Invesco DB Energy Fund (NYSE: DBE)

Invesco DB Energy Fund is a separate series of Invesco DB Multi-Sector Commodity Trust, a Delaware statutory trust organized into multiple series. The Fund’s investment objective is to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Energy Index Excess Return over time. To pursue this objective, the Fund invests in futures contracts on the five commodities that comprise the index: Light Sweet Crude Oil, Ultra Low Sulphur Diesel, Brent Crude Oil, RBOB Gasoline and Natural Gas. In addition to its futures positions, the Fund holds United States Treasury obligations, money market mutual funds, and Treasury Bill ETFs as collateral for margin requirements and for cash management purposes. The Fund was formed as a series of the Trust and has a perpetual term unless terminated under certain circumstances. It has an unlimited number of shares authorized for issuance. Shares of the Fund are created and redeemed in baskets of 50,000 shares through authorized participants, which are registered broker dealers.

The Fund’s returns are driven primarily by the performance of its futures contract portfolio, which reflects the price movements of the underlying energy commodities. Income generated from collateral holdings includes interest on Treasury securities, dividends from money market funds, and any distributions or capital gains from Treasury Bill ETFs. These income components are added to the Fund’s net asset value, while management fees and other operating expenses are deducted. Management fees are calculated as a fixed percentage of net asset value and are paid to Invesco Capital Management LLC. The management fee covers the costs of index licensing, administrative services, and the general overhead of the Fund. Commission payments to the commodity broker, Morgan Stanley & Co. LLC, are made on a contract by contract basis. The Fund does not employ leverage beyond the implicit exposure of its futures contracts and seeks to match the index return rather than exceed it.

Invesco DB Energy Fund operates in the competitive landscape of exchange traded products that provide commodity exposure through futures based strategies. The Fund’s index, the DBIQ Optimum Yield Energy Index Excess Return, uses an optimum yield roll method designed to mitigate the negative effects of contango and to benefit from backwardation in the futures curve. The index is rebalanced each November to maintain the same commodity weightings that were in place on June 4, 1990, with the current weightings as of September 30, 2025 being approximately 21.49% Brent Crude Oil, 20.66% Light Sweet Crude Oil, 12.82% Natural Gas, 21.57% RBOB Gasoline, and 23.46% Ultra Low Sulphur Diesel. Management of the Fund is undertaken by Invesco Capital Management LLC, which is registered with the Commodity Futures Trading Commission as a commodity pool operator and commodity trading advisor and is a member of the National Futures Association. The index sponsor is Deutsche Bank Securities Inc., which provides the index calculation services under a licensing agreement; the Fund pays licensing and index services fees that are included in the management fee. Neither the Managing Owner nor any of its affiliates has any influence over the selection of the futures contracts that underlie the index. Because the Fund seeks to replicate the index rather than to outperform it, its tracking error tends to be low, reflecting close alignment with the index’s performance. These operational features, together with a rule based index construction, differentiate the Fund from actively managed commodity funds and from those that hold physical commodities.

The Fund’s shares are created and redeemed by authorized participants, which are listed in the filing as ABN AMRO Clearing Chicago LLC, Bank of America Securities, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, Virtu Americas LLC, and Virtu Financial Capital Markets LLC. Authorized participants transact in creation units of 50,000 shares through the National Securities Clearing Corporation or the Depository Trust Company. Individual investors gain exposure to the Fund by buying and selling shares on the NYSE Arca exchange through their brokerage accounts. Shares trade on the NYSE Arca exchange throughout the trading day, allowing investors to enter or exit positions at market prices that fluctuate with supply and demand. Thus the Fund’s investor base comprises retail and institutional participants who seek diversified exposure to the energy commodity complex.