10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-32726

INVESCO DB COMMODITY INDEX TRACKING FUND

(Exact name of Registrant as specified in its charter)

Delaware	32-6042243
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, Illinois	60515
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (800) 983-0903

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, an Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).    Yes  ☑    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer	☑		Accelerated Filer	☐
Non-Accelerated Filer	☐	(Do not check if a smaller reporting company)	Smaller reporting company	☐
			Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.              ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☑

Indicate the number of outstanding Shares as of June 30, 2018: 170,400,000 Shares.

INVESCO DB COMMODITY INDEX TRACKING FUND

QUARTER ENDED JUNE 30, 2018

TABLE OF CONTENTS

			Page
PART I.		FINANCIAL INFORMATION	1
	ITEM 1.	Financial Statements	1
		Notes to Unaudited Financial Statements	10
	ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
	ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	28
	ITEM 4.	Controls and Procedures	31
PART II.		OTHER INFORMATION	32
	Item 1.	Legal Proceedings	32
	Item 1A.	Risk Factors	32
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
	Item 3.	Defaults Upon Senior Securities	32
	Item 4.	Mine Safety Disclosures	33
	Item 5.	Other Information	33
	Item 6.	Exhibits	33
SIGNATURES			34

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

Invesco DB Commodity Index Tracking Fund

Statements of Financial Condition

June 30, 2018 and December 31, 2017

(Unaudited)

	June 30,		December 31,
	2018		2017
Assets
United States Treasury Obligations, at value (cost $2,608,928,624 and $1,839,147,058, respectively)	$	2,609,081,256	$	1,839,039,728
Affiliated investments, at value (cost $398,162,297 and $317,993,905, respectively)		399,907,435		317,746,227
Other investments:
Variation margin receivable- Commodity Futures Contracts		31,478,278		10,995,195
LME Commodity Futures Contracts receivable		—		2,768,350
Unrealized appreciation on LME Commodity Futures Contracts		—		27,478,010
Cash held by custodian		—		5,939,564
Receivable for:
Dividends from affiliates		222,511		93,516
Fund shares sold		—		59,885,426
Total assets	$	3,040,689,480	$	2,263,946,016
Liabilities
Other investments:
LME Commodity Futures Contracts payable	$	499,244	$	—
Unrealized depreciation on LME Commodity Futures Contracts		23,106,690		—
Payable for:
Management fees		2,203,519		1,584,044
Brokerage commissions and fees		—		2,779
Total liabilities		25,809,453		1,586,823
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares		708		665
Shareholders' equity—Shares		3,014,879,319		2,262,358,528
Total shareholders' equity		3,014,880,027		2,262,359,193
Total liabilities and equity	$	3,040,689,480	$	2,263,946,016
General Shares outstanding		40		40
Shares outstanding		170,400,000		136,000,000
Net asset value per share	$	17.69	$	16.63
Market value per share	$	17.67	$	16.62

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

1

Invesco DB Commodity Index Tracking Fund

Schedule of Investments

June 30, 2018

(Unaudited)

Description	Percentage of Shareholders' Equity			Value		Principal Value
United States Treasury Obligations(a)
U.S. Treasury Bills, 1.780% due July 5, 2018		9.12	%	$	274,962,072	$	275,000,000
U.S. Treasury Bills, 1.860% due August 2, 2018		29.11			877,634,069		879,000,000
U.S. Treasury Bills, 1.895% due August 30, 2018		23.48			707,841,501		710,000,000
U.S. Treasury Bills, 2.000% due November 8, 2018 (b)		24.83			748,643,614		754,000,000
Total United States Treasury Obligations (cost $2,608,928,624)		86.54	%	$	2,609,081,256
Affiliated Investments						Shares
Exchange-Traded Fund
Invesco Treasury Collateral ETF (cost $249,990,226)(c)		8.35	%	$	251,735,364		2,372,400
Money Market Mutual Fund
Invesco Premier U.S. Government Money Portfolio - Institutional Class, 1.78% (cost $148,172,071)(d)		4.91			148,172,071		148,172,071
Total Affiliated Investments (cost $398,162,297)		13.26	%	$	399,907,435
Total Investments in Securities (cost $3,007,090,921)		99.80	%	$	3,008,988,691

^(a) Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

^(b) United States Treasury Obligations of $241,771,150 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

^(c) Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 8.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of June 30, 2018.

Open Commodity Futures Contracts	Number of Contracts		Expiration Date	Notional Value		Value(e)			Unrealized Appreciation (Depreciation)(e)
Long Futures Contracts
CBOT Corn		8,209	September - 2018	$	147,556,775	$	(14,970,297	)	$	(14,970,297	)
CBOT Soybean		3,132	November - 2018		137,808,000		(19,135,916	)		(19,135,916	)
CBOT Wheat		5,906	July - 2019		161,972,050		(12,160,023	)		(12,160,023	)
COMEX Gold		1,728	August - 2018		216,777,600		(5,809,357	)		(5,809,357	)
COMEX Silver		641	December - 2018		52,292,780		(3,395,689	)		(3,395,689	)
ICE-UK Brent Crude		5,708	November - 2018		443,511,600		84,614,703			84,614,703
LME Aluminum		2,177	October - 2018		116,197,375		(3,222,502	)		(3,222,502	)
LME Copper		672	February - 2019		111,753,600		(8,692,013	)		(8,692,013	)
LME Zinc		1,481	January - 2019		104,965,875		(11,192,175	)		(11,192,175	)
NYB-ICE Sugar		9,250	September - 2018		126,910,000		(24,546,197	)		(24,546,197	)
NYMEX Natural Gas		5,343	April - 2019		140,841,480		291,331			291,331
NYMEX NY Harbor ULSD		4,490	May - 2019		413,537,082		17,861,488			17,861,488
NYMEX RBOB Gasoline		4,757	December - 2018		393,334,448		54,244,722			54,244,722
NYMEX WTI Crude		6,618	February - 2019		447,112,080		58,705,637			58,705,637
Total Commodity Futures    Contracts						$	112,593,712		$	112,593,712

^(e) Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

2

Invesco DB Commodity Index Tracking Fund

Schedule of Investments

December 31, 2017

(Unaudited)

Description	Percentage of Shareholders' Equity			Value		Principal Value
United States Treasury Obligations (a)
U.S. Treasury Bills, 1.180% due January 4, 2018		13.30	%	$	300,981,124	$	301,000,000
U.S. Treasury Bills, 1.245% due January 18, 2018		12.77			288,841,533		289,000,000
U.S. Treasury Bills, 1.285% due February 22, 2018		26.78			605,916,505		607,000,000
U.S. Treasury Bills, 1.285% due March 1, 2018 (b)		24.53			554,864,604		556,000,000
U.S. Treasury Bills, 1.450% due June 7, 2018		3.91			88,435,962		89,000,000
Total United States Treasury Obligations (cost $1,839,147,058)		81.29	%	$	1,839,039,728
Affiliated Investments						Shares
Exchange-Traded Fund
PowerShares Treasury Collateral Portfolio (cost $249,990,226)(c)		11.04	%	$	249,742,548		2,372,400
Money Market Mutual Fund
Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.15%(cost $68,003,679)(d)		3.00			68,003,679		68,003,679
Total Affiliated Investments (cost $317,993,905)		14.04	%	$	317,746,227
Total Investments in Securities (cost $2,157,140,963)		95.33	%	$	2,156,785,955

^(a) Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

^(b) United States Treasury Obligations of $199,580,000 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

^(c) Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 8.

^(d) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of December 31, 2017.

Open Commodity Futures Contracts	Number of Contracts		Expiration Date	Notional Value		Value(e)			Unrealized Appreciation (Depreciation)(e)
Long Futures Contracts
CBOT Corn		6,533	September - 2018	$	122,412,087	$	(7,940,794	)	$	(7,940,794	)
CBOT Soybean		2,491	November - 2018		121,529,663		(1,887,221	)		(1,887,221	)
CBOT Wheat		5,355	July - 2018		121,357,688		(11,431,220	)		(11,431,220	)
COMEX Gold		1,374	August - 2018		181,835,160		9,038,964			9,038,964
COMEX Silver		509	December - 2018		44,463,695		57,475			57,475
ICE-UK Brent Crude Oil		4,539	November - 2018		287,409,480		14,377,382			14,377,382
LME Aluminum		1,733	October - 2018		99,604,175		5,873,854			5,873,854
LME Copper		542	February - 2018		98,027,475		17,219,294			17,219,294
LME Zinc		1,177	January - 2019		94,748,500		4,384,862			4,384,862
NYB-ICE Sugar		7,357	September - 2018		125,327,966		(989,673	)		(989,673	)
NYMEX Natural Gas		4,163	April - 2018		114,107,830		(4,077,204	)		(4,077,204	)
NYMEX NY Harbor ULSD		3,478	May - 2018		288,967,543		56,451,379			56,451,379
NYMEX RBOB Gasoline		3,785	December - 2018		271,218,717		9,759,527			9,759,527
NYMEX WTI Crude		4,819	February - 2018		291,260,360		24,832,690			24,832,690
Total Commodity Futures Contracts						$	115,669,315		$	115,669,315

^(e) Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

3

Invesco DB Commodity Index Tracking Fund

Statements of Income and Expenses

For the Three and Six Months Ended June 30, 2018 and 2017

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Income
Interest Income	$	11,447,257		$	2,898,602		$	19,033,572		$	5,478,768
Dividends from Affiliates		658,916			142,474			1,085,554			284,273
Total Income		12,106,173			3,041,076			20,119,126			5,763,041
Expenses
Management Fees		6,497,528			4,191,521			11,799,463			9,353,258
Brokerage Commissions and Fees		59,508			74,661			245,498			166,944
Interest Expense		11,459			34,884			18,237			62,945
Total Expenses		6,568,495			4,301,066			12,063,198			9,583,147
Less: Waivers		(107,259	)		(135,535	)		(219,832	)		(229,185	)
Net Expenses		6,461,236			4,165,531			11,843,366			9,353,962
Net Investment Income (Loss)		5,644,937			(1,124,455	)		8,275,760			(3,590,921	)
Net Realized and Net Change in Unrealized Gain (Loss) on    United States Treasury Obligations, Affiliated Investments    and Commodity Futures Contracts
Net Realized Gain (Loss) on
United States Treasury Obligations		(9,993	)		(12,675	)		(5,564	)		(42,339	)
Commodity Futures Contracts		91,323,528			(63,372,537	)		149,343,521			(1,182,345	)
Net Realized Gain (Loss)		91,313,535			(63,385,212	)		149,337,957			(1,224,684	)
Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations		603,611			266,321			259,962			150,092
Affiliated Investments		1,020,132			450,756			1,992,816			535,214
Commodity Futures Contracts		17,443,048			(42,197,634	)		(3,075,603	)		(201,066,322	)
Net Change in Unrealized Gain (Loss)		19,066,791			(41,480,557	)		(822,825	)		(200,381,016	)
Net Realized and Net Change in Unrealized Gain (Loss) on    United States Treasury Obligations, Affiliated Investments    and Commodity Futures Contracts		110,380,326			(104,865,769	)		148,515,132			(201,605,700	)
Net Income (Loss)	$	116,025,263		$	(105,990,224	)	$	156,790,892		$	(205,196,621	)

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

4

Invesco DB Commodity Index Tracking Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2018

(Unaudited)

	General Shares				Shares						Total
	Shares		Total Equity		Shares			Total Equity			Shareholders' Equity
Balance at March 31, 2018		40	$	678		162,800,000		$	2,759,008,634		$	2,759,009,312
Purchases of Shares						22,800,000			404,777,538			404,777,538
Redemption of Shares						(15,200,000	)		(264,932,086	)		(264,932,086	)
Net Increase (Decrease) due to Share Transactions						7,600,000			139,845,452			139,845,452
Net Income (Loss)
Net Investment Income (Loss)				1					5,644,936			5,644,937
Net Realized Gain (Loss) on United States Treasury    Obligations, Affiliated Investments and Commodity    Futures Contracts				23					91,313,512			91,313,535
Net Change in Unrealized Gain (Loss) on United States    Treasury Obligations, Affiliated Investments and    Commodity Futures Contracts				6					19,066,785			19,066,791
Net Income (Loss)				30					116,025,233			116,025,263
Net Change in Shareholders' Equity		—		30		7,600,000			255,870,685			255,870,715
Balance at June 30, 2018		40	$	708		170,400,000		$	3,014,879,319		$	3,014,880,027

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

5

Invesco DB Commodity Index Tracking Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2017

(Unaudited)

	General Shares					Shares						Total
	Shares		Total Equity			Shares			Total Equity			Shareholders' Equity
Balance at April 1, 2017		40	$	609			147,200,000		$	2,240,788,147		$	2,240,788,756
Purchases of Shares							400,000			6,227,072			6,227,072
Redemption of Shares							(24,000,000	)		(355,001,530	)		(355,001,530	)
Net Increase (Decrease) due to Share Transactions							(23,600,000	)		(348,774,458	)		(348,774,458	)
Net Income (Loss)
Net Investment Income (Loss)				—						(1,124,455	)		(1,124,455	)
Net Realized Gain (Loss) on United States Treasury    Obligations, Affiliated Investments and Commodity    Futures Contracts				(15	)					(63,385,197	)		(63,385,212	)
Net Change in Unrealized Gain (Loss) on United States    Treasury Obligations, Affiliated Investments and    Commodity Futures Contracts				(16	)					(41,480,541	)		(41,480,557	)
Net Income (Loss)				(31	)					(105,990,193	)		(105,990,224	)
Net Change in Shareholders' Equity		—		(31	)		(23,600,000	)		(454,764,651	)		(454,764,682	)
Balance at June 30, 2017		40	$	578			123,600,000		$	1,786,023,496		$	1,786,024,074

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

6

Invesco DB Commodity Index Tracking Fund

Statement of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2018

(Unaudited)

	General Shares				Shares						Total
	Shares		Total Equity		Shares			Total Equity			Shareholders' Equity
Balance at December 31, 2017		40	$	665		136,000,000		$	2,262,358,528		$	2,262,359,193
Purchases of Shares						61,800,000			1,064,372,838			1,064,372,838
Redemption of Shares						(27,400,000	)		(468,642,896	)		(468,642,896	)
Net Increase (Decrease) due to Share Transactions						34,400,000			595,729,942			595,729,942
Net Income (Loss)
Net Investment Income (Loss)				2					8,275,758			8,275,760
Net Realized Gain (Loss) on United States Treasury    Obligations, Affiliated Investments and Commodity    Futures Contracts				41					149,337,916			149,337,957
Net Change in Unrealized Gain (Loss) on United States    Treasury Obligations, Affiliated Investments and    Commodity Futures Contracts				—					(822,825	)		(822,825	)
Net Income (Loss)				43					156,790,849			156,790,892
Net Change in Shareholders' Equity		—		43		34,400,000			752,520,791			752,520,834
Balance at June 30, 2018		40	$	708		170,400,000		$	3,014,879,319		$	3,014,880,027

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

7

Invesco DB Commodity Index Tracking Fund

Statement of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2017

(Unaudited)

	General Shares					Shares						Total
	Shares		Total Equity			Shares			Total Equity			Shareholders' Equity
Balance at January 1, 2017		40	$	633			161,600,000		$	2,557,463,906		$	2,557,464,539
Purchases of Shares							9,000,000			142,251,533			142,251,533
Redemption of Shares							(47,000,000	)		(708,495,377	)		(708,495,377	)
Net Increase (Decrease) due to Share Transactions							(38,000,000	)		(566,243,844	)		(566,243,844	)
Net Income (Loss)
Net Investment Income (Loss)				(1	)					(3,590,920	)		(3,590,921	)
Net Realized Gain (Loss) on United States Treasury    Obligations, Affiliated Investments and Commodity    Futures Contracts				—						(1,224,684	)		(1,224,684	)
Net Change in Unrealized Gain (Loss) on United States    Treasury Obligations, Affiliated Investments and    Commodity Futures Contracts				(54	)					(200,380,962	)		(200,381,016	)
Net Income (Loss)				(55	)					(205,196,566	)		(205,196,621	)
Net Change in Shareholders' Equity		—		(55	)		(38,000,000	)		(771,440,410	)		(771,440,465	)
Balance at June 30, 2017		40	$	578			123,600,000		$	1,786,023,496		$	1,786,024,074

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

8

Invesco DB Commodity Index Tracking Fund

Statements of Cash Flows

For the Six Months Ended June 30, 2018 and 2017

(Unaudited)

	Six Months Ended
	June 30,
	2018			2017
Cash flows from operating activities:
Net Income (Loss)	$	156,790,892		$	(205,196,621	)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating    activities:
Cost of securities purchased		(4,070,548,698	)		(2,800,286,118	)
Proceeds from securities sold and matured		3,319,795,140			3,837,775,414
Cost of affiliated investments purchased		(1,696,531,792	)		(1,908,713,427	)
Proceeds from affiliated investments sold		1,616,363,400			1,693,717,967
Net accretion of discount on United States Treasury Obligations		(19,033,572	)		(5,478,768	)
Net realized (gain) loss on United States Treasury Obligations and    Affiliated Investments		5,564			42,339
Net change in unrealized (gain) loss on United States Treasury Obligations,    Affiliated Investments and Commodity Futures Contracts		48,331,922			(5,256,107	)
Change in operating assets and liabilities:
Dividends from affiliates		(128,995	)		(7,443	)
Variation margin - Commodity Futures Contracts		(20,483,083	)		(30,793,505	)
LME Commodity Futures Contracts		3,267,594			(4,803,422	)
Management fees		619,475			(571,179	)
Brokerage commissions and fees		(2,779	)		(1,979	)
Net cash provided by (used for) operating activities		(661,554,932	)		570,427,151
Cash flows from financing activities:
Proceeds from purchases of Shares		1,124,258,264			142,251,533
Redemption of Shares		(468,642,896	)		(708,495,377	)
Net cash provided by (used for) financing activities		655,615,368			(566,243,844	)
Net change in cash		(5,939,564	)		4,183,307
Cash at beginning of period		5,939,564			5,015,157
Cash at end of period	$	—		$	9,198,464
Supplemental disclosure of cash flow information
Cash paid for interest	$	18,237		$	62,945

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

9

Invesco DB Commodity Index Tracking Fund

Notes to Unaudited Financial Statements

June 30, 2018

Note 1 - Organization

Invesco DB Commodity Index Tracking Fund (the “Fund”) was formed as a Delaware statutory trust on May 23, 2005. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Fund, as amended (the “Trust Agreement”). The Fund has an unlimited number of shares authorized for issuance.

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 holds 40 general shares (the “General Shares”) of the Fund. The fiscal year end of the Fund is December 31^st.

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Diversified Commodity Index Excess Return^TM (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 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.

The Commodity Futures Trading Commission (the “CFTC”) and certain futures exchanges impose position limits on futures contracts that reference Index Commodities (the “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. In addition, 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 Fund offers common units of beneficial interest (the “Shares”) only to certain eligible financial institutions (the “Authorized Participants”) in one or more blocks of 200,000 Shares, called a Basket. The Fund commenced investment operations on January 31, 2006. The Fund commenced trading on the American Stock Exchange (which became the NYSE Alternext US LLC) on February 3, 2006 and, since November 25, 2008, has been listed on the NYSE Arca, Inc. (the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three and six months ended June 30, 2018 and 2017. The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Fund’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the SEC on February 28, 2018. 

Note 2 - Summary of Significant Accounting Policies

A.  Basis of Presentation

The financial statements of the Fund have been prepared using U.S. GAAP.

The Fund has determined that it meets the definition of an investment company and has prepared the financial statements in conformity with U.S. GAAP for investment companies in conformity with accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services— Investment Companies.

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B.  Accounting Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

C.  Investment Valuations

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value (“NAV”) per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

United States Treasury Obligations are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as developments related to specific securities, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. All debt obligations involve some risk of default with respect to interest and/or principal payments.

Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded.

Securities for which market quotations are not readily available or become unreliable are valued at fair value as determined in good faith following procedures approved by the Managing Owner. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value.

D.  Investment Transactions and Investment Income

Investment transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of securities or derivatives are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the sale or disposition occurs, respectively. Interest income on United States Treasury Obligations is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

E.  Profit and Loss Allocations and Distributions

Pursuant to the Trust Agreement, income and expenses are allocated pro rata to the Managing Owner as holder of the General Shares and to the Shareholders monthly based on their respective percentage interests as of the close of the last trading day of the preceding month. Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the shareholders.

No distributions were paid for the three and six months ended June 30, 2018 and 2017.

F.  Routine Operational, Administrative and Other Ordinary Expenses

The Managing Owner is responsible for all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. The Fund does not reimburse the Managing Owner for the routine operational, administrative and other ordinary expenses of the Fund. Accordingly, such expenses are not reflected in the Statements of Income and Expenses of the Fund.

G.  Non-Recurring Fees and Expenses

The Fund pays all non-recurring and unusual fees and expenses, if any, of itself, as determined by the Managing Owner. Non-recurring and unusual fees and expenses include fees and expenses, such as legal claims and liabilities, litigation costs, indemnification expenses or other non-routine expenses. Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the three and six months ended June 30, 2018 and 2017, the Fund did not incur such expenses.

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H.  Brokerage Commissions and Fees

The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker (as defined below). These costs are recorded as Brokerage Commissions and Fees in the Statements of Income and Expenses. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker, as applicable were less than $9.00 and $9.00 per round-turn trade during the three and six months ended June 30, 2018 and 2017, respectively.

I.  Income Taxes

The Fund is classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will generally not incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items.

The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions taken or expected to be taken in future tax returns. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, 2014.

J.  Commodity Futures Contracts

The Fund utilizes derivative instruments to achieve its investment objective. A commodity futures contract is an agreement between counterparties to purchase or sell a specified underlying commodity for a specified price, or to pay or receive a cash amount based on the value of an index or other reference instrument, at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker. During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made on non-LME commodity futures contracts depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Financial Condition. For LME contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as net unrealized appreciation (depreciation) on the Statements of Financial Condition. When LME or non-LME contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

K.  Receivable/(Payable) for LME Contracts

The Fund trades aluminum, copper and zinc commodity futures contracts on the LME. For settlement of futures contracts traded on the LME, cash is not transferred until the settled futures contracts expire. As of June 30, 2018, the Fund had a payable to the Commodity Broker of $499,244, related to net realized losses on LME contracts, which have been closed out but for which the contract was not yet expired. As of December 31, 2017, the Fund had a receivable from the Commodity Broker of 2,768,350, related to net realized gains on LME contracts which have been closed out but for which the contract was not yet expired.

Note 3 - Financial Instrument Risk

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 in excess of the amounts shown on the Statements of Financial Condition. The financial instruments used by the Fund are commodity futures contracts, the values of which are based upon an underlying asset and generally represent future commitments that have a reasonable possibility of being settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts.

Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including fluctuations in commodity prices. In entering into these futures contracts, there exists a market risk that such futures contracts may be significantly influenced by adverse market conditions, resulting in such futures contracts being less valuable. If the markets should move against all of the futures contracts at the same time, the Fund could experience substantial losses.

Credit risk is the possibility that a loss may occur due to the failure of the Commodity Broker and/or clearing house to perform according to the terms of a futures contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Commodity Broker, when acting as the Fund’s futures commission merchant 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.

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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. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and not represented by the futures contract or notional amounts of the instruments.

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.

Note 4 – Service Providers and Related Party Agreements

The Trustee

Under the Trust Agreement, Wilmington Trust Company, the trustee of the Fund (the “Trustee”), has the power and authority to execute and file certificates as required by the Delaware Statutory Trust Act and to accept service of process on the Fund in the State of Delaware. The Managing Owner has the exclusive management and control of all aspects of the business of the Fund. The Trustee will serve in that capacity until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor is appointed by the Managing Owner. The Trustee will have no duty or liability to supervise or monitor the performance of the Managing Owner, nor will the Trustee have any liability for the acts or omissions of the Managing Owner.

The Managing Owner

The Managing Owner serves as the Fund’s commodity pool operator, commodity trading advisor and managing owner. The Fund pays the Managing Owner a management fee, monthly in arrears, in an amount equal to 0.85% per annum of the daily NAV of the Fund (the “Management Fee”). The Fund, for cash management purposes, invests 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 fee that the Fund incurs 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 this fee waiver on 60 days notice.

The Managing Owner waived fees of $107,259 and $219,832 for the three and six months ended June 30, 2018, respectively. The Managing Owner waived fees of $135,535 and $ 229,185 for the three and six months ended June 30, 2017, respectively.

The Distributor

Invesco Distributors, Inc. (the “Distributor”) provides certain distribution services to the Fund. Pursuant to the Distribution Services Agreement among the Managing Owner, the Fund and the Distributor, the Distributor assists the Managing Owner and the Fund’s administrator, The Bank of New York Mellon, with certain functions and duties relating to distribution and marketing services to the Fund including reviewing and approving marketing materials.

The Managing Owner pays the Distributor a distribution fee out of the Management Fee.

The Commodity Broker

Morgan Stanley & Co. LLC, a Delaware limited liability company, serves as the Fund’s futures clearing broker (the “Commodity Broker”). The Commodity Broker is registered with the CFTC as a futures commission merchant and is a member of the NFA in such capacity.

A variety of executing brokers execute futures transactions on behalf of the Fund. Such executing brokers give-up all such transactions to the Commodity Broker. In its capacity as clearing broker, the Commodity Broker may execute or receive transactions executed by others and clears all of the Fund’s futures transactions and performs certain administrative and custodial services for the Fund. The Commodity Broker is responsible, among other things, for providing periodic accountings of all dealings and actions taken by the Fund during the reporting period, together with an accounting of all securities, cash or other indebtedness or obligations held by it or its nominees for or on behalf of the Fund.

The Administrator, Custodian and Transfer Agent

The Bank of New York Mellon (the “Administrator” and “Custodian”) is the administrator, custodian and transfer agent of the Fund. The Fund and the Administrator have entered into separate administrative, custodian, transfer agency and service agreements (collectively referred to as the “Administration Agreement”).

Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of services necessary for the operation and administration of the Fund (other than making investment decisions), including receiving and processing orders from Authorized Participants to create and redeem Baskets, NAV calculations, accounting and other fund administrative services. The Administrator maintains certain financial books and records, including: Basket creation and redemption records; fund accounting records; ledgers with respect to assets, liabilities, capital, income and expenses; the registrar, transfer journals and related details; and trading and related documents received from the Commodity Broker. The Managing Owner pays the Administrator fees for its services out of the Management Fee.

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Index Sponsor

The Managing Owner, on behalf of the Fund, has appointed Deutsche Bank Securities Inc. to serve as the index sponsor (the “Index Sponsor”). The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels. Additionally, the Index Sponsor also calculates the indicative value per Share of the Fund throughout each business day.

The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties.

Note 5 - Deposits with Commodity Broker and Custodian

The Fund defines cash as cash held by the Custodian. There were no cash equivalents held by the Fund as of June 30, 2018 and December 31, 2017.

The Fund may deposit cash, United States Treasury Obligations, T-Bill ETFs and money market mutual funds with the Commodity Broker as margin, to the extent permissible under CFTC rules. The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open futures contracts represents the Fund’s overall equity in its broker trading account. To meet the Fund’s maintenance margin requirements, the Fund holds United States Treasury Obligations with the Commodity Broker. The Fund transfers cash to the Commodity Broker to satisfy variation margin requirements. The Fund earns interest on any excess cash deposited with the Commodity Broker and incurs interest expense on any deficit balance with the Commodity Broker.

The brokerage agreement with the Commodity Broker provides for the net settlement of all financial instruments covered by the agreement in the event of default or termination of any one contract. The Managing Owner will utilize any excess cash held at the Commodity Broker to offset any realized losses incurred in the commodity futures contracts, if available. To the extent that any excess cash held at the Commodity Broker is not adequate to cover any realized losses, a portion of the United States Treasury Obligations and T-Bill ETFs, if any, on deposit with the Commodity Broker will be sold to make additional cash available. For financial reporting purposes, the Fund offsets financial assets and financial liabilities that are subject to legally enforceable netting arrangements.

The Fund’s remaining cash, United States Treasury Obligations, T-Bill ETFs and money market mutual fund holdings are on deposit with the Custodian. The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with the Custodian. Such balances, if any at period-end, are shown on the Statements of Financial Condition under the payable caption Due to custodian.

Note 6 - Additional Valuation Information

U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. U.S. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods or market conditions may result in transfers in or out of an investment’s assigned level:

Level 1: Prices are determined using quoted prices in an active market for identical assets.

Level 2: Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3: Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The levels assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The Fund's policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended June 30, 2018 and the year ended December 31, 2017, there were no transfers between valuation levels.

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The following is a summary of the tiered valuation input levels as of June 30, 2018:

	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	2,609,081,256	$	—	$	2,609,081,256
Exchange-Traded Fund		251,735,364			—		—		251,735,364
Money Market Mutual Fund		148,172,071			—		—		148,172,071
Total Investments in Securities		399,907,435			2,609,081,256		—		3,008,988,691
Other Investments—Assets(a)
Commodity Futures Contracts		215,717,881			—		—		215,717,881
Other Investments—Liabilities(a)
Commodity Futures Contracts		(103,124,169	)		—		—		(103,124,169	)
Total Other Investments		112,593,712			—		—		112,593,712
Total Investments	$	512,501,147		$	2,609,081,256	$	—	$	3,121,582,403

^(a) Unrealized appreciation (depreciation).

The following is a summary of the tiered valuation input levels as of December 31, 2017:

	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	1,839,039,728	$	—	$	1,839,039,728
Exchange-Traded Fund		249,742,548			—		—		249,742,548
Money Market Mutual Fund		68,003,679			—		—		68,003,679
Total Investments in Securities		317,746,227			1,839,039,728		—		2,156,785,955
Other Investments—Assets(a)
Commodity Futures Contracts		141,995,427			—		—		141,995,427
Other Investments—Liabilities(a)
Commodity Futures Contracts		(26,326,112	)		—		—		(26,326,112	)
Total Other Investments		115,669,315			—		—		115,669,315
Total Investments	$	433,415,542		$	1,839,039,728	$	—	$	2,272,455,270

^(a) Unrealized appreciation (depreciation).

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:

	June 30, 2018					December 31, 2017
Risk Exposure/Derivative Type (a)	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	215,717,881	$	(103,124,169	)	$	141,995,427	$	(26,326,112	)

^(a) Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the June 30, 2018 and December 31, 2017 Statements of Financial Condition for non-LME Commodity Futures Contracts.

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of June 30, 2018, net by contract:

	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	215,717,881	$	(207,346,293	)	$	8,371,588	$	—	$	—	$	8,371,588

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2017, net by contract:

	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	141,995,427	$	(103,522,222	)	$	38,473,205	$	—	$	—	$	38,473,205

^(a) As of June 30, 2018 and December 31, 2017, a portion of the Fund’s U.S. Treasury Obligations were required to be deposited as maintenance margin in support of the Fund’s futures positions.

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The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:

		For the Three Months Ended
	Location of Gain (Loss) on Derivatives	June 30,
Risk Exposure/Derivative Type	Recognized in Income	2018		2017
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	91,323,528	$	(63,372,537	)
	Net Change in Unrealized Gain (Loss)		17,443,048		(42,197,634	)
Total		$	108,766,576	$	(105,570,171	)

		For the Six Months Ended
	Location of Gain (Loss) on Derivatives	June 30,
Risk Exposure/Derivative Type	Recognized in Income	2018			2017
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	149,343,521		$	(1,182,345	)
	Net Change in Unrealized Gain (Loss)		(3,075,603	)		(201,066,322	)
Total		$	146,267,918		$	(202,248,667	)

The table below summarizes the average monthly notional value of futures contracts outstanding during the period:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Average Notional Value	$	3,004,408,955	$	1,998,989,924	$	2,766,163,264	$	2,228,834,272

Note 8 – Investments in Affiliates

The Fund's investment adviser also serves as the adviser for Invesco Treasury Collateral ETF, and therefore, Invesco Treasury Collateral ETF is considered to be affiliated with the Fund. The following is a summary of the transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the three and six months ended June 30, 2018.

	Value 03/31/2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 06/30/2018		Dividend Income
Invesco Treasury    Collateral ETF	$	250,715,232	$	—	$	—	$	1,020,132	$	—	$	251,735,364	$	—

	Value 12/31/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 06/30/2018		Dividend Income
Invesco Treasury    Collateral ETF	$	249,742,548	$	—	$	—	$	1,992,816	$	—	$	251,735,364	$	—

The following is a summary of the transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the three and six months ended June 30, 2017.

	Value 04/01/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 06/30/2017		Dividend Income
PowerShares Treasury    Collateral Portfolio	$	250,074,684	$	—	$	—	$	450,756	$	—	$	250,525,440	$	—

	Value 01/01/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 06/30/2017		Dividend Income
PowerShares Treasury    Collateral Portfolio	$	—	$	249,990,226	$	—	$	535,214	$	—	$	250,525,440	$	—

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Note 9 - Share Purchases and Redemptions

(a) Purchases

On any business day, an Authorized Participant may place an order with the Administrator, which also serves as the Fund’s transfer agent (“Transfer Agent”) to create one or more Baskets. Each Basket consists of a block of 200,000 Shares. For purposes of processing both creation and redemption orders, a “business day” means any day other than a day when banks in New York City are required or permitted to be closed. Creation orders must be placed by 10:00 a.m., Eastern Time. The day on which the Transfer Agent receives a valid creation order is the creation order date. The day on which a creation order is settled is the creation order settlement date. Cash settlement occurs at the creation order settlement date. As provided below, the creation order settlement date may occur up to two business days after the creation order date. By placing a creation order, and prior to delivery of such Baskets, an Authorized Participant’s Depository Trust Company (“DTC”) account is charged the non-refundable transaction fee due for the creation order.

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, Baskets are issued on the creation order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the creation order date at the applicable NAV per Share as of the closing time of the NYSE Arca or the last to close of the exchanges on which its futures contracts are traded, whichever is later, on the creation order date, but only if the required payment has been timely received. Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to two business days after the creation order date.

(b) Redemptions

On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more Baskets. 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. Cash settlement occurs at 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. The redemption procedures allow Authorized Participants to redeem Baskets. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 200,000 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 Baskets to be redeemed through DTC’s book-entry system to the Fund not 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.

The redemption proceeds from the Fund consist of the cash redemption amount. The cash redemption amount is equal to the NAV of the number of Basket(s) requested in the Authorized Participant’s redemption order as of the closing time of the NYSE Arca or the last to close of the exchanges on which the Fund’s futures contracts are traded, whichever is later, on the redemption order date. The Managing Owner will distribute the cash redemption amount at the redemption order settlement date as of 2:45 p.m., Eastern Time, on the redemption order settlement date through DTC to the account of the Authorized Participant as recorded on DTC’s book-entry system.

The redemption proceeds due from the Fund are delivered to the Authorized Participant at 2:45 p.m., Eastern Time, on the redemption order settlement date if, by such time, the Fund’s DTC account has been credited with the Baskets to be redeemed. If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole Baskets received if the Transfer Agent receives the fee applicable to the extension of the redemption distribution date which the Managing Owner may, from time-to-time, determine and the remaining Baskets to be redeemed are credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on such next business day. Any further outstanding amount of the redemption order will be cancelled. The Managing Owner is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on the redemption order settlement date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book-entry system on such terms as the Managing Owner may determine from time-to-time.

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Note 10 - Commitments and Contingencies

The Managing Owner, either in its own capacity or in its capacity as the Managing Owner and on behalf of the Fund, has entered into various service agreements that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services for the Fund. The Trust Agreement provides for the Fund to indemnify the Managing Owner and any affiliate of the Managing Owner that provides services to the Fund to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Managing Owner or such an affiliate. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Further, the Fund has not had prior claims or losses pursuant to these contracts. Accordingly, the Managing Owner expects the risk of loss to be remote.

Note 11 - Financial Highlights

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and six months ended June 30, 2018 and 2017. An individual investor’s return and ratios may vary based on the timing of capital transactions.

NAV per Share is the NAV of the Fund divided by the number of outstanding Shares at the date of each respective period presented.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Net Asset Value
Net asset value per Share, beginning of period	$	16.95		$	15.22		$	16.63		$	15.83
Net realized and change in unrealized gain (loss) on United States    Treasury Obligations, Affiliated Investments and Commodity    Futures Contracts		0.71			(0.77	)		1.01			(1.36	)
Net investment income (loss) (a)		0.03			—			0.05			(0.02	)
Net income (loss)		0.74			(0.77	)		1.06			(1.38	)
Net asset value per Share, end of period	$	17.69		$	14.45		$	17.69		$	14.45
Market value per Share, beginning of period (b)	$	16.98		$	15.23		$	16.62		$	15.84
Market value per Share, end of period (b)	$	17.67		$	14.47		$	17.67		$	14.47
Ratio to average Net Assets (c)
Net investment income (loss)		0.74	%		(0.23	)%		0.60	%		(0.33	)%
Expenses, after waivers		0.85	%		0.84	%		0.85	%		0.85	%
Expenses, prior to waivers		0.86	%		0.87	%		0.87	%		0.87	%
Total Return, at net asset value (d)		4.37	%		(5.06	)%		6.37	%		(8.72	)%
Total Return, at market value (d)		4.06	%		(4.99	)%		6.32	%		(8.65	)%

^(a) Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c) Annualized.

^(d) Total Return, at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, reinvestment of all dividends and distributions at NAV during the period, and redemption of Shares on the last day of the period. Total Return, at NAV includes adjustments in accordance with U.S. GAAP and as such, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions. Total Return, at market value is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and redemption of Shares at the market value on the last day of the period. Not annualized for periods less than one year, if applicable.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report on Form 10-Q (the “Report”). The discussion and analysis which follows may contain trend analysis and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which reflect our current views with respect to future events and financial results. The matters discussed throughout this Report that are not historical facts are forward-looking statements. These forward-looking statements are based on the registrant’s current expectations, estimates and projections about the registrant’s business and industry and its beliefs and assumptions about future events. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate,” as well as similar words and phrases, signify forward-looking statements. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of our control. Invesco DB Commodity Index Tracking Fund’s (the “Fund”) forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties in the markets for financial instruments that the Fund trades, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Managing Owner, the Fund, and the Fund’s service providers, and in the broader economy may cause our actual results to differ materially from those expressed in our forward-looking statements.

You should not place undue reliance on any forward-looking statements. Any forward-looking statement in this report is based only on information currently available to us and speaks only as of the date on which it is made. Except as expressly required by the Federal securities laws, Invesco Capital Management LLC (“Invesco”), undertakes 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/Introduction

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 Return^TM (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 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.

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. In addition, 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.

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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.

Index Description

The Managing Owner pays Deutsche Bank Securities Inc. (the “Index Sponsor”) a licensing fee and an index services fee for performing its duties.

These fees constitute a portion of the routine operational, administrative and other ordinary expenses which are paid out of the Management Fee and are not charged to or reimbursed by the Fund.

Neither the Managing Owner nor any affiliate of the Managing Owner has any rights to influence the selection of the futures contracts underlying the Index. The Managing Owner has entered into a license agreement with the Index Sponsor to use the Index.

The Fund is not sponsored or endorsed by Deutsche Bank AG, Deutsche Bank Securities Inc. or any subsidiary or affiliate of Deutsche Bank AG or Deutsche Bank Securities Inc. (collectively, “Deutsche Bank”). The DBIQ Optimum Yield Diversified Commodity Index Excess Return™ (the “Index”) is the exclusive property of Deutsche Bank Securities Inc. “DBIQ” and “Optimum Yield” are service marks of Deutsche Bank AG and have been licensed for use for certain purposes by Deutsche Bank Securities Inc. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index makes any representation or warranty, express or implied, concerning the Index, the Fund or the advisability of investing in securities generally. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation to take the needs of the Managing Owner, or its clients into consideration in determining, composing or calculating the Index. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Fund. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation or liability in connection with the administration or trading of the Fund.

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO CAPITAL MANAGEMENT LLC FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO CAPITAL MANAGEMENT LLC.

No purchaser, seller or holder of the Shares of this Fund, or any other person or entity, should use or refer to any Deutsche Bank trade name, trademark or service mark to sponsor, endorse, market or promote this Fund without first contacting Deutsche Bank to determine whether Deutsche Bank’s permission is required. Under no circumstances may any person or entity claim any affiliation with Deutsche Bank without the written permission of Deutsche Bank.

The Index is composed of notional amounts of each of the underlying Index Commodities. The notional amount of each Index Commodity included in the Index is intended to reflect the changes in market value of each such Index Commodity within the Index. The closing level of the Index is calculated on each business day by the Index Sponsor based on the closing price of the futures contracts for each of the Index Commodities and the notional amount of such Index Commodity.

The Index is rebalanced annually in November to ensure that each of the Index Commodities is weighted in the same proportion that such Index Commodities were weighted on September 3, 1997 (the “Base Date”). The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.

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The following table reflects the Fund weights of each Index Commodity, or related futures contracts, as applicable, as of June 30, 2018:

Index Commodity	Fund Weight (%)
Light Sweet Crude Oil (WTI)		14.84	%
Ultra Low Sulphur Diesel		13.72
RBOB Gasoline		13.05
Natural Gas		4.67
Brent Crude Oil		14.71
Gold		7.19
Silver		1.73
Aluminum		3.85
Zinc		3.48
Copper Grade A		3.71
Corn		4.90
Wheat		5.37
Soybeans		4.57
Sugar		4.21
Closing Level as of June 30, 2018:		100.00	%

Please see http://www.invesco.com/ETFs with respect to the most recently available weighted composition of the Fund and the composition of the Index.

The CFTC and certain futures exchanges impose position limits on Index Contracts. 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.

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.

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 futures commission merchant 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.

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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 commodities 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, commodity exchanges generally have the ability to limit fluctuations in certain commodity futures contract prices during a single day by regulations referred to as “daily limits.” During a single day, no trades may be executed at prices beyond the daily limit. Once the price of a particular futures contract for a particular commodity has increased or decreased by an amount equal to the daily limit, positions in the commodity futures contract can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit. Commodity futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. Such market conditions could prevent the Fund from promptly liquidating its commodity futures positions.

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 Baskets. 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 Baskets. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 200,000 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 Baskets to be redeemed through DTC’s book-entry system to the Fund not 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.

Capital Resources

The Fund does not have any material commitments for capital expenditures as of the end of the latest fiscal period.

The Fund is unaware of any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or uncertainties that will have a material effect on operations.

Cash Flows

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 the Fund is seeking to track.

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. and Goldman Sachs Execution & Clearing, L.P., Interactive Brokers LLC, Jefferies LLC, J.P. Morgan Securities Inc., Knight Clearing Services LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, Nomura Securities

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International Inc., RBC Capital Markets, LLC, SG Americas Securities LLC, Timber Hill LLC, UBS Securities LLC, Virtu Financial BD LLC and Virtu Financial Capital Markets LLC has executed a Participant Agreement and are the only Authorized Participants.

Operating Activities

Net cash flow provided by (used for) operating activities was $(661.6) million and $570.4 million for the six months ended June 30, 2018 and 2017, 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 only.

During the six months ended June 30, 2018, $4,070.5 million was paid to purchase United States Treasury Obligations and $3,319.8 million was received from sales and maturing United States Treasury Obligations. During the six months ended June 30, 2017, $2,800.3 million was paid to purchase United States Treasury Obligations and $3,837.8 million was received from sales and maturing United States Treasury Obligations. $1,616.4 million was received from sales of affiliated investments and $1,696.5 million was paid to purchase affiliated investments during the six months ended June 30, 2018. $1,693.7 million was received from sales of affiliated investments and $1,908.7 million was paid to purchase affiliated investments during the six months ended June 30, 2017. Unrealized appreciation/depreciation on United States Treasury Obligations, affiliated investments and futures contracts increased (decreased) Net cash provided by (used for) operating activities by $48.3 million and $(5.3) million during the six months ended June 30, 2018 and 2017, respectively.

Financing Activities

The Fund’s net cash flow provided by (used for) financing activities was $655.6 million and $(566.2) million during the six months ended June 30, 2018 and 2017, respectively. This included $1,124.3 million and $142.3 million from Shares purchased by Authorized Participants and $468.6 million and $708.5 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2018 and 2017, respectively.

Results of Operations

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2018 AND 2017

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 by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the levels of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income, if any, 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 THREE AND SIX MONTHS ENDED JUNE 30, 2018 AND 2017

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. INSERT GRAPH

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NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, 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 three and six months ended June 30, 2018 and 2017. 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. Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels. 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 DBIQ-OY Diversified TR™ are not necessarily indicative of future changes, positive or negative, in the closing levels of the DBIQ-OY Diversified TR™.

The section “Summary of the DBIQ-OY Diversified TR™ and Underlying Index Commodity Returns for the three and six months ended June 30, 2018 and 2017” 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 the DBIQ–OY Diversified TR™ and Underlying Index Commodity

Returns for the Three and Six Months Ended June 30, 2018 and 2017

	AGGREGATE RETURNS FOR INDICES IN THE DBIQ-OY DIVERSIFIED TR™
	Three Months Ended						Six Months Ended
	June 30,						June 30,
Underlying Index	2018			2017			2018			2017
DB Light Crude Oil Indices		12.22	%		(8.22	)%		23.10	%		(16.45	)%
DB Ultra Low Sulphur Diesel Indices		12.07			(7.84	)		14.83			(16.58	)
DB Aluminum Indices		6.22			(2.20	)		(6.34	)		13.12
DB Gold Indices		(5.48	)		(0.75	)		(4.39	)		7.50
DB Corn Indices		(10.44	)		0.69			(3.25	)		3.01
DB Wheat Indices		3.17			11.55			7.06			12.93
DB RBOB Gasoline Indices		11.73			(5.98	)		16.38			(14.67	)
DB Natural Gas Indices		(1.17	)		(8.44	)		(1.07	)		(14.35	)
DB Silver Indices		(1.23	)		(9.35	)		(5.81	)		3.36
DB Zinc Indices		(12.19	)		(0.39	)		(11.20	)		7.95
DB Copper Grade A Indices		(1.62	)		1.99			(8.57	)		7.86
DB Soybeans Indices		(15.62	)		0.30			(9.07	)		(3.13	)
DB Sugar Indices		(4.38	)		(19.10	)		(18.77	)		(25.67	)
DB Brent Crude Oil Indices		17.75			(8.27	)		23.76			(15.25	)
AGGREGATE RETURNS		4.63	%		(4.84	)%		6.89	%		(8.24	)%

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 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 THE THREE MONTHS ENDED JUNE 30, 2018 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2017

Fund Share Price Performance

For the three months ended June 30, 2018, the NYSE Arca market value of each Share increased 4.06% from $16.98 per Share to $17.67 per Share. The Share price low and high for the three months ended June 30, 2018 and related change from the Share price on March 31, 2018 was as follows: Shares traded at a low of $16.73 per Share (-1.47%) on April 6, 2018, and a high of $18.40 per Share (+8.37%) on May 23, 2018.

For the three months ended June 30, 2017, the NYSE Arca market value of each Share decreased 4.99% from $15.23 per Share to $14.47 per Share. The Share price low and high for the three months ended June 30, 2017 and related change from the Share price on March 31, 2017 was as follows: Shares traded at a low of $13.74 per Share (-9.79%) on June 21, 2017, and a high of $15.61 per Share (+2.50%) on April 13, 2017.

Fund Share Net Asset Performance

For the three months ended June 30, 2018, the NAV of each Share increased 4.37% from $16.95 per Share to $17.69 per Share. Rising commodity futures contracts prices for Light Crude Oil, Ultra Low Sulphur Diesel, Aluminum, Wheat, RBOB Gasoline and Brent Crude Oil were partially offset by falling commodity futures contracts prices for Gold, Corn, Natural Gas, Silver, Zinc, Copper Grade A, Soybeans and Sugar during the three months ended June 30, 2018, contributing to an overall 4.15% increase in the level of the Index and to a 4.63% increase in the level of the DBIQ–OY Diversified TR™.

Net income (loss) for the three months ended June 30, 2018 was $116.0 million, primarily resulting from $12.1 million of income, net realized gain (loss) of $91.3 million, net change in unrealized gain (loss) of $19.1 million and operating expenses of $6.5 million.

For the three months ended June 30, 2017, the NAV of each Share decreased 5.06% from $15.22 per Share to $14.45 per Share. Falling commodity futures contracts prices for Light Crude Oil, Ultra Low Sulphur Diesel, Aluminum, Gold, RBOB Gasoline, Natural Gas, Silver, Zinc, Sugar and Brent Crude Oil were partially offset by rising commodity futures contracts prices for Corn, Wheat, Copper Grade A and Soybeans during the three months ended June 30, 2017, contributing to an overall 5.06% decrease in the level of the Index and to a 4.84% decrease in the level of the DBIQ–OY Diversified TR™.

Net income (loss) for the three months ended June 30, 2017 was $(106.0) million, primarily resulting from $3.0 million of income, net realized gain (loss) of $(63.4) million, net change in unrealized gain (loss) of $(41.5) million and operating expenses of $4.1 million.

FOR THE SIX MONTHS ENDED JUNE 30, 2018 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2017

Fund Share Price Performance

For the six months ended June 30, 2018, the NYSE Arca market value of each Share increased 6.32% from $16.62 per Share to $17.67 per Share. The Share price low and high for the six months ended June 30, 2018 and related change from the Share price on December 31, 2017 was as follows: Shares traded at a low of $16.14 per Share (-2.89%) on February 9, 2018, and a high of $18.40 per Share (+10.71%) on May 23, 2018.

For the Six Months Ended June 30, 2017, the NYSE Arca market value of each Share decreased 8.65% from $15.84 per Share to $14.47 per Share. The Share price low and high for the Six Months Ended June 30, 2017 and related change from the Share price on December 31, 2016 was as follows: Shares traded at a low of $13.74 per Share (-13.26%) on June 21, 2017, and a high of $16.05 per Share (+1.36%) on February 10, 2017.

Fund Share Net Asset Performance

For the six months ended June 30, 2018, the NAV of each Share increased 6.37% from $16.63 per Share to $17.69 per Share. Rising commodity futures contracts prices for Light Crude Oil, Ultra Low Sulphur Diesel, Wheat, RBOB Gasoline and Brent Crude Oil were partially offset by falling commodity futures contracts prices for Aluminum, Gold, Corn, Natural Gas, Silver, Zinc, Copper Grade A, Soybeans and Sugar during the six months ended June 30, 2018, contributing to an overall 5.98% increase in the level of the Index and to a 6.89% increase in the level of the DBIQ–OY Diversified TR™.

Net income (loss) for the six months ended June 30, 2018 was $156.8 million, primarily resulting from $20.1 million of income, net realized gain (loss) of $149.3 million, net change in unrealized gain (loss) of $(0.8) million and operating expenses of $11.8 million.

For the six months ended June 30, 2017, the NAV of each Share decreased 8.72% from $15.83 per Share to $14.45 per Share. Falling commodity futures contracts prices for Light Crude Oil, Ultra Low Sulphur Diesel, RBOB Gasoline, Natural Gas, Soybeans, Sugar and Brent Crude Oil were partially offset by rising commodity futures contracts prices for Aluminum, Gold, Corn, Wheat, Silver, Zinc and Copper Grade A during the Six Months Ended June 30, 2017, contributing to an overall 8.58% decrease in the level of the Index and to a 8.24% decrease in the level of the DBIQ–OY Diversified TR™.

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Net income (loss) for the six months ended June 30, 2017 was $(205.2) million, primarily resulting from $5.8 million of income, net realized gain (loss) of $(1.2) million, net change in unrealized gain (loss) of $(200.4) million and operating expenses of $9.4 million.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s financial position and results of operations. These estimates and assumptions affect the Fund’s application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies on Form 10-K for the year ended December 31, 2017.

Off-Balance Sheet Arrangements and Contractual Obligations

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.

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 performing services which are in the best interest of 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’s contractual obligations are with the Managing Owner and the Commodity Broker. Management Fee payments made to the Managing Owner are calculated as a fixed percentage of the Fund’s NAV. Commission payments to the Commodity Broker are on a contract-by-contract, or round-turn, basis. As such, the Managing Owner cannot anticipate the amount 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. These agreements are effective for one-year terms, renewable automatically for additional one-year terms unless terminated. Additionally, these agreements 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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

INTRODUCTION

The Fund is designed to replicate positions in a commodity 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 can produce frequent changes in the fair market value of the Fund’s open positions and, consequently, in its earnings and cash flow. The Fund’s market risk is primarily influenced by changes in the prices of commodities.

QUANTIFYING THE FUND’S TRADING VALUE AT RISK

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 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.

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THE FUND’S TRADING VALUE AT RISK

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

The following table indicates the trading VaR associated with the Fund’s net assets as of June 30, 2018.

								For the Six Months Ended
								June 30, 2018
Description	Net Assets		Daily Volatility			VaR* (99Percentile)		Number of times VaR Exceeded
Invesco DB Commodity Index Tracking Fund	$	3,014,880,027		0.62	%	$	43,679,085		4

The following table indicates the trading VaR associated with the Fund’s net assets as of December 31, 2017.

								For the Year Ended
								December 31, 2017
Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		Number of times VaR Exceeded
Invesco DB Commodity Index Tracking Fund	$	2,262,359,193		0.64	%	$	33,079,967		12

* The VaR represents the one day downside risk, under normal market conditions, with a 99% confidence level. It is calculated using historical market moves of the Fund’s net assets and uses a one year look back.

THE FUND’S NON-TRADING MARKET RISK

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 DISCLOSURES REGARDING PRIMARY TRADING 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 were the primary trading risk exposures of the Fund as of June 30, 2018 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 Sulphur Diesel (also commonly known as 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.

29

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 system, the relative strength of the U.S. dollar, interest rates and numerous other factors. Gold prices may also be affected by industry factors such as industrial and jewelry demand.

Silver

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.

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.

30

AGRICULTURAL

Corn

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.

Soybeans

The price of soybeans is volatile. The price movement of soybeans may be influenced by a variety of factors, including demand, weather conditions, disease, crop production, transportation costs, political uncertainties and economic concerns.

Sugar

The price of sugar is volatile. The price movement of sugar may be influenced by a variety of factors, including demand, weather conditions, disease, crop production, transportation costs, political uncertainties and economic concerns.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING MARKET RISK EXPOSURE

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 DISCLOSURES REGARDING 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 powersmay 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.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of the management of the Managing Owner, including Daniel Draper, its Principal Executive Officer, and Steven Hill, its Principal Financial and Accounting Officer, Investment Pools, the Fund carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report, and, based upon that evaluation, Daniel Draper, the Principal Executive Officer of the Managing Owner, and Steven Hill, the Principal Financial and Accounting Officer, Investment Pools, of the Managing Owner, concluded that the Fund’s disclosure controls and procedures were effective to ensure that information the Fund is required to disclose in the reports that it files or submits with the Securities and Exchange Commission (the “SEC”) under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and to ensure that information required to be disclosed by the Fund in the reports that it files or submits under the Exchange Act is accumulated and communicated to management of the Managing Owner, including its Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Fund’s quarter ended June 30, 2018 that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

Not applicable.

Item 1A.Risk Factors.

Current Discussions between the SEC and PricewaterhouseCoopers LLP regarding PricewaterhouseCoopers LLP’s Independence Could Have Potentially Adverse Consequences for the Fund.

PricewaterhouseCoopers LLP informed the Fund that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Fund is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receive a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Fund as well as all registered investment companies advised by the Managing Owner and its affiliates, including other subsidiaries of the Managing Owner’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”). PricewaterhouseCoopers LLP informed the Fund it and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. On May 2, 2018, the SEC proposed amendments to the Loan Rule that, if adopted as proposed, would address many of the issues that led to issuance of the no-action letter. In connection with prior independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on the Fund’s financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Managing Owner, the Fund and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Fund’s independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.

If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Fund will need to take other action in order for the Fund’s filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Fund to issue new shares or have other material adverse effects on the Fund. The SEC no-action relief was initially set to expire eighteen (18) months from issuance but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(a) There have been no unregistered sales of the Fund’s securities. No Fund securities are authorized for issuance by the Fund under equity compensation plans.

(b) Not applicable.

(c) The following table summarizes the redemptions by Authorized Participants during the three months ended June 30, 2018:

Period of Redemption	Total Number of SharesRedeemed		Average Price Paid per Share
April 1, 2018 to April 30, 2018		800,000	$	17.24
May 1, 2018 to May 31, 2018		—	$	—
June 1, 2018 to June 30, 2018		14,400,000	$	17.44
Total		15,200,000	$	17.43

Item  3. Defaults Upon Senior Securities.

None.

32

Item 4. Mine Safety Disclosures.

Not applicable.

Item  5. Other Information.

None.

Item 6. Exhibits.

31.1	Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)
31.2	Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)
32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101	Interactive data file pursuant to Rule 405 of Regulation S-T: (i) the Statements of Financial Condition of Invesco DB Commodity Index Tracking Fund – June 30, 2018 and December 31, 2017 (Unaudited), (ii) the Schedule of Investments of Invesco DB Commodity Index Tracking Fund - June 30, 2018 (Unaudited), (iii) the Schedule of Investments of Invesco DB Commodity Index Tracking Fund - December 31, 2017 (Unaudited), (iv) the Statements of Income and Expenses of Invesco DB Commodity Index Tracking Fund – For the Three and Six Months Ended June 30, 2018 and 2017 (Unaudited), (v) the Statement of Changes in Shareholders’ Equity of Invesco DB Commodity Index Tracking Fund – For the Three Months Ended June 30, 2018 (Unaudited), (vi) the Statement of Changes in Shareholders’ Equity of Invesco DB Commodity Index Tracking Fund- For the Three Months Ended June 30, 2017 (Unaudited), (vii) the Statement of Changes in Shareholders’ Equity of Invesco DB Commodity Index Tracking Fund – For the Six Months Ended June 30, 2018 (Unaudited), (viii) the Statement of Changes in Shareholders’ Equity of Invesco DB Commodity Index Tracking Fund- For the Six Months Ended June 30, 2017 (Unaudited), (ix) the Statements of Cash Flows of Invesco DB Commodity Index Tracking Fund – For the Six Months Ended June 30, 2018 and 2017 (Unaudited), and (x) Notes to Unaudited Financial Statements of Invesco DB Commodity Index Tracking Fund– June 30, 2018.

33

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Invesco DB Commodity Index Tracking Fund
	By:	Invesco Capital Management LLC,
		its Managing Owner
		By:	/S/    DANIEL DRAPER
		Name:	Daniel Draper
		Title:	Principal Executive Officer
Dated: August 7, 2018		By:	/S/    STEVEN HILL
		Name:	Steven Hill
		Title:	Principal Financial and Accounting Officer, Investment Pools

34

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Daniel Draper, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Invesco DB Commodity Index Tracking Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 7, 2018	/s/ Daniel Draper
	Daniel Draper
	Principal Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Steven Hill, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Invesco DB Commodity Index Tracking Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 7, 2018	/s/ Steven Hill
	Steven Hill
	Principal Financial and Accounting Officer, Investment Pools

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Daniel Draper, Principal Executive Officer of Invesco Capital Management LLC, the Managing Owner of Invesco DB Commodity Index Tracking Fund (the “Fund”), hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Fund’s Quarterly Report on Form 10-Q for the period ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;

(2) The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Fund;

(3) This certification accompanies the report to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of such report), irrespective of any general incorporation language contained in such filing.

Dated: August 7, 2018	/s/ Daniel Draper
	Daniel Draper
	Principal Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Steven Hill, Principal Financial and Accounting Officer, Investment Pools of Invesco Capital Management LLC, the Managing Owner of Invesco DB Commodity Index Tracking Fund (the “Fund”), hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Fund’s Quarterly Report on Form 10-Q for the period ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;

(2) The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Fund;

(3) This certification accompanies the report to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of such report), irrespective of any general incorporation language contained in such filing.

Dated: August 7, 2018	/s/ Steven Hill
	Steven Hill
	Principal Financial and Accounting Officer, Investment Pools

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2018 shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Trading Symbol	DBC
Entity Registrant Name	Invesco DB Commodity Index Tracking Fund
Entity Central Index Key	0001328237
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	170,400,000

XML

Statement of Financial Condition (Unaudited) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Assets
United States Treasury Obligations, at value (cost $2,608,928,624 and $1,839,147,058, respectively)	$ 2,609,081,256	$ 1,839,039,728
Affiliated investments, at value (cost $398,162,297 and $317,993,905, respectively)	399,907,435	317,746,227
Other investments:
Variation margin receivable- Commodity Futures Contracts	31,478,278	10,995,195
LME Commodity Futures Contracts receivable		2,768,350
Unrealized appreciation on LME Commodity Futures Contracts		27,478,010
Cash held by custodian	0	5,939,564
Receivable for:
Dividends from affiliates	222,511	93,516
Fund shares sold		59,885,426
Total assets	3,040,689,480	2,263,946,016
Other investments:
LME Commodity Futures Contracts payable	499,244
Unrealized depreciation on LME Commodity Futures Contracts	23,106,690
Payable for:
Management fees	2,203,519	1,584,044
Brokerage commissions and fees		2,779
Total liabilities	25,809,453	1,586,823
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	708	665
Shareholders' equity—Shares	3,014,879,319	2,262,358,528
Total shareholders' equity	3,014,880,027	2,262,359,193
Total liabilities and equity	$ 3,040,689,480	$ 2,263,946,016
General Shares outstanding	40	40
Shares outstanding	170,400,000	136,000,000
Net asset value per share	$ 17.69	$ 16.63
Market value per share	$ 17.67	$ 16.62

XML

Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Investments in Securities, cost	$ 3,007,090,921	$ 2,157,140,963
US Treasury Bill Securities [Member]
Investments in Securities, cost	2,608,928,624	1,839,147,058
Affiliated Investments [Member]
Affiliated Investments, at Cost	$ 398,162,297	$ 317,993,905

XML

Schedule of Investments (Unaudited) - Treasury Bills and Money Market Fund - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2018		Dec. 31, 2017
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity		99.80%		95.33%
Value		$ 2,609,081,256		$ 1,839,039,728
Affiliated investments, at value		399,907,435		317,746,227
Total Investments in Securities		3,008,988,691		2,156,785,955
Investments in Securities, cost		$ 3,007,090,921		$ 2,157,140,963
Affiliated Investments [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity		13.26%		14.04%
Affiliated investments, at value		$ 399,907,435		$ 317,746,227
Affiliated Investments, at Cost		$ 398,162,297		$ 317,993,905
U.S. Treasury Bills, 1.780% due July 5, 2018 [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[1],[2]	9.12%
Value	[1],[2]	$ 274,962,072
Principal Value	[1],[2]	$ 275,000,000
Investment Interest Rate		1.78%
Investment Maturity Date		Jul. 05, 2018
U.S. Treasury Bills, 1.860% due August 2, 2018 [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[1],[2]	29.11%
Value	[1],[2]	$ 877,634,069
Principal Value	[1],[2]	$ 879,000,000
Investment Interest Rate		1.86%
Investment Maturity Date		Aug. 02, 2018
U.S. Treasury Bills, 1.895% due August 30, 2018 [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[1],[2]	23.48%
Value	[1],[2]	$ 707,841,501
Principal Value	[1],[2]	$ 710,000,000
Investment Interest Rate		1.895%
Investment Maturity Date		Aug. 30, 2018
U.S. Treasury Bills, 2.000% due November 8, 2018 [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[1],[2],[3]	24.83%
Value	[1],[2],[3]	$ 748,643,614
Principal Value	[1],[2],[3]	$ 754,000,000
Investment Interest Rate	[3]	2.00%
Investment Maturity Date	[3]	Nov. 08, 2018
Restricted for maintenance margin		$ 241,771,150
United States Treasury Obligations [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[2]	86.54%	[1]	81.29%
Value	[2]	$ 2,609,081,256	[1]	$ 1,839,039,728
Investments in Securities, cost		$ 2,608,928,624		$ 1,839,147,058
Exchange-Traded Fund [Member] | Affiliated Investments [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[4]	8.35%		11.04%
Affiliated investments, at value	[4]	$ 251,735,364		$ 249,742,548
Shares	[4]	2,372,400		2,372,400
Affiliated Investments, at Cost		$ 249,990,226		$ 249,990,226
Money Market Mutual Fund - Invesco Premier U.S. Government Money Portfolio - Institutional Class [Member] | Affiliated Investments [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity		4.91%	[5]	3.00%	[6]
Affiliated investments, at value		$ 148,172,071	[5]	$ 68,003,679	[6]
Shares		148,172,071	[5]	68,003,679	[6]
Investment Interest Rate		1.78%		1.15%
Affiliated Investments, at Cost		$ 148,172,071		$ 68,003,679
U.S. Treasury Bills, 1.180% due January 4, 2018 [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[1],[2]			13.30%
Value	[1],[2]			$ 300,981,124
Principal Value	[1],[2]			$ 301,000,000
Investment Interest Rate				1.18%
Investment Maturity Date				Jan. 04, 2018
U.S. Treasury Bills, 1.245% due January 18, 2018 [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[2]			12.77%
Value	[2]			$ 288,841,533
Principal Value	[2]			$ 289,000,000
Investment Interest Rate				1.245%
Investment Maturity Date				Jan. 18, 2018
U.S. Treasury Bills, 1.285% due February 22, 2018 [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[2]			26.78%
Value	[2]			$ 605,916,505
Principal Value	[2]			$ 607,000,000
Investment Interest Rate				1.285%
Investment Maturity Date				Feb. 22, 2018
U.S. Treasury Bills, 1.285% due March 1, 2018 [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[2],[7]			24.53%
Value	[2],[7]			$ 554,864,604
Principal Value	[2],[7]			$ 556,000,000
Investment Interest Rate	[7]			1.285%
Investment Maturity Date	[7]			Mar. 01, 2018
Restricted for maintenance margin				$ 199,580,000
U.S. Treasury Bills, 1.450% due June 7, 2018 [Member]
Schedule of Investments [Line Items]
Percentage of Shareholders' Equity	[2]			3.91%
Value	[2]			$ 88,435,962
Principal Value	[2]			$ 89,000,000
Investment Interest Rate				1.45%
Investment Maturity Date				Jun. 07, 2018

[1] Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end

[2] Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

[3] United States Treasury Obligations of $241,771,150 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

[4] Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 8.

[5] The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of June 30, 2018.

[6] The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of December 31, 2017.

[7] United States Treasury Obligations of $199,580,000 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

XML

Schedule of Investments (Unaudited) - Futures Contracts		6 Months Ended	12 Months Ended
		Jun. 30, 2018 USD ($) Contract	Dec. 31, 2017 USD ($) Contract
Schedule of Investments [Line Items]
Value		$ 3,008,988,691	$ 2,156,785,955
Futures [Member] | Long [Member]
Schedule of Investments [Line Items]
Value	[1]	112,593,712	115,669,315
Unrealized Appreciation (Depreciation)	[1]	$ 112,593,712	$ 115,669,315
Futures [Member] | Long [Member] | CME SWAPS MARKETS (CBOT) [Member] | Corn [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		8,209	6,533
Expiration Date		Sep. 30, 2018	Sep. 30, 2018
Notional Value		$ 147,556,775	$ 122,412,087
Value	[1]	(14,970,297)	(7,940,794)
Unrealized Appreciation (Depreciation)	[1]	$ (14,970,297)	$ (7,940,794)
Futures [Member] | Long [Member] | CME SWAPS MARKETS (CBOT) [Member] | Soybean [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		3,132	2,491
Expiration Date		Nov. 30, 2018	Nov. 30, 2018
Notional Value		$ 137,808,000	$ 121,529,663
Value	[1]	(19,135,916)	(1,887,221)
Unrealized Appreciation (Depreciation)	[1]	$ (19,135,916)	$ (1,887,221)
Futures [Member] | Long [Member] | CME SWAPS MARKETS (CBOT) [Member] | Wheat [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		5,906	5,355
Expiration Date		Jul. 31, 2019	Jul. 31, 2018
Notional Value		$ 161,972,050	$ 121,357,688
Value	[1]	(12,160,023)	(11,431,220)
Unrealized Appreciation (Depreciation)	[1]	$ (12,160,023)	$ (11,431,220)
Futures [Member] | Long [Member] | CME SWAPS MARKETS (COMEX) [Member] | Gold [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		1,728	1,374
Expiration Date		Aug. 31, 2018	Aug. 31, 2018
Notional Value		$ 216,777,600	$ 181,835,160
Value	[1]	(5,809,357)	9,038,964
Unrealized Appreciation (Depreciation)	[1]	$ (5,809,357)	$ 9,038,964
Futures [Member] | Long [Member] | CME SWAPS MARKETS (COMEX) [Member] | Silver [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		641	509
Expiration Date		Dec. 31, 2018	Dec. 31, 2018
Notional Value		$ 52,292,780	$ 44,463,695
Value	[1]	(3,395,689)	57,475
Unrealized Appreciation (Depreciation)	[1]	$ (3,395,689)	$ 57,475
Futures [Member] | Long [Member] | ICE FUTURES EUROPE [Member] | Brent Crude Oil [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		5,708	4,539
Expiration Date		Nov. 30, 2018	Nov. 30, 2018
Notional Value		$ 443,511,600	$ 287,409,480
Value	[1]	84,614,703	14,377,382
Unrealized Appreciation (Depreciation)	[1]	$ 84,614,703	$ 14,377,382
Futures [Member] | Long [Member] | LME CLEAR [Member] | Aluminum [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		2,177	1,733
Expiration Date		Oct. 31, 2018	Oct. 31, 2018
Notional Value		$ 116,197,375	$ 99,604,175
Value	[1]	(3,222,502)	5,873,854
Unrealized Appreciation (Depreciation)	[1]	$ (3,222,502)	$ 5,873,854
Futures [Member] | Long [Member] | LME CLEAR [Member] | Copper [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		672	542
Expiration Date		Feb. 28, 2019	Feb. 28, 2018
Notional Value		$ 111,753,600	$ 98,027,475
Value	[1]	(8,692,013)	17,219,294
Unrealized Appreciation (Depreciation)	[1]	$ (8,692,013)	$ 17,219,294
Futures [Member] | Long [Member] | LME CLEAR [Member] | Zinc [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		1,481	1,177
Expiration Date		Jan. 31, 2019	Jan. 31, 2019
Notional Value		$ 104,965,875	$ 94,748,500
Value	[1]	(11,192,175)	4,384,862
Unrealized Appreciation (Depreciation)	[1]	$ (11,192,175)	$ 4,384,862
Futures [Member] | Long [Member] | ICE FUTURES U.S. [Member] | Sugar [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		9,250	7,357
Expiration Date		Sep. 30, 2018	Sep. 30, 2018
Notional Value		$ 126,910,000	$ 125,327,966
Value	[1]	(24,546,197)	(989,673)
Unrealized Appreciation (Depreciation)	[1]	$ (24,546,197)	$ (989,673)
Futures [Member] | Long [Member] | CME SWAPS MARKETS (NYMEX) [Member] | Natural Gas [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		5,343	4,163
Expiration Date		Apr. 30, 2019	Apr. 30, 2018
Notional Value		$ 140,841,480	$ 114,107,830
Value	[1]	291,331	(4,077,204)
Unrealized Appreciation (Depreciation)	[1]	$ 291,331	$ (4,077,204)
Futures [Member] | Long [Member] | CME SWAPS MARKETS (NYMEX) [Member] | NY Harbor ULSD [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		4,490	3,478
Expiration Date		May 31, 2019	May 31, 2018
Notional Value		$ 413,537,082	$ 288,967,543
Value	[1]	17,861,488	56,451,379
Unrealized Appreciation (Depreciation)	[1]	$ 17,861,488	$ 56,451,379
Futures [Member] | Long [Member] | CME SWAPS MARKETS (NYMEX) [Member] | RBOB Gasoline [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		4,757	3,785
Expiration Date		Dec. 31, 2018	Dec. 31, 2018
Notional Value		$ 393,334,448	$ 271,218,717
Value	[1]	54,244,722	9,759,527
Unrealized Appreciation (Depreciation)	[1]	$ 54,244,722	$ 9,759,527
Futures [Member] | Long [Member] | CME SWAPS MARKETS (NYMEX) [Member] | WTI Crude Oil [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		6,618	4,819
Expiration Date		Feb. 28, 2019	Feb. 28, 2018
Notional Value		$ 447,112,080	$ 291,260,360
Value	[1]	58,705,637	24,832,690
Unrealized Appreciation (Depreciation)	[1]	$ 58,705,637	$ 24,832,690

[1] Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

XML

Statements of Income and Expenses (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income
Interest Income	$ 11,447,257	$ 2,898,602	$ 19,033,572	$ 5,478,768
Dividends from Affiliates	658,916	142,474	1,085,554	284,273
Total Income	12,106,173	3,041,076	20,119,126	5,763,041
Expenses
Management Fees	6,497,528	4,191,521	11,799,463	9,353,258
Brokerage Commissions and Fees	59,508	74,661	245,498	166,944
Interest Expense	11,459	34,884	18,237	62,945
Total Expenses	6,568,495	4,301,066	12,063,198	9,583,147
Less: Waivers	(107,259)	(135,535)	(219,832)	(229,185)
Net Expenses	6,461,236	4,165,531	11,843,366	9,353,962
Net Investment Income (Loss)	5,644,937	(1,124,455)	8,275,760	(3,590,921)
Net Realized Gain (Loss) on
United States Treasury Obligations	(9,993)	(12,675)	(5,564)	(42,339)
Commodity Futures Contracts	91,323,528	(63,372,537)	149,343,521	(1,182,345)
Net Realized Gain (Loss)	91,313,535	(63,385,212)	149,337,957	(1,224,684)
Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations	603,611	266,321	259,962	150,092
Affiliated Investments	1,020,132	450,756	1,992,816	535,214
Commodity Futures Contracts	17,443,048	(42,197,634)	(3,075,603)	(201,066,322)
Net Change in Unrealized Gain (Loss)	19,066,791	(41,480,557)	(822,825)	(200,381,016)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	110,380,326	(104,865,769)	148,515,132	(201,605,700)
Net Income (Loss)	$ 116,025,263	$ (105,990,224)	$ 156,790,892	$ (205,196,621)

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Statement of Changes in Shareholders' Equity (Unaudited) - USD ($)	Total	General Partner	Shares [Member]
Balance - Value at Dec. 31, 2016	$ 2,557,464,539	$ 633	$ 2,557,463,906
Balance - Shares at Dec. 31, 2016		40	161,600,000
Purchases of Shares - Value	142,251,533		$ 142,251,533
Purchases of Shares - Shares			9,000,000
Redemption of Shares - Value	(708,495,377)		$ (708,495,377)
Redemption of Shares - Shares			(47,000,000)
Net Increase (Decrease) due to Share Transactions, value	(566,243,844)		$ (566,243,844)
Net Increase (Decrease) due to Share Transactions, shares			(38,000,000)
Net Income (Loss)
Net Investment Income (Loss)	(3,590,921)	$ (1)	$ (3,590,920)
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(1,224,684)		(1,224,684)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(200,381,016)	(54)	(200,380,962)
Net Income (Loss)	(205,196,621)	(55)	(205,196,566)
Net Change in Shareholders' Equity, value	(771,440,465)	(55)	$ (771,440,410)
Net Change in Shareholders' Equity, shares			(38,000,000)
Balance - Value at Jun. 30, 2017	1,786,024,074	$ 578	$ 1,786,023,496
Balance - Shares at Jun. 30, 2017		40	123,600,000
Balance - Value at Mar. 31, 2017	2,240,788,756	$ 609	$ 2,240,788,147
Balance - Shares at Mar. 31, 2017		40	147,200,000
Purchases of Shares - Value	6,227,072		$ 6,227,072
Purchases of Shares - Shares			400,000
Redemption of Shares - Value	(355,001,530)		$ (355,001,530)
Redemption of Shares - Shares			(24,000,000)
Net Increase (Decrease) due to Share Transactions, value	(348,774,458)		$ (348,774,458)
Net Increase (Decrease) due to Share Transactions, shares			(23,600,000)
Net Income (Loss)
Net Investment Income (Loss)	(1,124,455)		$ (1,124,455)
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(63,385,212)	$ (15)	(63,385,197)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(41,480,557)	(16)	(41,480,541)
Net Income (Loss)	(105,990,224)	(31)	(105,990,193)
Net Change in Shareholders' Equity, value	(454,764,682)	(31)	$ (454,764,651)
Net Change in Shareholders' Equity, shares			(23,600,000)
Balance - Value at Jun. 30, 2017	1,786,024,074	$ 578	$ 1,786,023,496
Balance - Shares at Jun. 30, 2017		40	123,600,000
Balance - Value at Dec. 31, 2017	2,262,359,193	$ 665	$ 2,262,358,528
Balance - Shares at Dec. 31, 2017		40	136,000,000
Purchases of Shares - Value	1,064,372,838		$ 1,064,372,838
Purchases of Shares - Shares			61,800,000
Redemption of Shares - Value	(468,642,896)		$ (468,642,896)
Redemption of Shares - Shares			(27,400,000)
Net Increase (Decrease) due to Share Transactions, value	595,729,942		$ 595,729,942
Net Increase (Decrease) due to Share Transactions, shares			34,400,000
Net Income (Loss)
Net Investment Income (Loss)	8,275,760	$ 2	$ 8,275,758
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	149,337,957	41	149,337,916
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(822,825)		(822,825)
Net Income (Loss)	156,790,892	43	156,790,849
Net Change in Shareholders' Equity, value	752,520,834	43	$ 752,520,791
Net Change in Shareholders' Equity, shares			34,400,000
Balance - Value at Jun. 30, 2018	3,014,880,027	$ 708	$ 3,014,879,319
Balance - Shares at Jun. 30, 2018		40	170,400,000
Balance - Value at Mar. 31, 2018	2,759,009,312	$ 678	$ 2,759,008,634
Balance - Shares at Mar. 31, 2018		40	162,800,000
Purchases of Shares - Value	404,777,538		$ 404,777,538
Purchases of Shares - Shares			22,800,000
Redemption of Shares - Value	(264,932,086)		$ (264,932,086)
Redemption of Shares - Shares			(15,200,000)
Net Increase (Decrease) due to Share Transactions, value	139,845,452		$ 139,845,452
Net Increase (Decrease) due to Share Transactions, shares			7,600,000
Net Income (Loss)
Net Investment Income (Loss)	5,644,937	$ 1	$ 5,644,936
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	91,313,535	23	91,313,512
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	19,066,791	6	19,066,785
Net Income (Loss)	116,025,263	30	116,025,233
Net Change in Shareholders' Equity, value	255,870,715	30	$ 255,870,685
Net Change in Shareholders' Equity, shares			7,600,000
Balance - Value at Jun. 30, 2018	$ 3,014,880,027	$ 708	$ 3,014,879,319
Balance - Shares at Jun. 30, 2018		40	170,400,000

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Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net Income (Loss)	$ 156,790,892	$ (205,196,621)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Cost of securities purchased	(4,070,548,698)	(2,800,286,118)
Proceeds from securities sold and matured	3,319,795,140	3,837,775,414
Cost of affiliated investments purchased	(1,696,531,792)	(1,908,713,427)
Proceeds from affiliated investments sold	1,616,363,400	1,693,717,967
Net accretion of discount on United States Treasury Obligations	(19,033,572)	(5,478,768)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	5,564	42,339
Net change in unrealized (gain) loss on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	48,331,922	(5,256,107)
Change in operating assets and liabilities:
Dividends from affiliates	(128,995)	(7,443)
Variation margin - Commodity Futures Contracts	(20,483,083)	(30,793,505)
LME Commodity Futures Contracts	3,267,594	(4,803,422)
Management fees	619,475	(571,179)
Brokerage commissions and fees	(2,779)	(1,979)
Net cash provided by (used for) operating activities	(661,554,932)	570,427,151
Cash flows from financing activities:
Proceeds from purchases of Shares	1,124,258,264	142,251,533
Redemption of Shares	(468,642,896)	(708,495,377)
Net cash provided by (used for) financing activities	655,615,368	(566,243,844)
Net change in cash	(5,939,564)	4,183,307
Cash at beginning of period	5,939,564	5,015,157
Cash at end of period	0	9,198,464
Supplemental disclosure of cash flow information
Cash paid for interest	$ 18,237	$ 62,945

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Organization

6 Months Ended

Jun. 30, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

Note 1 - Organization

Invesco DB Commodity Index Tracking Fund (the “Fund”) was formed as a Delaware statutory trust on May 23, 2005. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Fund, as amended (the “Trust Agreement”). The Fund has an unlimited number of shares authorized for issuance.

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 holds 40 general shares (the “General Shares”) of the Fund. The fiscal year end of the Fund is December 31^st.

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Diversified Commodity Index Excess Return^TM (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 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.

The Commodity Futures Trading Commission (the “CFTC”) and certain futures exchanges impose position limits on futures contracts that reference Index Commodities (the “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. In addition, 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 Fund offers common units of beneficial interest (the “Shares”) only to certain eligible financial institutions (the “Authorized Participants”) in one or more blocks of 200,000 Shares, called a Basket. The Fund commenced investment operations on January 31, 2006. The Fund commenced trading on the American Stock Exchange (which became the NYSE Alternext US LLC) on February 3, 2006 and, since November 25, 2008, has been listed on the NYSE Arca, Inc. (the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three and six months ended June 30, 2018 and 2017. The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Fund’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the SEC on February 28, 2018. 

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 - Summary of Significant Accounting Policies

A.  Basis of Presentation

The financial statements of the Fund have been prepared using U.S. GAAP.

The Fund has determined that it meets the definition of an investment company and has prepared the financial statements in conformity with U.S. GAAP for investment companies in conformity with accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services— Investment Companies.

B.  Accounting Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

C.  Investment Valuations

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value (“NAV”) per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

United States Treasury Obligations are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as developments related to specific securities, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. All debt obligations involve some risk of default with respect to interest and/or principal payments.

Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded.

Securities for which market quotations are not readily available or become unreliable are valued at fair value as determined in good faith following procedures approved by the Managing Owner. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value.

D.  Investment Transactions and Investment Income

Investment transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of securities or derivatives are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the sale or disposition occurs, respectively. Interest income on United States Treasury Obligations is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

E.  Profit and Loss Allocations and Distributions

Pursuant to the Trust Agreement, income and expenses are allocated pro rata to the Managing Owner as holder of the General Shares and to the Shareholders monthly based on their respective percentage interests as of the close of the last trading day of the preceding month. Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the shareholders.

No distributions were paid for the three and six months ended June 30, 2018 and 2017.

F.  Routine Operational, Administrative and Other Ordinary Expenses

The Managing Owner is responsible for all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. The Fund does not reimburse the Managing Owner for the routine operational, administrative and other ordinary expenses of the Fund. Accordingly, such expenses are not reflected in the Statements of Income and Expenses of the Fund.

G.  Non-Recurring Fees and Expenses

The Fund pays all non-recurring and unusual fees and expenses, if any, of itself, as determined by the Managing Owner. Non-recurring and unusual fees and expenses include fees and expenses, such as legal claims and liabilities, litigation costs, indemnification expenses or other non-routine expenses. Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the three and six months ended June 30, 2018 and 2017, the Fund did not incur such expenses.

H.  Brokerage Commissions and Fees

The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker (as defined below). These costs are recorded as Brokerage Commissions and Fees in the Statements of Income and Expenses. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker, as applicable were less than $9.00 and $9.00 per round-turn trade during the three and six months ended June 30, 2018 and 2017, respectively.

I.  Income Taxes

The Fund is classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will generally not incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items.

The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions taken or expected to be taken in future tax returns. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, 2014.

J.  Commodity Futures Contracts

The Fund utilizes derivative instruments to achieve its investment objective. A commodity futures contract is an agreement between counterparties to purchase or sell a specified underlying commodity for a specified price, or to pay or receive a cash amount based on the value of an index or other reference instrument, at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker. During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made on non-LME commodity futures contracts depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Financial Condition. For LME contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as net unrealized appreciation (depreciation) on the Statements of Financial Condition. When LME or non-LME contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

K.  Receivable/(Payable) for LME Contracts

The Fund trades aluminum, copper and zinc commodity futures contracts on the LME. For settlement of futures contracts traded on the LME, cash is not transferred until the settled futures contracts expire. As of June 30, 2018, the Fund had a payable to the Commodity Broker of $499,244, related to net realized losses on LME contracts, which have been closed out but for which the contract was not yet expired. As of December 31, 2017, the Fund had a receivable from the Commodity Broker of 2,768,350, related to net realized gains on LME contracts which have been closed out but for which the contract was not yet expired.

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Financial Instrument Risk

6 Months Ended

Jun. 30, 2018

Investments Debt And Equity Securities [Abstract]

Financial Instrument Risk

Note 3 - Financial Instrument Risk

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 in excess of the amounts shown on the Statements of Financial Condition. The financial instruments used by the Fund are commodity futures contracts, the values of which are based upon an underlying asset and generally represent future commitments that have a reasonable possibility of being settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts.

Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including fluctuations in commodity prices. In entering into these futures contracts, there exists a market risk that such futures contracts may be significantly influenced by adverse market conditions, resulting in such futures contracts being less valuable. If the markets should move against all of the futures contracts at the same time, the Fund could experience substantial losses.

Credit risk is the possibility that a loss may occur due to the failure of the Commodity Broker and/or clearing house to perform according to the terms of a futures contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Commodity Broker, when acting as the Fund’s futures commission merchant 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. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and not represented by the futures contract or notional amounts of the instruments.

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.

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Service Providers and Related Party Agreements

6 Months Ended

Jun. 30, 2018

Related Party Transactions [Abstract]

Service Providers and Related Party Agreements

Note 4 – Service Providers and Related Party Agreements

The Trustee

Under the Trust Agreement, Wilmington Trust Company, the trustee of the Fund (the “Trustee”), has the power and authority to execute and file certificates as required by the Delaware Statutory Trust Act and to accept service of process on the Fund in the State of Delaware. The Managing Owner has the exclusive management and control of all aspects of the business of the Fund. The Trustee will serve in that capacity until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor is appointed by the Managing Owner. The Trustee will have no duty or liability to supervise or monitor the performance of the Managing Owner, nor will the Trustee have any liability for the acts or omissions of the Managing Owner.

The Managing Owner

The Managing Owner serves as the Fund’s commodity pool operator, commodity trading advisor and managing owner. The Fund pays the Managing Owner a management fee, monthly in arrears, in an amount equal to 0.85% per annum of the daily NAV of the Fund (the “Management Fee”). The Fund, for cash management purposes, invests 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 fee that the Fund incurs 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 this fee waiver on 60 days notice.

The Managing Owner waived fees of $107,259 and $219,832 for the three and six months ended June 30, 2018, respectively. The Managing Owner waived fees of $135,535 and $ 229,185 for the three and six months ended June 30, 2017, respectively.

The Distributor

Invesco Distributors, Inc. (the “Distributor”) provides certain distribution services to the Fund. Pursuant to the Distribution Services Agreement among the Managing Owner, the Fund and the Distributor, the Distributor assists the Managing Owner and the Fund’s administrator, The Bank of New York Mellon, with certain functions and duties relating to distribution and marketing services to the Fund including reviewing and approving marketing materials.

The Managing Owner pays the Distributor a distribution fee out of the Management Fee.

The Commodity Broker

Morgan Stanley & Co. LLC, a Delaware limited liability company, serves as the Fund’s futures clearing broker (the “Commodity Broker”). The Commodity Broker is registered with the CFTC as a futures commission merchant and is a member of the NFA in such capacity.

A variety of executing brokers execute futures transactions on behalf of the Fund. Such executing brokers give-up all such transactions to the Commodity Broker. In its capacity as clearing broker, the Commodity Broker may execute or receive transactions executed by others and clears all of the Fund’s futures transactions and performs certain administrative and custodial services for the Fund. The Commodity Broker is responsible, among other things, for providing periodic accountings of all dealings and actions taken by the Fund during the reporting period, together with an accounting of all securities, cash or other indebtedness or obligations held by it or its nominees for or on behalf of the Fund.

The Administrator, Custodian and Transfer Agent

The Bank of New York Mellon (the “Administrator” and “Custodian”) is the administrator, custodian and transfer agent of the Fund. The Fund and the Administrator have entered into separate administrative, custodian, transfer agency and service agreements (collectively referred to as the “Administration Agreement”).

Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of services necessary for the operation and administration of the Fund (other than making investment decisions), including receiving and processing orders from Authorized Participants to create and redeem Baskets, NAV calculations, accounting and other fund administrative services. The Administrator maintains certain financial books and records, including: Basket creation and redemption records; fund accounting records; ledgers with respect to assets, liabilities, capital, income and expenses; the registrar, transfer journals and related details; and trading and related documents received from the Commodity Broker. The Managing Owner pays the Administrator fees for its services out of the Management Fee.

Index Sponsor

The Managing Owner, on behalf of the Fund, has appointed Deutsche Bank Securities Inc. to serve as the index sponsor (the “Index Sponsor”). The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels. Additionally, the Index Sponsor also calculates the indicative value per Share of the Fund throughout each business day.

The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties.

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Deposits with Commodity Broker and Custodian

6 Months Ended

Jun. 30, 2018

Brokers And Dealers [Abstract]

Deposits with Commodity Broker and Custodian

Note 5 - Deposits with Commodity Broker and Custodian

The Fund defines cash as cash held by the Custodian. There were no cash equivalents held by the Fund as of June 30, 2018 and December 31, 2017.

The Fund may deposit cash, United States Treasury Obligations, T-Bill ETFs and money market mutual funds with the Commodity Broker as margin, to the extent permissible under CFTC rules. The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open futures contracts represents the Fund’s overall equity in its broker trading account. To meet the Fund’s maintenance margin requirements, the Fund holds United States Treasury Obligations with the Commodity Broker. The Fund transfers cash to the Commodity Broker to satisfy variation margin requirements. The Fund earns interest on any excess cash deposited with the Commodity Broker and incurs interest expense on any deficit balance with the Commodity Broker.

The brokerage agreement with the Commodity Broker provides for the net settlement of all financial instruments covered by the agreement in the event of default or termination of any one contract. The Managing Owner will utilize any excess cash held at the Commodity Broker to offset any realized losses incurred in the commodity futures contracts, if available. To the extent that any excess cash held at the Commodity Broker is not adequate to cover any realized losses, a portion of the United States Treasury Obligations and T-Bill ETFs, if any, on deposit with the Commodity Broker will be sold to make additional cash available. For financial reporting purposes, the Fund offsets financial assets and financial liabilities that are subject to legally enforceable netting arrangements.

The Fund’s remaining cash, United States Treasury Obligations, T-Bill ETFs and money market mutual fund holdings are on deposit with the Custodian. The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with the Custodian. Such balances, if any at period-end, are shown on the Statements of Financial Condition under the payable caption Due to custodian.

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Additional Valuation Information

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Additional Valuation Information

Note 6 - Additional Valuation Information

U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. U.S. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods or market conditions may result in transfers in or out of an investment’s assigned level:

Level 1: Prices are determined using quoted prices in an active market for identical assets.

Level 2: Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3: Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The levels assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The Fund's policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended June 30, 2018 and the year ended December 31, 2017, there were no transfers between valuation levels.

The following is a summary of the tiered valuation input levels as of June 30, 2018:

	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	2,609,081,256	$	—	$	2,609,081,256
Exchange-Traded Fund		251,735,364			—		—		251,735,364
Money Market Mutual Fund		148,172,071			—		—		148,172,071
Total Investments in Securities		399,907,435			2,609,081,256		—		3,008,988,691
Other Investments—Assets(a)
Commodity Futures Contracts		215,717,881			—		—		215,717,881
Other Investments—Liabilities(a)
Commodity Futures Contracts		(103,124,169	)		—		—		(103,124,169	)
Total Other Investments		112,593,712			—		—		112,593,712
Total Investments	$	512,501,147		$	2,609,081,256	$	—	$	3,121,582,403

^(a) Unrealized appreciation (depreciation).

The following is a summary of the tiered valuation input levels as of December 31, 2017:

	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	1,839,039,728	$	—	$	1,839,039,728
Exchange-Traded Fund		249,742,548			—		—		249,742,548
Money Market Mutual Fund		68,003,679			—		—		68,003,679
Total Investments in Securities		317,746,227			1,839,039,728		—		2,156,785,955
Other Investments—Assets(a)
Commodity Futures Contracts		141,995,427			—		—		141,995,427
Other Investments—Liabilities(a)
Commodity Futures Contracts		(26,326,112	)		—		—		(26,326,112	)
Total Other Investments		115,669,315			—		—		115,669,315
Total Investments	$	433,415,542		$	1,839,039,728	$	—	$	2,272,455,270

^(a) Unrealized appreciation (depreciation).

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Derivative Instruments

6 Months Ended

Jun. 30, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:

	June 30, 2018					December 31, 2017
Risk Exposure/Derivative Type (a)	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	215,717,881	$	(103,124,169	)	$	141,995,427	$	(26,326,112	)

^(a) Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the June 30, 2018 and December 31, 2017 Statements of Financial Condition for non-LME Commodity Futures Contracts.

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of June 30, 2018, net by contract:

	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	215,717,881	$	(207,346,293	)	$	8,371,588	$	—	$	—	$	8,371,588

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2017, net by contract:

	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	141,995,427	$	(103,522,222	)	$	38,473,205	$	—	$	—	$	38,473,205

^(a) As of June 30, 2018 and December 31, 2017, a portion of the Fund’s U.S. Treasury Obligations were required to be deposited as maintenance margin in support of the Fund’s futures positions.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:

		For the Three Months Ended
	Location of Gain (Loss) on Derivatives	June 30,
Risk Exposure/Derivative Type	Recognized in Income	2018		2017
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	91,323,528	$	(63,372,537	)
	Net Change in Unrealized Gain (Loss)		17,443,048		(42,197,634	)
Total		$	108,766,576	$	(105,570,171	)

		For the Six Months Ended
	Location of Gain (Loss) on Derivatives	June 30,
Risk Exposure/Derivative Type	Recognized in Income	2018			2017
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	149,343,521		$	(1,182,345	)
	Net Change in Unrealized Gain (Loss)		(3,075,603	)		(201,066,322	)
Total		$	146,267,918		$	(202,248,667	)

The table below summarizes the average monthly notional value of futures contracts outstanding during the period:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Average Notional Value	$	3,004,408,955	$	1,998,989,924	$	2,766,163,264	$	2,228,834,272

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Investments in Affiliates

6 Months Ended

Jun. 30, 2018

Investments In And Advances To Affiliates Schedule Of Investments [Abstract]

Investments in Affiliates

Note 8 – Investments in Affiliates

The Fund's investment adviser also serves as the adviser for Invesco Treasury Collateral ETF, and therefore, Invesco Treasury Collateral ETF is considered to be affiliated with the Fund. The following is a summary of the transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the three and six months ended June 30, 2018.

	Value 03/31/2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 06/30/2018		Dividend Income
Invesco Treasury    Collateral ETF	$	250,715,232	$	—	$	—	$	1,020,132	$	—	$	251,735,364	$	—

	Value 12/31/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 06/30/2018		Dividend Income
Invesco Treasury    Collateral ETF	$	249,742,548	$	—	$	—	$	1,992,816	$	—	$	251,735,364	$	—

The following is a summary of the transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the three and six months ended June 30, 2017.

	Value 04/01/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 06/30/2017		Dividend Income
PowerShares Treasury    Collateral Portfolio	$	250,074,684	$	—	$	—	$	450,756	$	—	$	250,525,440	$	—

	Value 01/01/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 06/30/2017		Dividend Income
PowerShares Treasury    Collateral Portfolio	$	—	$	249,990,226	$	—	$	535,214	$	—	$	250,525,440	$	—

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Share Purchases and Redemptions

6 Months Ended

Jun. 30, 2018

Text Block [Abstract]

Share Purchases and Redemptions

Note 9 - Share Purchases and Redemptions

(a) Purchases

On any business day, an Authorized Participant may place an order with the Administrator, which also serves as the Fund’s transfer agent (“Transfer Agent”) to create one or more Baskets. Each Basket consists of a block of 200,000 Shares. For purposes of processing both creation and redemption orders, a “business day” means any day other than a day when banks in New York City are required or permitted to be closed. Creation orders must be placed by 10:00 a.m., Eastern Time. The day on which the Transfer Agent receives a valid creation order is the creation order date. The day on which a creation order is settled is the creation order settlement date. Cash settlement occurs at the creation order settlement date. As provided below, the creation order settlement date may occur up to two business days after the creation order date. By placing a creation order, and prior to delivery of such Baskets, an Authorized Participant’s Depository Trust Company (“DTC”) account is charged the non-refundable transaction fee due for the creation order.

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, Baskets are issued on the creation order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the creation order date at the applicable NAV per Share as of the closing time of the NYSE Arca or the last to close of the exchanges on which its futures contracts are traded, whichever is later, on the creation order date, but only if the required payment has been timely received. Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to two business days after the creation order date.

(b) Redemptions

On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more Baskets. 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. Cash settlement occurs at 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. The redemption procedures allow Authorized Participants to redeem Baskets. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 200,000 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 Baskets to be redeemed through DTC’s book-entry system to the Fund not 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.

The redemption proceeds from the Fund consist of the cash redemption amount. The cash redemption amount is equal to the NAV of the number of Basket(s) requested in the Authorized Participant’s redemption order as of the closing time of the NYSE Arca or the last to close of the exchanges on which the Fund’s futures contracts are traded, whichever is later, on the redemption order date. The Managing Owner will distribute the cash redemption amount at the redemption order settlement date as of 2:45 p.m., Eastern Time, on the redemption order settlement date through DTC to the account of the Authorized Participant as recorded on DTC’s book-entry system.

The redemption proceeds due from the Fund are delivered to the Authorized Participant at 2:45 p.m., Eastern Time, on the redemption order settlement date if, by such time, the Fund’s DTC account has been credited with the Baskets to be redeemed. If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole Baskets received if the Transfer Agent receives the fee applicable to the extension of the redemption distribution date which the Managing Owner may, from time-to-time, determine and the remaining Baskets to be redeemed are credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on such next business day. Any further outstanding amount of the redemption order will be cancelled. The Managing Owner is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on the redemption order settlement date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book-entry system on such terms as the Managing Owner may determine from time-to-time.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 10 - Commitments and Contingencies

The Managing Owner, either in its own capacity or in its capacity as the Managing Owner and on behalf of the Fund, has entered into various service agreements that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services for the Fund. The Trust Agreement provides for the Fund to indemnify the Managing Owner and any affiliate of the Managing Owner that provides services to the Fund to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Managing Owner or such an affiliate. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Further, the Fund has not had prior claims or losses pursuant to these contracts. Accordingly, the Managing Owner expects the risk of loss to be remote.

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Financial Highlights

6 Months Ended

Jun. 30, 2018

Investment Company Financial Highlights [Abstract]

Financial Highlights

Note 11 - Financial Highlights

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and six months ended June 30, 2018 and 2017. An individual investor’s return and ratios may vary based on the timing of capital transactions.

NAV per Share is the NAV of the Fund divided by the number of outstanding Shares at the date of each respective period presented.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Net Asset Value
Net asset value per Share, beginning of period	$	16.95		$	15.22		$	16.63		$	15.83
Net realized and change in unrealized gain (loss) on United States    Treasury Obligations, Affiliated Investments and Commodity    Futures Contracts		0.71			(0.77	)		1.01			(1.36	)
Net investment income (loss) (a)		0.03			—			0.05			(0.02	)
Net income (loss)		0.74			(0.77	)		1.06			(1.38	)
Net asset value per Share, end of period	$	17.69		$	14.45		$	17.69		$	14.45
Market value per Share, beginning of period (b)	$	16.98		$	15.23		$	16.62		$	15.84
Market value per Share, end of period (b)	$	17.67		$	14.47		$	17.67		$	14.47
Ratio to average Net Assets (c)
Net investment income (loss)		0.74	%		(0.23	)%		0.60	%		(0.33	)%
Expenses, after waivers		0.85	%		0.84	%		0.85	%		0.85	%
Expenses, prior to waivers		0.86	%		0.87	%		0.87	%		0.87	%
Total Return, at net asset value (d)		4.37	%		(5.06	)%		6.37	%		(8.72	)%
Total Return, at market value (d)		4.06	%		(4.99	)%		6.32	%		(8.65	)%

^(a) Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c) Annualized.

^(d) Total Return, at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, reinvestment of all dividends and distributions at NAV during the period, and redemption of Shares on the last day of the period. Total Return, at NAV includes adjustments in accordance with U.S. GAAP and as such, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions. Total Return, at market value is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and redemption of Shares at the market value on the last day of the period. Not annualized for periods less than one year, if applicable.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation

A.  Basis of Presentation

The financial statements of the Fund have been prepared using U.S. GAAP.

The Fund has determined that it meets the definition of an investment company and has prepared the financial statements in conformity with U.S. GAAP for investment companies in conformity with accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services— Investment Companies.

Accounting Estimates

B.  Accounting Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Investment Valuations

C.  Investment Valuations

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value (“NAV”) per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

United States Treasury Obligations are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as developments related to specific securities, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. All debt obligations involve some risk of default with respect to interest and/or principal payments.

Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded.

Securities for which market quotations are not readily available or become unreliable are valued at fair value as determined in good faith following procedures approved by the Managing Owner. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value.

Investment Transactions and Investment Income

D.  Investment Transactions and Investment Income

Investment transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of securities or derivatives are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the sale or disposition occurs, respectively. Interest income on United States Treasury Obligations is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

Profit and Loss Allocations and Distributions

E.  Profit and Loss Allocations and Distributions

Pursuant to the Trust Agreement, income and expenses are allocated pro rata to the Managing Owner as holder of the General Shares and to the Shareholders monthly based on their respective percentage interests as of the close of the last trading day of the preceding month. Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the shareholders.

No distributions were paid for the three and six months ended June 30, 2018 and 2017.

Routine Operational, Administrative and Other Ordinary Expenses

F.  Routine Operational, Administrative and Other Ordinary Expenses

The Managing Owner is responsible for all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. The Fund does not reimburse the Managing Owner for the routine operational, administrative and other ordinary expenses of the Fund. Accordingly, such expenses are not reflected in the Statements of Income and Expenses of the Fund.

Non-Recurring Fees and Expenses

G.  Non-Recurring Fees and Expenses

The Fund pays all non-recurring and unusual fees and expenses, if any, of itself, as determined by the Managing Owner. Non-recurring and unusual fees and expenses include fees and expenses, such as legal claims and liabilities, litigation costs, indemnification expenses or other non-routine expenses. Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the three and six months ended June 30, 2018 and 2017, the Fund did not incur such expenses.

Brokerage Commissions and Fees

H.  Brokerage Commissions and Fees

The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker (as defined below). These costs are recorded as Brokerage Commissions and Fees in the Statements of Income and Expenses. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker, as applicable were less than $9.00 and $9.00 per round-turn trade during the three and six months ended June 30, 2018 and 2017, respectively.

Income Taxes

I.  Income Taxes

The Fund is classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will generally not incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items.

The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions taken or expected to be taken in future tax returns. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, 2014.

Commodity Futures Contracts

J.  Commodity Futures Contracts

The Fund utilizes derivative instruments to achieve its investment objective. A commodity futures contract is an agreement between counterparties to purchase or sell a specified underlying commodity for a specified price, or to pay or receive a cash amount based on the value of an index or other reference instrument, at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker. During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made on non-LME commodity futures contracts depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Financial Condition. For LME contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as net unrealized appreciation (depreciation) on the Statements of Financial Condition. When LME or non-LME contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

Receivable/(Payable) For LME Contracts

K.  Receivable/(Payable) for LME Contracts

The Fund trades aluminum, copper and zinc commodity futures contracts on the LME. For settlement of futures contracts traded on the LME, cash is not transferred until the settled futures contracts expire. As of June 30, 2018, the Fund had a payable to the Commodity Broker of $499,244, related to net realized losses on LME contracts, which have been closed out but for which the contract was not yet expired. As of December 31, 2017, the Fund had a receivable from the Commodity Broker of 2,768,350, related to net realized gains on LME contracts which have been closed out but for which the contract was not yet expired.

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Additional Valuation Information (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Summary of the Tiered Valuation Input Levels

The following is a summary of the tiered valuation input levels as of June 30, 2018:

	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	2,609,081,256	$	—	$	2,609,081,256
Exchange-Traded Fund		251,735,364			—		—		251,735,364
Money Market Mutual Fund		148,172,071			—		—		148,172,071
Total Investments in Securities		399,907,435			2,609,081,256		—		3,008,988,691
Other Investments—Assets(a)
Commodity Futures Contracts		215,717,881			—		—		215,717,881
Other Investments—Liabilities(a)
Commodity Futures Contracts		(103,124,169	)		—		—		(103,124,169	)
Total Other Investments		112,593,712			—		—		112,593,712
Total Investments	$	512,501,147		$	2,609,081,256	$	—	$	3,121,582,403

^(a) Unrealized appreciation (depreciation).

The following is a summary of the tiered valuation input levels as of December 31, 2017:

	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	1,839,039,728	$	—	$	1,839,039,728
Exchange-Traded Fund		249,742,548			—		—		249,742,548
Money Market Mutual Fund		68,003,679			—		—		68,003,679
Total Investments in Securities		317,746,227			1,839,039,728		—		2,156,785,955
Other Investments—Assets(a)
Commodity Futures Contracts		141,995,427			—		—		141,995,427
Other Investments—Liabilities(a)
Commodity Futures Contracts		(26,326,112	)		—		—		(26,326,112	)
Total Other Investments		115,669,315			—		—		115,669,315
Total Investments	$	433,415,542		$	1,839,039,728	$	—	$	2,272,455,270

^(a) Unrealized appreciation (depreciation).

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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments and Effect of Derivative Instruments on Statements of Income and Expenses

The Fair Value of Derivative Instruments is as follows:

	June 30, 2018					December 31, 2017
Risk Exposure/Derivative Type (a)	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	215,717,881	$	(103,124,169	)	$	141,995,427	$	(26,326,112	)

^(a) Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the June 30, 2018 and December 31, 2017 Statements of Financial Condition for non-LME Commodity Futures Contracts.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:

		For the Three Months Ended
	Location of Gain (Loss) on Derivatives	June 30,
Risk Exposure/Derivative Type	Recognized in Income	2018		2017
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	91,323,528	$	(63,372,537	)
	Net Change in Unrealized Gain (Loss)		17,443,048		(42,197,634	)
Total		$	108,766,576	$	(105,570,171	)

		For the Six Months Ended
	Location of Gain (Loss) on Derivatives	June 30,
Risk Exposure/Derivative Type	Recognized in Income	2018			2017
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	149,343,521		$	(1,182,345	)
	Net Change in Unrealized Gain (Loss)		(3,075,603	)		(201,066,322	)
Total		$	146,267,918		$	(202,248,667	)

Summary of Gross and Net Amounts of Offsetting Assets and Liabilities

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of June 30, 2018, net by contract:

	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	215,717,881	$	(207,346,293	)	$	8,371,588	$	—	$	—	$	8,371,588

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2017, net by contract:

	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	141,995,427	$	(103,522,222	)	$	38,473,205	$	—	$	—	$	38,473,205

^(a) As of June 30, 2018 and December 31, 2017, a portion of the Fund’s U.S. Treasury Obligations were required to be deposited as maintenance margin in support of the Fund’s futures positions.

Summary of Average Monthly Notional Value of Future Contracts Outstanding

The table below summarizes the average monthly notional value of futures contracts outstanding during the period:

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Average Notional Value	$	3,004,408,955	$	1,998,989,924	$	2,766,163,264	$	2,228,834,272

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Investments in Affiliates (Tables)

6 Months Ended

Jun. 30, 2018

Investments In And Advances To Affiliates Schedule Of Investments [Abstract]

Summary of Transactions in, and Earnings from, Investments in Affiliates (Excluding Affiliated Money Market Funds)

The following is a summary of the transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the three and six months ended June 30, 2018.

	Value 03/31/2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 06/30/2018		Dividend Income
Invesco Treasury    Collateral ETF	$	250,715,232	$	—	$	—	$	1,020,132	$	—	$	251,735,364	$	—

	Value 12/31/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 06/30/2018		Dividend Income
Invesco Treasury    Collateral ETF	$	249,742,548	$	—	$	—	$	1,992,816	$	—	$	251,735,364	$	—

The following is a summary of the transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the three and six months ended June 30, 2017.

	Value 04/01/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 06/30/2017		Dividend Income
PowerShares Treasury    Collateral Portfolio	$	250,074,684	$	—	$	—	$	450,756	$	—	$	250,525,440	$	—

	Value 01/01/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 06/30/2017		Dividend Income
PowerShares Treasury    Collateral Portfolio	$	—	$	249,990,226	$	—	$	535,214	$	—	$	250,525,440	$	—

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2018

Investment Company Financial Highlights [Abstract]

Schedule of Net Asset Value Per Share

NAV per Share is the NAV of the Fund divided by the number of outstanding Shares at the date of each respective period presented.

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2018			2017			2018			2017
Net Asset Value
Net asset value per Share, beginning of period	$	16.95		$	15.22		$	16.63		$	15.83
Net realized and change in unrealized gain (loss) on United States    Treasury Obligations, Affiliated Investments and Commodity    Futures Contracts		0.71			(0.77	)		1.01			(1.36	)
Net investment income (loss) (a)		0.03			—			0.05			(0.02	)
Net income (loss)		0.74			(0.77	)		1.06			(1.38	)
Net asset value per Share, end of period	$	17.69		$	14.45		$	17.69		$	14.45
Market value per Share, beginning of period (b)	$	16.98		$	15.23		$	16.62		$	15.84
Market value per Share, end of period (b)	$	17.67		$	14.47		$	17.67		$	14.47
Ratio to average Net Assets (c)
Net investment income (loss)		0.74	%		(0.23	)%		0.60	%		(0.33	)%
Expenses, after waivers		0.85	%		0.84	%		0.85	%		0.85	%
Expenses, prior to waivers		0.86	%		0.87	%		0.87	%		0.87	%
Total Return, at net asset value (d)		4.37	%		(5.06	)%		6.37	%		(8.72	)%
Total Return, at market value (d)		4.06	%		(4.99	)%		6.32	%		(8.65	)%

^(a) Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c) Annualized.

^(d) Total Return, at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, reinvestment of all dividends and distributions at NAV during the period, and redemption of Shares on the last day of the period. Total Return, at NAV includes adjustments in accordance with U.S. GAAP and as such, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions. Total Return, at market value is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and redemption of Shares at the market value on the last day of the period. Not annualized for periods less than one year, if applicable.

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Organization - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018 Basket shares	Dec. 31, 2017 shares	May 23, 2005 shares
Organization Consolidation And Presentation Of Financial Statements [Abstract]
General shares, shares issued	40	40	40
Treasury obligation measurement maximum maturity period	12 months
Minimum number of Baskets that can be purchased | Basket	1
Number of shares issued per basket	200,000

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Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Accounting Policies [Abstract]
Distributed earnings	$ 0	$ 0	$ 0	$ 0
Average charges paid to broker per round-turn trade, maximum	9.00	$ 9.00	9.00	$ 9.00
LME contracts payable	$ 499,244		$ 499,244
LME contracts					$ 2,768,350

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Service Providers and Related Party Agreements - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Related Party Transactions [Abstract]
Management fee percentage per annum of daily NAV			0.85%
Managing owner waived fees	$ 107,259	$ 135,535	$ 219,832	$ 229,185

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Deposits with Commodity Broker and Custodian - Additional Information (Detail) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Brokers And Dealers [Abstract]
Cash equivalents held by fund	$ 0	$ 0

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Additional Valuation Information - Summary of the Tiered Valuation Input Levels (Detail) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
United States Treasury Obligations	$ 2,609,081,256	$ 1,839,039,728
Exchange-Traded Fund	251,735,364	249,742,548
Money Market Mutual Fund	148,172,071	68,003,679
Total Investments in Securities	3,008,988,691	2,156,785,955
Commodity Futures Contracts, Appreciation	215,717,881	141,995,427
Commodity Futures Contracts, Depreciation	(103,124,169)	(26,326,112)
Commodity Futures Contracts	112,593,712	115,669,315
Total Investments	3,121,582,403	2,272,455,270
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exchange-Traded Fund	251,735,364	249,742,548
Money Market Mutual Fund	148,172,071	68,003,679
Total Investments in Securities	399,907,435	317,746,227
Commodity Futures Contracts, Appreciation	215,717,881	141,995,427
Commodity Futures Contracts, Depreciation	(103,124,169)	(26,326,112)
Commodity Futures Contracts	112,593,712	115,669,315
Total Investments	512,501,147	433,415,542
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
United States Treasury Obligations	2,609,081,256	1,839,039,728
Total Investments in Securities	2,609,081,256	1,839,039,728
Total Investments	$ 2,609,081,256	$ 1,839,039,728

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Derivative Instruments - Fair Value of Derivative Instruments (Detail) - Commodity Futures Contract [Member] - Not Designated as Hedging Instrument [Member] - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Assets	$ 215,717,881	$ 141,995,427
Liabilities	$ (103,124,169)	$ (26,326,112)

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Derivative Instruments - Summary of Gross and Net Amounts of Offsetting Assets and Liabilities (Detail) - Morgan Stanley & Co. LLC [Member] - Commodity Futures Contract [Member] - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Offsetting Assets And Liabilities [Line Items]
Financial Derivative Assets, Futures Contracts	$ 215,717,881	$ 141,995,427
Financial Derivative Liabilities, Futures Contracts	(207,346,293)	(103,522,222)
Net value of derivatives	8,371,588	38,473,205
Net amount	$ 8,371,588	$ 38,473,205

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Derivative Instruments - Effect of Derivative Instruments on Statements of Income and Expenses (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Futures contracts, realized gain (loss)	$ 91,323,528	$ (63,372,537)	$ 149,343,521	$ (1,182,345)
Futures contracts, unrealized gain (loss)	17,443,048	(42,197,634)	(3,075,603)	(201,066,322)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	110,380,326	(104,865,769)	148,515,132	(201,605,700)
Commodity Futures Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Futures contracts, realized gain (loss)	91,323,528	(63,372,537)	149,343,521	(1,182,345)
Futures contracts, unrealized gain (loss)	17,443,048	(42,197,634)	(3,075,603)	(201,066,322)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	$ 108,766,576	$ (105,570,171)	$ 146,267,918	$ (202,248,667)

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Derivative Instruments - Summary of Average Monthly Notional Value of Future Contracts Outstanding (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Weighted Average [Member] | Commodity Futures Contract [Member]
Derivative [Line Items]
Average Notional Value	$ 3,004,408,955	$ 1,998,989,924	$ 2,766,163,264	$ 2,228,834,272

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Investments in Affiliates - Summary of Transactions in, and Earnings from, Investments in Affiliates (Excluding Affiliated Money Market Funds) (Detail) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2018		Jun. 30, 2017	Jun. 30, 2018		Jun. 30, 2017
Investments In And Advances To Affiliates [Line Items]
Beginning Value				$ 317,746,227
Change in Unrealized Appreciation (Depreciation)	$ 603,611		$ 266,321	259,962		$ 150,092
Ending Value	399,907,435			399,907,435
Affiliated Investments [Member]
Investments In And Advances To Affiliates [Line Items]
Beginning Value				317,746,227
Ending Value	399,907,435			399,907,435
Affiliated Investments [Member] | Exchange-Traded Fund [Member]
Investments In And Advances To Affiliates [Line Items]
Beginning Value	250,715,232		250,074,684	249,742,548	[1]
Purchases at Cost						249,990,226
Change in Unrealized Appreciation (Depreciation)	1,020,132		450,756	1,992,816		535,214
Ending Value	$ 251,735,364	[1]	$ 250,525,440	$ 251,735,364	[1]	$ 250,525,440

[1] Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 8.

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Share Purchases and Redemptions - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018 Basket shares
Equity [Abstract]
Minimum number of Baskets that can be purchased	1
Number of shares issued per basket | shares	200,000
Minimum number of Baskets that can be redeemed	1

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Financial Highlights - Schedule of Net Asset Value Per Share (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net Asset Value
Net asset value per Share, beginning of period	$ 16.95	$ 15.22	$ 16.63	$ 15.83
Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	0.71	(0.77)	1.01	(1.36)
Net investment income (loss)	0.03		0.05	(0.02)
Net income (loss)	0.74	(0.77)	1.06	(1.38)
Net asset value per Share, end of period	17.69	14.45	17.69	14.45
Market value per Share, beginning of period	16.98	15.23	16.62	15.84
Market value per Share, end of period	$ 17.67	$ 14.47	$ 17.67	$ 14.47
Ratio to average Net Assets
Net investment income (loss)	0.74%	(0.23%)	0.60%	(0.33%)
Expenses, after waivers	0.85%	0.84%	0.85%	0.85%
Expenses, prior to waivers	0.86%	0.87%	0.87%	0.87%
Total Return, at net asset value	4.37%	(5.06%)	6.37%	(8.72%)
Total Return, at market value	4.06%	(4.99%)	6.32%	(8.65%)