Adversely Affect the Funds and an Investment in the Shares.

While the Managing Owner believes that all intellectual property rights needed to operate the Funds in the manner described in this Prospectus are either owned by or licensed to the Managing Owner or have been obtained, third parties may allege or assert ownership of intellectual property rights which may be related to the design, structure and operations of the Funds. To the extent any claims of such ownership are brought or any proceedings are instituted to assert such claims, the issuance of any restraining orders or injunctions, the negotiation, litigation or settlement of such claims, or the ultimate disposition of such claims in a court of law may adversely affect the Funds and an investment in the

Shares. For example, such actions could result in expenses or damages payable by the Funds, suspension of activities or the termination of the Funds.

The Value of the Shares Will Be Adversely Affected if the Funds Are Required to Indemnify the Trustee or the Managing Owner.

Under the Trust Agreement, the Trustee and the Managing Owner have the right to be indemnified for any liability or expense they incur, except for any expenses resulting from gross negligence or willful misconduct. That means the Managing Owner may require the assets of any of the Funds to be sold in order to cover losses or liability suffered by it or by the Trustee. Any sale of that kind would reduce the NAV of a Fund and, consequently, the value of the Shares.

Although the Shares Are Limited Liability Investments, Certain Circumstances such as Bankruptcy of the Funds or Indemnification of the Funds by the Shareholders Will Increase a Shareholder’s Liability.

The Shares are limited liability investments; investors may not lose more than the amount that they invest including any appreciation in their investments. However, Shareholders could be required, as a matter of bankruptcy law, to return to the estate of a Fund any distribution they received at a time when the Fund was in fact insolvent or in violation of the Trust Agreement. In addition, Shareholders agree in the Trust Agreement that they will indemnify each Fund for any harm suffered by it as a result of:

•

Shareholders’ actions unrelated to the business of the Fund, or

•

taxes imposed on the Shares by the states or municipalities in which such investors reside.

The Funds May Lose Money on Their Holdings of Money Market Mutual Funds.

The Funds may invest in government money market funds that have chosen to not rely on the ability to impose fees on shareholder redemptions, or liquidity fees, or temporarily to suspend redemption

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privileges, or gates, if the government money market fund’s weekly liquid assets fall below a certain threshold. Although such government money market funds seek to preserve the value of an investment at $1.00 per share, there is no guarantee that they will be able to do so. As a result, the Funds may lose money by investing in a government money market fund. An investment in a government money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. The share price of a government money market fund can fall below the $1.00 share price. The Funds cannot rely on or expect a government money market fund’s adviser or its affiliates to enter into support agreements or take other actions to maintain the government money market fund’s $1.00 share price. The credit quality of a government money market fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the government money market fund’s share price. Due to fluctuations in interest rates, the market value of securities held by a government money market fund may vary. A government money market fund’s share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets.

Due to the Increased Use of Technologies, Intentional and Unintentional Cyber Attacks Pose Operational and Information Security Risks.

With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the Funds are susceptible to operational and information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption.

Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites. Cyber security failures or breaches of the Funds’ third party service providers (including, but not limited to the Index Sponsor, the Administrator and the Transfer Agent) or the money market mutual funds and T-Bill ETFs in which the Funds invest, have the ability to cause disruptions and impact

business operations, potentially resulting in financial losses, the inability of Shareholders or Authorized Participants to transact business in Shares and Baskets, respectively, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. The Funds and their Shareholders could be negatively impacted as a result.

While the Managing Owner has established business continuity plans and systems reasonably designed to detect and prevent such cyber attacks from being effective, there are inherent limitations in such plans and systems. For instance, it is possible that certain existing risks have not been identified or that new risks will emerge before countervailing measures can be implemented. Furthermore, the Funds cannot control, or even necessarily influence, the cyber security plans and systems put in place by the Funds’ third party service providers. Since the Funds are dependent upon third party service providers (including the Managing Owner) for substantially all of their operational needs, the Funds are subject to the risk that a cyber attack on a service provider will materially impair their normal operations even if the Funds themselves are not subject to such an attack. Cyber attacks may also cause disruptions to the futures exchanges and clearinghouses through which a Fund invests in futures contracts and to the exchanges on which a Fund buys and sells shares of T-Bill ETFs, which could result in disruptions to a Fund’s ability to pursue its investment objective, resulting in financial losses to the Fund and Shareholders.

FORWARD-LOOKING STATEMENTS

This Prospectus includes forward-looking statements that reflect the Managing Owner’s current expectations about the future results, performance, prospects and opportunities of the Funds. The Managing Owner has tried to identify these forward-looking statements by using words such as “may,” “will,” “expect,” “anticipate,” “believe,” “intend,” “should,” “estimate” or the negative of those terms or similar expressions. These forward-looking statements are based on information currently available to the Managing Owner and are subject to a number of risks, uncertainties and other factors, both

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known, such as those described in “Risk Factors” and elsewhere in this Prospectus, and unknown, that could cause the actual results, performance, prospects or opportunities of the Fund to differ materially from those expressed in, or implied by, these forward-looking statements.

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

INVESTMENT OBJECTIVES OF THE FUNDS

Each Fund seeks to track changes, whether positive or negative, in the level of its corresponding Index over time, plus the excess, if any, of the sum of its Treasury Income, Money Market Income and T-Bill ETF Income over its expenses. Each Fund invests in futures contracts in an attempt to track its corresponding Index. Each Fund holds Treasury Securities, money market mutual funds and T-Bill ETFs for margin and/or cash management purposes only and each Fund’s performance reflects the appreciation or depreciation of such securities.

The Shares of each Fund are designed for investors who want a cost-effective and convenient way to invest in commodity futures on U.S. and non-U.S. markets.

Advantages of investing in the Funds include:

•

Ease and Flexibility of Investment . The Shares trade on the NYSE Arca and provide institutional and retail investors with indirect access to commodity futures markets. The Shares may be bought and sold on the NYSE Arca like other exchange-listed securities. Retail investors may purchase and sell Shares through traditional brokerage accounts.

•

Margin . Shares are eligible for margin accounts.

•

Diversification . The Shares may help to diversify a portfolio of investments in stocks, bonds, and related assets to the

extent there is low to negative correlation between those asset classes and the performance of the Index.

•

Optimum Yield ™. The Indexes utilize an Optimum Yield™ methodology, which seeks to minimize the effects of negative roll yield that may be experienced by other commodities indexes. “Negative roll yield” is a term that describes the adverse impact of an upward-sloping price curve for futures contracts, which makes it more expensive to replace expiring contracts with new contracts.

•

Transparency . The Shares provide a more direct investment in commodities than mutual funds or ETFs that invest in commodity-linked notes or otherwise gain indirect exposure to commodities, which may have implicit imbedded costs, credit risk and other potentially opaque features.

Investing in the Funds does not insulate Shareholders from certain risks, including price volatility.

Each Fund’s Shares are intended to provide investment results that generally correspond to the changes, positive or negative, in the levels of the corresponding Index over time. The value of each Fund’s Shares is expected to fluctuate in relation to changes in the value of its portfolio. The market price of a Fund’s Shares may not be identical to the NAV per Share, but these two valuations are expected to be very close. See “Risk Factors — NAV May Not Always Correspond to Market Price and, as a Result, Baskets May Be Created or Redeemed at a Value that Differs from the Market Price of the Shares.”

Each Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on the Index Commodities.

The Invesco DB Energy Fund is designed to track the DBIQ Optimum Yield Energy Index Excess Return ™ (DBIQ-OY Energy ER ™ ), which is intended to reflect the changes in market value of the energy sector.

The Invesco DB Oil Fund is designed to track the DBIQ Optimum Yield Crude Oil Index Excess Return ™ (DBIQ-OY CL ER ™ ), which is intended to

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reflect the changes in market value of the crude oil sector.

The Invesco DB Precious Metals Fund is designed to track the DBIQ Optimum Yield Precious Metals Index Excess Return ™ (DBIQ-OY Precious Metals ER ™ ), which is intended to reflect the changes in market value of the precious metals sector.

The Invesco DB Gold Fund is designed to track the DBIQ Optimum Yield Gold Index Excess Return ™ (DBIQ-OY GC ER ™ ), which is intended to reflect the changes in market value of the gold sector.

The Invesco DB Base Metals Fund is designed to track the DBIQ Optimum Yield Industrial Metals Index Excess Return ™ (DBIQ-OY Industrial Metals ER ™ ), which is intended to reflect the changes in market value of the base metals sector.

Each Fund trades Index Contracts that are subject to position limits under regulations of the CFTC or futures exchange rules, as applicable. As a Fund that is designed to track an Index with more than one underlying commodity 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. As a Fund that is designed to track an Index with one underlying commodity approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in futures contracts based on commodities other than the Index Commodity 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 seeks to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

Under the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended (the “Trust Agreement”), the Managing Owner has exclusive management and control of all aspects of the business of the Funds. The Trustee’s duties and liabilities with respect to the offering of the Shares and the management of the Funds are limited to its express obligations under the Trust Agreement. The Trustee will have no duty or liability to supervise, or monitor the performance of the Managing Owner, nor will the Trustee have any liability for the acts or omissions of the Managing Owner.

There can be no assurance that any of the Funds will achieve its investment objective or avoid substantial losses.

Role of Managing Owner

The Managing Owner serves as the commodity pool operator and commodity trading advisor of each Fund.

Specifically, with respect to each Fund, the Managing Owner:

•

selects the Trustee, Commodity Broker, Administrator, Index Sponsor, Custodian, Transfer Agent, Marketing Agent, distributor and auditor;

•

negotiates various agreements and fees;

•

performs such other services as the Managing Owner believes that each Fund may from time to time require; and

•

monitors the performance results of each Fund’s portfolio and reallocates assets within such portfolio with a view to causing the performance of each Fund’s portfolio to track its corresponding Index over time.

The Managing Owner is registered as a commodity pool operator and commodity trading advisor with the CFTC and is a member of the NFA. The Managing Owner is an NFA-approved swap firm.

The principal office of the Managing Owner is located at c/o Invesco Capital Management LLC,

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3500 Lacey Road, Suite 700, Downers Grove, IL 60515. The telephone number of the Managing Owner is (800) 983-0903.

BREAKEVEN ANALYSIS

A Shareholder should expect that a Fund’s fees and expenses during the first twelve months of the Shareholder’s investment will equal the following amount of the respective Fund’s NAV as of January 31, 2019:

Fund NAV per
Share
$ %

Invesco DB Energy Fund

$ 13.68 $ 0.11 0.78%

Invesco DB Oil Fund

$ 9.88 $ 0.08 0.78%

Invesco DB Precious Metals Fund

$ 37.42 $ 0.29 0.78%

Invesco DB Gold Fund

$ 40.60 $ 0.32 0.78%

Invesco DB Base Metals Fund

$ 16.35 $ 0.13 0.80%

Each Fund’s Treasury Income, Money Market Income, and T-Bill ETF Income are expected to exceed the Fund’s fees and expenses during those first twelve months, assuming that Treasury Income is earned at a rate of 2.43%, Money Market Income is earned at a rate of 2.10%, and T-Bill ETF Income is earned at a rate of 2.46%. (These assumed rates are based on market rates observed as of January 31, 2019). This means that, during those first twelve months, a Fund would have to experience trading losses that would exceed the positive difference between the Fund’s income and its expenses. As a result, the breakeven amount is reflected as $0.00 and 0% of NAV for each Fund.

Breakeven Table

The Breakeven Table on the following page indicates the approximate percentage and dollar returns required for the value of the following initial investment in a Share to equal the amount originally invested twelve months after issuance, based on the NAV per Share as of January 31, 2019:

Fund Initial Investment

Invesco DB Energy Fund

$ 13.68

Invesco DB Oil Fund

$ 9.88

Invesco DB Precious Metals Fund

$ 37.42

Invesco DB Gold Fund

$ 40.60

Invesco DB Base Metals Fund

$ 16.35

The amounts reflected in this discussion and the accompanying tables reflect the effect of rounding.

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BREAKEVEN TABLE

The Breakeven Table, as presented, is an approximation only. Because a constant NAV per Share has been assumed, the actual capitalization of each Fund does not directly affect the level of its charges as a percentage of its NAV.

Dollar Amount and Percentage of Expenses Per Fund
DBE DBO DBP DGL DBB
Expense 1 $ % $ % $ % $ % $ %

Management Fee 2

$ 0.10 0.75 % $ 0.07 0.75 % $ 0.28 0.75 % $ 0.31 0.75 % $ 0.12 0.75 %

Offering Expense Reimbursement

$ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 %

Brokerage Commissions and Fees 3

$ 0.01 0.03 % $ 0.01 0.03 % $ 0.01 0.03 % $ 0.01 0.03 % $ 0.01 0.05 %

Routine Operational, Administrative and Other Ordinary Expenses 4,5

$ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 %

Treasury Income, Money Market Income and T-Bill ETF Income 6

$ 0.33 2.42 % $ 0.24 2.41 % $ 0.90 2.41 % $ 0.98 2.41 % $ 0.40 2.42 %

12-Month Breakeven 7,8

$ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 %

1.

See the “Charges” section for an explanation of the expenses included in the Breakeven Table. The Managing Owner pays a marketing services fee to the Marketing Agent and an index services fee to the Index Sponsor. Because the marketing services fee and the index services fee are not paid by the Funds, these fees are not included in the breakeven analysis.

2.

The Managing Owner is responsible for paying the fees and expenses of the Administrator, Invesco Distributors, the Index Sponsor and the Marketing Agent from its own assets.

Each Fund may, for margin and/or cash management purposes, invest in money market mutual funds and/or T-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the management fees that such Fund may incur through such investments is in addition to the Management Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the fees that it receives in an amount equal to the indirect management fees that each Fund incurs through its investments in affiliated money market mutual funds and/or affiliated T-Bill ETFs. The Managing Owner may terminate these waivers on 60 days’ notice.

As of the date of this prospectus, this waiver is approximately less than $0.01 per Share per annum for each of the Funds.

3.

The actual amount of brokerage commissions and trading fees to be incurred will vary based upon the trading frequency of each Fund and the specific futures contracts traded.

4.

The Managing Owner is responsible for paying all routine operational, administrative and other ordinary expenses of each Fund.

5.

Authorized Participants pay a transaction fee in the amount of $500 per order to create and redeem Baskets and are subject to an additional processing charge for failure to timely deliver such orders. Because these transaction fees are de minimis in amount, are charged on a transaction-by-transaction basis (and not on a Basket-by-Basket basis), and are borne by the Authorized Participants, they have not been included in the Breakeven Table.

6.

Treasury Income is assumed to be earned at a rate of 2.43%, Money Market Income is estimated to be earned at a rate of 2.10%, and T-Bill ETF Income is estimated to be earned at a rate of 2.46%. These

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assumed rates are based on market rates as of January 31, 2019. T-Bill ETF Income reflects dividend income from a Fund’s holdings in T-Bill ETFs, if any. Actual Treasury Income, Money Market Income and T-Bill ETF Income could be higher or lower than the levels shown.

7.

The table indicates that the breakeven amount during the first 12 months of an investment in each Fund is $0.00 and 0% of NAV. These figures reflect that, during those first 12 months, each Fund’s Treasury Income, Money Market Income, and T-Bill ETF Income are expected to exceed the Fund’s fees and expenses.

8.

You may pay brokerage commissions in connection with purchases of the Shares. Because such brokerage commission rates are set by your broker, they will vary from investor to investor and have not been included in the Breakeven Table. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.

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PERFORMANCE OF INVESCO DB ENERGY FUND ( TICKER: DBE ), A SERIES OF

INVESCO DB MULTI-SECTOR COMMODITY TRUST

Name of Pool : Invesco DB Energy Fund

Type of Pool : Public, Exchange-Listed Commodity Pool

Inception of Trading : January 2007

Aggregate Gross Capital Subscriptions as of January 31, 2019 1 : $1,746,118,235

NAV as of January 31, 2019 : $95,777,273

NAV per Share as of January 31, 2019 2 : $13.68

Worst Monthly Drawdown 3 : (17.69)% November 2018

Worst Peak-to-Valley Drawdown 4 : (81.53)% June 2008 — February 2016*

Monthly Rate of Return

2019(%) 2018(%) 2017(%) 2016(%) 2015(%) 2014(%)

January

10.95 4.18 (4.78) (7.98) (7.30) (2.85)

February

(5.20) (0.76) (4.09) 10.39 4.31

March

5.97 (3.45) 6.50 (9.58) (0.95)

April

5.76 (3.02) 12.50 13.44 0.82

May

3.65 (2.13) 4.41 (2.28) 0.64

June

2.15 (3.01) 1.95 (1.71) 3.43

July

(2.98) 5.78 (10.36) (14.82) (5.34)

August

3.31 0.41 4.53 1.90 (1.35)

September

5.60 4.63 5.70 (9.47) (6.36)

October

(8.51) 6.44 (1.29) 0.59 (9.28)

November

(17.69) 2.48 4.40 (7.99) (15.25)

December

(7.96) 3.84 7.73 (11.23) (17.05)

Compound Rate of Return 5

10.95% (14.01)% 5.72% 23.77% (34.91)% (41.27)%

*

The Worst Peak-to-Valley Drawdown from June 2008 – February 2016 reflects the total return of the Fund, including the $0.44 per share distribution made to Shareholders of record as of December 17, 2008.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

See accompanying Footnotes to Performance Information on page 41.

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PERFORMANCE OF INVESCO DB OIL FUND ( TICKER: DBO ), A SERIES OF

INVESCO DB MULTI-SECTOR COMMODITY TRUST

Name of Pool : Invesco DB Oil Fund

Type of Pool : Public, Exchange-Listed Commodity Pool

Inception of Trading : January 2007

Aggregate Gross Capital Subscriptions as of January 31, 2019 1 : $3,933,645,718

NAV as of January 31, 2019 : $318,049,496

NAV per Share as of January 31, 2019 2 : $9.88

Worst Monthly Drawdown 3 : (21.95)% November 2018

Worst Peak-to-Valley Drawdown 4 : (85.91)% June 2008 — February 2016*

Monthly Rate of Return

2019(%) 2018(%) 2017(%) 2016(%) 2015(%) 2014(%)

January

17.90 7.15 (3.31) (11.91) (11.22) (2.82)

February

(3.93) (0.43) (7.38) 6.75 6.65

March

6.28 (5.59) 5.27 (8.16) (0.10)

April

6.18 (2.62) 10.78 12.81 (0.87)

May

0.51 (2.92) 5.56 (2.56) 3.69

June

4.87 (3.13) 0.55 (1.21) 4.31

July

(2.32) 5.96 (11.90) (17.19) (5.81)

August

3.52 (2.11) 4.46 3.95 (1.99)

September

6.49 5.63 5.93 (10.62) (4.77)

October

(9.29) 4.76 (3.58) 3.28 (10.88)

November

(21.95) 4.87 5.34 (10.30) (18.64)

December

(10.56) 5.37 6.62 (13.21) (20.83)

Compound Rate of Return 5

17.90% (16.52)% 5.58% 6.62% (41.52)% (43.97)%

*

The Worst Peak-to-Valley Drawdown from June 2008 – February 2016 reflects the total return of the Fund, including the $0.12 per Share distribution made to Shareholders of record as of December 17, 2008.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

See accompanying Footnotes to Performance Information on page 41.

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PERFORMANCE OF INVESCO DB PRECIOUS METALS FUND ( TICKER: DBP ), A SERIES

OF INVESCO DB MULTI-SECTOR COMMODITY TRUST

Name of Pool : Invesco DB Precious Metals Fund

Type of Pool : Public, Exchange-Listed Commodity Pool

Inception of Trading : January 2007

Aggregate Gross Capital Subscriptions as of January 31, 2019 1 : $1,546,822,104

NAV as of January 31, 2019 : $142,214,108

NAV per Share as of January 31, 2019 2 : $37.42

Worst Monthly Drawdown 3 : (8.04)% November 2016

Worst Peak-to-Valley Drawdown 4 : (51.67)% August 2011 — December 2015

Monthly Rate of Return

2019(%) 2018(%) 2017(%) 2016(%) 2015(%) 2014(%)

January

3.11 2.12 5.90 4.71 8.72 2.22

February

(2.46) 3.76 9.41 (5.23) 7.57

March

0.16 (0.63) 0.76 (2.04) (3.85)

April

(0.39) (0.05) 6.47 (0.68) 0.12

May

(1.12) 0.39 (6.76) 1.06 (3.81)

June

(3.42) (3.01) 9.95 (2.64) 7.47

July

(2.70) 1.67 3.56 (6.54) (3.30)

August

(3.02) 3.89 (4.75) 2.40 (0.75)

September

(0.43) (3.11) 1.02 (1.36) (7.47)

October

0.84 (0.84) (4.22) 3.20 (3.90)

November

0.17 (0.08) (8.04) (7.40) (0.58)

December

5.47 2.88 (2.16) (0.86) 0.63

Compound Rate of Return 5

3.11% (5.00)% 10.87% 8.21% (11.78)% (6.58)%

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

See accompanying Footnotes to Performance Information on page 41.

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PERFORMANCE OF INVESCO DB GOLD FUND ( TICKER: DGL ), A SERIES OF

INVESCO DB MULTI-SECTOR COMMODITY TRUST

Name of Pool : Invesco DB Gold Fund

Type of Pool : Public, Exchange-Listed Commodity Pool

Inception of Trading : January 2007

Aggregate Gross Capital Subscriptions as of January 31, 2019 1 : $1,660,227,818

NAV as of January 31, 2019 : $138,055,572

NAV per Share as of January 31, 2019 2 : $40.60

Worst Monthly Drawdown 3 : (8.10) % November 2016

Worst Peak-to-Valley Drawdown 4 : (45.83)% August 2011 — December 2015

Monthly Rate of Return

2019(%) 2018(%) 2017(%) 2016(%) 2015(%) 2014(%)

January

2.99 2.36 4.97 5.10 8.22 3.10

February

(1.76) 3.47 10.56 (5.45) 6.74

March

0.36 (0.50) 0.08 (2.62) (3.04)

April

(0.53) 1.37 4.46 (0.10) 0.86

May

(1.46) 0.30 (5.86) 0.49 (4.03)

June

(3.75) (2.58) 8.44 (1.53) 6.24

July

(2.43) 1.82 2.05 (6.79) (3.34)

August

(2.07) 3.86 (3.69) 3.37 0.25

September

(0.82) (2.67) 0.57 (1.59) (6.21)

October

1.71 (1.05) (3.34) 2.30 (3.49)

November

0.50 0.30 (8.10) (6.76) 0.21

December

4.50 2.60 (1.93) (0.57) 0.73

Compound Rate of Return 5

2.99% (3.63)% 12.18% 6.78% (11.44) (2.84)%

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

See accompanying Footnotes to Performance Information on page 41.

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PERFORMANCE OF INVESCO DB BASE METALS FUND (TICKER: DBB), A SERIES OF

INVESCO DB MULTI-SECTOR COMMODITY TRUST

Name of Pool : Invesco DB Base Metals Fund

Type of Pool : Public, Exchange-Listed Commodity Pool

Inception of Trading : January 2007

Aggregate Gross Capital Subscriptions as of January 31, 2019 1 : $2,286,619,728

NAV as of January 31, 2019 : $173,319,358

NAV per Share as of January 31, 2019 2 : $16.35

Worst Monthly Drawdown 3 : (7.25)% November 2015

Worst Peak-to-Valley Drawdown 4 : (54.47)% February 2011 — November 2015

Monthly Rate of Return

2019(%) 2018(%) 2017(%) 2016(%) 2015(%) 2014(%)

January

5.89 1.03 9.03 (1.26) (5.63) (4.83)

February

(2.86) 1.10 4.78 0.40 2.25

March

(4.52) (0.61) 1.06 0.33 (2.94)

April

2.75 (3.11) 6.61 7.96 0.76

May

0.54 (0.38) (4.99) (7.13) 1.82

June

(6.07) 3.16 6.36 (5.45) 4.37

July

(4.88) 2.82 2.69 (6.18) 4.36

August

(2.98) 9.60 (1.38) (2.74) 1.04

September

2.40 (1.63) 3.69 (3.04) (5.10)

October

(4.44) 3.93 2.14 (2.59) 1.45

November

2.45 (3.30) 8.72 (7.25) (4.10)

December

(3.85) 6.71 (4.10) 3.04 (3.23)

Compound Rate of Return 5

5.89% (19.13)% 29.70% 25.95% (25.77)% (4.71)%

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

See accompanying Footnotes to Performance Information on page 41.

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Footnotes to Performance Information

1. “Aggregate Gross Capital Subscriptions” is the aggregate of all amounts ever contributed to the relevant Fund, including investors who subsequently redeemed their investments.

2. “NAV per Share” is the NAV of the relevant Fund divided by the total number of Shares outstanding with respect to such Fund as of January 31, 2019.

3. “Worst Monthly Drawdown” is the largest single month loss sustained during the most recent five calendar years and year to date (if applicable). “Drawdown” as used in this section of the Prospectus means losses experienced by the relevant Fund over the specified period and is calculated on a rate of return basis, i.e., dividing net performance by beginning equity. “Drawdown” is measured on the basis of monthly returns only, and does not reflect intra-month figures. “Month” is the month of the Worst Monthly Drawdown.

4. “Worst Peak-to-Valley Drawdown” is the largest percentage decline in the NAV per Share during the last five years (and to the extent applicable, for a period beyond the most recent five calendar years if the starting date of the peak value extends beyond this period). This need not be a continuous decline, but can be a series of positive and negative returns where the negative returns are larger than the positive returns. “Worst Peak-to-Valley Drawdown” represents the greatest percentage decline from any month-end NAV per Share that occurs without such month-end NAV per Share being equaled or exceeded as of a subsequent month-end. For example, if the NAV per Share of a particular Fund declined by $1 in each of January and February, increased by $1 in March and declined again by $2 in April, a “peak-to-valley drawdown” analysis conducted as of the end of April would consider that “drawdown” to be still continuing and to be $3 in amount, whereas if the NAV per Share had increased by $2 in March, the January-February drawdown would have ended as of the end of February at the $2 level.

5. “Compound Rate of Return” of the relevant Fund is calculated by multiplying on a compound basis each of the monthly rates of return set forth in the respective charts above and not by adding or averaging such monthly rates of return. For periods of less than one year, the results are year-to-date.

EACH FUND’S PERFORMANCE INFORMATION FROM INCEPTION UP TO AND EXCLUDING FEBRUARY 23, 2015 IS A REFLECTION OF THE PERFORMANCE ASSOCIATED WITH ITS PREDECESSOR MANAGING OWNER. ALL THE PERFORMANCE INFORMATION ON AND AFTER FEBRUARY 23, 2015 REFLECTS THE PERFORMANCE ASSOCIATED WITH THE MANAGING OWNER.

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DESCRIPTION OF THE DBIQ OPTIMUM YIELD INDEX EXCESS RETURN™ SECTOR INDEXES

The Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund, Invesco DB Gold Fund and Invesco DB Base Metals Fund (the “Funds”) are not sponsored or endorsed by Deutsche Bank AG, Deutsche Investment Management Americas Inc. or any subsidiary or affiliate of Deutsche Bank AG or Deutsche Investment Management Americas Inc. (collectively, “Deutsche Bank”). The DBIQ Optimum Yield Energy Index Excess Return™, DBIQ Optimum Yield Crude Oil Index Excess Return™, DBIQ Optimum Yield Precious Metals Index Excess Return™, DBIQ Optimum Yield Gold Index Excess Return™, and DBIQ Optimum Yield Industrial Metals Index Excess Return™ (collectively, the “DB Indexes”) are the exclusive property of Deutsche Investment Management Americas Inc. “DBIQ” and “Optimum Yield” are service marks of Deutsche Bank AG and have been licensed for use for certain purposes by Deutsche Investment Management Americas Inc. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Indexes makes any representation or warranty, express or implied, concerning the DB Indexes, the Funds or the advisability of investing in securities generally. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Indexes has any obligation to take the needs of Invesco Capital Management LLC, the sponsor of the Funds, or its clients into consideration in determining, composing or calculating the DB Indexes. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Indexes is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Funds. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Indexes has any obligation or liability in connection with the administration or trading of the Funds.

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE DB INDEXES, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE DB INDEXES 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 DB INDEXES, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO CAPITAL MANAGEMENT LLC FROM THE USE OF THE DB INDEXES OR ANY DATA INCLUDED THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE DB INDEXES, 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 DB INDEXES 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 DB INDEXES 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 the Funds, 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 the Funds 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.

General

Each Index is calculated on an excess return, or unfunded, basis. All Indexes are rolled in a manner which is aimed at potentially maximizing the roll benefits in backwardated markets and minimizing the losses from rolling in contangoed markets. Each Index is comprised of one or more Index Commodities. The composition of Index

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Commodities with respect to each Index varies according to each specific sector that such Index intends to reflect. Each Index Commodity is assigned an Index Base Weight, which is intended to reflect the proportion of such Index Commodity relative to each Index.

Indexes and Covered Sectors

The Indexes track the following sectors:

•

DBIQ Optimum Yield Energy Index Excess Return™ (“DBIQ-OY Energy ER™”) is intended to reflect the energy sector.

•

DBIQ Optimum Yield Crude Oil Index Excess Return™ (“DBIQ-OY CL ER™”) is intended to reflect the changes in market value of the crude oil sector.

•

DBIQ Optimum Yield Precious Metals Index Excess Return™ (“DBIQ-OY Precious Metals ER™”) is intended to reflect the precious metals sector.

•

DBIQ Optimum Yield Gold Index Excess Return™ (“DBIQ-OY GC ER™”) is intended to reflect the changes in market value of the gold sector.

•

DBIQ Optimum Yield Industrial Metals Index Excess Return™ (“DBIQ-OY Industrial Metals ER™”) is intended to reflect the base metals sector.

DBIQ-OY CL ER™ and DBIQ-OY GC ER™ are Indexes with a single Index Commodity (“Single Commodity Indexes”).

Each Index has been calculated back to the Base Date. On the Base Date the Closing Level of each Index was 100.

The Index Sponsor is DIMA. 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.

[Remainder of page left blank intentionally.]

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SECTOR INDEXES OVERVIEW

Index

Index Commodity

Exchange
(Contract Symbol) 1

Base Date Index Base Weight

DBIQ-OY Energy ER™

Light, Sweet Crude Oil (WTI) NYMEX (CL) June 4, 1990 22.50 %
Heating Oil NYMEX (HO) 22.50 %
Brent Crude Oil ICE-UK (LCO) 22.50 %
RBOB Gasoline NYMEX (XB) 22.50 %
Natural Gas NYMEX (NG) 10.00 %

DBIQ-OY CL ER™ 2

Light, Sweet Crude Oil (WTI) NYMEX (CL) December 2, 1988 100.00 %

DBIQ-OY Precious Metals ER™

Gold COMEX (GC) December 2, 1988 80.00 %
Silver COMEX (SI) 20.00 %

DBIQ-OY GC ER™ 2

Gold COMEX (GC) December 2, 1988 100.00 %

DBIQ-OY Industrial Metals ER™

Aluminum LME (MAL) September 3, 1997 33.33 %
Zinc LME (MZN) 33.33 %
Copper — Grade A LME (MCU) 33.33 %

1 Connotes the exchanges on which the underlying futures contracts are traded.

2 DBIQ-OY CL ER™ and DBIQ-OY GC ER™ are Single Commodity Indexes.

Legend :

“COMEX” means the Commodity Exchange Inc., New York, a part of the CME Group, or its successor.

“ICE-UK” means ICE Futures Europe, or its successor.

“LME” means The London Metal Exchange Limited, or its successor.

“NYMEX” means the New York Mercantile Exchange, a part of the CME Group, or its successor.

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Index Composition

Each of DBIQ-OY Energy ER™, DBIQ-OY Precious Metals ER™ and DBIQ-OY Industrial Metals ER™ is composed of notional amounts of its Index Commodities. Each Single Commodity Index is composed of one underlying Index Commodity. The notional amounts of the Index Commodities included in each multi-sector Index are intended to reflect the changes in market value of each such Index Commodity within the specific Index.

Each of DBIQ-OY Energy ER™, DBIQ-OY Precious Metals ER™ and DBIQ-OY Industrial Metals ER™ 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 the Base Date.

The composition of each Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.

Each Index methodology includes provisions for the replacement of futures contracts as they approach maturity. This replacement takes place over a period of time in order to lessen the impact on the market for the futures contracts being replaced. With respect to each Index Commodity, each Fund employs a rule-based approach when it ‘rolls’ from one futures contract to another. Rather than select a new futures contract based on a predetermined schedule (e.g., monthly), each Index Commodity is rolled from one contract to another futures contract that is intended to generate the most favorable “implied roll yield” under prevailing market conditions. When there is an upward-sloping price curve for futures contracts, the implied roll yield is expected to be negative. The selection of a new futures contract on an Index Commodity in such market conditions is designed to minimize the impact of negative roll yield. Conversely, where there is a downward-sloping price curve for futures contracts, the implied roll yield is expected to be positive. The selection of a new futures contract on an Index Commodity in such market conditions is designed to maximize the impact of positive roll yield. The Indexes take the impact of implied roll yield into consideration by selecting, as the replacement for an expiring futures contract, the futures contract with a delivery month within the next thirteen months that generates the

most favorable implied roll yield under current market conditions.

The market condition in which each relevant Index is designed to maximize the effect of positive roll yield when entering into new futures contracts is called backwardation. Backwardation exists when prices are higher for contracts with shorter-term expirations than those with longer-term expirations, a condition that is typically associated with commodities that are consumed quickly instead of being put in storage. Rolling in a backwardated market will tend to enhance returns from futures trading.

The market condition in which the Index is designed to mitigate the effect of negative roll yield when entering into new futures contracts is called contango. Contango exists when contract prices are higher in distant delivery months than in nearer delivery months, typically due to costs associated with storing a given physical commodity for a longer period. Rolling in a contangoed market will tend to cause a drag on returns from futures trading.

Returns from futures trading are called excess return, which is the combined return based on the spot prices of Index Commodities and the roll yield from trading Index Contracts.

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 or other futures 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. A Fund that is designed to track an Index with more than one underlying commodity 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. In addition, as a Fund that is designed to track an Index with one

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underlying commodity approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in futures contracts based on commodities other than the Index Commodity that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

Each Index is calculated in USD on an excess return (unfunded) basis, which means that the Index reflects the return associated with spot prices for Index Commodities and the roll yield associated with trading Index Contracts. Each Fund also invests in securities that are expected to generate income, including Treasury Securities, money market mutual funds, and T-Bill ETFs. These securities are held with the Custodian. In addition, Treasury Securities for deposit may be held with the Commodity Broker as margin for a Fund’s futures positions. The Index does not reflect any corresponding income characteristics.

The futures contract price for each Index Commodity will be the exchange closing price for such Index Commodity on a day on which the relevant exchange is open for business (“Index Business Day”). If a weekday is not an Exchange Business Day (as defined in the following sentence) but is an Index Business Day, the exchange closing price from the previous Index Business Day will be used for each Index Commodity. “Exchange Business Day” means, in respect of an Index Commodity, a day that is a trading day for such Index Commodity on the relevant exchange (unless either an Index disruption event or force majeure event has occurred).

Contract Selection

On the Verification Date, each Index Commodity futures contract will be tested in order to determine whether to continue including it in the applicable Index. If the Index Commodity futures contract requires delivery of the underlying commodity in the next month, known as the Delivery Month, a new Index Commodity futures contract will be selected for inclusion in such Index. For example, if the first Index Business Day is May 1 of the current year, and the Delivery Month of the Index Commodity futures contract currently in such Index is June of the current year, a new Index Commodity

futures contract with a later Delivery Month will be selected.

For each underlying Index Commodity of an Index, the new Index Contract selected will be the Index Contract with the best possible “implied roll yield” based on the closing price for each eligible Index Contract.

Eligible Index Contracts are any Index Contracts having a Delivery Month (i) no sooner than the month after the Delivery Month of the Index Contract currently in such Index, and (ii) no later than the thirteenth month after the Verification Date. For example, if the first Index Business Day is May 1 of the current year and the Delivery Month of an Index Contract currently in an Index is therefore June of the current year, the Delivery Month of an eligible new Index Contract must be between July of the current year and June of the following year. The implied roll yield is calculated and the futures contract on the Index Commodity with the best possible implied roll yield under the current market conditions is selected. If two futures contracts have the same implied roll yield, the futures contract with the fewest number of months prior to the Delivery Month is selected.

After the futures contract selection with respect to the Indexes, the monthly roll for each Index Commodity subject to a roll in that particular month unwinds the old futures contract and enters a position in the new futures contract. This takes place between the second and sixth Index Business Day of the month.

On each day during the roll period, new notional holdings are calculated. The calculations for the old Index Commodities that are leaving an Index and the new Index Commodities are then calculated.

On all days that are not monthly index roll days, the notional holdings of each Index Commodity future remains constant.

Each of DBIQ-OY Energy ER™, DBIQ-OY Precious Metals ER™ and DBIQ-OY Industrial Metals ER™ is re-weighted on an annual basis on the sixth Index Business Day of each November.

The calculation of each such Index is expressed as the weighted average return of the Index Commodities.

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Change in the Methodology of an Index

The Index Sponsor employs the methodology described above and its application of such methodology shall be final. The Index Sponsor can change its methodology at any time for any reason, as it deems appropriate. The Index Sponsor may also make adjustments to the terms of an Index in any manner, including (without limitation) to correct any manifest or proven error or to cure, correct or supplement any defective provision of an Index. The Index Sponsor will publish notice of any such adjustment and the effective date thereof as set forth below.

Publication of Closing Levels and Adjustments

In order to calculate each indicative Index level, the Index Sponsor polls Reuters every 15 seconds to determine the real time price of each underlying futures contract with respect to each Index Commodity of the applicable Index. The Index Sponsor then applies a set of rules to these values to create the indicative level of each Index. These rules are consistent with the rules that the Index Sponsor applies at the end of each trading day to calculate the closing level of each Index.

The IIV per Share of each Fund is based on the prior day’s final NAV, adjusted four times per minute throughout the trading day to reflect the continuous price changes of the Fund’s futures positions, which provide a continuously updated estimated NAV per Share.

The Index Sponsor calculates and publishes the closing level of each Index daily. The Managing Owner publishes the NAV of each Fund and the NAV per Share of each Fund daily. The Index Sponsor also calculates and publishes the intra-day Index level, and the Index Sponsor calculates, and the Managing Owner publishes, the IIV per Share of each Fund (quoted in U.S. dollars) once every fifteen seconds throughout each trading day.

All of the foregoing information is published as follows:

The current trading price per Share of each Fund (quoted in U.S. dollars) will be published continuously under its ticker symbol as trades occur throughout each trading day on the consolidated tape,

Reuters and/or Bloomberg and on the Managing Owner’s website at www.invesco.com/ETFs , or any successor thereto.

The most recent end-of-day closing level of each Index is published under its own symbol as of the close of business for the NYSE Arca each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at www.invesco.com/ETFs , or any successor thereto.

The most recent end-of-day NAV of each Fund is published under its own symbol as of the close of business on Reuters and/or Bloomberg and on the Managing Owner’s website at www.invesco.com/ETFs , or any successor thereto. In addition, the most recent end-of-day NAV of each Fund is published the following morning on the consolidated tape.

End-of-Day Index Closing Level Symbols; End-of-Day NAV Symbols

Invesco DB Energy Fund . The end-of-day closing level of the DBIQ-OY Energy ER™ is published under the symbol DBCMYEEN. The end-of-day NAV of Invesco DB Energy Fund is published under the symbol DBE.NV.

Invesco DB Oil Fund . The end-of-day closing level of the DBIQ-OY CL ER™ is published under the symbol DBCMOCLE. The end-of-day NAV of Invesco DB Oil Fund is published under the symbol DBO.NV.

Invesco DB Precious Metals Fund . The end-of-day closing level of the DBIQ-OY Precious Metals ER™ is published under the symbol DBCMYEPM. The end-of-day NAV of Invesco DB Precious Metals Fund is published under the symbol DBP.NV.

Invesco DB Gold Fund . The end-of-day closing level of the DBIQ-OY GC ER™ is published under the symbol DBCMOGCE. The end-of-day NAV of Invesco DB Gold Fund is published under the symbol DGL.NV.

Invesco DB Base Metals Fund . The end-of-day closing level of the DBIQ-OY Industrial Metals ER™ is published under the symbol DBCMYEIM. The end-of-day NAV of Invesco DB Base Metals Fund is published under the symbol DBB.NV.

The Index Sponsor calculates and publishes the closing level of each Index daily. The Managing

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Owner publishes the NAV of each Fund and the NAV per Share of each Fund daily. Additionally, the Index Sponsor calculates and publishes the intra-day level of each Index, and the Index Sponsor calculates, and the Managing Owner publishes, the IIV per Share of each Fund (quoted in U.S. dollars) once every fifteen seconds throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at www.invesco.com/ETFs , or any successor thereto.

All of the foregoing information is published under the following symbols:

Intra-Day Index Level Symbols and IIVs Per Share Symbols

Invesco DB Energy Fund . The intra-day index level of the DBIQ-OY Energy ER™ is published under the symbol DBENIX. The IIV per Share of Invesco DB Energy Fund is published under the symbol DBE.IV.

Invesco DB Oil Fund . The intra-day index level of the DBIQ-OY CL ER™ is published under the symbol DBOLIX. The IIV per Share of Invesco DB Oil Fund is published under the symbol DBO.IV.

Invesco DB Precious Metals Fund . The intra-day index level of the DBIQ-OY Precious Metals ER™ is published under the symbol DBPMIX. The IIV per Share of Invesco DB Precious Metals Fund is published under the symbol DBP.IV.

Invesco DB Gold Fund . The intra-day index level of the DBIQ-OY GC ER™ is published under the symbol DGLDIX. The IIV per Share of Invesco DB Gold Fund is published under the symbol DGL.IV.

Invesco DB Base Metals Fund . The intra-day index level of the DBIQ-OY Industrial Metals ER™ is published under the symbol DBBMIX. The IIV per Share of Invesco DB Base Metals Fund is published under the symbol DBB.IV.

All of the foregoing information with respect to each Index, including each Index’s history, is also published at https://index.db.com .

Any adjustments made to each Index will be published on both https://index.db.com and at www.invesco.com/ETFs , or any successor(s) thereto.

The Index Sponsor obtains information for inclusion in, or for use in the calculation of, the Indexes from sources the Index Sponsor considers reliable. None of the Index Sponsor, the Managing Owner, the Funds or any of their respective affiliates accepts responsibility for or guarantees the accuracy and/or completeness of any of the Indexes or any data included in any of the Indexes.

Interruption of Index Calculation

Calculation of each Index may not be possible or feasible under certain events or circumstances, including, without limitation, a systems failure, natural or man-made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance, that is beyond the reasonable control of the Index Sponsor and that the Index Sponsor determines affects an Index or any Index Commodity. Upon the occurrence of such an event, the Index Sponsor may, in its discretion, elect one (or more) of the following options:

•

make such determinations and/or adjustments to the terms of such Index as it considers appropriate to determine any closing level on any such Index Business Day; and/or

•

defer publication of the information relating to such Index until the next Index Business Day on which it determines that no force majeure event exists; and/or

•

permanently cancel publication of the information relating to such Index.

Calculation of an Index may also be disrupted by an event that would require the Index Sponsor to calculate the closing price in respect of the relevant Index Commodity on an alternative basis were such event to occur or exist on a day that is a trading day for futures contracts in such Index Commodity on the relevant exchange. If such an Index disruption event occurs and continues for a period of five successive trading days, the Index Sponsor will, in its discretion, either:

•

continue to calculate the relevant closing price for a further period of five successive trading days for such Index Commodity on the relevant exchange; or

•

if such period extends beyond the five successive trading days, the Index Sponsor

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may elect to replace the futures contract with respect to a specific Index Commodity and shall make all necessary adjustments to the methodology and calculation of an Index as it deems appropriate.

Historical Closing Levels

The Closing Level Tables present Closing Levels since January 2009.

The historic data shown with respect to the closing prices of futures contracts on Light, Sweet Crude Oil (CL), Heating Oil (HO), Gold (GC), Aluminum (MAL), Brent Crude Oil (LCO), RBOB Gasoline (XB), Natural Gas (NG), Silver (SI), Zinc (MZN), and Copper — Grade A (MCU) originated from Reuters. The Index Sponsor has not independently verified the information extracted from this source.

Complete price histories regarding certain futures contracts on the Index Commodities were not available (e.g., due to lack of trading on specific days). In the event that prices on such futures contracts on the Index Commodities were unavailable during a contract selection day, such futures contracts were excluded from the futures contract selection process. The Index Sponsor believes that the incomplete price histories should not have a material impact on the calculation of any of the Indexes.

Each Index Closing Level is equal to the weighted sum of the market value of the commodity futures contracts of all the respective Index Commodities that comprise each specific Index. The market value of the commodity futures contracts of an Index Commodity is equal to the number of commodity futures contracts multiplied by the commodity futures contracts’ closing price. The weight of an Index Commodity is the market value of the commodity futures contracts of the Index Commodity divided by the sum of all market values of all commodity futures contracts of the Index Commodities that comprise an Index multiplied by 100%.

The Index rules stipulate the holding in each Index Commodity futures contract. Holdings in each Index Commodity change during the Index rebalancing periods as determined by the Optimum Yield™ roll rules.

Cautionary Statement-Statistical Information

Various statistical information is presented on the following pages, relating to the Closing Levels of each Index, on an annual and cumulative basis, including certain comparisons of each Index to other commodities indices. Changes in Closing Levels of each Index during any particular period or market cycle may be volatile. In addition, the Closing Levels of each Index do not reflect any reduction commensurate with the fees, expenses and other costs incurred by a Fund in connection with pursuing the Fund’s investment objective. For additional information, see “Risk Factors — Volatility May Cause the Total Loss of Your Investment.”

The Indexes were established in between May-July 2006, as applicable, and are independently calculated by the Index Sponsor. The calculation methodology and commodity futures contract selection for the Indexes has been the same since the Indexes were established in May-July 2006, as applicable, meaning that the same calculation method and contract selection have been used since the Base Date. Accordingly, the Closing Levels of each Index, terms of each Index methodology and Index Commodities, reflect an element of hindsight based on the calculations and selections made at the time each Index was established. See “Risk Factors — Historical Performance of the Fund and the Index is Not Indicative of Future Performance” and “Risk Factors — Fewer Representative Commodities May Result in Greater Index Volatility.”

Information on the Indexes’ components and their performance over time is included below. No representation is being made that the Indexes will or are likely to achieve annual or cumulative closing levels consistent with or similar to those set forth herein. Similarly, no representation is being made that a Fund will generate profits or losses similar to an Index’s past performance or the historical annual or cumulative changes in Index closing levels. The Indexes’ performance should not be understood as a substitute for information on a Fund’s performance. Please see “PERFORMANCE OF INVESCO DB FUNDS” for a discussion of each Fund’s performance.

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ENERGY SECTOR DATA

RELATING TO

DBIQ OPTIMUM YIELD ENERGY INDEX EXCESS RETURN™

(DBIQ-OY ENERGY ER™)

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CLOSING LEVELS TABLES

DBIQ OPTIMUM YIELD ENERGY INDEX EXCESS RETURN™

CLOSING LEVEL INDEX CHANGES
High 1 Low 2 Annual 3 Since Inception 4

2009

862.18 518.29 25.76 % 730.64 %

2010

884.28 704.89 4.00 % 763.88 %

2011

1075.48 812.44 3.38 % 793.06 %

2012

1013.67 764.32 2.01 % 811.04 %

2013

976.99 872.41 4.77 % 854.50 %

2014

1020.64 580.57 -39.18 % 480.57 %

2015

619.91 368.00 -34.42 % 280.74 %

2016

473.21 301.44 24.27 % 373.17 %

2017

500.18 371.70 5.71 % 400.18 %

2018

640.18 410.30 -15.03 % 325.01 %

2019 5

481.37 425.01 10.84 % 371.08 %

THE PRIOR INDEX LEVELS AND CHANGES TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

Please refer to the “Notes” section below.

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The Index Sponsor also maintains a separate index, DBIQ Optimum Yield Energy Index Total Return (“DBIQ Optimum Yield Energy TR™”) which the Fund does not track. DBIQ Optimum Yield Energy TR™ is calculated on a funded (total return) basis, which reflects the change in market value of the underlying index commodities and interest income from a notional basket of fixed income securities. DBIQ Optimum Yield Energy TR™ is included so that investors can evaluate an index with both futures and income components, as the particular Fund tracks the Index and expects to generate income from positions in Treasury Securities, money market funds, and/or T-Bill ETFs that are maintained for margin and/or cash management purposes.

DBIQ OPTIMUM YIELD ENERGY INDEX TOTAL RETURN™

CLOSING LEVEL INDEX CHANGES
High 1 Low 2 Annual 3 Since Inception 4

2009

1798.15 1079.73 25.94 % 1632.53 %

2010

1845.15 1471.50 4.14 % 1704.26 %

2011

2247.01 1697.62 3.43 % 1766.13 %

2012

2118.34 1597.67 2.10 % 1805.30 %

2013

2044.00 1824.93 4.83 % 1897.28 %

2014

2136.06 1215.17 -39.16 % 1115.17 %

2015

1297.61 770.59 -34.39 % 697.27 %

2016

994.06 631.32 24.67 % 894.00 %

2017

1060.63 783.57 6.70 % 960.63 %

2018

1376.53 886.95 -13.34 % 819.16 %

2019 5

1042.48 919.21 11.07 % 920.88 %

THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD ENERGY INDEX TOTAL RETURN™.

THE PRIOR INDEX LEVELS AND CHANGES TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

Please refer to the “Notes” section below.

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The following table presents various measures of performance for the Index (“DBIQ Optimum Yield Energy ER ™ ”), DBIQ Optimum Yield Energy TR ™ , and S&P GSCI Energy Index Total Return (“S&P GSCI Energy Index TR”), which is a broad-based commodity index. The S&P GSCI Energy Index TR has been included to provide investors with an additional basis for evaluating the Fund.

All statistics based on data from June 4, 1990 to January 31, 2019.

VARIOUS STATISTICAL MEASURES DBIQ Optimum Yield
Energy ER
DBIQ Optimum Yield
Energy TR
S&P GSCI Energy
Index TR

Annualized Changes to Index Level 6

5.6% 8.4% 1.4%

Average rolling 3 month daily volatility 7

23.9% 23.9% 28.9%

Sharpe Ratio 8

0.23 0.24 -0.05

% of months with positive change 9

54% 55% 52%

Average monthly positive change 10

5.7% 5.9% 7.0%

Average monthly negative change 11

-5.3% -5.1% -6.6%
ANNUALIZED INDEX LEVELS 12 DBIQ Optimum Yield
Energy ER
DBIQ Optimum Yield
Energy TR
S&P GSCI Energy
Index TR

1 year

-9.5% -7.6% -10.2%

3 year

10.3% 11.6% 9.3%

5 year

-12.7% -12.1% -16.9%

7 year

-9.1% -8.6% -12.4%

10 year

-2.7% -2.3% -5.9%

15 year

1.3% 2.6% -6.0%

THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD ENERGY TR™ OR THE S&P GSCI ENERGY INDEX TR. THE VARIOUS STATISTICAL MEASURES AND ANNUALIZED INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE.

Please refer to the “Notes” section below.

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The following tables present additional information regarding the Index, DBIQ Optimum Yield Energy TR™ and S&P GSCI Energy Index TR.

COMPARISON OF DBIQ OPTIMUM YIELD ENERGY INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD ENERGY

INDEX EXCESS RETURN™ AND S&P GSCI ENERGY INDEX TR

(June 4, 1990 — January 31, 2019)

LOGO

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD ENERGY ER™. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

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COMPARISON OF DBIQ OPTIMUM YIELD ENERGY INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD ENERGY INDEX EXCESS

RETURN™ AND S&P GSCI ENERGY INDEX TR

(June 4, 1990 — January 31, 2019)

LOGO

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD ENERGY ER™. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

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CRUDE OIL SECTOR DATA

RELATING TO

DBIQ OPTIMUM YIELD CRUDE OIL INDEX EXCESS RETURN ™

(DBIQ-OY CL ER ™ )

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CLOSING LEVELS TABLES

DBIQ OPTIMUM YIELD CRUDE OIL INDEX EXCESS RETURN ™

CLOSING LEVEL INDEX CHANGES
High 1 Low 2 Annual 3 Since Inception 4

2009

2057.94 1147.41 36.08 % 1898.07 %

2010

2169.64 1673.17 3.20 % 1962.00 %

2011

2508.55 1642.90 1.97 % 2002.66 %

2012

2343.44 1685.62 -8.17 % 1830.84 %

2013

2108.94 1796.69 7.08 % 1967.56 %

2014

2308.48 1203.05 -41.81 % 1103.05 %

2015

1203.36 687.13 -40.87 % 611.36 %

2016

765.81 528.35 7.09 % 661.77 %

2017

803.40 587.93 5.46 % 703.40 %

2018

1100.77 621.51 -17.40 % 563.60 %

2019 5

787.11 663.60 17.65 % 680.73 %

THE PRIOR INDEX LEVELS AND CHANGES TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

Please refer to the “Notes” section below.

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The Index Sponsor also maintains a separate index, DBIQ Optimum Yield Crude Oil Index Total Return (“DBIQ Optimum Yield Crude Oil TR™”) which the Fund does not track. DBIQ Optimum Yield Crude Oil TR™ is calculated on a funded (total return) basis, which reflects the change in market value of the underlying index commodities and interest income from a notional basket of fixed income securities. DBIQ Optimum Yield Crude Oil TR™ is included so that investors can evaluate an index with both futures and income components, as the particular Fund tracks the Index and expects to generate income from positions in Treasury Securities, money market funds, and/or T-Bill ETFs that are maintained for margin and/or cash management purposes.

DBIQ OPTIMUM YIELD CRUDE OIL INDEX TOTAL RETURN ™

CLOSING LEVEL INDEX CHANGES
High 1 Low 2 Annual 3 Since Inception 4

2009

4853.73 2703.20 36.28 % 4612.97 %

2010

5119.70 3948.54 3.34 % 4770.26 %

2011

5927.09 3882.20 2.02 % 4868.75 %

2012

5538.20 3984.72 -8.09 % 4466.53 %

2013

4989.66 4250.26 7.14 % 4792.56 %

2014

5463.65 2847.65 -41.80 % 2747.65 %

2015

2848.58 1627.14 -40.84 % 1584.67 %

2016

1819.25 1251.36 7.43 % 1709.70 %

2017

1926.55 1401.60 6.46 % 1826.55 %

2018

2676.70 1519.33 -15.76 % 1522.97 %

2019 5

1928.85 1623.07 17.89 % 1813.32 %

THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD CRUDE OIL INDEX TOTAL RETURN ™ .

THE PRIOR INDEX LEVELS AND CHANGES TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

Please refer to the “Notes” section below.

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The following table presents various measures of performance for the Index (“DBIQ Optimum Yield Crude Oil ER™”), DBIQ Optimum Yield Crude Oil TR™, and S&P GSCI Crude Oil Index Total Return (“S&P GSCI Crude Oil Index TR”), which is a broad-based commodity index. The S&P GSCI Crude Oil Index TR has been included to provide investors with an additional basis for evaluating the Fund.

All statistics based on data from December 2, 1988 to January 31, 2019.

VARIOUS STATISTICAL MEASURES DBIQ Optimum Yield
Crude Oil ER
DBIQ Optimum Yield
Crude Oil TR
S&P GSCI Crude
Oil Index TR

Annualized Changes to Index Level 6

7.1% 10.3% 4.7%

Average rolling 3 month daily volatility 7

26.8% 26.8% 32.1%

Sharpe Ratio 8

0.26 0.27 0.05

% of months with positive change 9

54% 55% 54%

Average monthly positive change 10

6.3% 6.5% 7.7%

Average monthly negative change 11

-5.7% -5.5% -7.1%
ANNUALIZED INDEX LEVELS 12 DBIQ Optimum Yield
Crude Oil ER
DBIQ Optimum Yield
Crude Oil TR
S&P GSCI Crude
Oil Index TR

1 year

-9.3% -7.4% -12.7%

3 year

7.6% 8.8% 6.3%

5 year

-17.3% -16.7% -19.6%

7 year

-13.3% -12.8% -15.3%

10 year

-5.6% -5.2% -8.7%

15 year

-0.4% 0.8% -7.6%

THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD CRUDE OIL TR™ OR THE S&P GSCI CRUDE OIL INDEX TR. THE VARIOUS STATISTICAL MEASURES AND ANNUALIZED INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE.

Please refer to the “Notes” section below.

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The following tables present additional information regarding the Index, DBIQ Optimum Yield Crude Oil TR™ and S&P GSCI Crude Oil Index TR.

COMPARISON OF DBIQ OPTIMUM YIELD CRUDE OIL INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD CRUDE OIL

INDEX EXCESS RETURN™ AND S&P GSCI CRUDE Oil Index TR (OFFICIAL CLOSE)

(December 2, 1988 — January 31, 2019)

LOGO

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD CRUDE OIL ER™. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

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COMPARISON OF DBIQ OPTIMUM YIELD CRUDE OIL INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD CRUDE OIL INDEX

EXCESS RETURN™ AND S&P GSCI CRUDE Oil Index TR (OFFICIAL CLOSE)

(December 2, 1988 — January 31, 2019)

LOGO

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD CRUDE OIL ER™. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

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PRECIOUS METALS SECTOR DATA

RELATING TO

DBIQ OPTIMUM YIELD PRECIOUS METALS INDEX EXCESS RETURN ™

(DBIQ-OY PRECIOUS METALS ER ™ )

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CLOSING LEVELS TABLES

DBIQ OPTIMUM YIELD PRECIOUS METALS INDEX EXCESS RETURN ™

CLOSING LEVEL INDEX CHANGES
High 1 Low 2 Annual 3 Since Inception 4

2009

125.88 80.96 27.73 % 12.83 %

2010

156.43 106.48 38.64 % 56.43 %

2011

209.23 142.98 5.13 % 64.46 %

2012

193.25 160.55 6.30 % 74.82 %

2013

178.48 120.93 -30.30 % 21.85 %

2014

138.62 111.68 -5.55 % 15.08 %

2015

128.14 101.26 -11.19 % 2.20 %

2016

135.49 103.07 8.76 % 11.15 %

2017

127.78 112.51 10.75 % 23.10 %

2018

128.01 107.74 -6.02 % 15.69 %

2019 5

119.13 115.22 2.97 % 19.13 %

THE PRIOR INDEX LEVELS AND CHANGES TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

Please refer to the “Notes” section below.

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The Index Sponsor also maintains a separate index, DBIQ Optimum Yield Precious Metals Index Total Return (“DBIQ Optimum Yield Precious Metals TR™”) which the Fund does not track. DBIQ Optimum Yield Precious Metals TR™ is calculated on a funded (total return) basis, which reflects the change in market value of the underlying index commodities and interest income from a notional basket of fixed income securities. DBIQ Optimum Yield Precious Metals TR™ is included so that investors can evaluate an index with both futures and income components, as the particular Fund tracks the Index and expects to generate income from positions in Treasury Securities, money market funds, and/or T-Bill ETFs that are maintained for margin and/or cash management purposes.

DBIQ OPTIMUM YIELD PRECIOUS METALS INDEX TOTAL RETURN ™

CLOSING LEVEL INDEX CHANGES
High 1 Low 2 Annual 3 Since Inception 4

2009

297.04 190.78 27.92 % 166.26 %

2010

369.64 251.28 38.83 % 269.64 %

2011

494.63 337.88 5.18 % 288.80 %

2012

456.90 379.70 6.39 % 313.64 %

2013

422.32 286.27 -30.26 % 188.46 %

2014

328.18 264.46 -5.53 % 172.52 %

2015

303.44 239.89 -11.15 % 142.13 %

2016

321.53 244.20 9.10 % 164.18 %

2017

305.45 267.43 11.78 % 195.31 %

2018

307.43 261.94 -4.15 % 183.06 %

2019 5

292.08 282.35 3.19 % 192.08 %

THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD PRECIOUS METALS INDEX TOTAL RETURN ™ .

THE PRIOR INDEX LEVELS AND CHANGES TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

Please refer to the “Notes” section below.

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The following table presents various measures of performance for the Index (“DBIQ Optimum Yield Precious Metals ER ™ ”), DBIQ Optimum Yield Precious Metals TR ™ , and S&P GSCI Precious Metals Index Total Return (“S&P GSCI Precious Metals Index TR”), which is a broad-based commodity index. The S&P GSCI Precious Metals Index TR has been included to provide investors with an additional basis for evaluating the Fund.

All statistics based on data from December 2, 1988 to January 31, 2019.

VARIOUS STATISTICAL MEASURES DBIQ Optimum Yield
Precious Metals ER
DBIQ Optimum Yield
Precious Metals TR
S&P GSCI Precious
Metals Index TR

Annualized Changes to Index Level 6

0.6% 3.6% 3.8%

Average rolling 3 month daily volatility 7

16.1% 16.1% 15.4%

Sharpe Ratio 8

0.04 0.04 0.05

% of months with positive change 9

47% 50% 51%

Average monthly positive change 10

4.1% 4.0% 3.8%

Average monthly negative change 11

-3.3% -3.3% -3.1%
ANNUALIZED INDEX LEVELS 12 DBIQ Optimum Yield
Precious Metals ER
DBIQ Optimum Yield
Precious Metals TR
S&P GSCI Precious
Metals Index TR

1 year

-5.2% -3.2% -2.6%

3 year

3.6% 4.8% 4.8%

5 year

-0.9% -0.2% 0.1%

7 year

-6.1% -5.6% -5.2%

10 year

2.4% 2.8% 2.7%

15 year

6.0% 7.3% 7.2%

THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD PRECIOUS METALS TR™ OR THE S&P GSCI PRECIOUS METALS INDEX TR. THE VARIOUS STATISTICAL MEASURES AND ANNUALIZED INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE.

Please refer to the “Notes” section below.

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The following tables present additional information regarding the Index, DBIQ Optimum Yield Precious Metals TR™ and S&P GSCI Precious Metals Index TR.

COMPARISON OF DBIQ OPTIMUM YIELD PRECIOUS METALS INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD PRECIOUS

METALS INDEX EXCESS RETURN™ AND S&P GSCI PRECIOUS METALS INDEX TR

(December 2, 1988 — January 31, 2019)

LOGO

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD PRECIOUS METALS ER™. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

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COMPARISON OF DBIQ OPTIMUM YIELD PRECIOUS METALS INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD PRECIOUS

METALS INDEX EXCESS RETURN™ AND S&P GSCI PRECIOUS METALS INDEX TR

(December 2, 1988 — January 31, 2019)

LOGO

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD PRECIOUS METALS ER™. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

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GOLD SECTOR DATA

RELATING TO

DBIQ OPTIMUM YIELD GOLD INDEX EXCESS RETURN ™

(DBIQ-OY GC ER ™ )

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CLOSING LEVELS TABLES

DBIQ OPTIMUM YIELD GOLD INDEX EXCESS RETURN ™

CLOSING LEVEL INDEX CHANGES
High 1 Low 2 Annual 3 Since Inception 4

2009

120.07 80.47 22.77 % 8.05 %

2010

139.11 103.64 28.75 % 39.11 %

2011

183.97 128.88 9.42 % 52.22 %

2012

173.42 148.72 6.01 % 61.38 %

2013

163.03 114.17 -28.75 % 14.99 %

2014

131.79 108.91 -1.88 % 12.82 %

2015

123.95 99.59 -10.86 % 0.57 %

2016

129.41 101.72 7.27 % 7.88 %

2017

124.92 107.88 12.12 % 20.96 %

2018

126.04 107.34 -4.65 % 15.33 %

2019 5

118.62 115.18 2.85 % 18.62 %

THE PRIOR INDEX LEVELS AND CHANGES TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

Please refer to the “Notes” section below.

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The Index Sponsor also maintains a separate index, DBIQ Optimum Yield Gold Index Total Return (“DBIQ Optimum Yield Gold TR™”) which the Fund does not track. DBIQ Optimum Yield Gold TR™ is calculated on a funded (total return) basis, which reflects the change in market value of the underlying index commodities and interest income from a notional basket of fixed income securities. DBIQ Optimum Yield Gold TR™ is included so that investors can evaluate an index with both futures and income components, as the particular Fund tracks the Index and expects to generate income from positions in Treasury Securities, money market funds, and/or T-Bill ETFs that are maintained for margin and/or cash management purposes.

DBIQ OPTIMUM YIELD GOLD INDEX TOTAL RETURN ™

CLOSING LEVEL INDEX CHANGES
High 1 Low 2 Annual 3 Since Inception 4

2009

283.32 189.63 22.95 % 154.97 %

2010

328.71 244.58 28.92 % 228.71 %

2011

434.91 304.57 9.48 % 259.86 %

2012

410.02 351.68 6.10 % 281.82 %

2013

385.77 270.26 -28.71 % 172.22 %

2014

312.03 257.90 -1.85 % 167.17 %

2015

239.51 235.93 -10.82 % 138.26 %

2016

307.02 241.02 7.62 % 156.41 %

2017

298.60 256.42 13.17 % 190.18 %

2018

302.69 260.40 -2.76 % 182.18 %

2019 5

290.82 282.20 3.06 % 190.82 %

THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD GOLD INDEX TOTAL RETURN ™ .

THE PRIOR INDEX LEVELS AND CHANGES TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

Please refer to the “Notes” section below.

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The following table presents various measures of performance for the Index (“DBIQ Optimum Yield Gold ER™”), DBIQ Optimum Yield Gold TR™, and the spot price of gold (“Gold Spot Fix pm”). The Gold Spot Fix pm has been included to provide investors with an additional basis for evaluating the Fund.

All statistics based on data from December 2, 1988 to January 31, 2019.

VARIOUS STATISTICAL MEASURES DBIQ Optimum Yield
Gold ER
DBIQ Optimum Yield
Gold TR
Gold Spot Fix pm

Annualized Changes to Index Level 6

0.6% 3.6% 3.8%

Average rolling 3 month daily volatility 7

14.7% 14.7% 14.4%

Sharpe Ratio 8

0.04 0.04 0.06

% of months with positive change 9

47% 49% 52%

Average monthly positive change 10

3.8% 3.8% 3.6%

Average monthly negative change 11

-3.1% -2.9% -3.1%
ANNUALIZED INDEX LEVELS 12 DBIQ Optimum Yield
Gold ER
DBIQ Optimum Yield
Gold TR
Gold Spot Fix pm

1 year

-4.1% -2.2% -1.6%

3 year

3.9% 5.1% 6.0%

5 year

0.0% 0.7% 1.1%

7 year

-4.9% -4.4% -3.9%

10 year

2.5% 2.9% 3.7%

15 year

6.1% 7.4% 8.3%

THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD GOLD TR™ OR THE GOLD SPOT FIX PM. THE VARIOUS STATISTICAL MEASURES AND ANNUALIZED INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE.

Please refer to the “Notes” section below.

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The following tables present additional information regarding the Index, DBIQ Optimum Yield Gold TR™ and Gold Spot Fix pm.

COMPARISON OF DBIQ OPTIMUM YIELD GOLD INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD GOLD INDEX EXCESS

RETURN™ AND GOLD SPOT FIX PM

(December 2, 1988 — January 31, 2019)

LOGO

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD GOLD ER™. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

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COMPARISON OF DBIQ OPTIMUM YIELD GOLD INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD GOLD INDEX EXCESS

RETURN™ AND GOLD SPOT FIX PM

(December 2, 1988 — January 31, 2019)

LOGO

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD GOLD ER™. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

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INDUSTRIAL METALS SECTOR DATA

RELATING TO

DBIQ OPTIMUM YIELD INDUSTRIAL METALS INDEX EXCESS RETURN ™

(DBIQ-OY INDUSTRIAL METALS ER ™ )

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CLOSING LEVELS TABLES

DBIQ OPTIMUM YIELD INDUSTRIAL METALS INDEX EXCESS RETURN ™

CLOSING LEVEL INDEX CHANGES
High 1 Low 2 Annual 3 Since Inception 4

2009

228.32 111.76 88.53 % 128.23 %

2010

248.13 173.48 8.72 % 148.13 %

2011

261.54 184.74 -22.19 % 93.08 %

2012

221.47 180.37 2.85 % 98.58 %

2013

205.25 166.93 -11.26 % 76.22 %

2014

189.16 162.19 -3.73 % 69.66 %

2015

179.14 122.14 -24.82 % 27.55 %

2016

173.49 118.58 26.71 % 61.63 %

2017

210.62 159.97 29.71 % 109.65 %

2018

214.40 166.94 -20.02 % 67.68 %

2019 5

177.36 163.33 5.77 % 77.36 %

THE PRIOR INDEX LEVELS AND CHANGES TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

Please refer to the “Notes” section below.

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The Index Sponsor also maintains a separate index, DBIQ Optimum Yield Industrial Metals Index Total Return (“DBIQ Optimum Yield Industrial Metals TR™”) which the Fund does not track. DBIQ Optimum Yield Industrial Metals TR™ is calculated on a funded (total return) basis, which reflects the change in market value of the underlying index commodities and interest income from a notional basket of fixed income securities. DBIQ Optimum Yield Industrial Metals TR™ is included so that investors can evaluate an index with both futures and income components, as the particular Fund tracks the Index and expects to generate income from positions in Treasury Securities, money market funds, and/or T-Bill ETFs that are maintained for margin and/or cash management purposes.

DBIQ OPTIMUM YIELD INDUSTRIAL METALS INDEX TOTAL RETURN ™

CLOSING LEVEL INDEX CHANGES
High 1 Low 2 Annual 3 Since Inception 4

2009

336.19 164.37 88.80 % 236.06 %

2010

365.85 255.58 8.87 % 265.85 %

2011

385.74 272.52 -22.15 % 184.82 %

2012

326.71 266.17 2.94 % 193.18 %

2013

303.03 246.58 -11.21 % 160.32 %

2014

279.49 239.60 -3.70 % 150.69 %

2015

264.72 180.55 -24.78 % 88.57 %

2016

257.17 175.31