Invesco DB Base Metals Fund is a separate series of Invesco DB Multi Sector Commodity Trust a Delaware statutory trust that was formed on August 3 2006. The term of the Fund is perpetual unless terminated earlier under certain circumstances as set forth in the Fifth Amended and Restated Declaration of Trust and Trust Agreement. The Fund has an unlimited number of shares authorized for issuance. Invesco Capital Management LLC has served as the managing owner commodity pool operator and commodity trading advisor of the Fund since February 23 2015. The Managing Owner holds forty general shares of the Fund. The fiscal year end of the Fund is December 31. The Fund seeks to track changes whether positive or negative in the level of the DBIQ Optimum Yield Industrial Metals Index Excess Return over time plus the excess if any of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations dividends from its holdings in money market mutual funds and dividends or distributions of capital gains from its holdings of Treasury bill ETFs over the expenses of the Fund. The Index is intended to reflect the economic performance of investing in futures contracts on the base metals sector. Effective November 10 2025 the Index comprised the following commodities Aluminum Zinc Lead Nickel Comex Copper and Copper Grade A.

The Fund generates returns primarily from its futures contracts that are designed to replicate the performance of the DBIQ Optimum Yield Industrial Metals Index Excess Return. In addition to futures exposure the Fund holds collateral assets such as United States Treasury securities money market mutual funds and Treasury bill ETFs which produce interest income and dividend income. The interest income from Treasury securities the dividend income from money market funds and the distributions from Treasury bill ETFs are collectively referred to as the Fund’s income components. The Fund’s total return equals the Index return plus the net income from these collateral holdings after deduction of expenses. Expenses include the management fee paid to Invesco Capital Management LLC which is calculated at zero point seven five percent per annum of the daily net asset value of the Fund. The managing owner has contractually agreed to waive any indirect management fees that could arise from investments in affiliated money market funds or affiliated Treasury bill ETFs. The Fund’s investment strategy involves holding a portfolio of exchange traded futures contracts on the base metals commodities that make up the Index. The futures positions are adjusted through a rule based roll process that selects new contracts based on the most favorable implied roll yield under prevailing market conditions. This roll process seeks to enhance returns in backwardated markets and to mitigate losses in contangoed markets. The Fund does not employ leverage beyond the inherent exposure of the futures contracts and does not invest in physical metals.

Invesco DB Base Metals Fund occupies a specialized niche within the broader universe of exchange traded funds that focus on commodity futures. Its primary competition comes from other exchange traded products that track broad base metal indices or single metal futures such as those tied to aluminum copper zinc or nickel. The Fund differentiates itself through its rule based roll methodology which aims to capture optimal roll yield and through its low expense ratio of zero point seven five percent per annum. The Index construction process incorporates both market liquidity and production weightings to ensure that the commodities represented reflect their true economic significance in the global base metals sector. This methodology helps the Fund maintain a diversified exposure across six key base metals rather than concentrating on a single commodity. The Fund benefits from the operational expertise of Invesco Capital Management LLC which has been managing commodity futures based exchange traded funds since 2014 and non commodity futures based exchange traded funds since 2003. The Managing Owner is registered as a commodity pool operator and a commodity trading advisor with the Commodity Futures Trading Commission and is a member of the National Futures Association. These regulatory registrations impose strict oversight and reporting requirements that enhance investor confidence in the Fund’s operations. The Fund’s shares are listed on the NYSE Arca exchange providing liquidity and transparent pricing for investors. Overall the Fund offers a cost effective and rule driven approach to gaining exposure to the performance of the base metals futures market.

The Fund offers its shares exclusively to authorized participants which are typically large financial institutions that create and redeem creation units of fifty thousand shares. Authorized participants engage in the creation and redemption process by delivering a basket of securities or cash to the Fund in exchange for creation units or by surrendering creation units for the underlying basket or cash. Once created the shares can be bought and sold on the secondary market through the NYSE Arca exchange where they are accessible to a wide range of investors. The secondary market includes retail investors institutional investors hedge funds and other market participants who seek exposure to the base metals sector via an exchange traded vehicle. Although the filing does not disclose the specific names of authorized participants or major shareholders the Fund’s investor base is comprised of parties that value liquidity transparency and a focused exposure to base metals sector. The Fund’s structure allows for efficient creation and redemption of shares which helps keep the market price of the shares closely aligned with the net asset value. Distributor services are provided by Invesco Distributors Inc which assists with marketing and distribution functions under the oversight of the Managing Owner. The Bank of New York Mellon serves as the administrator custodian and transfer agent handling NAV calculations accounting and shareholder services. These service providers support the operational infrastructure that enables the Fund to function smoothly for its investor base. In summary the Fund’s customers consist of authorized participants that facilitate primary market activity and a diverse group of secondary market investors who trade the shares on the exchange.