Invesco DB Precious Metals Fund Files 2023 Annual Report

TL;DR

<b>Invesco DB Precious Metals Fund (DBP) has submitted its 2023 10-K filing, detailing its financial performance and holdings.</b>

AI Summary

Invesco DB Precious Metals Fund (DBP) filed a Annual Report (10-K) with the SEC on February 23, 2024. The Invesco DB Precious Metals Fund (DBP) filed its 10-K for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's business address is located at 3500 Lacey Road, Suite 700, Downers Grove, IL 60515. The fund was formerly known as PowerShares DB Precious Metals Fund. The filing includes details on affiliated investments such as Invesco Short Term Treasury ETF and Invesco Government & Agency Portfolio, Institutional Class.

Why It Matters

For investors and stakeholders tracking Invesco DB Precious Metals Fund, this filing contains several important signals. This 10-K filing provides investors with a comprehensive overview of the fund's financial health, investment strategies, and risk factors for the fiscal year 2023. Understanding the fund's structure, former names, and specific affiliated investments like ETFs and money market funds is crucial for assessing its current market position and potential future performance.

Risk Assessment

Risk Level: low — Invesco DB Precious Metals Fund shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the fund's performance and potential risks for the upcoming year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)
• 2023-01-01 — Reporting Period Start (Fiscal year)
• 2022-12-31 — Previous Fiscal Year End (Comparison period)

Key Players & Entities

• Invesco DB Precious Metals Fund (company) — Filer name
• DBP (company) — Ticker symbol
• PowerShares DB Precious Metals Fund (company) — Former company name
• Invesco DB Multi-Sector Commodity Trust (company) — Related entity
• 3500 Lacey Road, Suite 700, Downers Grove, IL 60515 (company) — Business address
• Invesco Short Term Treasury ETF (company) — Affiliated investment
• Invesco Government & Agency Portfolio, Institutional Class (company) — Affiliated investment

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-23: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, providing detailed financial and operational information for the fiscal year.)

Commodity Contract

A contract whose value is derived from a commodity, such as precious metals, oil, or agricultural products. (Relevant to the fund's investment strategy, as it likely holds or tracks commodity futures or related instruments.)

Affiliated Entity

An entity that has a relationship with another entity, such as through common ownership or control. (Indicates investments made by the fund in related Invesco entities, which can impact diversification and risk.)

Key Financial Figures

• $6 — to the Commodity Broker were less than $6.00, $6.00 and $6.00 per round-turn trad
• $6.00 — Commodity Broker were less than $6.00, $6.00 and $6.00 per round-turn trade 1 for th

Filing Documents

• dbp-20231231.htm (10-K) — 1861KB
• dbp-ex23_1.htm (EX-23.1) — 4KB
• dbp-ex31_1.htm (EX-31.1) — 11KB
• dbp-ex31_2.htm (EX-31.2) — 11KB
• dbp-ex32_1.htm (EX-32.1) — 8KB
• dbp-ex32_2.htm (EX-32.2) — 8KB
• dbp-ex97_1.htm (EX-97.1) — 49KB
• img242740601_0.jpg (GRAPHIC) — 192KB
• img242740601_1.jpg (GRAPHIC) — 160KB
• 0000950170-24-019054.txt (&nbsp;) — 7159KB
• dbp-20231231.xsd (EX-101.SCH) — 625KB
• dbp-20231231_htm.xml (XML) — 1127KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 7 ITEM 1B. UNRESOLVED STAFF COMMENTS 21 ITEM 1C. CYBERSECURITY 21 ITEM 2.

PROPERTIES

PROPERTIES 21 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 21 ITEM 4. MINE SAFETY DISCLOSURES 22 PART II 23 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 23 ITEM 6. RESERVED 23 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 24 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 32 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 34 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 57 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 57 ITEM 9B. OTHER INFORMATION 57 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 57 PART III 58 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 58 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 61 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 61 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 61 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 62 PART IV 63 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 63 i CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION This Annual Report on Form 10-K (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 Invesco DB Precious Metals Fund's (the "Fund") and Invesco Capital Management LLC's (the "Managing Owner") current expectations, estimates and projections about the future results, performance, prospects, and opportunities of the Fund and the Fund's business and industry and their beliefs and assumptions about future events and speak only as of the date on which they are made. Words such as "anticipate," "expect," "intend," "plan," "believe," "seek," "outlook," and "estimate," as well as similar words and phrases, signify forward-looking statements. Forward-looking statements are not guarantees of future results. Future economic and industry trends that could potentially impact the Fund and its performance are difficult to predict. Conditions, risks and uncertainties in the markets for financial instruments that the Fund trades, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Managing Owner, the Fund, and the Fund's service providers, in the broader economy and in global politics may cause actual results to differ materially from those expressed by such forwar

BUSINESS

ITEM 1. BUSINESS. Introduction Invesco DB Precious Metals 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 Fund, as amended (the "Trust Agreement"). The Fund has an unlimited number of shares authorized for issuance. Invesco Capital Management LLC has served as the managing owner (the "Managing Owner"), commodity pool operator and commodity trading advisor of 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 31 st . The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Precious Metals 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 precious metals sector. The commodities comprising the Index are gold and silver (each an "Index Commodity", and collectively, the "Index Commodities"). The Fund may invest directly in United States Treasury Obligations. The Fund may also gain exposure to United States Treasury Obligations through investments in exchange-traded funds ("ETFs") (affiliated or otherwise) that track indexes that measure the performance of United State

View Full Filing

View this 10-K filing on SEC EDGAR