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 (DBB) offers exchange‑traded common units that seek to track, over time, the DBIQ Optimum Yield Industrial Metals Index Excess Return™, which reflects the base metals sector (aluminum, zinc, lead, nickel, Comex copper and copper‑grade A). The fund gains exposure primarily through exchange‑traded futures and holds U.S. Treasury securities, money market funds and T‑Bill ETFs for margin and cash management.
Shares trade on NYSE Arca under symbol DBB, but are only issued and redeemed with Authorized Participants in Creation Units of 50,000 shares at NAV; individual investors trade on the exchange and may pay brokerage commissions. The managing owner, Invesco Capital Management LLC, receives a management fee of 0.75% per annum of daily NAV and pays most routine operating expenses, while the fund bears brokerage and extraordinary costs. The prospectus emphasizes that futures trading is volatile, the fund is concentrated in a small number of commodities, position limits and market disruptions can affect performance and liquidity, and investors can lose all or substantially all of their investment. For tax purposes the fund is expected to be treated as a partnership, so shareholders are taxed on their allocable share of income whether or not distributions are made.
Invesco DB Base Metals Fund reported net income of $4,558,769 for the quarter and $5,058,232 for the six months ended June 30, 2026, compared with a small loss in the prior-year quarter. Net investment income was $4,208,913 for the first half of 2026, reflecting higher dividends from affiliated money market holdings.
Total assets reached $365,004,175, with the Invesco Government & Agency Portfolio money market fund at $314,231,596, or 90.32% of shareholders’ equity. Shareholders’ equity rose to $347,902,966 and Shares outstanding to 14,450,000, producing a NAV of $24.08 per Share and a six-month total return at NAV of 5.24%. The Fund maintained substantial commodity futures exposure, with average monthly notional value of $310,567,717 for the six months, and a net unrealized depreciation on open commodity futures contracts of $7,448,729 at June 30, 2026.
Invesco DB Multi-Sector Commodity Trust and Invesco DB Base Metals Fund report a governance change at Invesco Capital Management LLC, the managing owner. Jordan Krugman notified the entities on June 4, 2026 that he is resigning from all positions at the managing owner and its affiliates, effective as of the close of business on August 3, 2026.
On July 31, 2026, the Board of Managers of the managing owner appointed Matthew Casaccia to serve as a board member effective as of the close of business on the August 3, 2026 effective date, and all references to Mr. Krugman are replaced with Mr. Casaccia in the prospectus. Casaccia, age 43, is Senior Director of Financial Planning and Analysis for Investments and Global Product at Invesco Ltd and has 17 years of experience at the firm. His application as a principal of the managing owner is being prepared for submission. The supplement reiterates that shares of the Invesco DB Base Metals Fund trade on NYSE Arca under the symbol DBB and that the fund is not an investment company under the Investment Company Act of 1940.
Invesco DB Multi-Sector Commodity Trust and its series funds (including Invesco DB Base Metals Fund, ticker DBB) report a governance change at their managing owner, Invesco Capital Management LLC. On July 31, 2026, the Board of Managers appointed Matthew Casaccia to the Board of Managers, effective as of the close of business on August 3, 2026. He will also serve on the Board’s Audit Committee and will replace Jordan Krugman, who previously gave notice of his resignation effective the same date.
The disclosure states there are no arrangements or understandings with other persons regarding Mr. Casaccia’s appointment and no transactions with the Trust or Funds requiring related-party disclosure. Mr. Casaccia, age 43, is Senior Director of Financial Planning and Analysis for Investments and Global Product at Invesco Ltd and has spent 17 years with Invesco in various finance and distribution roles. His application as a principal of the Managing Owner is being prepared for submission.
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.