Invesco DB Gold Fund (DGL) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2021shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	DGL
Entity Registrant Name	INVESCO DB GOLD FUND
Entity Central Index Key	0001383055
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity File Number	001-33231
Entity Tax Identification Number	87-0778067
Entity Address, Address Line One	c/o Invesco Capital Management LLC
Entity Address, Address Line Two	3500 Lacey Road
Entity Address, Address Line Three	Suite 700
Entity Address, City or Town	Downers Grove
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60515
City Area Code	800
Local Phone Number	983-0903
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	1,900,000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Units of Beneficial Interest
Security Exchange Name	NYSEArca
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Statements of Financial Conditi

Statements of Financial Condition (Unaudited) - USD ($)	Mar. 31, 2021	Dec. 31, 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
Other investments:
Variation margin receivable- Commodity Futures Contracts	1,616,160	94,010
Cash held by custodian	0	580,650
Receivable for:
Dividends from affiliates	991	902
Total assets	94,177,430	104,873,523
Payable for:
Management fees	54,169	68,707
Brokerage commissions and fees	4,916	4,805
Total liabilities	59,085	73,512
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	1,981	2,206
Shareholders' equity—Shares	94,116,364	104,797,805
Total shareholders' equity	94,118,345	104,800,011
Total liabilities and equity	$ 94,177,430	$ 104,873,523
General Shares outstanding	40	40
Shares outstanding	1,900,000	1,900,000
Net asset value per share	$ 49.53	$ 55.16
Market value per share	$ 49.34	$ 55.35

Statements of Financial Condi_2

Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Investments in Securities, cost	$ 92,607,570	$ 104,247,241
Investment at fair cost	62,608,826	61,256,629
US Treasury Bill Securities [Member]
Investments in Securities, cost	$ 29,998,744	$ 42,990,612

Schedule of Investments (Unaudi

Schedule of Investments (Unaudited) - Treasury Bills and Money Market Fund - USD ($)		Mar. 31, 2021		Dec. 31, 2020
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity		98.34%		99.43%
United States Treasury Obligations, Value		$ 29,999,903		$ 42,992,257
Affiliated Investments, Value		62,560,376		61,205,704
Investments in Securities, Value		92,560,279		104,197,961
Investments in Securities, Cost		$ 92,607,570		$ 104,247,241
Affiliated Investments [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity		66.47%		58.41%
Affiliated Investments, Value		$ 62,560,376		$ 61,205,704
Investments in Securities, Cost		$ 62,608,826		$ 61,256,629
U.S. Treasury Bills, 0.025% due April 8, 2021
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[1],[2]	10.63%
United States Treasury Obligations, Value	[1],[2]	$ 9,999,995
United States Treasury Obligations, Principal Value	[1],[2]	$ 10,000,000
Investment Interest Rate	[2]	0.025%
Investment Maturity Date	[2]	Apr. 8, 2021
U.S. Treasury Bills, 0.030% due April 22, 2021
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[1],[2]	10.62%
United States Treasury Obligations, Value	[1],[2]	$ 9,999,956
United States Treasury Obligations, Principal Value	[1],[2]	$ 10,000,000
Investment Interest Rate	[2],[3]	0.03%
Investment Maturity Date	[2],[3]	Apr. 22, 2021
Restricted for maintenance margin	[2],[3]	$ 29,998,000
U.S. Treasury Bills, 0.015% due April 29, 2021
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[1],[2]	10.62%
United States Treasury Obligations, Value	[1],[2]	$ 9,999,952
United States Treasury Obligations, Principal Value	[1],[2]	$ 10,000,000
Investment Interest Rate	[1]	0.015%
Investment Maturity Date	[1]	Apr. 29, 2021
United States Treasury Obligations [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[2]	31.87%		41.02%
United States Treasury Obligations, Value	[2]	$ 29,999,903		$ 42,992,257
Investments in Securities, Cost		$ 29,998,744		$ 42,990,612
Exchange-Traded Fund - Invesco Treasury Collateral ETF [Member] | Affiliated Investments [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[4]	18.53%		16.64%
Affiliated Investments, Value	[4]	$ 17,438,025		$ 17,435,550
Affiliated Investments	[4]	165,000		165,000
Investments in Securities, Cost	[4]	$ 17,486,475		$ 17,486,475
Money Market Mutual Fund [Member] | Affiliated Investments [Member]
Schedule of Investments [Line Items]
Investment Interest Rate	[4]	0.03%	[5]	0.03%	[6]
Investments in Securities, Cost	[4]	$ 45,122,351	[5]	$ 43,770,154	[6]
Money Market Mutual Fund [Member] | Invesco Government & Agency Portfolio, Institutional Class [Member] | Affiliated Investments [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[4]	47.94%	[5]	41.77%	[6]
Affiliated Investments, Value	[4]	$ 45,122,351	[5]	$ 43,770,154	[6]
Affiliated Investments	[4]	45,122,351	[5]	43,770,154	[6]
U.S. Treasury Bills, 0.080% due March 11, 2021
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[2],[7]			12.40%
United States Treasury Obligations, Value	[2],[7]			$ 12,998,450
United States Treasury Obligations, Principal Value	[2],[7]			$ 13,000,000
Investment Interest Rate	[2],[7]			0.08%
Investment Maturity Date	[2],[7]			Mar. 11, 2021
U.S. Treasury Bills, 0.090% due April 8, 2021
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[2],[8]			9.54%
United States Treasury Obligations, Value	[2],[8]			$ 9,998,303
United States Treasury Obligations, Principal Value	[2],[8]			$ 10,000,000
Investment Interest Rate	[7]			0.09%
Investment Maturity Date	[7]			Apr. 8, 2021
U.S. Treasury Bills, 0.090% due April 22, 2021
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[2],[8]			9.54%
United States Treasury Obligations, Value	[2],[8]			$ 9,997,900
United States Treasury Obligations, Principal Value	[2],[8]			$ 10,000,000
Investment Interest Rate	[7]			0.09%
Investment Maturity Date	[7]			Apr. 22, 2021
U.S. Treasury Bills, 0.095% due April 29, 2021
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[2],[7]			9.54%
United States Treasury Obligations, Value	[2],[7]			$ 9,997,604
United States Treasury Obligations, Principal Value	[2],[7]			$ 10,000,000
Investment Interest Rate	[7]			0.095%
Investment Maturity Date	[7]			Apr. 29, 2021
Restricted for maintenance margin	[7]			$ 42,988,400
[1]
[2]	Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.
[3]	United States Treasury Obligations of $29,998,000 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.
[4]	Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. See Note 8.
[5]	The rate shown is the 7-day SEC standardized yield as of March 31, 2021.
[6]	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.
[7]	United States Treasury Obligations of $42,988,400 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.
[8]	United States Treasury Obligations of $42,988,400 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts

Schedule of Investments (Unau_2

Schedule of Investments (Unaudited) - Futures Contracts		3 Months Ended	12 Months Ended
		Mar. 31, 2021USD ($)Contract	Dec. 31, 2020USD ($)Contract
Schedule of Investments [Line Items]
Commodity Futures Contracts, Value		$ 92,560,279	$ 104,197,961
Long [Member] | Futures [Member] | COMEX Gold [Member] | Gold [Member]
Schedule of Investments [Line Items]
Commodity Futures Contracts, Number of Contracts | Contract		546	553
Commodity Futures Contracts, Expiration Date		Feb. 28, 2022	Feb. 28, 2021
Commodity Futures Contracts, Notional Value		$ 94,043,040	$ 104,799,030
Commodity Futures Contracts, Value	[1]	(9,187,346)	10,807,637
Commodity Futures Contracts, Unrealized Appreciation (Depreciation)	[1]	$ (9,187,346)	$ 10,807,637
[1]	Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

Statements of Income and Expens

Statements of Income and Expenses (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income
Interest Income	$ 8,131	$ 345,206
Dividends from Affiliates	5,897	133,426
Total Income	14,028	478,632
Expenses
Management Fees	187,367	238,912
Brokerage Commissions and Fees	3,828	5,111
Interest Expense	597	1,442
Total Expenses	191,792	245,465
Less: Waivers	(12,532)	(19,527)
Net Expenses	179,260	225,938
Net Investment Income (Loss)	(165,232)	252,694
Net Realized Gain (Loss) on
Commodity Futures Contracts	8,670,535	13,623,558
Net Realized Gain (Loss)	8,670,535	13,623,558
Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations	(486)	59,622
Affiliated Investments	2,475
Commodity Futures Contracts	(19,994,983)	(10,233,621)
Net Change in Unrealized Gain (Loss)	(19,992,994)	(10,173,999)
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
Net Income (Loss)	$ (11,487,691)	$ 3,702,253

Statement of Changes in Shareho

Statement of Changes in Shareholders' Equity (Unaudited) - USD ($)	Total	General Shares [Member]	Shares [Member]
Balance - Value at Dec. 31, 2019	$ 108,769,259	$ 1,813	$ 108,767,446
Balance - Shares at Dec. 31, 2019		40	2,400,000
Purchases of Shares - Value	37,680,557		$ 37,680,557
Purchases of Shares - Shares			800,000
Redemption of Shares - Value	(19,299,917)		$ (19,299,917)
Redemption of Shares - Shares			(400,000)
Net Increase (Decrease) due to Share Transactions, value	18,380,640		$ 18,380,640
Net Increase (Decrease) due to Share Transactions, shares			400,000
Net Income (Loss)
Net Investment Income (Loss)	252,694	$ 4	$ 252,690
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	13,623,558	206	13,623,352
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(10,173,999)	(154)	(10,173,845)
Net Income (Loss)	3,702,253	56	3,702,197
Net Change in Shareholders' Equity, value	22,082,893	56	$ 22,082,837
Net Change in Shareholders' Equity, shares			400,000
Balance - Value at Mar. 31, 2020	130,852,152	$ 1,869	$ 130,850,283
Balance - Shares at Mar. 31, 2020		40	2,800,000
Balance - Value at Dec. 31, 2020	104,800,011	$ 2,206	$ 104,797,805
Balance - Shares at Dec. 31, 2020		40	1,900,000
Purchases of Shares - Value	16,243,801		$ 16,243,801
Purchases of Shares - Shares			300,000
Redemption of Shares - Value	(15,437,776)		$ (15,437,776)
Redemption of Shares - Shares			(300,000)
Net Increase (Decrease) due to Share Transactions, value	806,025		$ 806,025
Net Income (Loss)
Net Investment Income (Loss)	(165,232)	$ (3)	(165,229)
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	8,670,535	170	8,670,365
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(19,992,994)	(392)	(19,992,602)
Net Income (Loss)	(11,487,691)	(225)	(11,487,466)
Net Change in Shareholders' Equity, value	(10,681,666)	(225)	(10,681,441)
Balance - Value at Mar. 31, 2021	$ 94,118,345	$ 1,981	$ 94,116,364
Balance - Shares at Mar. 31, 2021		40	1,900,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net Income (Loss)	$ (11,487,691)	$ 3,702,253
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased		(37,821,957)
Proceeds from securities sold and matured	12,999,999	72,000,000
Cost of affiliated investments purchased	(43,927,991)	(110,346,622)
Proceeds from affiliated investments sold	42,575,794	50,363,325
Net accretion of discount on United States Treasury Obligations	(8,131)	(343,703)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	(1,989)	(59,622)
Change in operating assets and liabilities:
Variation margin- Commodity Futures Contracts	(1,522,150)	4,128,520
Dividends from affiliates	(89)	(41,866)
Management fees	(14,538)	3,292
Brokerage commissions and fees	111	40
Net cash provided by (used in) operating activities	(1,386,675)	(18,416,340)
Cash flows from financing activities:
Proceeds from purchases of Shares	16,243,801	37,680,557
Redemption of Shares	(15,437,776)	(19,299,917)
Net cash provided by (used in) financing activities	806,025	18,380,640
Net change in cash	(580,650)	(35,700)
Cash at beginning of period	580,650	35,700
Cash at end of period	0	0
Supplemental disclosure of cash flow information
Cash paid for interest	$ 597	$ 1,442

Organization

Organization	3 Months Ended
	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	Note 1 - Organization Invesco DB Gold Fund (the “Fund”), a separate series of Invesco DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in seven 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 contracts that reference the Index Commodity (the “Index Contracts”). The Managing Owner may determine to invest in other futures contracts if at any time it is impractical or inefficient to gain full or partial exposure to 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 one 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 months ended March 31, 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies A. Basis of Presentation The financial statements of the Fund have been prepared using U.S. GAAP. The Fund has determined that it meets the definition of an investment company and has prepared the financial statements in conformity with U.S. GAAP for investment companies in conformity with accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services Investment Companies B. Accounting Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued. C. Investment Valuations Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value (“NAV”) per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. United States Treasury Obligations are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as developments related to specific securities, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. All debt obligations involve some risk of default with respect to interest and/or principal payments. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Managing Owner. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. D. Investment Transactions and Investment Income Investment transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of securities or derivatives are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the sale or disposition occurs, respectively. Interest income on United States Treasury Obligations is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. E. Profit and Loss Allocations and Distributions Pursuant to the Trust Agreement, income and expenses are allocated pro rata pro rata No distributions were paid for the three months ended March 31, 2021 and 2020. F. Routine Operational, Administrative and Other Ordinary Expenses The Managing Owner is responsible for all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. The Fund does not reimburse the Managing Owner for the routine operational, administrative and other ordinary expenses of the Fund. Accordingly, such expenses are not reflected in the Statements of Income and Expenses of the Fund. G. Non-Recurring Fees and Expenses The Fund pays all non-recurring and unusual fees and expenses, if any, of itself, as determined by the Managing Owner. Non-recurring and unusual fees and expenses include fees and expenses, such as legal claims and liabilities, litigation costs, indemnification expenses or other non-routine expenses. Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the three months ended March 31, 2021 and 2020 , the Fund did not incur such expenses. H. Brokerage Commissions and Fees The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker (as defined below). These costs are recorded as Brokerage Commissions and Fees in the Statements of Income and Expenses. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker, as applicable were less than $6.00 and $6.00 per round-turn trade during the three months ended March 31, 2021 and 2020, respectively. I. Income Taxes The Fund is classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will generally not incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items. The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions taken or expected to be taken in future tax returns. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, 2017. J. Commodity Futures Contracts The Fund utilizes derivative instruments to achieve its investment objective. A commodity futures contract is an agreement between counterparties to purchase or sell a specified underlying commodity for a specified price, or to pay or receive a cash amount based on the value of an index or other reference instrument, at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker. During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Financial Condition. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

Financial Instrument Risk

Financial Instrument Risk	3 Months Ended
	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Financial Instrument Risk	Note 3 - Financial Instrument Risk 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. 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.

Service Providers and Related P

Service Providers and Related Party Agreements	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Service Providers and Related Party Agreements	Note 4 – Service Providers and Related Party Agreements The Trustee 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 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 notice. The Managing Owner waived fees of $12,532 and $19,527 for the three months ended March 31, 2021, and 2020, respectively. The Distributor 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. The Commodity Broker 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 Administrator, Custodian and Transfer Agent 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. Index Sponsor 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.

Deposits with Commodity Broker

Deposits with Commodity Broker and Custodian	3 Months Ended
	Mar. 31, 2021
Brokers And Dealers [Abstract]
Deposits with Commodity Broker and Custodian	Note 5 - Deposits with Commodity Broker and Custodian The Fund defines cash as cash held by the Custodian. There were no cash equivalents held by the Fund as of March 31, 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

Additional Valuation Informatio

Additional Valuation Information	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Additional Valuation Information	Note 6 - Additional Valuation Information U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. U.S. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods or market conditions may result in transfers in or out of an investment’s assigned level: Level 1: Prices are determined using quoted prices in an active market for identical assets. Level 2: Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. Level 3: Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. The levels assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. The following is a summary of the tiered valuation input levels as of March 31, 2021: Level 1 Level 2 Level 3 Total Investments in Securities United States Treasury Obligations $ — $ 29,999,903 $ — $ 29,999,903 Exchange-Traded Fund 17,438,025 — — 17,438,025 Money Market Mutual Fund 45,122,351 — — 45,122,351 Total Investments in Securities 62,560,376 29,999,903 — 92,560,279 Other Investments - Assets (a) Commodity Futures Contracts (9,187,346 ) — — (9,187,346 ) Total Investments $ 53,373,030 $ 29,999,903 $ — $ 83,372,933 (a) Unrealized appreciation (depreciation). The following is a summary of the tiered valuation input levels as of December 31, 2020: Level 1 Level 2 Level 3 Total Investments in Securities United States Treasury Obligations $ — $ 42,992,257 $ — $ 42,992,257 Money Market Mutual Fund 61,205,704 — — 61,205,704 Total Investments in Securities 61,205,704 42,992,257 — 104,197,961 Other Investments - Assets (a) Commodity Futures Contracts 10,807,637 — — 10,807,637 Total Investments $ 72,013,341 $ 42,992,257 $ — $ 115,005,598 (a) Unrealized appreciation (depreciation).

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 7 – Derivative Instruments The Fair Value of Derivative Instruments is as follows: March 31, 2021 December 31, 2020 Risk Exposure/Derivative Type (a) Assets Liabilities Assets Liabilities Commodity risk Commodity Futures Contracts $ — $ (9,187,346 ) $ 10,807,637 $ — (a) Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the March 31, 2021 and December 31, 2020 Statements of Financial Condition. The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows: For the Three Months Ended Location of Gain (Loss) on Derivatives March 31, Risk Exposure/Derivative Type Recognized in Income 2021 2020 Commodity risk Commodity Futures Contracts Net Realized Gain (Loss) $ 8,670,535 $ 13,623,558 Net Change in Unrealized Gain (Loss) (19,994,983 ) (10,233,621 ) Total $ (11,324,448 ) $ 3,389,937 The table below summarizes the average monthly notional value of futures contracts outstanding during the period: For the Three Months Ended March 31, 2021 2020 Average Notional Value $ 101,556,278 $ 120,499,965

Investments in Affiliates

Investments in Affiliates	3 Months Ended
	Mar. 31, 2021
Investments In And Advances To Affiliates Schedule Of Investments [Abstract]
Investments in Affiliates	Note 8 – Investments in Affiliates The Invesco Treasury Collateral ETF is an investment company registered under the Investment Company Act of 1940, as amended, whose shares are primarily purchased and sold on a national securities exchange. In seeking its investment objective, the Invesco Treasury Collateral ETF primarily holds U.S. Treasury Obligations that: (i) are issued in U.S. Dollars; (ii) have a minimum remaining maturity of at least one month and a maximum remaining maturity of 12 months at the time of rebalance; and (iii) have a minimum amount outstanding of $300 million. Because it is advised by the Managing Owner, the Invesco Treasury Collateral ETF is an affiliate of the Fund. 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 months ended March 31, 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 Invesco Treasury Collateral ETF $ 17,435,550 $ — $ — $ 2,475 $ — $ 17,438,025 $ 2,594 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 Total $ 61,205,704 $ 43,927,991 $ (42,575,794 ) $ 2,475 $ — $ 62,560,376 $ 5,897 The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 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 Investments in Affiliated Money Market Funds: Invesco Premier U.S. Government Money Portfolio, Institutional Class $ 8,706,882 $ 110,346,622 $ (50,363,325 ) $ — $ — $ 68,690,179 $ 133,426

Share Purchases and Redemptions

Share Purchases and Redemptions	3 Months Ended
	Mar. 31, 2021
Text Block [Abstract]
Share Purchases and Redemptions	Note 9 - Share Purchases and Redemptions (a) Purchases On any business day, an Authorized Participant may place an order with the Transfer Agent to create one 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. (b) Redemptions On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	N ote 10 - Commitments and Contingencies 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.

Financial Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2021
Investment Company Financial Highlights [Abstract]
Financial Highlights	Note 11 - Financial Highlights The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three months ended March 31, 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 March 31, 2021 2020 Net Asset Value Net asset value per Share, beginning of period $ 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 Net investment income (loss) (b) (0.09 ) 0.09 Net income (loss) (5.63 ) 1.41 Net asset value per Share, end of period $ 49.53 $ 46.73 Market value per Share, beginning of period (c) $ 55.35 $ 45.25 Market value per Share, end of period (c) $ 49.34 $ 46.58 Ratio to average Net Assets (d) Net investment income (loss) (0.66 )% 0.79 % Expenses, after waivers 0.72 % 0.71 % Expenses, prior to waivers 0.77 % 0.77 % Total Return, at net asset value (e) (10.21 )% 3.11 % Total Return, at market value (e) (10.86 )% 2.94 % (a) Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments. (b) ( c ) The mean between the last bid and ask prices. ( d ) Annualized. ( e ) Total Return, at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, reinvestment of all dividends and distributions at NAV during the period, and redemption of Shares at NAV on the last day of the period. Total Return, at NAV includes adjustments in accordance with U.S. GAAP and as such, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions. Total Return, at market value is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and redemption of Shares at the market value on the last day of the period. Not annualized for periods less than one year, if applicable.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	A. Basis of Presentation The financial statements of the Fund have been prepared using U.S. GAAP. The Fund has determined that it meets the definition of an investment company and has prepared the financial statements in conformity with U.S. GAAP for investment companies in conformity with accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services Investment Companies
Accounting Estimates	B. Accounting Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued.
Investment Valuations	C. Investment Valuations Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value (“NAV”) per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. United States Treasury Obligations are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as developments related to specific securities, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. All debt obligations involve some risk of default with respect to interest and/or principal payments. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Managing Owner. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Investment Transactions and Investment Income	D. Investment Transactions and Investment Income Investment transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of securities or derivatives are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the sale or disposition occurs, respectively. Interest income on United States Treasury Obligations is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
Profit and Loss Allocations and Distributions	E. Profit and Loss Allocations and Distributions Pursuant to the Trust Agreement, income and expenses are allocated pro rata pro rata No distributions were paid for the three months ended March 31, 2021 and 2020.
Routine Operational, Administrative And Other Ordinary Expenses	F. Routine Operational, Administrative and Other Ordinary Expenses The Managing Owner is responsible for all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. The Fund does not reimburse the Managing Owner for the routine operational, administrative and other ordinary expenses of the Fund. Accordingly, such expenses are not reflected in the Statements of Income and Expenses of the Fund.
Non-Recurring Fees and Expenses	G. Non-Recurring Fees and Expenses The Fund pays all non-recurring and unusual fees and expenses, if any, of itself, as determined by the Managing Owner. Non-recurring and unusual fees and expenses include fees and expenses, such as legal claims and liabilities, litigation costs, indemnification expenses or other non-routine expenses. Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the three months ended March 31, 2021 and 2020 , the Fund did not incur such expenses.
Brokerage Commissions and Fees	H. Brokerage Commissions and Fees The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker (as defined below). These costs are recorded as Brokerage Commissions and Fees in the Statements of Income and Expenses. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker, as applicable were less than $6.00 and $6.00 per round-turn trade during the three months ended March 31, 2021 and 2020, respectively.
Income Taxes	I. Income Taxes The Fund is classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will generally not incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items. The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions taken or expected to be taken in future tax returns. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, 2017.
Commodity Futures Contracts	J. Commodity Futures Contracts The Fund utilizes derivative instruments to achieve its investment objective. A commodity futures contract is an agreement between counterparties to purchase or sell a specified underlying commodity for a specified price, or to pay or receive a cash amount based on the value of an index or other reference instrument, at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker. During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Financial Condition. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

Additional Valuation Informat_2

Additional Valuation Information (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of the Tiered Valuation Input Levels	The following is a summary of the tiered valuation input levels as of March 31, 2021: Level 1 Level 2 Level 3 Total Investments in Securities United States Treasury Obligations $ — $ 29,999,903 $ — $ 29,999,903 Exchange-Traded Fund 17,438,025 — — 17,438,025 Money Market Mutual Fund 45,122,351 — — 45,122,351 Total Investments in Securities 62,560,376 29,999,903 — 92,560,279 Other Investments - Assets (a) Commodity Futures Contracts (9,187,346 ) — — (9,187,346 ) Total Investments $ 53,373,030 $ 29,999,903 $ — $ 83,372,933 (a) Unrealized appreciation (depreciation). The following is a summary of the tiered valuation input levels as of December 31, 2020: Level 1 Level 2 Level 3 Total Investments in Securities United States Treasury Obligations $ — $ 42,992,257 $ — $ 42,992,257 Money Market Mutual Fund 61,205,704 — — 61,205,704 Total Investments in Securities 61,205,704 42,992,257 — 104,197,961 Other Investments - Assets (a) Commodity Futures Contracts 10,807,637 — — 10,807,637 Total Investments $ 72,013,341 $ 42,992,257 $ — $ 115,005,598 (a) Unrealized appreciation (depreciation).

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments and Effect of Derivative Instruments on Statements of Income and Expenses	The Fair Value of Derivative Instruments is as follows: March 31, 2021 December 31, 2020 Risk Exposure/Derivative Type (a) Assets Liabilities Assets Liabilities Commodity risk Commodity Futures Contracts $ — $ (9,187,346 ) $ 10,807,637 $ — (a) Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the March 31, 2021 and December 31, 2020 Statements of Financial Condition. The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows: For the Three Months Ended Location of Gain (Loss) on Derivatives March 31, Risk Exposure/Derivative Type Recognized in Income 2021 2020 Commodity risk Commodity Futures Contracts Net Realized Gain (Loss) $ 8,670,535 $ 13,623,558 Net Change in Unrealized Gain (Loss) (19,994,983 ) (10,233,621 ) Total $ (11,324,448 ) $ 3,389,937
Summary of Average Monthly Notional Value of Future Contracts Outstanding	The table below summarizes the average monthly notional value of futures contracts outstanding during the period: For the Three Months Ended March 31, 2021 2020 Average Notional Value $ 101,556,278 $ 120,499,965

Investments in Affiliates (Tabl

Investments in Affiliates (Tables)	3 Months Ended
	Mar. 31, 2021
Investments In And Advances To Affiliates Schedule Of Investments [Abstract]
Summary of Transactions in, and Earnings from, Investments in Affiliates	The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 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 Invesco Treasury Collateral ETF $ 17,435,550 $ — $ — $ 2,475 $ — $ 17,438,025 $ 2,594 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 Total $ 61,205,704 $ 43,927,991 $ (42,575,794 ) $ 2,475 $ — $ 62,560,376 $ 5,897 The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 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 Investments in Affiliated Money Market Funds: Invesco Premier U.S. Government Money Portfolio, Institutional Class $ 8,706,882 $ 110,346,622 $ (50,363,325 ) $ — $ — $ 68,690,179 $ 133,426

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2021
Investment Company Financial Highlights [Abstract]
Schedule of Net Asset Value Per Share	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 March 31, 2021 2020 Net Asset Value Net asset value per Share, beginning of period $ 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 Net investment income (loss) (b) (0.09 ) 0.09 Net income (loss) (5.63 ) 1.41 Net asset value per Share, end of period $ 49.53 $ 46.73 Market value per Share, beginning of period (c) $ 55.35 $ 45.25 Market value per Share, end of period (c) $ 49.34 $ 46.58 Ratio to average Net Assets (d) Net investment income (loss) (0.66 )% 0.79 % Expenses, after waivers 0.72 % 0.71 % Expenses, prior to waivers 0.77 % 0.77 % Total Return, at net asset value (e) (10.21 )% 3.11 % Total Return, at market value (e) (10.86 )% 2.94 % (a) Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments. (b) ( c ) The mean between the last bid and ask prices. ( d ) Annualized. ( e ) Total Return, at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, reinvestment of all dividends and distributions at NAV during the period, and redemption of Shares at NAV on the last day of the period. Total Return, at NAV includes adjustments in accordance with U.S. GAAP and as such, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions. Total Return, at market value is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and redemption of Shares at the market value on the last day of the period. Not annualized for periods less than one year, if applicable.

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021CreationUnitshares	Dec. 31, 2020shares	Aug. 03, 2006Trust
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of series of trusts | Trust			7
Purchase agreement transaction date	Feb. 23, 2015
General shares, shares issued	40	40
Treasury obligation measurement maximum maturity period	12 months
Minimum number of Creation Units that can be purchased | CreationUnit	1
Number of shares that can be redeemed per Creation Unit	100,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Distributed earnings	$ 0	$ 0
Average charges paid to broker per round-turn trade, maximum	$ 6	$ 6

Service Providers and Related_2

Service Providers and Related Party Agreements - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Managing owner waived fees	$ 12,532	$ 19,527
The Manager Owner [Member]
Related Party Transaction [Line Items]
Management fee percentage per annum of daily NAV	0.75%
Fee waiver termination notice period	60 days
Fee waiver terms	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 notice.

Deposits with Commodity Broke_2

Deposits with Commodity Broker and Custodian - Additional Information (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Brokers And Dealers [Abstract]
Cash equivalents held by fund	$ 0	$ 0

Additional Valuation Informat_3

Additional Valuation Information - Summary of the Tiered Valuation Input Levels (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
United States Treasury Obligations	$ 29,999,903	$ 42,992,257
Exchange-Traded Fund	17,438,025
Money Market Mutual Fund	45,122,351	61,205,704
Total Investments in Securities	92,560,279	104,197,961
Commodity Futures Contracts, Unrealized Appreciation (Depreciation)	(9,187,346)	10,807,637
Total Investments	83,372,933	115,005,598
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exchange-Traded Fund	17,438,025
Money Market Mutual Fund	45,122,351	61,205,704
Total Investments in Securities	62,560,376	61,205,704
Commodity Futures Contracts, Unrealized Appreciation (Depreciation)	(9,187,346)	10,807,637
Total Investments	53,373,030	72,013,341
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
United States Treasury Obligations	29,999,903	42,992,257
Total Investments in Securities	29,999,903	42,992,257
Total Investments	$ 29,999,903	$ 42,992,257

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments (Detail) - Commodity Futures Contract [Member] - Not Designated as Hedging Instrument [Member] - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Assets		$ 10,807,637
Liabilities	$ (9,187,346)

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on Statements of Income and Expenses (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Futures Contracts, Net Realized Gain (Loss)	$ 8,670,535	$ 13,623,558
Futures Contracts, Net Unrealized Gain (Loss)	(19,994,983)	(10,233,621)
Commodity Futures Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Futures Contracts, Net Realized Gain (Loss)	8,670,535	13,623,558
Futures Contracts, Net Unrealized Gain (Loss)	(19,994,983)	(10,233,621)
Future Contracts, Net Realized and Unrealized Gain (Loss)	$ (11,324,448)	$ 3,389,937

Derivative Instruments - Summar

Derivative Instruments - Summary of Average Monthly Notional Value of Future Contracts Outstanding (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Weighted Average [Member] | Commodity Futures Contract [Member]
Derivative [Line Items]
Average Notional Value	$ 101,556,278	$ 120,499,965

Investments in Affiliates - Add

Investments in Affiliates - Additional Information (Detail) - USD ($)		3 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Investments In And Advances To Affiliates [Line Items]
Treasury obligation measurement maximum maturity period		12 months
United States Treasury Obligations, Value		$ 29,999,903	$ 42,992,257
United States Treasury Obligations [Member]
Investments In And Advances To Affiliates [Line Items]
United States Treasury Obligations, Value	[1]	$ 29,999,903	$ 42,992,257
United States Treasury Obligations [Member] | Affiliated Investments [Member]
Investments In And Advances To Affiliates [Line Items]
Treasury obligation measurement minimum maturity period		1 month
Treasury obligation measurement maximum maturity period		12 months
Minimum [Member] | United States Treasury Obligations [Member] | Affiliated Investments [Member]
Investments In And Advances To Affiliates [Line Items]
United States Treasury Obligations, Value		$ 300,000,000
[1]	Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

Investments in Affiliates - Sum

Investments in Affiliates - Summary of Transactions in, and Earnings from, Investments in Affiliates (Detail) - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Investments In And Advances To Affiliates [Line Items]
Beginning Value		$ 61,205,704
Change in Unrealized Appreciation (Depreciation)		(486)	$ 59,622
Ending Value		62,560,376
Affiliated Investments [Member]
Investments In And Advances To Affiliates [Line Items]
Beginning Value		61,205,704
Purchases at Cost		43,927,991
Proceeds from Sales		(42,575,794)
Change in Unrealized Appreciation (Depreciation)		2,475
Ending Value		62,560,376
Dividend Income		5,897
Exchange-Traded Fund - Invesco Treasury Collateral ETF [Member] | Affiliated Investments [Member]
Investments In And Advances To Affiliates [Line Items]
Beginning Value	[1]	17,435,550
Change in Unrealized Appreciation (Depreciation)		2,475
Ending Value	[1]	17,438,025
Dividend Income		2,594
Money Market Mutual Fund [Member] | Invesco Government & Agency Portfolio, Institutional Class [Member] | Affiliated Investments [Member]
Investments In And Advances To Affiliates [Line Items]
Beginning Value	[1],[2]	43,770,154
Purchases at Cost		43,927,991
Proceeds from Sales		(42,575,794)
Ending Value	[1],[3]	45,122,351
Dividend Income		3,303
Money Market Mutual Fund [Member] | Invesco Premier U.S. Government Money Portfolio, Institutional Class [Member] | Affiliated Investments [Member]
Investments In And Advances To Affiliates [Line Items]
Beginning Value		8,706,882
Purchases at Cost		110,346,622
Proceeds from Sales		(50,363,325)
Ending Value		68,690,179
Dividend Income		$ 133,426
[1]	Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. See Note 8.
[2]	The rate shown is the 7-day SEC standardized yield as of December 31, 2020.
[3]	The rate shown is the 7-day SEC standardized yield as of March 31, 2021.

Share Purchases and Redemptio_2

Share Purchases and Redemptions - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021CreationUnitshares
Equity [Abstract]
Minimum number of Creation Units that can be purchased | CreationUnit	1
Number of shares that can be redeemed per Creation Unit | shares	100,000
Share Purchases and Redemptions, Settlement of each creation or redemption period	2 days
Minimum number of Creation Units that can be redeemed | CreationUnit	1
Number of shares that can be redeemed per Creation Unit | shares	100,000

Financial Highlights - Schedule

Financial Highlights - Schedule of Net Asset Value Per Share (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Asset Value
Net asset value per Share, beginning of period	$ 55.16	$ 45.32
Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(5.54)	1.32
Net investment income (loss)	(0.09)	0.09
Net income (loss)	(5.63)	1.41
Net asset value per Share, end of period	49.53	46.73
Market value per Share, beginning of period	55.35	45.25
Market value per Share, end of period	$ 49.34	$ 46.58
Ratio to average Net Assets
Net investment income (loss)	(0.66%)	0.79%
Expenses, after waivers	0.72%	0.71%
Expenses, prior to waivers	0.77%	0.77%
Total Return, at net asset value	(10.21%)	3.11%
Total Return, at market value	(10.86%)	2.94%