Invesco DB Agriculture Fund

Industry regulation · Licensing and permits

If the registrations with the CFTC or memberships in the NFA of the Managing Owner or the Commodity Broker were revoked or suspended, such entity would no longer be able to provide services to the Fund.

Industry regulation · Regulatory compliance and changes

Regulatory Changes or Actions May Alter the Operations and Profitability of the Fund. Governmental and regulatory changes or actions may have unexpected or adverse consequences on particular markets, transactions, or investments, which may adversely impact the Fund and impair how it is managed. Policy and legislative changes in the United States and in other countries affect many aspects of financial regulation, and may in some instances contribute to decreased liquidity, increased costs and increased volatility in the financial markets.

Natural and catastrophic events · Natural disasters and extreme weather

The commodity futures markets may be subject to temporary distortions due to various factors, including lack of liquidity, congestion, disorderly closing periods, manipulation and disruptive conduct, limitations on deliverable supplies, excessive speculation, changes in trade regulation or economic sanctions (actual or threatened), government regulation and intervention, technical and operational or system failures, nuclear accidents, terrorism, riots and acts of God.

Geopolitical and trade · Trade policies tariffs and sanctions

Following Russia's invasion of Ukraine in late February 2022, various countries, including the United States, Australia, Canada, the United Kingdom, Switzerland, Germany, France, and Japan, as well as NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus. Russia may take additional countermeasures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets.

Natural and catastrophic events · Pandemic and public health crises

As demonstrated during the unprecedented market conditions in 2020, volatility in certain futures contracts may spike significantly during periods of global economic and social stress. Widespread disease, including pandemics and epidemics, have been and may be highly disruptive to economies and markets.

Economic and market conditions · Economic recession and downturns

A decrease in U.S. imports or exports, changes in trade regulations, including the threat or actual imposition of tariffs, trade wars or other economic sanctions on traditional allies or adversaries and their responses thereto, inflation, and/or an economic recession in the U.S. may have a material adverse affect on the U.S. economy, global financial markets as a whole and the commodities markets to which the Fund has exposure.

Economic and market conditions · Inflation and deflation pressures

Domestic and foreign inflation rates and investors' expectations concerning inflation rates are factors that may affect the prices of the Index Commodities. Additionally, natural or environmental disasters and widespread disease may adversely impact inflation rates and other factors affecting the value of the Fund's investments.

Economic and market conditions · Market volatility and financial crises

The Fund may incur major losses in the event of disrupted markets and other extraordinary events in which historical pricing relationships become materially distorted. The risk of loss from pricing distortions is compounded by the fact that in disrupted markets many positions become illiquid, making it difficult or impossible to close out or liquidate positions against which the markets are moving.

Corporate governance · Internal controls and risk management

The Fund is responsible for establishing and maintaining internal controls over financial reporting. Under this requirement, the Fund must adopt, implement and maintain an internal control system designed to provide reasonable assurance to its management regarding the preparation and fair presentation of published financial statements. There is a risk that the Fund's internal controls over financial reporting and disclosure controls and procedures could fail to work properly or otherwise fail to satisfy SEC requirements.

Cybersecurity and data protection · Data breaches and cyber attacks

Due to the Increased Use of Technologies, Intentional and Unintentional Cyber Attacks Pose Operational and Information Security Risks. Cyber attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber security failures or breaches of the Fund's third party service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses.

Technology infrastructure · Technology systems and infrastructure failure

The Shares Could Decrease in Value if Unanticipated Operational or Trading Problems Arise. The mechanisms and procedures governing the creation, redemption and offering of the Shares have been developed specifically for the Fund. Consequently, there may be unanticipated problems with respect to the mechanics of the operations of the Fund and the trading of the Shares that could have a material adverse effect on an investment in the Shares.

Market and investment · Interest rate and yield curve risk

Domestic and foreign interest rates and investors' expectations concerning interest rates are factors that may affect the prices of the Index Commodities. The Fund may invest in government money market funds and T-Bill ETFs, which are subject to fluctuations in interest rates.

Market and investment · Market volatility and economic cycles

The Fund's trading of futures contracts takes place in very volatile markets. Futures contract prices have a high degree of volatility and are subject to rapid and substantial changes. Consequently, there is a risk that the value of your investment in the Fund could decrease significantly due to rapid and substantial changes in the prices of futures contracts held by the Fund.

Market and investment · Investment portfolio performance

The Fund may invest in government money market funds that have chosen to not rely on the ability to impose fees on Shareholder redemptions, or liquidity fees, or temporarily to suspend redemption privileges, or gates, if the government money market fund's weekly liquid assets fall below a certain threshold. Although such government money market funds seek to preserve the value of an investment at $1.00 per share, there is no guarantee that they will be able to do so.

Market and investment · Asset valuation and impairment

The NAV Calculation of the Fund May Be Overstated or Understated Due to the Valuation Method Employed When a Settlement Price is Not Available on the Date of NAV Calculation. If a settlement price for a commodity futures contract could not be determined for any reason, the Managing Owner may value the futures contract pursuant to policies the Managing Owner has adopted. In such a situation, there is a risk that the resulting calculation of the Fund's NAV could be understated or overstated, perhaps to a significant degree.

Capital structure and performance · Dividend policy and capital allocation

Shareholders will be subject to taxation on their allocable share of the Fund's taxable income, whether or not they receive cash distributions. The Fund is not required to pay regular distributions, although the Fund may pay distributions in the discretion of the Managing Owner.

Market and investment · Trading and market making activities

The Fund is subject to position limits imposed by the CFTC and/or futures exchange rules. If the Fund were to reach a position limit, its ability to issue new Creation Units or to reinvest income in additional futures contracts may be impaired or limited. This may adversely affect the correlation between the market price of the Shares and the NAV of the Fund.

Capital structure and performance · Financial performance volatility

There can be no assurance that the Fund will achieve profits or avoid losses, significant or otherwise. Performance of the Fund may not track the Index during particular periods or over the long term. Such tracking error may cause the Fund to outperform or underperform the Index.

Credit and liquidity · Liquidity and cash flow constraints

Possible Illiquid Markets May Exacerbate Losses. Futures positions cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption, such as when foreign governments may take or be subject to political actions which disrupt the markets in their currencies or major commodities exports, can also make it difficult to liquidate a position.

Human capital and workforce · Key personnel dependence and succession

The Managing Owner and its principals, all of whom are engaged in other investment activities, are not required to devote substantially all of their time to the business of the Fund, which also presents the potential for numerous conflicts of interest with the Fund.