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

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

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

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

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

Indicate the number of outstanding Shares as of ~~March 31,~~September 30, 2021: ~~1,900,000~~1,500,000

	March 31,		December 31,		September 30,		December 31,
	2021		2020		2021		2020
Assets
United States Treasury Obligations, at value (cost $29,998,744 and $42,990,612, respectively)	$	29,999,903	$	42,992,257
Affiliated investments, at value ($62,608,826 and $61,256,629, respectively)		62,560,376		61,205,704
United States Treasury Obligations, at value (cost $35,998,288 and $42,990,612, respectively)					$	35,997,744	$	42,992,257
Affiliated investments, at value ($38,219,896 and $61,256,629, respectively)						38,197,496		61,205,704
Other investments:
Variation margin receivable- Commodity Futures Contracts		1,616,160		94,010		1,444,800		94,010
Cash held by custodian		—		580,650		—		580,650
Receivable for:
Dividends from affiliates		991		902		733		902
Total assets	$	94,177,430	$	104,873,523	$	75,640,773	$	104,873,523
Liabilities
Payable for:
Management fees		54,169		68,707		48,068		68,707
Brokerage commissions and fees		4,916		4,805		4,921		4,805
Total liabilities		59,085		73,512		52,989		73,512
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares		1,981		2,206		2,016		2,206
Shareholders' equity—Shares		94,116,364		104,797,805		75,585,768		104,797,805
Total shareholders' equity		94,118,345		104,800,011		75,587,784		104,800,011
Total liabilities and equity	$	94,177,430	$	104,873,523	$	75,640,773	$	104,873,523
General Shares outstanding		40		40		40		40
Shares outstanding		1,900,000		1,900,000		1,500,000		1,900,000
Net asset value per share	$	49.53	$	55.16	$	50.39	$	55.16
Market value per share	$	49.34	$	55.35	$	50.36	$	55.35

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

Description

Percentage of
Shareholders'
Equity

Value

Principal Value

United States Treasury Obligations ^(a)

U.S. Treasury Bills, 0.025% due April 8, 2021 ^(b)

10.63
%

$
9,999,995

$
10,000,000

U.S. Treasury Bills, 0.030% due April 22, 2021 ^(b)

10.62

9,999,956

10,000,000

U.S. Treasury Bills, 0.015% due April 29, 2021 ^(b)

10.62

9,999,952

10,000,000

Total United States Treasury Obligations (cost $29,998,744)

31.87
%

$
29,999,903

Affiliated Investments

Shares

Exchange-Traded Fund

Invesco Treasury Collateral ETF (cost $17,486,475)^(c)

18.53
%

$
17,438,025

165,000

Money Market Mutual Fund

Invesco Government & Agency Portfolio,
Institutional Class, 0.03% (cost $45,122,351)^(c)(d)

47.94

45,122,351

45,122,351

Total Affiliated Investments (cost $62,608,826)

66.47
%

$
62,560,376

Total Investments in Securities (cost $92,607,570)

98.34
%

$
92,560,279

Description	Percentage of Shareholders' Equity			Value		Principal Value
United States Treasury Obligations ^(a)
U.S. Treasury Bills, 0.050% due October 7, 2021 ^(b)		9.26	%	$	6,999,969	$	7,000,000
U.S. Treasury Bills, 0.050% due October 21, 2021 ^(b)		13.23			9,999,602		10,000,000
U.S. Treasury Bills, 0.050% due November 4, 2021 ^(b)		7.93			5,999,684		6,000,000
U.S. Treasury Bills, 0.045% due December 9, 2021		3.97			2,999,883		3,000,000
U.S. Treasury Bills, 0.050% due January 27, 2022 ^(b)		9.26			6,999,139		7,000,000
U.S. Treasury Bills, 0.050% due March 10, 2022		3.97			2,999,467		3,000,000
Total United States Treasury Obligations (cost $35,998,288)		47.62	%	$	35,997,744
Affiliated Investments						Shares
Exchange-Traded Fund
Invesco Treasury Collateral ETF (cost $7,418,600)^(c)		9.79	%	$	7,396,200		70,000
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 0.03% (cost $30,801,296)^(c)(d)		40.75			30,801,296		30,801,296
Total Affiliated Investments (cost $38,219,896)		50.54	%	$	38,197,496
Total Investments in Securities (cost $74,218,184)		98.16	%	$	74,195,240

^(d)The rate shown is the 7-day SEC standardized yield as of ~~March 31,~~September 30, 2021.

Open Commodity Futures Contracts

Number of Contracts

Expiration Date

Notional

Value

Value^(e)

Unrealized

Appreciation

(Depreciation)^(e)

Number of Contracts

Expiration Date

Notional

Value

Value^(e)

Unrealized

Appreciation

(Depreciation)^(e)

Long Futures Contracts

COMEX Gold

546

February- 2022

94,043,040

(9,187,346

)

(9,187,346

)

430

February- 2022

75,615,500

(4,922,864

)

(4,922,864

)

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

Description	Percentage of Shareholders' Equity			Value		Principal Value
United States Treasury Obligations ^(a)
U.S. Treasury Bills, 0.080% due March 11, 2021 ^(b)		12.40	%	$	12,998,450	$	13,000,000
U.S. Treasury Bills, 0.090% due April 8, 2021 ^(b)		9.54			9,998,303		10,000,000
U.S. Treasury Bills, 0.090% due April 22, 2021 ^(b)		9.54			9,997,900		10,000,000
U.S. Treasury Bills, 0.095% due April 29, 2021 ^(b)		9.54			9,997,604		10,000,000
Total United States Treasury Obligations (cost $42,990,612)		41.02	%	$	42,992,257
Affiliated Investments						Shares
Exchange-Traded Fund
Invesco Treasury Collateral ETF ($17,486,475)^(c)		16.64	%	$	17,435,550		165,000
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 0.03% (cost $43,770,154)^(c)(d)		41.77			43,770,154		43,770,154
Total Affiliated Investments (cost $61,256,629)		58.41	%	$	61,205,704
Total Investments in Securities (cost $104,247,241)		99.43	%	$	104,197,961

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

	Three Months Ended						Three Months Ended						Nine Months Ended
	March 31,						September 30,						September 30,
	2021			2020			2021			2020			2021			2020
Income
Interest Income	$	8,131		$	345,206		$	2,356		$	18,536		$	13,557		$	463,791
Dividends from Affiliates		5,897			133,426			2,600			18,131			11,825			212,552
Total Income		14,028			478,632			4,956			36,667			25,382			676,343
Expenses
Management Fees		187,367			238,912			159,166			313,389			519,510			837,091
Brokerage Commissions and Fees		3,828			5,111			261			478			4,505			6,219
Interest Expense		597			1,442			361			734			1,151			3,656
Total Expenses		191,792			245,465			159,788			314,601			525,166			846,966
Less: Waivers		(12,532	)		(19,527	)		(1,491	)		(39,426	)		(16,794	)		(100,249	)
Net Expenses		179,260			225,938			158,297			275,175			508,372			746,717
Net Investment Income (Loss)		(165,232	)		252,694			(153,341	)		(238,508	)		(482,990	)		(70,374	)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts
Net Realized Gain (Loss) on
United States Treasury Obligations		—			—			—			333			—			333
Affiliated Investments								—			—			(28,706	)		—
Commodity Futures Contracts		8,670,535			13,623,558			(1,375,884	)		2,182,777			6,083,822			17,743,254
Net Realized Gain (Loss)		8,670,535			13,623,558			(1,375,884	)		2,183,110			6,055,116			17,743,587
Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations		(486	)		59,622			2,043			2,584			(2,189	)		(26,670	)
Affiliated Investments		2,475			—			(700	)		(11,550	)		28,525			(41,025	)
Commodity Futures Contracts		(19,994,983	)		(10,233,621	)		935,963			3,694,083			(15,730,501	)		11,033,213
Net Change in Unrealized Gain (Loss)		(19,992,994	)		(10,173,999	)		937,306			3,685,117			(15,704,165	)		10,965,518
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(11,322,459	)		3,449,559			(438,578	)		5,868,227			(9,649,049	)		28,709,105
Net Income (Loss)	$	(11,487,691	)	$	3,702,253		$	(591,919	)	$	5,629,719		$	(10,132,039	)	$	28,638,731

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

	General Shares					Shares						Total			General Shares					Shares						Total
	Shares		Total Equity			Shares			Total Equity			Shareholders' Equity			Shares		Total Equity			Shares			Total Equity			Shareholders' Equity
Balance at December 31, 2020		40	$	2,206			1,900,000		$	104,797,805		$	104,800,011
Balance at June 30, 2021																40	$	2,041			1,900,000		$	96,961,399		$	96,963,440
Purchases of Shares							300,000			16,243,801			16,243,801								—			—			—
Redemption of Shares							(300,000	)		(15,437,776	)		(15,437,776	)							(400,000	)		(20,783,737	)		(20,783,737	)
Net Increase (Decrease) due to Share Transactions							—			806,025			806,025								(400,000	)		(20,783,737	)		(20,783,737	)
Net Income (Loss)
Net Investment Income (Loss)				(3	)					(165,229	)		(165,232	)				(3	)					(153,338	)		(153,341	)
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				170						8,670,365			8,670,535					(15	)					(1,375,869	)		(1,375,884	)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(392	)					(19,992,602	)		(19,992,994	)				(7	)					937,313			937,306
Net Income (Loss)				(225	)					(11,487,466	)		(11,487,691	)				(25	)					(591,894	)		(591,919	)
Net Change in Shareholders' Equity		—		(225	)		—			(10,681,441	)		(10,681,666	)		—		(25	)		(400,000	)		(21,375,631	)		(21,375,656	)
Balance at March 31, 2021		40	$	1,981			1,900,000		$	94,116,364		$	94,118,345
Balance at September 30, 2021																40	$	2,016			1,500,000		$	75,585,768		$	75,587,784

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

	General Shares					Shares						Total			General Shares					Shares						Total
	Shares		Total Equity			Shares			Total Equity			Shareholders' Equity			Shares		Total Equity			Shares			Total Equity			Shareholders' Equity
Balance at December 31, 2019		40	$	1,813			2,400,000		$	108,767,446		$	108,769,259
Balance at June 30, 2020															��	40	$	2,134			2,800,000		$	149,385,517		$	149,387,651
Purchases of Shares							800,000			37,680,557			37,680,557								400,000			22,914,043			22,914,043
Redemption of Shares							(400,000	)		(19,299,917	)		(19,299,917	)							(200,000	)		(11,535,375	)		(11,535,375	)
Net Increase (Decrease) due to Share Transactions							400,000			18,380,640			18,380,640								200,000			11,378,668			11,378,668
Net Income (Loss)
Net Investment Income (Loss)				4						252,690			252,694					(3	)					(238,505	)		(238,508	)
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				206						13,623,352			13,623,558					34						2,183,076			2,183,110
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(154	)					(10,173,845	)		(10,173,999	)				53						3,685,064			3,685,117
Net Income (Loss)				56						3,702,197			3,702,253					84						5,629,635			5,629,719
Net Change in Shareholders' Equity		—		56			400,000			22,082,837			22,082,893			—		84			200,000			17,008,303			17,008,387
Balance at March 31, 2020		40	$	1,869			2,800,000		$	130,850,283		$	130,852,152
Balance at September 30, 2020																40	$	2,218			3,000,000		$	166,393,820		$	166,396,038

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

	General Shares					Shares						Total
	Shares		Total Equity			Shares			Total Equity			Shareholders' Equity
Balance at December 31, 2020		40	$	2,206			1,900,000		$	104,797,805		$	104,800,011
Purchases of Shares							500,000			27,170,072			27,170,072
Redemption of Shares							(900,000	)		(46,250,260	)		(46,250,260	)
Net Increase (Decrease) due to Share Transactions							(400,000	)		(19,080,188	)		(19,080,188	)
Net Income (Loss)
Net Investment Income (Loss)				(9	)					(482,981	)		(482,990	)
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				114						6,055,002			6,055,116
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(295	)					(15,703,870	)		(15,704,165	)
Net Income (Loss)				(190	)					(10,131,849	)		(10,132,039	)
Net Change in Shareholders' Equity		—		(190	)		(400,000	)		(29,212,037	)		(29,212,227	)
Balance at September 30, 2021		40	$	2,016			1,500,000		$	75,585,768		$	75,587,784

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

	General Shares					Shares						Total
	Shares		Total Equity			Shares			Total Equity			Shareholders' Equity
Balance at December 31, 2019		40	$	1,813			2,400,000		$	108,767,446		$	108,769,259
Purchases of Shares							1,600,000			80,418,993			80,418,993
Redemption of Shares							(1,000,000	)		(51,430,945	)		(51,430,945	)
Net Increase (Decrease) due to Share Transactions							600,000			28,988,048			28,988,048
Net Income (Loss)
Net Investment Income (Loss)				(1	)					(70,373	)		(70,374	)
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				251						17,743,336			17,743,587
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				155						10,965,363			10,965,518
Net Income (Loss)				405						28,638,326			28,638,731
Net Change in Shareholders' Equity		—		405			600,000			57,626,374			57,626,779
Balance at September 30, 2020		40	$	2,218			3,000,000		$	166,393,820		$	166,396,038

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

	Three Months Ended						Nine Months Ended
	March 31,						September 30,
	2021			2020			2021			2020
Cash flows from operating activities:
Net Income (Loss)	$	(11,487,691	)	$	3,702,253		$	(10,132,039	)	$	28,638,731
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased		—			(37,821,957	)		(42,994,119	)		(162,783,089	)
Proceeds from securities sold and matured		12,999,999			72,000,000			50,000,000			197,999,355
Cost of affiliated investments purchased		(43,927,991	)		(110,346,622	)		(127,626,311	)		(418,055,316	)
Proceeds from affiliated investments sold		42,575,794			50,363,325			150,634,338			324,535,532
Net accretion of discount on United States Treasury Obligations		(8,131	)		(343,703	)		(13,557	)		(462,097	)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments		—			—			28,706			(333	)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments		(1,989	)		(59,622	)		(26,336	)		67,695
Change in operating assets and liabilities:
Variation margin- Commodity Futures Contracts		(1,522,150	)		4,128,520			(1,350,790	)		1,003,800
Dividends from affiliates		(89	)		(41,866	)		169			9,565
Management fees		(14,538	)		3,292			(20,639	)		22,364
Brokerage commissions and fees		111			40			116			45
Net cash provided by (used in) operating activities		(1,386,675	)		(18,416,340	)		18,499,538			(29,023,748	)
Cash flows from financing activities:
Proceeds from purchases of Shares		16,243,801			37,680,557			27,170,072			80,418,993
Redemption of Shares		(15,437,776	)		(19,299,917	)		(46,250,260	)		(51,430,945	)
Net cash provided by (used in) financing activities		806,025			18,380,640			(19,080,188	)		28,988,048
Net change in cash		(580,650	)		(35,700	)		(580,650	)		(35,700	)
Cash at beginning of period		580,650			35,700			580,650			35,700
Cash at end of period	$	0		$	0		$	0		$	0
Supplemental disclosure of cash flow information
Cash paid for interest	$	597		$	1,442		$	1,151		$	3,656

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

Invesco DB Gold Fund (the “Fund”), a separate series of Invesco DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in 7 separate series, was formed on August 3, 2006. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended, (the “Trust Agreement”). The Fund has an unlimited number of shares authorized for issuance.

Invesco Capital Management LLC (“Invesco”) has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Trust and the Fund, since February 23, 2015. The Managing Owner holds 40 general shares (the “General Shares”) of the Fund. The fiscal year end of the Fund is December 31st.

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Gold Index Excess

Return™ (the “Index”) over time, plus the excess, if any, of the sum of the Fund’s interest income from its holdings of United States

Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise)

(“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill

ETF Income”) over the expenses of the Fund. The Fund invests in futures contracts in an attempt to track its Index. The Index is

intended to reflect the change in market value of the gold sector. Gold (the “Index Commodity”) is the single commodity comprising the Index.

The Fund may invest directly in United States Treasury Obligations. The Fund may also gain exposure to United States

Treasury Obligations through investments in exchange-traded funds (“ETFs”) (affiliated or otherwise) that track indexes that measure

the performance of United States Treasury Obligations with a maximum remaining maturity of up to 12 months (“T-Bill ETFs”). The

Fund holds as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.

The Commodity Futures Trading Commission (the “CFTC”) and certain futures exchanges impose position limits on futures

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 the Index Commodity through the use of Index Contracts. These other futures contracts may or may not be based on the Index Commodity. When they are not, the Managing Owner may seek to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

The Fund offers common units of beneficial interest (the “Shares”) only to certain eligible financial institutions (the “Authorized Participants”) in 1 or more blocks of 100,000 Shares (“Creation Units”). The Fund commenced investment operations on January 3, 2007. The Fund commenced trading on the American Stock Exchange (which became the NYSE Alternext US LLC) on January 5, 2007 and, since November 25, 2008, has been listed on the NYSE Arca, Inc. (the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three and nine months ended ~~March 31,~~September 30, 2021 and 2020. The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Fund’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 26, 2021.

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

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

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

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

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the

issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse

economic conditions, changes in the general outlook for revenues, changes in interest or currency rates, regional or global instability,

natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor

sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

NaN distributions were paid for the three and nine months ended ~~March 31,~~September 30, 2021 and 2020.

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

The Fund pays all non-recurring and unusual fees and expenses, if any, of itself, as determined by the Managing Owner. Non-recurring and unusual fees and expenses include fees and expenses, such as legal claims and liabilities, litigation costs,

indemnification expenses or other non-routine expenses. Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the three and nine months ended ~~March 31,~~September 30, 2021 and 2020, the Fund did not incur such expenses.

The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker (as defined below). These costs are recorded as Brokerage Commissions and Fees in the Statements of Income and Expenses. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker, as applicable were less than $6.00 and $6.00 per round-turn trade during the three and nine months ended ~~March 31,~~September 30, 2021 and 2020, respectively.

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

The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions taken or expected to be taken in future tax returns. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, ~~2017.~~2018.

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

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

Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including fluctuations in commodity prices. In entering into these futures contracts, there exists a market risk that such futures contracts may be significantly influenced by adverse market conditions, resulting in such futures contracts being less valuable. If the markets should move against all of the futures contracts at the same time, the Fund could experience substantial losses.

Credit risk is the possibility that a loss may occur due to the failure of the Commodity Broker and/or clearing house to perform according to the terms of a futures contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Commodity Broker, when acting as the Fund’s futures commission merchant in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading. The Commodity Broker is not allowed to commingle such assets with other assets of the Commodity Broker. In addition, CFTC regulations also require the Commodity Broker to hold in a secure account assets of the Fund related to foreign futures trading. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and not represented by the futures contract or notional amounts of the instruments.

Under the Trust Agreement, Wilmington Trust Company, the trustee of the Trust and the Fund (the “Trustee”), has the power and authority to execute and file certificates as required by the Delaware Statutory Trust Act and to accept service of process on the Fund in the State of Delaware. The Managing Owner has the exclusive management and control of all aspects of the business of the Trust and the Fund. The Trustee will serve in that capacity until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor is appointed by the Managing Owner. 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.

The Managing Owner serves as the Fund’s commodity pool operator, commodity trading advisor and managing owner. The 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 the Fund (the “Management Fee”). The Fund, for cash management purposes, invests 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 fee that the Fund incurs 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 the Fund incurs through its investments in affiliated money market mutual funds and/or affiliated T-Bill ETFs. The Managing Owner may terminate this fee waiver on 60 ~~days~~days’ notice.

The Managing Owner waived fees of ~~$12,532~~$1,491 and ~~$19,527~~$16,794 for the three and nine months ended ~~March 31,~~September 30, 2021, respectively. The Managing Owner waived fees of $39,426 and $100,249 for the three and nine months ended September 30, 2020, respectively.

Invesco Distributors, Inc. (the “Distributor”) provides certain distribution services to the Fund. Pursuant to the Distribution Services Agreement among the Managing Owner, the Fund and the Distributor, the Distributor assists the Managing Owner and the Fund’s administrator, The Bank of New York Mellon, with certain functions and duties relating to distribution and marketing services to the Fund including reviewing and approving marketing materials.

The Managing Owner pays the Distributor a distribution fee out of the Management Fee.

Morgan Stanley & Co. LLC, a Delaware limited liability company, serves as the Fund’s futures clearing broker (the “Commodity Broker”). The Commodity Broker is registered with the CFTC as a futures commission merchant and is a member of the NFA in such capacity.

A variety of executing brokers execute futures transactions on behalf of the Fund. Such executing brokers give-up all such transactions to the Commodity Broker. In its capacity as clearing broker, the Commodity Broker may execute or receive transactions executed by others and clears all of the Fund’s futures transactions and performs certain administrative and custodial services for the Fund. The Commodity Broker is responsible, among other things, for providing periodic accountings of all dealings and actions taken by the Trust on behalf of the Fund during the reporting period, together with an accounting of all securities, cash or other indebtedness or obligations held by it or its nominees for or on behalf of the Fund.

The Bank of New York Mellon (the “Administrator”, “Custodian” and “Transfer Agent”) is the administrator, custodian and transfer agent of the Fund. The Fund and the Administrator have entered into separate administrative and accounting, custodian, transfer agency and service agreements (collectively referred to as the “Administration Agreement”).

Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of services necessary for the operation and administration of the Fund (other than making investment decisions), including receiving and processing orders from Authorized Participants to create and redeem Creation Units, NAV calculations, accounting and other fund administrative services. The Administrator maintains certain financial books and records, including: Creation Unit creation and redemption records; 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 the Commodity Broker. The Managing Owner pays the Administrator for its services out of the Management Fee.

The Managing Owner, on behalf of the Fund, has appointed Deutsche Bank Securities, Inc. to serve as the index sponsor (the “Index Sponsor”). On February 1, 2021, the provision of index sponsor services transferred back to Deutsche Bank Securities, Inc. from DWS Investment Management Americas, Inc., to whom Deutsche Bank Securities, Inc. had previously assigned such responsibility. The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels. Additionally, the Index Sponsor also calculates the indicative value per Share of the 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.

The Fund defines cash as cash held by the Custodian. There were 0 cash equivalents held by the Fund as of ~~March 31,~~September 30, 2021 and December 31, 2020.

The Fund may deposit cash, United States Treasury Obligations, T-Bill ETFs and money market mutual funds with the Commodity Broker as margin, to the extent permissible under CFTC rules. The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open futures contracts represents the Fund’s overall equity in its broker trading account. To meet the Fund’s maintenance margin requirements, the Fund holds United States Treasury Obligations with the Commodity Broker. The Fund transfers cash to the Commodity Broker to satisfy variation margin requirements. The Fund earns interest on any excess cash deposited with the Commodity Broker and incurs interest expense on any deficit balance with the Commodity Broker.

The brokerage agreement with the Commodity Broker provides for the net settlement of all financial instruments covered by the agreement in the event of default or termination of any one contract. The Managing Owner will utilize any excess cash held at the Commodity Broker to offset any realized losses incurred in the commodity futures contracts, if available. To the extent that any excess cash held at the Commodity Broker is not adequate to cover any realized losses, a portion of the United States Treasury Obligations and T-Bill ETFs, if any, on deposit with the Commodity Broker will be sold to make additional cash available. For financial reporting purposes, the Fund offsets financial assets and financial liabilities that are subject to legally enforceable netting arrangements.

The Fund’s remaining cash, United States Treasury Obligations, T-Bill ETFs and money market mutual fund holdings are on deposit with the Custodian. The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with the Custodian. The Fund incurs interest expense on any overdraft balance with the Custodian. Such balances, if any at period-end, are shown on the Statements of Financial Condition under the payable caption Due to custodian.

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

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

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

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

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

The following is a summary of the tiered valuation input levels as of ~~March 31,~~September 30, 2021:

	Level 1			Level 2		Level 3		Total			Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	29,999,903	$	—	$	29,999,903		$	—		$	35,997,744	$	—	$	35,997,744
Exchange-Traded Fund		17,438,025			—		—		17,438,025			7,396,200			—		—		7,396,200
Money Market Mutual Fund		45,122,351			—		—		45,122,351			30,801,296			—		—		30,801,296
Total Investments in Securities		62,560,376			29,999,903		—		92,560,279			38,197,496			35,997,744		—		74,195,240
Other Investments - Assets ^(a)
Other Investments - Liabilities ^(a)
Commodity Futures Contracts		(9,187,346	)		—		—		(9,187,346	)		(4,922,864	)		—		—		(4,922,864	)
Total Investments	$	53,373,030		$	29,999,903	$	—	$	83,372,933		$	33,274,632		$	35,997,744	$	—	$	69,272,376

The following is a summary of the tiered valuation input levels as of December 31, 2020:

	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—	$	42,992,257	$	—	$	42,992,257	$	—	$	42,992,257	$	—	$	42,992,257
Exchange-Traded Fund										17,435,550		—		—		17,435,550
Money Market Mutual Fund		61,205,704		—		—		61,205,704		43,770,154		—		—		43,770,154
Total Investments in Securities		61,205,704		42,992,257		—		104,197,961		61,205,704		42,992,257		—		104,197,961
Other Investments - Assets ^(a)
Commodity Futures Contracts		10,807,637		—		—		10,807,637		10,807,637		—		—		10,807,637
Total Investments	$	72,013,341	$	42,992,257	$	—	$	115,005,598	$	72,013,341	$	42,992,257	$	—	$	115,005,598

	March 31, 2021					December 31, 2020				September 30, 2021					December 31, 2020
Risk Exposure/Derivative Type ^(a)	Assets		Liabilities			Assets		Liabilities		Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	—	$	(9,187,346	)	$	10,807,637	$	—	$	—	$	(4,922,864	)	$	10,807,637	$	—

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

		For the Three Months Ended							For the Three Months Ended
	Location of Gain (Loss) on Derivatives	March 31,						Location of Gain (Loss) on Derivatives	September 30,
Risk Exposure/Derivative Type	Recognized in Income	2021			2020			Recognized in Income	2021			2020
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	8,670,535		$	13,623,558		Net Realized Gain (Loss)	$	(1,375,884	)	$	2,182,777
	Net Change in Unrealized Gain (Loss)		(19,994,983	)		(10,233,621	)	Net Change in Unrealized Gain (Loss)		935,963			3,694,083
Total		$	(11,324,448	)	$	3,389,937			$	(439,921	)	$	5,876,860

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

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

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

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and nine months ended ~~March 31,~~September 30, 2021.

	Value 12/31/2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 03/31/2021		Dividend Income		Value 06/30/2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value 09/30/2021		Dividend Income
Invesco Treasury Collateral ETF	$	17,435,550	$	—	$	—		$	2,475	$	—	$	17,438,025	$	2,594	$	7,396,900	$	—	$	—		$	(700	)	$	—	$	7,396,200	$	—
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		43,770,154		43,927,991		(42,575,794	)		—		—		45,122,351		3,303		52,186,891		14,644,575		(36,030,170	)		—			—		30,801,296		2,600
Total	$	61,205,704	$	43,927,991	$	(42,575,794	)	$	2,475	$	—	$	62,560,376	$	5,897	$	59,583,791	$	14,644,575	$	(36,030,170	)	$	(700	)	$	—	$	38,197,496	$	2,600

	Value 12/31/2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value 09/30/2021		Dividend Income
Invesco Treasury Collateral ETF	$	17,435,550	$	—	$	(10,039,169	)	$	28,525	$	(28,706	)	$	7,396,200	$	2,762
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		43,770,154		127,626,311		(140,595,169	)		—		—			30,801,296		9,063
Total	$	61,205,704	$	127,626,311	$	(150,634,338	)	$	28,525	$	(28,706	)	$	38,197,496	$	11,825

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and nine months ended ~~March 31,~~September 30, 2020.

	Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 03/31/2020		Dividend Income		Value 06/30/2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value 09/30/2020		Dividend Income
Invesco Treasury Collateral ETF																$	17,457,000	$	—	$	—		$	(11,550	)	$	—	$	17,445,450	$	12,647
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class																	—		89,088,941		(4,348,750	)		—			—		84,740,191		261
Invesco Premier U.S. Government Money Portfolio, Institutional Class	$	8,706,882	$	110,346,622	$	(50,363,325	)	$	—	$	—	$	68,690,179	$	133,426		70,215,595		69,652,828		(139,868,423	)		—			—		—		5,223
Total																$	87,672,595	$	158,741,769	$	(144,217,173	)	$	(11,550	)	$	—	$	102,185,641	$	18,131

	Value 12/31/2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value 09/30/2020		Dividend Income
Invesco Treasury Collateral ETF	$	—	$	17,486,475	$	—		$	(41,025	)	$	—	$	17,445,450	$	33,988
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		—		89,088,941		(4,348,750	)		—			—		84,740,191		261
Invesco Premier U.S. Government Money Portfolio, Institutional Class		8,706,882		311,479,900		(320,186,782	)		—			—		—		178,303
Total	$	8,706,882	$	418,055,316	$	(324,535,532	)	$	(41,025	)	$	—	$	102,185,641	$	212,552

On any business day, an Authorized Participant may place an order with the Transfer Agent to create 1 or more Creation Units. Each Creation Unit consists of a block of 100,000 Shares. For purposes of processing both creation 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. Creation orders must be placed by 10:00 a.m., Eastern Time. The day on which the Transfer Agent receives a valid creation order is the creation order date. The day on which a creation order is settled is the creation order settlement date. Cash settlement occurs at the creation order settlement date. As provided below, the creation order settlement date may occur up to two business days after the creation order date. By placing a creation order, and prior to delivery of such Creation Units, an Authorized Participant’s Depository Trust Company (“DTC”) account is charged the non-refundable transaction fee due for the creation order.

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, Creation Units 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 NAV per Share as of the closing time of the NYSE Arca or the last to close of the exchanges on which its futures contracts are traded, whichever is later, on the creation order date, but only if the required payment has been timely received. 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.

On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem 1 or more Creation Units. Redemption orders must be placed by 10:00 a.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. Cash settlement occurs at the redemption order settlement date. As provided below, the redemption order settlement date may occur up to two business days after the redemption order date. The redemption procedures allow Authorized Participants to redeem Creation Units. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 100,000 and only through an Authorized Participant.

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

The redemption proceeds from the Fund consist of the cash redemption amount. The cash redemption amount is equal to the NAV of the number of Creation Unit(s) requested in the Authorized Participant’s redemption order as of the closing time of the NYSE Arca or the last to close of the exchanges on which the Fund’s futures contracts are traded, whichever is later, on the redemption order date. The Managing Owner will distribute the cash redemption amount at the redemption order settlement date as of 2:45 p.m., Eastern Time, on the redemption order settlement date through DTC to the account of the Authorized Participant as recorded on DTC’s book-entry system.

The redemption proceeds due from the Fund are delivered to the Authorized Participant at 2:45 p.m., Eastern Time, on the redemption order settlement date if, by such time, the Fund’s DTC account has been credited with the Creation Units to be redeemed. If the Fund’s DTC account has not been credited with all of the Creation Units to be redeemed by such time, the redemption distribution is delivered to the extent of whole Creation Units received. Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole Creation Units received if the Transfer Agent receives the fee applicable to the

extension of the redemption distribution date which the Managing Owner may, from time-to-time, determine and the remaining Creation Units to be redeemed are credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on such next business day. Any further outstanding amount of the redemption order will be cancelled. The Managing Owner is also authorized to deliver the redemption distribution notwithstanding that the Creation Units to be redeemed are not credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on the redemption order settlement date if the Authorized Participant has collateralized its obligation to deliver the Creation Units through DTC’s book-entry system on such terms as the Managing Owner may determine from time-to-time.

The Managing Owner, either in its own capacity or in its capacity as the Managing Owner and on behalf of the Fund, has entered into various service agreements that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services for the Fund. The Trust Agreement provides for the Fund to indemnify the Managing Owner and any affiliate of the Managing Owner that provides services to the Fund to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Managing Owner or such an affiliate. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Further, the Fund has not had prior claims or losses pursuant to these contracts. Accordingly, the Managing Owner expects the risk of loss to be remote.

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and nine months ended ~~March 31,~~September 30, 2021 and 2020. An individual investor’s return and ratios may vary based on the timing of capital transactions.

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

	Three Months Ended						Three Months Ended						Nine Months Ended
	March 31,						September 30,						September 30,
	2021			2020			2021			2020			2021			2020
Net Asset Value
Net asset value per Share, beginning of period	$	55.16		$	45.32		$	51.03		$	53.35		$	55.16		$	45.32
Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts ^(a)		(5.54	)		1.32			(0.55	)		2.19			(4.50	)		10.16
Net investment income (loss) ^(b)		(0.09	)		0.09			(0.09	)		(0.08	)		(0.27	)		(0.02	)
Net income (loss)		(5.63	)		1.41			(0.64	)		2.11			(4.77	)		10.14
Net asset value per Share, end of period	$	49.53		$	46.73		$	50.39		$	55.46		$	50.39		$	55.46
Market value per Share, beginning of period ^(c)	$	55.35		$	45.25		$	51.04		$	53.27		$	55.35		$	45.25
Market value per Share, end of period ^(c)	$	49.34		$	46.58		$	50.36		$	55.35		$	50.36		$	55.35

Ratio to average Net Assets ^(d)
Net investment income (loss)		(0.66	)%		0.79	%		(0.72	)%		(0.57	)%		(0.70	)%		(0.06	)%
Expenses, after waivers		0.72	%		0.71	%		0.75	%		0.66	%		0.73	%		0.67	%
Expenses, prior to waivers		0.77	%		0.77	%		0.75	%		0.75	%		0.76	%		0.76	%
Total Return, at net asset value ^(e)		(10.21	)%		3.11	%		(1.26	)%		3.95	%		(8.63	)%		22.37	%
Total Return, at market value ^(e)		(10.86	)%		2.94	%		(1.33	)%		3.90	%		(9.01	)%		22.32	%

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report on Form 10-Q (the “Report”). This Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. The matters discussed throughout this Report that are not historical facts are forward-looking statements. These forward-looking statements are based on the Fund’s and Invesco Capital Management LLC’s (the “Managing Owner”) current expectations, estimates and projections about the future results, performance, prospects and opportunities of the Fund and the Fund’s business and industry and their beliefs and assumptions about future events and speak only as of the date on which they are made. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate,” as well as similar words and phrases, signify forward-looking statements. Forward-looking statements are not guarantees of future results. Conditions and important factors, risks and uncertainties in the markets for financial instruments that the Fund trades, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Managing Owner, the Fund, and the Fund’s service providers, and in the broader economy may cause actual results to differ materially from those expressed by such forward-looking statements.

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

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

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Gold Index Excess Return™ (the “Index”) over time, plus the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill ETF Income”) over the expenses of the Fund. The Fund invests in futures contracts in an attempt to track its Index. The Index is intended to reflect the change in market value of the gold sector. Gold (the “Index Commodity”) is the single commodity comprising the Index.

The Fund may invest directly in United States Treasury Obligations. The Fund may also gain exposure to United States Treasury Obligations through investments in exchange-traded funds (“ETFs”) (affiliated or otherwise) that track indexes that measure the performance of United States Treasury Obligations with a maximum remaining maturity of up to 12 months (“T-Bill ETFs”). The Fund holds as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.

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

The CFTC and certain futures exchanges impose position limits on futures contracts, including on Index Contracts.

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

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

These fees constitute a portion of the routine operational, administrative and other ordinary expenses which are paid out of the Management Fee and are not charged to or reimbursed by the Fund.

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

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

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO CAPITAL MANAGEMENT LLC FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO CAPITAL MANAGEMENT LLC.

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

The Index Sponsor may from time-to-time subcontract the provision of the calculation and other services described below to one or more third parties.

The Index is composed of one underlying Index Commodity. The notional amount of the Index Commodity included in the Index is intended to reflect the changes in market value of the Index Commodity within the Index. The closing level of the Index is calculated on each business day by the Index Sponsor based on the closing price of the futures contracts for the underlying Index Commodity and the notional amount of such Index Commodity.

The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing price of the Index Commodity.

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

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

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

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

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

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

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

On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more blocks of 100,000 Shares (“Creation Units”). Redemption orders must be placed by 10:00 a.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. As provided below, the redemption order settlement date may occur up to two business days after the redemption order date. Redemption orders are irrevocable. The redemption procedures allow Authorized Participants to redeem Creation Units. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 100,000 and only through an Authorized Participant.

Redemption orders may be placed either (i) through the Continuous Net Settlement (“CNS”) clearing processes of the National Securities Clearing Corporation (the “NSCC”) (the “CNS Clearing Process”) or (ii) if outside the CNS Clearing Process, only through the facilities of The Depository Trust Company (“DTC” or the “Depository”) (the “DTC Process”), or a successor depository, and

only in exchange for cash. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order and such fee is not borne by the Fund.

The Fund does not have any material commitments for capital expenditures as of the end of the latest fiscal period.

The Fund is unaware of any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or uncertainties that will have a material effect on its operations.

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

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

Net cash flow provided by (used in) operating activities was ~~$(1.4)~~$18.5 million and ~~$(18.4)~~$(29.0) million for the ~~three~~nine months ended ~~March 31,~~September 30, 2021 and 2020, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations and affiliated investments. The Fund invests in United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.

During the ~~three~~nine months ended ~~March 31,~~September 30, 2021, $0$43.0 million was paid to purchase United States Treasury Obligations and ~~$13.0~~$50.0 million was received from sales and maturing United States Treasury Obligations. During the ~~three~~nine months ended ~~March 31,~~September 30, 2020, ~~$37.8~~$162.8 million was paid to purchase United States Treasury Obligations and ~~$72.0~~$198.0 million was received from sales and maturing United States Treasury Obligations. ~~$42.6~~$150.6 million was received from sales of affiliated investments and ~~$43.9~~$(127.6) million was paid to purchase affiliated investments during the ~~three~~nine months ended ~~March 31,~~September 30, 2021. ~~$50.4~~$324.5 million was received from sales of affiliated investments and ~~$110.3~~$(418.1) million was paid to purchase affiliated investments during the ~~three~~nine months ended ~~March 31,~~September 30, 2020.

The Fund’s net cash flow provided by (used in) financing activities was ~~$0.8~~$(19.1) million and ~~$18.4~~$29.0 million during the ~~three~~nine months ended ~~March 31,~~September 30, 2021 and 2020, respectively. This included ~~$16.2~~$27.2 million and ~~$37.7~~$80.4 million from Shares purchased by Authorized Participants and ~~$15.4~~$46.3 million and ~~$19.3~~$51.4 million from Shares redeemed by Authorized Participants during the ~~three~~nine months ended ~~March 31, 2021 and 2020, respectively. There were no changes in amounts due to the Custodian during the three months ended March 31,~~September 30, 2021 and 2020, respectively.

The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ Opt Yield Gold Index ER”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the levels of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income, if any, from the Fund’s collateral holdings whereas the Index does not consider such income. There can be no assurances that the price of the Shares or the Fund’s NAV will exceed the Index levels.

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

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

This Report covers the three and nine months ended ~~March 31,~~September 30, 2021 and 2020. Past performance of the Fund is not necessarily indicative of future performance.

The Index is intended to reflect the change in market value of the Index Commodity. The DBIQ Optimum Yield Gold Index Total Return™ (the “DBIQ-OY Gold TR™”) consists of the same components as the Index plus 3-month United States Treasury Obligations returns. Past results of the DBIQ-OY Gold TR™ are not necessarily indicative of future changes, positive or negative, in the closing levels of the DBIQ-OY Gold TR™.

The section “Summary of DBIQ-OY Gold TR™ and Underlying Index Commodity Returns for the Three and Nine Months Ended ~~March 31,~~September 30, 2021 and 2020” below provides an overview of the changes in the closing levels of the DBIQ-OY Gold TR™ by disclosing the change in market value of the underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Gold TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

Returns for the Three and Nine Months Ended ~~March 31,~~September 30, 2021 and 2020

	AGGREGATE RETURNS FOR INDICES IN THE DBIQ-OY GOLD TR™						AGGREGATE RETURNS FOR INDICES IN THE DBIQ-OY GOLD TR™
	Three Months Ended						Three Months Ended						Nine Months Ended
	March 31,						September 30,						September 30,
Underlying Index	2021			2020			2021			2020			2021			2020
DB Gold Indices		(10.03	)%		3.16	%		(1.07	)%		4.14	%		(8.13	)%		22.85	%

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

FOR THE THREE MONTHS ENDED ~~MARCH 31,~~SEPTEMBER 30, 2021 COMPARED TO THE THREE MONTHS ENDED ~~MARCH 31,~~SEPTEMBER 30, 2020

For the three months ended ~~March 31,~~September 30, 2021, the NYSE Arca market value of each Share decreased from $51.04 per Share to $50.36 per Share. The Share price low and high for the three months ended September 30, 2021 and related change from the Share price on June 30, 2021 was as follows: Shares traded at a low of $49.46 per Share (-3.11%) on September 29, 2021, and a high of $52.68 per Share (+3.21%) on July 15, 2021. The total return for the Fund on a market value basis was -1.33%.

For the three months ended September 30, 2020, the NYSE Arca market value of each Share increased from $53.27 per Share to $55.35 per Share. The Share price low and high for the three months ended September 30, 2020 and related change from the Share price on June 30, 2020 was as follows: Shares traded at a low of $52.83 per Share (-0.84%) on July 1, 2020, and a high of $60.78 per Share (+14.09%) on August 6, 2020. The total return for the Fund on a market value basis was +3.90%.

For the three months ended September 30, 2021, the NAV of each Share decreased from $51.03 per Share to $50.39 per Share. Falling commodity futures contracts prices for gold futures contracts during the three months ended September 30, 2021 contributed to an overall 1.08% decrease in the level of the Index and to a 1.07% decrease in the level of the DBIQ-OY Gold TR™. The total return for the Fund on a NAV value basis was -1.26%.

Net income (loss) for the three months ended September 30, 2021 was $(0.6) million, primarily resulting from $0.0 million of income, net realized gain (loss) of $(1.4) million, net change in unrealized gain (loss) of $0.9 million and net operating expenses of $0.2 million.

For the three months ended September 30, 2020, the NAV of each Share increased from $53.35 per Share to $55.46 per Share. Rising commodity futures contracts prices for gold futures contracts during the three months ended September 30, 2020 contributed to an overall 4.11% increase in the level of the Index and to a 4.14% increase in the level of the DBIQ-OY Gold TR™. The total return for the Fund on a NAV value basis was +3.95%.

Net income (loss) for the three months ended September 30, 2020 was $5.6 million, primarily resulting from $0.0 million of

income, net realized gain (loss) of $2.2 million, net change in unrealized gain (loss) of $3.7 million and net operating expenses of $0.3 million.

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2020

For the nine months ended September 30, 2021, the NYSE Arca market value of each Share decreased from $55.35 per Share to ~~$49.34~~$50.36 per Share. The Share price low and high for the ~~three~~nine months ended ~~March 31,~~September 30, 2021 and related change from the Share price on December 31, 2020 was as follows: Shares traded at a low of $48.61 per Share (-12.18%) on March 30, 2021, and a high of $56.79 per Share (+2.59%) on January 5, 2021. The total return for the Fund on a market value basis was ~~-10.86%~~-9.01%.

For the ~~three~~nine months ended ~~March 31,~~September 30, 2020, the NYSE Arca market value of each Share increased from $45.25 per Share to ~~$46.58~~$55.35 per Share. The Share price low and high for the ~~three~~nine months ended ~~March 31,~~September 30, 2020 and related change from the Share price on December 31, 2019 was as follows: Shares traded at a low of $43.36 per Share (-4.17%) on March 19, 2020, and a high of ~~$49.39~~$60.78 per Share (+~~9.16%~~34.32%) on ~~March 5,~~August 6, 2020. The total return for the Fund on a market value basis was ~~+2.94%~~+22.32%.

For the ~~three~~nine months ended ~~March 31,~~September 30, 2021, the NAV of each Share decreased from $55.15 per Share to ~~$49.53~~$50.39 per Share.

Falling commodity futures contracts prices for gold futures contracts during the ~~three~~nine months ended ~~March 31,~~September 30, 2021 contributed to an overall ~~10.04%~~8.16% decrease in the level of the Index and to ~~a 10.03%~~an 8.13% decrease in the level of the DBIQ-OY Gold TR™. The total return for the Fund on a NAV value basis was ~~-10.19%~~-8.63%.

Net income (loss) for the ~~three~~nine months ended ~~March 31,~~September 30, 2021 was ~~$(11.5)~~$(10.1) million, primarily resulting from $0.0 million of income, net realized gain (loss) of ~~$8.7~~$6.1 million, net change in unrealized gain (loss) of ~~$(20.0)~~$(15.7) million and net operating expenses of ~~$0.2~~$0.5 million.

For the ~~three~~nine months ended ~~March 31,~~September 30, 2020, the NAV of each Share increased from $45.32 per Share to ~~$46.73~~$55.46 per Share.

Rising commodity futures contracts prices for gold futures contracts during the ~~three~~nine months ended ~~March 31,~~September 30, 2020 contributed to an overall ~~2.86%~~22.42% increase in the level of the Index and to a ~~3.16%~~22.85% increase in the level of the DBIQ-OY Gold TR™. The total return for the Fund on a NAV value basis was ~~+3.11%~~+22.37%.

Net income (loss) for the ~~three~~nine months ended ~~March 31,~~September 30, 2020 was ~~$3.7~~$28.6 million, primarily resulting from ~~$0.5~~$0.7 million of

income, net realized gain (loss) of ~~$13.6~~$17.7 million, net change in unrealized gain (loss) of ~~$(10.2)~~$11.0 million and net operating expenses of ~~$0.2~~$0.7 million.

The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s financial position and results of operations. These estimates and assumptions affect the Fund’s application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies on Form 10-K for the year ended December 31, 2020.

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

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

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

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

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

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

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

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

The following table indicates the trading VaR associated with the Fund’s net assets as of ~~March 31,~~September 30, 2021.

								For the Three Months Ended									For the Nine Months Ended
								March 31, 2021									September 30, 2021
Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		Number of times VaR Exceeded		Net Assets		Daily Volatility			VaR* (99 Percentile)		Number of times VaR Exceeded
Invesco DB Gold Fund	$	94,118,345		0.99	%	$	2,171,654		5	$	75,587,784		0.85	%	$	1,493,253		14

The following table indicates the trading VaR associated with the Fund’s net assets as of December 31, 2020.

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

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

The primary trading risk exposure of the Fund as of ~~March 31,~~September 30, 2021 relating to the Index Commodity is as follows:

The price of gold is volatile and is affected by numerous factors. Gold prices float freely in accordance with supply and demand. The price movement of gold may be influenced by a variety of factors, including announcements from central banks regarding reserve gold holdings, agreements among central banks, purchases and sales of gold by central banks, other governmental agencies that hold large supplies of gold, political uncertainties, economic concerns such as an increase or decrease in confidence in the global monetary system, the relative strength of the U.S. dollar, interest rates and numerous other factors. Gold prices may also be affected by industry factors such as industrial and jewelry demand.

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

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

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

DB Base Metals Fund, Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund and Invesco DB Silver Fund, each a series of the Trust.

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

There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Fund’s quarter ended ~~March 31,~~September 30, 2021 that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

There are no material changes from risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020, filed February 26, 2021.

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

(c) Although the Fund did not redeem Shares directly from its shareholders, the Fund redeemed Creation Units from Authorized Participants during the three months ended ~~March 31,~~September 30, 2021 as follows:

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

Delaware	87-0778067
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

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


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

		Page
PART I.	FINANCIAL INFORMATION	1

ITEM 1.	Financial Statements	1
	Notes to Unaudited Financial Statements	810
ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	1720
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	2328
ITEM 4.	Controls and Procedures	2529

PART II.	OTHER INFORMATION	2631

Item 1.	Legal Proceedings	2631
Item 1A.	Risk Factors	2631
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2631
Item 3.	Defaults Upon Senior Securities	2631
Item 4.	Mine Safety Disclosures	2631
Item 5.	Other Information	2631
Item 6.	Exhibits	2732

SIGNATURES		2833

Period of Redemption	Total Number of Shares Redeemed		Average Price Paid per Share
January 1, 2021 to January 31, 2021		100,000	$	53.94
February 1, 2021 to February 28, 2021		—	—
March 1, 2021 to March 31, 2021		200,000		50.22
Total		300,000	$	51.46

Period of Redemption	Total Number of Shares Redeemed		Average Price Paid per Share
July 1, 2021 to July 31, 2021		300,000	$	52.06
August 1, 2021 to August 31, 2021		—		—
September 1, 2021 to September 30, 2021		100,000		51.66
Total		400,000	$	51.96

Large Accelerated Filer	☐	Accelerated Filer	☐

Non-Accelerated Filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

								For the Year Ended
								December 31, 2020
Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		Number of times VaR Exceeded
Invesco DB Gold Fund	$	104,800,011		1.11	%	$	2,720,621		22

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

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

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

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

101	Interactive data file pursuant to Rule 405 of Regulation S-T: (i) the Statements of Financial Condition of Invesco DB Gold Fund— ~~March 31,~~September 30, 2021 and December 31, 2020 (Unaudited), (ii) the Schedule of Investments of Invesco DB Gold Fund— ~~March 31,~~September 30, 2021 (Unaudited), (iii) the Schedule of Investments of Invesco DB Gold Fund— December 31, 2020 (Unaudited), (iv) the Statements of Income and Expenses of Invesco DB Gold Fund— For the Three and Nine Months Ended ~~March 31,~~September 30, 2021 and 2020 (Unaudited), (v) the Statement of Changes in Shareholders’ Equity of Invesco DB Gold Fund—For the Three Months Ended ~~March 31,~~September 30, 2021 (Unaudited), (vi) the Statement of Changes in Shareholders’ Equity of Invesco DB Gold Fund—For the Three Months Ended ~~March 31,~~September 30, 2020 (Unaudited), (vii) the Statement of Changes in Shareholders’ Equity of Invesco DB Gold Fund— For the Nine Months Ended September 30, 2021 (Unaudited), (viii) the Statement of Changes in Invesco Shareholders’ Equity of Invesco DB Gold Fund— For the Nine Months Ended September 30, 2020 (Unaudited), (ix) the Statements of Cash Flows of Invesco DB Gold Fund— For the ~~Three~~Nine Months Ended ~~March 31,~~September 30, 2021 and 2020 (Unaudited), and ~~(viii)~~(x) Notes to Unaudited Financial Statements of Invesco DB Gold Fund— ~~March 31,~~September 30, 2021.

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

101.SCH	Inline XBRL Taxonomy Extension Schema Document

101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document

104	The cover page of the Fund's Quarterly Report on Form 10-Q for the quarter ended ~~March 31,~~September 30, 2021 formatted in Inline XBRL.

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

	By:	Invesco Capital Management LLC,
		its Managing Owner

Dated: ~~May 6,~~November 4, 2021		By:	/S/ ANNA PAGLIA
		Name:	Anna Paglia
		Title:	Principal Executive Officer

Dated: ~~May 6,~~November 4, 2021		By:	/S/ KELLI GALLEGOS
		Name:	Kelli Gallegos
		Title:	Principal Financial and Accounting Officer, Investment Pools