Invesco
DB Multi-Sector Commodity
Trust |
DBS |
Invesco
DB Silver Fund |
35,500,000 |
Common
Units of Beneficial
Interest |
1
| |
11
| |
26
| |
26
| |
28
| |
28
| |
30
| |
32
| |
38
| |
38
| |
40
| |
41
| |
44
| |
52
| |
54
| |
63
| |
63
| |
64
| |
64
| |
66
| |
67
| |
67
| |
72
| |
85
| |
87
| |
90
| |
90
|
90
| |
90
| |
91 |
Summary
Information |
August
17, 2021 |
DBS |
Invesco
DB Silver Fund |
Symbol |
Meaning |
DBS |
Market
price per Share on NYSE Arca |
DBS.IV |
Intra-day
indicative value (“IIV”) per Share |
DBS.NV |
End
of day NAV of the Fund |
DBSLIX |
Intra-day
Index level |
DBCMYESI |
End
of day Index closing level as of close of NYSE
Arca |
Fee |
Description |
Management
Fee |
The
Fund pays the Managing Owner a Management Fee, monthly in arrears,
in
an amount equal to 0.75% per annum of the daily NAV of the Fund. The
Management
Fee is paid in consideration of the Managing Owner’s services
related
to the management of the Fund’s business and affairs, including the
provision
of commodity futures trading advisory services. The Fund may, for
margin
and/or cash management purposes, invest in money market mutual
funds
and/or T-Bill ETFs that are managed by affiliates of the Managing
Owner.
The indirect portion of the management fees that the Fund may
incur
through such investments is in addition to the Management Fee paid
to
the Managing Owner. The Managing Owner has contractually agreed to
waive
indefinitely the fees that it receives in an amount equal to the indirect
management
fees that the Fund incurs through its investments in affiliated
money
market mutual funds and/or affiliated T-Bill ETFs. The Managing
Owner
may terminate the fee waiver on 60 days’ notice. |
Offering
Expenses |
Expenses
incurred in connection with the continuous offering of Shares are
paid
by the Managing Owner. |
Fee |
Description |
Brokerage
Commissions and Fees |
The
Fund pays to the Commodity Broker all brokerage commissions,
including
applicable exchange fees, NFA fees, give-up fees, pit brokerage
fees
and other transaction related fees and expenses charged in connection
with
its trading activities. On average, total charges paid to the Commodity
Broker
are expected to be less than $6.00 per round-turn trade, although
the
Commodity Broker’s brokerage commissions and trading fees are
determined
on a contract-by-contract basis. The Managing Owner
estimates
the brokerage commissions and fees will be approximately 0.01%
of
the NAV of the Fund in any year, although the actual amount of
brokerage
commissions and fees in any year or any part of any year may be
greater. |
Routine
Operational, Administrative
and
Other Ordinary Expenses |
The
Managing Owner pays all of the routine operational, administrative and
other
ordinary expenses of the Fund, including, but not limited to, the fees
and
expenses of the Trustee, license and service fees paid to DBSI as Index
Sponsor,
legal and accounting fees and expenses, tax preparation expenses,
filing
fees, and printing, mailing and duplication
costs. |
Non-Recurring
Fees and Expenses |
The
Fund pays all of the non-recurring and unusual fees and expenses
(referred
to as extraordinary fees and expenses in the Trust Agreement), if
any,
as determined by the Managing Owner. Non-recurring and unusual
fees
and expenses include items such as legal claims and liabilities,
litigation
costs,
indemnification expenses and other expenses that are not currently
anticipated
obligations of the Fund or of managed futures funds in
general. |
Management
Fee and Expenses to be
Paid
First out of Treasury Income,
Money
Market Income and/or T-Bill
ETF
Income |
The
Management Fee and the brokerage commissions and fees of the Fund
are
paid first out of Treasury Income from the Fund’s holdings of Treasury
Securities,
Money Market Income from the Fund’s holdings of money
market
mutual funds (affiliated or otherwise) and T-Bill ETF Income from
the
Fund’s holdings of T-Bill ETFs (affiliated or otherwise), as applicable,
on
deposit
with the Commodity Broker as margin, the Custodian, or otherwise.
If
the sum of the Treasury Income, the Money Market Income and the T-Bill
ETF
Income is not sufficient to cover the fees and expenses of the Fund that
are
payable by the Fund during any period, the excess of such fees and
expenses
over such Treasury Income, Money Market Income and T-Bill ETF
Income,
as applicable, will be paid out of income from futures trading, if
any,
or from sales of the Fund’s holdings in Treasury Securities, money
market
mutual funds, and/or holdings in T-Bill ETFs. |
Selling
Commission |
Retail
investors may purchase and sell Shares through traditional brokerage
accounts.
Investors are expected to be charged a commission by their
brokers
in connection with purchases of Shares that will vary from investor
to
investor. Investors are encouraged to review the terms of their
brokerage
accounts for applicable charges. |
|
|
Dollar
Amount and Percentage of
Expenses
and Interest Income | |
Expense1 |
$ |
% |
Management
Fee2 |
$0.2937 |
0.75% |
Offering
Expense Reimbursement |
$0.0000 |
0.00% |
Brokerage
Commissions and Fees3 |
$0.0034 |
0.01% |
Routine
Operational, Administrative and Other Ordinary Expenses4 |
$0.0000 |
0.00% |
Treasury
Income, Money Market Income and T-Bill ETF Income5 |
$0.0078 |
0.02% |
12-Month
Breakeven6 |
$0.2892 |
0.74% |
Name
of Pool |
Invesco
DB Silver Fund |
Type
of Pool |
Public,
Exchange-Listed Commodity Pool |
Inception
of Trading |
January
2007 |
Aggregate
Gross Capital Subscriptions as of May 31,
20211 |
$633,139,099 |
NAV
as of May 31, 2021 |
$27,414,453 |
NAV
per Share as of May 31, 20212 |
$39.16 |
Worst
Monthly Drawdown3
|
(17.84)%
September 2020 |
Worst
Peak-to-Valley Drawdown4 |
(75.59)%
April 2011 - March 2020 |
Monthly
Rate of Return |
2021
(%) |
2020
(%) |
2019
(%) |
2018
(%) |
2017
(%) |
2016
(%) |
January |
1.78 |
0.51 |
3.56 |
1.07 |
9.74 |
3.10 |
February |
-1.96 |
(8.92) |
(3.14) |
(5.13) |
4.86 |
4.56 |
March |
-7.28 |
(13.84) |
(3.20) |
(0.76) |
(1.12) |
3.81 |
April |
5.24 |
6.27 |
(1.47) |
0.20 |
(5.74) |
14.93 |
May |
8.24 |
22.97 |
(2.90) |
0.44 |
0.78 |
(10.15) |
June |
|
1.32 |
4.67 |
(2.07) |
(4.82) |
16.00 |
July |
|
30.74
|
7.23 |
(3.90) |
0.93 |
9.37 |
August |
|
15.84
|
10.99 |
(6.90) |
4.09 |
(8.53) |
September |
|
(17.84) |
(7.09) |
1.18 |
(5.08) |
2.69 |
October |
|
0.69
|
6.50 |
(2.79) |
0.12 |
(7.43) |
November |
|
(5.24) |
(5.99) |
(1.16) |
(1.52) |
(7.91) |
December |
|
16.78
|
4.80 |
9.30 |
4.03 |
(3.00) |
Compound
Rate of Return5 |
5.38% |
44.82% |
12.81% |
(10.83)% |
5.24% |
13.88% |
|
Fund
(%) |
Index
(%) |
Index
TR7
(%) |
Silver
Spot Fix pm8
(%) |
1
Year |
48.05%
|
49.14%
|
49.27%
|
57.08%
|
5
Year |
9.74%
|
9.36%
|
10.59%
|
11.46%
|
10
Year |
(4.98)% |
(4.52)% |
(3.95)% |
(3.30)% |
Index
Commodity |
Exchange
(Contract Symbol)1 |
Base
Date |
Index
Base Weight |
Silver |
COMEX
(SI) |
December
2, 1988 |
100.00% |
Legend |
|
“COMEX” |
means
the Commodity Exchange Inc., New York, a part
of
the CME Group, or its
successor. |
|
CLOSING
LEVEL |
INDEX
CHANGES | ||
|
High1 |
Low2 |
Annual3 |
Since
Inception4 |
2011 |
319.49 |
176.44 |
-10.28% |
83.72% |
2012 |
244.65 |
172.62 |
7.68% |
97.82% |
2013 |
212.37 |
120.96 |
-36.53% |
25.55% |
2014 |
142.63 |
99.21 |
-20.29% |
0.08% |
2015 |
117.55 |
86.88 |
-12.50% |
-12.43% |
2016 |
131.13 |
87.22 |
14.49% |
0.26% |
2017 |
115.76 |
95.79 |
5.19% |
5.46% |
2018 |
108.78 |
84.45 |
-11.84% |
-7.03% |
2019
|
113.49 |
84.43 |
11.29% |
3.47% |
2020 |
169.16 |
67.64 |
44.95% |
49.98% |
2021
(YTD)5 |
166.36 |
136.75 |
5.83% |
58.73% |
Futures
Contracts |
100.02% |
Silver |
100.02% |
Money
Market Mutual Funds |
52.38% |
United
States Treasury Securities |
47.42% |
Name
|
Capacity |
Anna
Paglia |
Chief
Executive Officer, Board of Managers |
Peter
Hubbard |
Vice
President and Director of Portfolio Management |
Jordan
Krugman |
Board
of Managers |
Annette
Lege |
Principal |
Kelli
Gallegos |
Principal
Financial and Accounting Officer, Investment
Pools |
Melanie
Zimdars |
Chief
Compliance Officer |
John
Zerr |
Board
of Managers |
Brian
Hartigan |
Global
Head of ETF Investments |
Nature
of Payment |
Recipient |
Payor |
Amount
of Payment |
Services
Provided |
Selling
Commission |
Authorized
Participants |
Shareholders |
No
greater than 0.99% of the
gross
offering proceeds. |
Brokering
purchases and sales
of
the Shares and creating and
redeeming
Creation Units. |
Distribution
Services
Fee |
Invesco
Distributors |
Managing
Owner |
Capped
at $25,000 per
annum,
not to exceed 0.25%
of
the gross offering
proceeds |
Assisting
the Managing Owner
with
certain functions and
duties
relating to distribution
and
marketing, including
reviewing
and approving
marketing
materials,
consulting
with FINRA and
ensuring
compliance with
FINRA
marketing rules and
maintaining
certain books and
records
pertaining to the Trust
and
the Fund. |