Invesco DB Agriculture Fund (DBA) is a commodity exchange-traded fund that seeks to track the performance of the DBIQ Diversified Agriculture Index Excess Return, a rules-based index composed of futures contracts on 13 agricultural commodities. The fund generates returns through price changes in long futures positions across Corn, Soybeans, Soybean Meal, Soybean Oil, Wheat, Kansas City Wheat, Sugar, Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle, and Lean Hogs, with collateral held in U.S. Treasury obligations and affiliated money market instruments. It is a series of the Invesco DB Multi-Sector Commodity Trust, managed by Invesco Capital Management LLC as Managing Owner. Net assets were $722,802,601 as of December 31, 2025. The fund is not actively managed; it tracks the index in rising, flat, and declining markets alike. Shares are created and redeemed by Authorized Participants. Aggregate index return was 0.35% for the year ended December 31, 2025, compared to 34.65% for the year ended December 31, 2024.

Revenue model

The fund does not generate operating revenue in the traditional sense. Investor returns come from changes in the net asset value of shares, driven by gains or losses on commodity futures contracts and income from collateral holdings in U.S. Treasury bills, Invesco Short Term Treasury ETF, and Invesco Government & Agency Portfolio. Invesco Capital Management LLC earns management fees charged against fund assets.

Products and services

A single exchange-traded fund (DBA) providing exposure to a diversified basket of 13 agricultural commodity futures: Corn, Soybeans, Soybean Meal, Soybean Oil, Wheat, Kansas City Wheat, Sugar, Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle, and Lean Hogs. Collateral is invested in U.S. Treasury obligations and affiliated short-term instruments.

Customers and end markets

Shares are available to investors through Authorized Participants who create and redeem shares. End investors include institutional and retail market participants seeking agricultural commodity exposure. No customer concentration data is disclosed in the filing excerpts.

Value-chain role

Passive index tracker. The fund holds long futures contracts on agricultural commodities traded on CBOT and CME exchanges, with a commodity broker handling futures execution. Invesco Capital Management LLC serves as Managing Owner and does not exercise active investment discretion.

Geographic exposure

The filing excerpts do not specify geographic revenue breakdown. Futures contracts are traded on U.S. exchanges (CBOT, CME). The fund is registered in the United States.

Source: SEC 10-K, filed 2026-03-02

Industry: Commodity Contracts Brokers & Dealers