Welcome to our dedicated page for Invesco DB Base Metals Fund SEC filings (Ticker: DBB), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Invesco DB Base Metals Fund filings document formal disclosures for a commodity fund with common units of beneficial interest traded under DBB on NYSE Arca. Recent material-event reports describe changes to the DBIQ Optimum Yield Industrial Metals Index Excess Return, including implemented methodology revisions, the eligible commodity universe, and index review mechanics.
The filing record also identifies the fund as a co-registrant of Invesco DB Multi-Sector Commodity Trust and documents security registration details, listing status, fund governance context, and capital-structure information relevant to its publicly traded units.
Invesco DB Base Metals Fund reported modest growth for the quarter ended March 31, 2026. Net asset value per share rose from $22.88 to $23.45, while market price per share moved from $22.94 to $23.49, producing a 2.49% total return at NAV and 2.40% at market value.
Shareholders’ equity increased to $290.8 million from $202.5 million, driven by net purchases of 3.55 million shares and positive performance. The Fund earned net income of $499,463 as $13.5 million of realized gains on commodity futures were largely offset by $14.8 million of unrealized losses.
The portfolio remained heavily collateralized in affiliated money market funds, with $263.9 million, or 90.74% of shareholders’ equity, invested in the Invesco Government & Agency Portfolio. Average futures notional was $268.7 million, reflecting continued exposure to aluminum, copper, nickel, zinc and lead in line with the industrial metals index strategy.
Invesco DB Base Metals Fund reports on its strategy of tracking the DBIQ Optimum Yield Industrial Metals Index Excess Return through futures on aluminum, zinc, lead, nickel, Comex copper and Copper—Grade A. The Fund also holds U.S. Treasury obligations, money market funds and T-Bill ETFs as collateral.
The Fund pays Invesco Capital Management LLC a 0.75% per annum management fee on daily NAV and notes total annual fees and expenses of about 0.76%. Market value of common equity held by non-affiliates was $117,067,500, with 11,600,000 common units outstanding as of January 31, 2026.
Key risks include high futures volatility (the Index’s average annual volatility since inception is 17.76%), roll yield effects in contango and backwardation, position limits that may constrain creation of new units, tracking error versus the Index, and potential premiums or discounts to NAV. The Fund also highlights extensive regulatory oversight, leverage and margin risks, and pass-through partnership taxation, under which investors are taxed on their share of income whether or not cash distributions are made.
Invesco DB Base Metals Fund, a series of Invesco DB Multi-Sector Commodity Trust, filed an amended report to confirm that previously announced changes to its tracking index methodology have been implemented. Effective November 10, 2025, Deutsche Bank AG modified the DBIQ Optimum Yield Industrial Metals Index Excess Return, which the Fund seeks to track.
The revised methodology expands the commodity universe to include Comex Copper, Lead and Nickel, updates the Optimum Yield approach to exclude contracts with limited liquidity, and introduces an annual, rules-based review of base weights and included commodities. It also adds sector and single-commodity caps and floors to limit concentration, and establishes intra-year rebalancing events when large deviations from target weights occur. The changes do not alter the Fund’s stated investment objective.
Invesco DB Base Metals Fund (DBB) reported Q3 2025 results reflecting higher asset values and stronger futures gains. Net income was $6.9 million for the quarter and $9.0 million year-to-date. Net asset value (NAV) per share rose to $20.48 at September 30, 2025 from $18.79 at December 31, 2024, while market price per share was $20.55 versus $18.84 over the same dates.
Total assets reached $126.1 million with shareholders’ equity of $126.0 million. The Fund held affiliated money market investments of $94.8 million and open LME futures positions in aluminum (618 contracts), copper (170), and zinc (550). Unrealized appreciation on commodity futures was $7.24 million, supporting a Q3 total return of 5.89% at NAV and 6.20% at market; year-to-date total return was 8.99% at NAV.
Shares outstanding were 6,150,000 as of September 30, 2025. Management fees after waivers kept the expense ratio at 0.75% (annualized). Effective November 10, 2025, the Index will adopt expanded commodity eligibility, modified Optimum Yield rules, caps/floors, and intra‑year rebalancing triggers.
Invesco DB Base Metals Fund (DBB) disclosed that the underlying index provider, Deutsche Bank AG, is implementing changes to the index methodology the fund tracks. Eligible commodities will be selected annually based on liquidity and economic importance, and the index universe is expected to expand under the new rules. The current Optimum Yield methodology will be modified to remove contracts with limited liquidity, and static commodity allocations will be replaced by a rules-based annual review to better reflect global production and market liquidity. Sector and single-commodity caps and floors will be added to limit concentration risk, and an intra-year rebalance may be triggered if large deviations occur. The filing states these changes will not affect the Fund's investment objective.