INVESCO DB COMMODITY INDEX TRACKING FUND MANAGEMENT REPORT ON FINANCIAL CONDITION AND RESULTS OF OPERATIONS. (Form 10-K)


This information should be read in conjunction with the financial statements and
notes included in Item 8 of Part II of this Report. The discussion and analysis
which follows may contain trend analysis and other forward-looking statements.
See "Cautionary Statement Concerning Forward-Looking Information" above.

You should not place undue reliance on any forward-looking statements. Except as
expressly required by the Federal securities laws, the Fund and the Managing
Owner undertake no obligation to publicly update or revise any forward-looking
statements or the risks, uncertainties or other factors described in this
Report, as a result of new information, future events or changed circumstances
or for any other reason after the date of this Report.

Overview/Intro

Invesco Capital Management LLC ("Invesco") 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 is registered with the
Commodity Futures Trading Commission (the "CFTC") as a commodity pool operator
and a commodity trading advisor, and it is a member firm of the National Futures
Association ("NFA").

The Fund seeks to track changes, whether positive or negative, in the level of
the DBIQ Optimum Yield Diversified Commodity Index Excess ReturnTM (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 commodity sector. The commodities comprising the Index are
Light Sweet Crude Oil, Ultra Low Sulphur Diesel (also commonly known as Heating
Oil), Aluminum, Gold, Corn, Wheat, Brent Crude Oil, Copper Grade A, Natural Gas,
RBOB Gasoline (reformulated gasoline blendstock for oxygen blending, or "RBOB"),
Silver, Soybeans, Sugar and Zinc (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 States Treasury Obligations with a maximum
remaining maturity of up to 12 months ("T-Bill ETFs"). The Fund holds as
collateral United States Treasury Obligations, money market mutual funds and
T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management
purposes. While the Fund's performance reflects the appreciation and
depreciation of those holdings, the Fund's performance, whether positive or
negative, is driven primarily by its strategy of trading futures contracts with
the aim of seeking to track the Index.

The Fund pursues its investment objective by investing in a portfolio of
exchange-traded commodity futures contracts that expire in a specific month and
trade on a specific exchange (the "Index Contracts") in the Index Commodities.
The notional amounts of each Index Commodity included in the Index are broadly
in proportion to historic levels of the world's production and stocks of the
Index Commodities. The Fund also holds United States Treasury Obligations and
T-Bill ETFs, if any, for deposit with Morgan Stanley & Co. LLC, the Fund's
commodity broker (the "Commodity Broker") as margin, to the extent permissible
under CFTC rules and United States Treasury Obligations, cash, money market
mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with
The Bank of New York Mellon (the "Custodian"), for cash management purposes. The
aggregate notional value of the commodity futures contracts owned by the Fund is
expected to approximate the aggregate net asset value ("NAV") of the Fund, as
opposed to the aggregate Index value.

The CFTC and certain futures exchanges impose position limits on futures
contracts, including on Index Contracts. As the Fund approaches or reaches
position limits with respect to an Index Commodity, the Fund may commence
investing in Index Contracts that reference other Index Commodities. In those
circumstances, the Fund may also trade in futures contracts based on commodities
other than Index Commodities that the Managing Owner reasonably believes tend to
exhibit trading prices that correlate with an Index Contract.

The Managing Owner may determine to invest in other futures contracts if at any
time it is impractical or inefficient to gain full or partial exposure to an
Index Commodity through the use of Index Contracts. These other futures
contracts may or may not be based on an Index Commodity. When they are not, the
Managing Owner may seek to select futures contracts that it reasonably believes
tend to exhibit trading prices that correlate with an Index Contract.

The Shares are intended to provide investment results that generally correspond
to the changes, positive or negative, in the levels of the Index over time. The
value of the Shares is expected to fluctuate in relation to changes in the value
of the Fund's portfolio. The market price of the Shares may not be identical to
the NAV per Share, but these two valuations are expected to be very close.

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Margin calls

"Initial" or "original" margin is the minimum amount of funds that must be
deposited by a futures trader with his commodity broker in order to initiate
futures trading or to maintain an open position in futures contracts.
"Maintenance" margin is the amount (generally less than initial margin) to which
a trader's account may decline before he must deliver additional margin. A
margin deposit is like a cash performance bond. It helps assure the futures
trader's performance of the futures contract that the trader purchases or sells.
Futures contracts are customarily bought and sold on margin that represents a
very small percentage (ranging upward from less than 2%) of the purchase price
of the underlying commodity being traded. Because of such low margins, price
fluctuations occurring in the futures markets may create profits and losses that
are greater, in relation to the amount invested, than are customary in other
forms of investments. The minimum amount of margin required in connection with a
particular futures contract is set from time to time by the exchange on which
such contract is traded, and may be modified from time to time by the exchange
during the term of the contract. "Variation margin" is assessed daily to reflect
changes in the value of the position.

Brokerage firms that hold accounts for futures traders may not accept lower margin amounts, and generally require higher margin amounts, as a policy to further protect themselves.

Margin requirements are computed each day by a commodity broker. When the market
value of a particular open futures contract position changes to a point where
the margin on deposit does not satisfy maintenance margin requirements, a margin
call is made by the commodity broker. If the margin call is not met within a
reasonable time, the broker may close out the Fund's position. With respect to
the Managing Owner's trading, only the Managing Owner, and not the Fund or its
Shareholders personally, will be subject to margin calls.

Position limits and/or levels of responsibility

The Fund has not reached the position limits for the 2021 and 2020 reporting periods.

Net asset value

NAV means the total assets of the Fund, including, but not limited to, all
commodity futures contracts, cash and investments less total liabilities of the
Fund, each determined on the basis of U.S. generally accepted accounting
principles ("U.S. GAAP"), consistently applied under the accrual method of
accounting. All open commodity futures contracts will be calculated at their
then current market value, which will be based upon the settlement price for
that particular commodity futures contract traded on the applicable primary
exchange on the date with respect to which NAV is being determined. Securities
for which market quotations are not readily available or became unreliable are
valued at fair value as determined in good faith following procedures approved
by the Managing Owner. The amount of any distribution is a liability of the Fund
from the day when the distribution is declared until it is paid.

The net asset value per share is the net asset value of the Fund divided by the number of shares outstanding.

Market risk

Trading in futures contracts involves the Fund entering into contractual
commitments to purchase a particular commodity at a specified date and price.
The market risk associated with the Fund's commitments to purchase commodities
is limited to the gross or face amount of the contracts held.

The Fund's exposure to market risk is also influenced by a number of factors
including the volatility of interest rates and foreign currency exchange rates,
the liquidity of the markets in which the contracts are traded and the
relationships among the contracts held. The inherent uncertainty of the Fund's
trading as well as the development of drastic market occurrences could
ultimately lead to a loss of all or substantially all of the investors' capital.

Credit risk

When the Fund enters into futures contracts, the Fund is exposed to credit risk
that the counterparty to the contract will not meet its obligations. The
counterparty for futures contracts traded on United States and on most foreign
futures exchanges is the clearing house associated with the particular exchange.
In general, clearing houses are backed by their corporate members who may be
required to share in the financial burden resulting from the nonperformance by
one of their members and, as such, is designed to disperse and mitigate the
credit risk posed by any one member. In cases where the clearing house is not
backed by the clearing members (i.e., some foreign exchanges), it may be backed
by a consortium of banks or other financial institutions. There can be no
assurance that any counterparty, clearing member or clearinghouse will meet its
obligations to the Fund.

The Commodity Broker, when acting as the Fund's FCM in accepting orders for the
purchase or sale of domestic futures contracts, is required by CFTC regulations
to separately account for and segregate as belonging to the Fund all assets of
the Fund relating to domestic futures trading. The Commodity Broker is not
allowed to commingle such assets with other assets of the Commodity Broker. In
addition, CFTC regulations also require the Commodity Broker to hold in a secure
account assets of the Fund related to foreign futures trading. While these legal
requirements are designed to protect the customers of FCMs, a failure by the

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The Commodity Broker’s compliance with these requirements would likely have a material adverse effect on the Fund in the event that the Commodity Broker becomes insolvent or otherwise suffers financial difficulty.

Liquidity

The Fund's entire source of capital is derived from the Fund's offering of
Shares to Authorized Participants. The Fund in turn allocates its net assets to
commodity futures trading. A significant portion of the NAV is held in United
States Treasury Obligations, which may be used as margin for the Fund's trading
in commodity futures contracts and United States Treasury Obligations, money
market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash
management purposes. The percentage that United States Treasury Obligations bear
to the total net assets will vary from period to period as the market values of
the Fund's commodity interests change. A portion of the Fund's United States
Treasury Obligations is held for deposit with the Commodity Broker to meet
margin requirements. All remaining cash, money market mutual funds, T-Bill ETFs,
if any, and United States Treasury Obligations are on deposit with the
Custodian. Interest earned on the Fund's interest-bearing funds and dividends
from the Fund's holdings of money market mutual funds are paid to the Fund. Any
dividends or distributions of capital gains received from the Fund's holdings of
T-Bill ETFs, if any, are paid to the Fund.

The Fund's commodity futures contracts may be subject to periods of illiquidity
because of market conditions, regulatory considerations or for other reasons.
For example, U.S. futures exchanges and some foreign exchanges have regulations
that limit the amount of fluctuation in futures contract prices that may occur
during a single business day. These limits are generally referred to as "daily
price fluctuation limits" or "daily limits," and the maximum or minimum price of
a contract on any given day as a result of these limits is referred to as a
"limit price". Once a limit price has been reached in a particular contract, it
is usually the case that no trades may be made at a different price than
specified in the limit. The duration of limit prices generally varies. Limit
prices may have the effect of precluding the Fund from trading in a particular
contract or requiring the Fund to liquidate contracts at disadvantageous times
or prices. Either of those outcomes could adversely affect the Fund's ability to
pursue its investment objective.

Because the Fund trades futures contracts, its capital is at risk due to changes
in the value of futures contracts (market risk) or the inability of
counterparties (including the Commodity Broker and/or exchange clearinghouses)
to perform under the terms of the contracts (credit risk).

On any business day, an Authorized Participant may place an order with the
Transfer Agent to redeem one or more blocks of 100,000 Shares ("Creation
Units"). Redemption orders must be placed by 10:00 a.m., Eastern Time. The day
on which the Managing Owner receives a valid redemption order is the redemption
order date. The day on which a redemption order is settled is the redemption
order settlement date. As provided below, the redemption order settlement date
may occur up to two business days after the redemption order date. Redemption
orders are irrevocable. The redemption procedures allow Authorized Participants
to redeem Creation Units. Individual Shareholders may not redeem directly from
the Fund. Instead, individual Shareholders may only redeem Shares in integral
multiples of 100,000 and only through an Authorized Participant.

Unless otherwise agreed to by the Managing Owner and the Authorized Participant
as provided in the next sentence, by placing a redemption order, an Authorized
Participant agrees to deliver the Creation Units to be redeemed through DTC's
book-entry system to the Fund no later than the redemption order settlement date
as of 2:45 p.m., Eastern Time, on the business day immediately following the
redemption order date. Upon submission of a redemption order, the Authorized
Participant may request the Managing Owner to agree to a redemption order
settlement date up to two business days after the redemption order date. By
placing a redemption order, and prior to receipt of the redemption proceeds, an
Authorized Participant's DTC account is charged the non-refundable transaction
fee due for the redemption order.

Redemption orders may be placed either (i) through the Continuous Net Settlement
("CNS") clearing processes of the National Securities Clearing Corporation (the
"NSCC") (the "CNS Clearing Process") or (ii) if outside the CNS Clearing
Process, only through the facilities of The Depository Trust Company ("DTC" or
the "Depository") (the "DTC Process"), or a successor depository, and only in
exchange for cash. By placing a redemption order, and prior to receipt of the
redemption proceeds, an Authorized Participant's DTC account is charged the
non-refundable transaction fee due for the redemption order and such fee is not
borne by the Fund.

The Fund is unaware of any known trends or any known demands, commitments,
events or uncertainties that will result in or that are reasonably likely to
result in the registrant's liquidity increasing or decreasing in any material
way.

Capital Resources

The Fund did not have significant cash requirements at the end of the last financial year. The Fund is not aware of any known significant trend, favorable or unfavorable, in the capital resources of the Fund.

In the normal course of its business, the Fund is a party to financial
instruments with off-balance sheet risk. The term "off-balance sheet risk"
refers to an unrecorded potential liability that, even though it does not appear
on the balance sheet, may result in a future obligation or loss. The financial
instruments used by the Fund are commodity futures, the values of which are
based upon an underlying asset and generally represent future commitments which
have a reasonable possibility to be settled in cash or through physical
delivery. The financial instruments are traded on an exchange and are
standardized contracts.

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The Fund has not utilized, nor does it expect to utilize in the future, special
purpose entities to facilitate off-balance sheet financing arrangements and has
no loan guarantee arrangements or off-balance sheet arrangements of any kind,
other than agreements entered into in the normal course of business noted above,
which may include indemnification provisions related to certain risks service
providers undertake in providing services to the Fund. While the Fund's exposure
under such indemnification provisions cannot be estimated, these general
business indemnifications are not expected to have a material impact on the
Fund's financial position. The Managing Owner expects the risk of loss relating
to indemnification to be remote.

The Fund has financial obligations to the Managing Owner and the Commodity
Broker under the Trust Agreement and its agreement with the Commodity Broker
(the "Commodity Broker Agreement"), respectively. Management Fee payments made
to the Managing Owner, pursuant to the Trust Agreement, are calculated as a
fixed percentage of the Fund's NAV. Commission payments to the Commodity Broker,
pursuant to the Commodity Broker Agreement, are on a contract-by-contract, or
round-turn, basis. As such, the Managing Owner cannot anticipate the number of
payments that will be required under these arrangements for future periods as
NAVs and trading activity will not be known until a future date. The Fund's
agreement with the Commodity Broker may be terminated by either party for
various reasons. All Management Fees and commission payments are paid to the
Managing Owner and the Commodity Broker, respectively.

Cash flow

A primary cash flow activity of the Fund is to raise capital from Authorized
Participants through the issuance of Shares. This cash is used to invest in
United States Treasury Obligations, money market mutual funds and T-Bill ETFs,
if any, and to meet margin requirements as a result of the positions taken in
futures contracts to match the fluctuations of the Index.

As of the date of this Report, each of BMO Capital Markets Corp., BNP Paribas
Securities Corp., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup
Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank
Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP,
Interactive Brokers LLC, Jefferies LLC, JP Morgan Securities Inc., Merrill Lynch
Professional Clearing Corp., 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 has
executed a Participant Agreement and are the only Authorized Participants.

Operational activities

Net cash flow provided by (used in) operating activities was $(637.2) million
and $(33.5) million for the years ended December 31, 2021 and 2020,
respectively. These amounts primarily include net income (loss), net purchases
and sales of money market mutual funds and net purchases and sales of United
States Treasury Obligations and affiliated investments. The Fund invests in
United States Treasury Obligations, money market mutual funds and T-Bill ETFs
(affiliated or otherwise), if any, for margin and/or cash management purposes.
While the Fund's performance reflects the appreciation and depreciation of those
holdings, the Fund's performance, whether positive or negative, is driven
primarily by its strategy of trading futures contracts with the aim of seeking
to track the Index.

During the year ended December 31, 2021, $1,445.7 million was paid to purchase
United States Treasury Obligations and $1,224.0 million was received from sales
and maturing United States Treasury Obligations. During the year ended
December 31, 2020, $1,258.8 million was paid to purchase United States Treasury
Obligations and $1,527.0 million was received from sales and maturing United
States Treasury Obligations. $3,183.5 million was received from sales of
affiliated investments and $4,296.7 million was paid to purchase affiliated
investments during the year ended December 31, 2021. $2,268.5 million was
received from sales of affiliated investments and $2,391.2 million was paid to
purchase affiliated investments during the year ended December 31, 2020.
Unrealized appreciation/depreciation on United States Treasury Obligations,
affiliated investments and futures contracts increased (decreased) Net cash
provided by (used in) operating activities by $0.4 million and $(22.9) million
during the years ended December 31, 2021 and 2020, respectively.

Fundraising activities

The Fund's net cash flow provided by (used in) financing activities was $629.7
million and $41.1 million during the years ended December 31, 2021 and 2020,
respectively. This included $1,798.8 million and $483.4 million from Shares
purchased by Authorized Participants and $1,169.2 million and $442.3 million
from Shares redeemed by Authorized Participants during the years ended
December 31, 2021 and 2020, respectively. There were no changes in amounts due
to the Custodian for the years ended December 31, 2021 and 2020. No
distributions were paid to Shareholders during the years ended December 31, 2021
and 2020.

Results of Operations

FOR CLOSED YEARS DECEMBER 31, 2021 AND 2020

The following graphs illustrate the percentage changes in (i) the market price
of the Shares (as reflected by the line "Market"), (ii) the Fund's NAV (as
reflected by the line "NAV"), and (iii) the closing levels of the Index (as
reflected by the line "DBIQ Opt Yield Diversified Comm Index ER"). Whenever the
Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned

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by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the
level of the Index primarily because the Share price reflects Treasury Income,
Money Market Income and T-Bill ETF Income from the Fund's collateral holdings
whereas the Index does not consider such income. There can be no assurances that
the price of the Shares or the Fund's NAV will exceed the Index levels.

No representation is being made that the Index will or is likely to achieve
closing levels consistent with or similar to those set forth herein. Similarly,
no representation is being made that the Fund will generate profits or losses
similar to the Fund's past performance or changes in the Index closing levels.

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COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX ER
                 FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020


                               [[Image Removed]]

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PREVIOUS LEVELS AND EVOLUTIONS OF THE INDEXES,

  POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE
                                  PERFORMANCE.


                               [[Image Removed]]

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PREVIOUS LEVELS AND EVOLUTIONS OF THE INDEXES,

  POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE
                                  PERFORMANCE.


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Performance Summary

This Report covers the years ended December 31, 2021 and 2020. For performance
discussion related to the year ended December 31, 2019, see the annual report
for the year ended December 31, 2019 available at http://www.invesco.com/ETFs.

Past performance of the Fund is not necessarily indicative of future performance.

The Index is intended to reflect the change in market value of the Index
Commodities. In turn, the notional amounts of each Index Commodity are broadly
in proportion to historic levels of the world's production and stocks of such
Index Commodities. The DBIQ Optimum Yield Diversified Commodity Index Total
Return ™, (the "DBIQ-OY Diversified TR™") consists of the Index plus 3-month
United States Treasury Obligations returns. Past results of the Index and the
DBIQ-OY Diversified TRTIM are not necessarily indicative of future changes,
positive or negative.

The section "Summary of the DBIQ-OY Diversified TR™ and Underlying Index
Commodity Returns for the years ended December 31, 2021 and 2020" below provides
an overview of the changes in the closing levels of the DBIQ-OY Diversified TR™
by disclosing the change in market value of each underlying component Index
Commodity through a "surrogate" (and analogous) index that also reflects 3-month
United States Treasury Obligations returns. Please note also that the Fund's
objective is to track the Index (not the DBIQ-OY Diversified TR™), and the Fund
does not attempt to outperform or underperform the Index. The Index employs the
optimum yield roll method with the objective of mitigating the negative effects
of contango, the condition in which distant delivery prices for futures exceed
spot prices, and maximizing the positive effects of backwardation, a condition
opposite of contango.

Summary of DBIQ-OY Diversified TR™ and Underlying Index

             Returns for the Years Ended December 31, 2021 and 2020
                                                       AGGREGATE RETURNS FOR INDICES IN THE DBIQ-OY
                                                                     DIVERSIFIED TR™
                                                                          Years Ended
                                                                         December 31,
Underlying Index                                                2021                      2020
DB Aluminum Indices                                                  38.62 %                    2.92 %
DB Brent Crude Oil Indices                                           55.37                    (28.41 )
DB Copper Grade A Indices                                            26.22                     24.29
DB Corn Indices                                                      31.87                     (2.24 )
DB Gold Indices                                                      (4.46 )                   22.40
DB Light Crude Oil Indices                                           60.89                    (20.29 )
DB Natural Gas Indices                                               41.03                    (16.20 )
DB RBOB Gasoline Indices                                             70.29                    (15.18 )
DB Silver Indices                                                   (12.20 )                   45.49
DB Soybeans Indices                                                  13.95                     22.18
DB Sugar Indices                                                     36.16                     (1.85 )
DB Ultra Low Sulphur Diesel Indices                                  53.53                    (42.57 )
DB Wheat Indices                                                     19.05                      5.61
DB Zinc Indices                                                      23.90                     19.73
AGGREGATE RETURNS                                                    42.60 %                   (7.53 )%


If the Fund's Treasury Income, Money Market Income and T-Bill ETF Income were to
exceed the Fund's fees and expenses, the aggregate return on an investment in
the Fund would be expected to outperform the Index and underperform the DBIQ-OY
Diversified TR™. The only difference between (i) the Index (the "Excess Return
Index") and (ii) the DBIQ-OY Diversified TR™ (the "Total Return Index") is that
the Excess Return Index does not include interest income from fixed income
securities while the Total Return Index does include such a component. Thus, the
difference between the Excess Return Index and the Total Return Index is
attributable entirely to the interest income attributable to the fixed income
securities reflected in the Total Return Index. The Total Return Index does not
actually hold any fixed income securities. If the Fund's Treasury Income, Money
Market Income and T-Bill ETF Income, if any, exceeds the Fund's fees and
expenses, then the amount of such excess is expected to be distributed
periodically. The market price of the Shares is expected to closely track the
Excess Return Index. The aggregate return on an investment in the Fund over any
period is the sum of the capital appreciation or depreciation of the Shares over
the period, plus the amount of any distributions during the period.
Consequently, the Fund's aggregate return is expected to outperform the Excess
Return Index by the amount of the excess, if any, of the Fund's Treasury Income,
Money Market Income and T-Bill ETF Income over its fees and expenses. As a
result of the Fund's fees and expenses, however, the aggregate return on the
Fund is expected to underperform the Total Return Index. If the Fund's fees and
expenses were to exceed the Fund's Treasury Income, Money Market Income and
T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is
expected to underperform the Excess Return Index.

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FOR CLOSED YEARS DECEMBER 31, 2021 AND 2020

Fund share price performance

For the year ended December 31, 2021, the NYSE Arca market value of each Share
increased from $14.70 per Share to $20.78 per Share. The Share price low and
high for the year ended December 31, 2021 and related change from the Share
price on December 31, 2020 was as follows: Shares traded at a low of $14.63 per
Share (­0.48%) on January 4, 2021, and a high of $21.84 per Share (+48.59%) on
October 20, 2021. No distributions were paid to Shareholders during the year
ended December 31, 2021. Therefore, the total return for the Fund on a market
value basis was +41.36%.

2021 proved to be a strong year for commodities as the world emerged from the
global pandemic that plagued most of 2020. Commodity prices, in general, were
supported by the cascade of global re-openings following successful vaccine
rollouts, rising inflation fears and strengthening fundamentals. Though energy
commodities drove the bulk of the returns, performance was positive across the
board, with the exception of precious metals, as the global economic recovery
reduced demand for safe havens like gold. The broader asset class was further
supported by the growing narrative of commodities as an efficient inflation
hedge, as the US year over year Consumer Price Index (CPI) hit a near
four-decade high.

For the year ended December 31, 2020, the NYSE Arca market value of each Share
decreased from $15.96 per Share to $14.70
per Share. The Share price low and high for the year ended December 31, 2020 and
related change from the Share price on December 31, 2019 was as follows: Shares
traded at a low of $10.52 per Share (-34.10%) on April 27, 2020, and a high of
$16.19 per Share (+1.44%) on January 7, 2020. No distributions were paid to
Shareholders during the year ended December 31, 2020. Therefore, the total
return for the Fund on a market value basis was -7.89%.

2020 was a year of mixed performance for commodities, largely defined by the
COVID-19 pandemic. Precious metals and industrial metals added to broad asset
class returns, while the energy sector detracted significantly as
government-imposed travel restrictions and lockdowns resulted in simultaneous
shocks to both supply and demand, driving WTI crude oil to negative territory
for the first time in history. Within the Fund, precious metals was the best
performing commodity sector, buoyed by plunging global interest rates and rising
safe haven demand in the face of high uncertainty over the course and duration
of the unfolding global economic recession

Performance of the net assets of the fund share

For the year ended December 31, 2021, the NAV of each Share increased from
$14.66 per Share to $20.72 per Share. Rising commodity futures contracts prices
for Aluminum, Brent Crude Oil, Copper Grade A, Corn, Light Crude Oil, Natural
Gas, RBOB Gasoline, Soybean, Sugar, Ultra Low Sulphur Diesel, Wheat and Zinc
were partially offset by falling commodity futures contracts prices for Gold and
Silver during the year ended December 31, 2021, contributing to an overall
42.53% increase in the level of the Index and to a 42.60% increase in the level
of the DBIQ-OY Diversified TR™. No distributions were paid to Shareholders
during the year ended December 31, 2021. Therefore, the total return for the
Fund on a NAV basis was +41.34%.

Net income (loss) for the year ended December 31, 2021 was $658.6 million,
primarily resulting from $0.8 million of income, net realized gain (loss) of
$663.2 million, net change in unrealized gain (loss) of $14.4 million and net
operating expenses of $19.9 million.

For the year ended December 31, 2020, the NAV of each Share decreased from
$15.94 per Share to $14.66 per Share. Falling
commodity futures contracts prices for Light Crude Oil, Ultra Low Sulphur
Diesel, Corn, RBOB Gasoline, Natural Gas, Sugar and Brent Crude Oil were
partially offset by rising commodity futures contracts prices for Aluminum,
Gold, Wheat, Silver, Zinc, Copper Grade A and Soybeans during the year ended
December 31, 2020, contributing to an overall 7.87% decrease in the level of the
Index and to a 7.53% decrease in the level of the DBIQ-OY Diversified TR™. No
distributions were paid to Shareholders during the year ended December 31, 2020.
Therefore, the total return for the Fund on a NAV basis was -8.03%.

Net income (loss) for the year ended December 31, 2020 was $(128.4) million,
primarily resulting from $6.2 million of income, net realized gain (loss) of
$(227.3) million, net change in unrealized gain (loss) of $101.1 million and net
operating expenses of $8.3 million.

Critical accounting estimates

Preparation of the financial statements and related disclosures in conformity
with U.S. GAAP requires the application of appropriate accounting rules and
guidance, as well as the use of estimates, and requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities, revenue and expense and related disclosure of contingent assets and
liabilities during the reporting period of the financial statements and
accompanying notes. The Fund's application of these policies involves judgments
and actual results may differ from the estimates used.

No significant estimates, which involve a significant level of estimation uncertainty and have had or are reasonably likely to have had a material effect on the financial position of the Fund, have been used in the preparation of these financial state.

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SECTION 7A. QUANTITATIVE AND QUALITATIVE INFORMATION ON MARKET RISK

INTRODUCTION

The Fund is designed to track the performance of the Index. The market sensitive
instruments held by it are subject to the risk of trading loss. Unlike an
operating company, the risk of market sensitive instruments is integral, not
incidental, to the Fund's main line of business.

Market movements may cause frequent changes in the fair market value of the Fund’s open positions and, consequently, in its earnings and cash flows. The Fund’s market risk is mainly influenced by changes in commodity prices.

Materiality standard

Materiality as used in this section, "Quantitative and Qualitative Disclosures
About Market Risk," is based on an assessment of reasonably possible market
movements and the potential losses caused by such movements, taking into account
the effects of margin, and any other multiplier features, as applicable, of the
Fund's market sensitive instruments.

QUANTIFYING THE RISK TRADING VALUE OF THE FUND

Quantitative forward-looking statements

The following quantitative disclosures regarding the Fund's market risk
exposures contain "forward-looking statements" within the meaning of the safe
harbor from civil liability provided for such statements by the Private
Securities Litigation Reform Act of 1995 (set forth in Section 27A of the
Securities Act of 1933 (the "Securities Act") and Section 21E of the Exchange
Act). All quantitative disclosures in this section are deemed to be
forward-looking statements for purposes of the safe harbor, except for
statements of historical fact (such as the dollar amount of maintenance margin
required for market risk sensitive instruments held at the end of the reporting
period).

Value at Risk ("VaR") is a statistical measure of the value of losses that would
not be expected to be exceeded over a given time horizon and at a given
probability level arising from movement of underlying risk factors. Loss is
measured as a decline in the fair value of the portfolio as a result of changes
in any of the material variables by which fair values are determined. VaR is
measured over a specified holding period (one day) and to a specified level of
statistical confidence (99th percentile). However, the inherent uncertainty in
the markets in which the Fund trades and the recurrence in the markets traded by
the Fund of market movements far exceeding expectations could result in actual
trading or non-trading losses far beyond the indicated VaR or the Fund's
experience to date (i.e., "risk of ruin"). In light of these considerations, as
well as the risks and uncertainties intrinsic to all future projections, the
following VaR presentation does not constitute any assurance or representation
that the Fund's losses in any market sector will be limited to VaR.

THE TRADING VALUE OF THE FUND AT RISK

The Fund calculates VaR using actual historical market movements of the Fund’s net assets.

The following table shows the trading VaR associated with the net assets of the Fund as at December 31, 2021.

                                                                                                   For the Year Ended
                                                                                                    December 31, 2021
                                                                                   VaR*              Number of times
Description                         Net Assets         Daily Volatility       (99 Percentile)         VaR Exceeded
Invesco DB Commodity Index
Tracking Fund                     $ 2,629,545,115                   1.01 %   $      61,875,931                 13

The following table shows the trading VaR associated with the net assets of the Fund as at December 31, 2020.

                                                                                                  For the Year Ended
                                                                                                   December 31, 2020
                                                                                  VaR*              Number of times
Description                        Net Assets         Daily Volatility       (99 Percentile)         VaR Exceeded
Invesco DB Commodity Index
Tracking Fund                    $ 1,341,324,637                   1.17 %   $      36,647,890                 24


* The VaR represents the one-day downside risk, under normal market conditions,

with a confidence level of 99%. It is calculated using historical market movements

of the Fund’s net assets and uses a one-year look back.

NON-TRADING MARKET RISK OF THE FUND

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The Fund has non-trading market risk as a result of investing in short-term
United States Treasury Obligations, T-Bill ETFs and money market mutual funds.
The market risk represented by these investments is not expected to be material.
Although the Fund purchases and sells shares of T-Bill ETFs on an exchange, it
does not establish or liquidate those positions for trading purposes.

QUALITATIVE INFORMATION ON PRIMARY TRADING MARKET RISK EXPOSURES

The following qualitative disclosures regarding the Fund's market risk
exposures-except for those disclosures that are statements of historical
fact-constitute forward-looking statements within the meaning of Section 27A of
the Securities Act and Section 21E of the Exchange Act. The Fund's primary
market risk exposures are subject to numerous uncertainties, contingencies and
risks. Government interventions, defaults and expropriations, illiquid markets,
the emergence of dominant fundamental factors, political upheavals, changes in
historical price relationships, an influx of new market participants, increased
regulation and many other factors could result in material losses as well as in
material changes to the risk exposures of the Fund. The Fund's current market
exposure may change materially. Investors may lose all or substantially all of
their investment in the Fund.

The following are the Fund’s principal trading risk exposures at
December 31, 2021 by market sector.

ENERGY

Light sweet crude oil

The price of light sweet crude oil is volatile and is affected by numerous
factors. The level of global industrial activity influences the demand for light
sweet crude oil. In addition, various other factors can affect the demand for
light sweet crude oil, such as weather, political events and labor activity. The
supply of light sweet crude oil can be affected by many events, in particular,
the meetings of the Organization of Petroleum Exporting Countries. Market
expectations about events that will influence either demand or supply can cause
prices for light sweet crude oil to fluctuate greatly. A significant amount of
the world oil production capacity is controlled by a relatively small number of
producers. Any large change in production by one of these producers could have a
substantial effect on the price of light sweet crude oil.

Ultra Low Sulfur Diesel (also called heating oil)

The price of Ultra Low Sulphur Diesel is volatile and is affected by numerous
factors. The level of global industrial activity influences the demand for Ultra
Low Sulphur Diesel. In addition, the seasonal temperatures in countries
throughout the world can also heavily influence the demand for Ultra Low Sulphur
Diesel. Ultra Low Sulphur Diesel is derived from crude oil and as such, any
factors that influence the supply of crude oil may also influence the supply of
Ultra Low Sulphur Diesel.

Brent Crude Oil

The price of Brent Crude Oil is volatile and is affected by numerous factors.
The price of Brent Crude Oil is influenced by many factors, including, but not
limited to, the amount of output by oil producing nations, worldwide
supply/stockpiles, weather, various geopolitical factors that cause supply
disruptions (e.g., war, terrorism), global demand (particularly from emerging
nations), currency fluctuations, and activities of market participants such as
hedgers and speculators.

RBOB Gasoline

The price of RBOB Gasoline is volatile and is affected by numerous factors. The
level of global industrial activity influences the demand for RBOB Gasoline. In
addition, the demand has seasonal variations, which occur during "driving
seasons" usually considered the summer months in North America and Europe. RBOB
Gasoline is derived from crude oil and as such, any factors that influence the
supply of crude oil may also influence the supply of RBOB Gasoline.

Natural gas

The price of natural gas is volatile and is affected by numerous factors. The
level of global industrial activity influences the demand for natural gas. In
addition to the seasonal temperatures in countries throughout the world, any
fluctuations in temperature may also heavily influence the demand for natural
gas.

METALS

Gold

The price of gold is volatile and is affected by numerous factors. Gold prices
float freely in accordance with supply and demand. The price movement of gold
may be influenced by a variety of factors, including announcements from central
banks regarding reserve gold holdings, agreements among central banks, purchases
and sales of gold by central banks, other governmental agencies that hold large
supplies of gold, political uncertainties, economic concerns such as an increase
or decrease in confidence in the global monetary

                                       31
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system, the relative strength of the we dollar, interest rates and many other factors. Gold prices can also be affected by industrial factors such as industrial and jewelry demand.

Money

The price of silver is volatile and is affected by numerous factors. The largest
industrial users of silver (e.g., photographic, jewelry, and electronic
industries) may influence its price. A change in economic conditions, such as a
recession, can adversely affect industries which are dependent upon the use of
silver. In turn, such a negative economic impact may decrease demand for silver,
and, consequently, its price. Worldwide speculation and hedging activity by
silver producers may also impact its price.

Aluminum

The price of aluminum is volatile. The price movement of aluminum may be
influenced by a variety of factors, including the level of global industrial
activity and demand, especially relating to the transportation, packaging and
building sectors, each of which significantly influences the demand, and in
turn, the price of aluminum. Prices for aluminum are influenced by a number of
factors including the level of economic activity in large aluminum consuming
markets, political uncertainties, economic concerns and the rate of supply of
new metal from producers. The production of aluminum is a power intensive
process that requires large amounts of inexpensive power. Disruptions in the
amount of energy available to aluminum producers could affect the supply of
aluminum.

Zinc

The price of zinc is volatile and is affected by numerous factors. The price of
zinc is primarily affected by the global demand for and supply of zinc. Demand
for zinc is significantly influenced by the level of global industrial economic
activity. The galvanized steel industrial sector is particularly important given
that the use of zinc in the manufacture of galvanized steel accounts for
approximately 50% of world-wide zinc demand. The galvanized steel sector is in
turn heavily dependent on the automobile and construction sectors. An
additional, but highly volatile component of demand, is adjustments to inventory
in response to changes in economic activity and/or pricing levels. The supply of
zinc concentrate (the raw material) has generally been dominated by China,
Australia, North America and Latin America. The supply of zinc is also affected
by current and previous price levels, which will influence investment decisions
in new mines and smelters. It is not possible to predict the aggregate effect of
all or any combination of these factors.

The copper

The price of copper is volatile. The price of copper is primarily affected by
the global demand for and supply of copper. Demand for copper is significantly
influenced by the level of global industrial economic activity. Industrial
sectors which are particularly important include the electrical and construction
sectors. In recent years demand has been supported by strong consumption from
newly industrializing countries, which continue to be in a copper-intensive
period of economic growth as they develop their infrastructure (such as China).
An additional, but highly volatile, component of demand is adjustments to
inventory in response to changes in economic activity and/or pricing levels.
Apart from the United States, Canada and Australia, the majority of copper
concentrate supply (the raw material) comes from outside the Organization for
Economic Cooperation and Development countries. Chile is the largest producer of
copper concentrate. In previous years, copper supply has been affected by
strikes, financial problems, political turmoil and terrorist activity.

AGRICULTURAL

But

The price of corn is volatile. The price movement of corn may be influenced by
three primary supply factors: farmer planting decisions, climate, and government
agricultural policies and three major market demand factors: livestock feeding,
shortages or surpluses of world grain supplies, and domestic and foreign
government policies and trade agreements. Additionally, the price movement of
corn may be influenced by a variety of other factors, including weather
conditions, disease, transportation costs, political uncertainties and economic
concerns.

Wheat

The price of wheat is volatile. The price movement of wheat may be influenced by
three primary supply factors: farmer planting decisions, climate, and government
agricultural policies and three major market demand factors: food, shortages or
surpluses of world grain supplies, and domestic and foreign government policies
and trade agreements. Additionally, the price movement of wheat may be
influenced by a variety of other factors, including weather conditions, disease,
transportation costs, political uncertainties and economic concerns.

Soy

The price of soybeans is volatile. The evolution of soybean prices can be influenced by various factors, including demand, weather, disease, agricultural production, transportation costs, political uncertainties and economic concerns.

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Sugar

The price of sugar is volatile. The evolution of sugar prices can be influenced by various factors, including demand, weather conditions, diseases, agricultural production, transport costs, political uncertainties and economic concerns.

QUALITATIVE INFORMATION CONCERNING EXPOSURE TO NON-TRADER MARKET RISKS

As noted above, the Fund has non-trading market risk as a result of investing in
short-term United States Treasury Obligations, T-Bill ETFs and money market
mutual funds. The market risk represented by these investments is not expected
to be material.

QUALITATIVE INFORMATION CONCERNING THE MEANS OF MANAGING RISK EXPOSURE

Under ordinary circumstances, the Managing Owner's exercise of discretionary
power is limited to determining whether the Fund will make a distribution. Under
emergency or extraordinary circumstances, the Managing Owner's use of its
discretionary powers may increase. These special circumstances, for example,
include the unavailability of the Index or certain natural or manmade disasters.
The Managing Owner does not actively manage the Fund to avoid losses. The Fund
only takes long positions in investments and does not employ "stop-loss"
techniques.

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