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) reported net income of $17,667,310 for the three months ended September 30, 2026, versus $6,925,269 a year earlier, and $22,725,542 for the nine months, versus $8,967,496. Nine-month total return at NAV was 10.58%, compared with 8.99% in 2025. At September 30, 2026, NAV was $25.30 per share, shareholders’ equity was $344,022,894, and 13,600,000 shares were outstanding.
The Fund seeks to track the DBIQ Optimum Yield Industrial Metals Index Excess Return through base-metals futures, while holding collateral and cash-management investments. At September 30, 2026, its affiliated money market fund was valued at $315,461,972, and the reported value of commodity futures contracts was $6,900,764. Operating activities used $123,494,351 in cash during the nine months, compared with $4,265,283 used in 2025; these cash flows primarily include purchases and sales of money market investments and deposits to or from the Commodity Broker. Financing activities provided $120,038,432 in the nine-month period.
Invesco DB Base Metals Fund updated its prospectus to disclose a change in the Principal Financial and Accounting Officer at its managing owner, Invesco Capital Management LLC. Kelli Gallegos, the managing owner's Principal Financial and Accounting Officer, began a leave of absence on October 19, 2026. The managing owner's Board of Managers appointed Lori Anello, its Global Head of Operational Product Readiness, to serve as Principal Financial and Accounting Officer beginning October 22, 2026.
Anello joined the managing owner in 2018, is a Certified Public Accountant, and leads operational readiness for fund administration across mutual funds, exchange-traded funds, alternatives, and institutional mandates. There are no arrangements or understandings concerning her appointment, and no transactions or proposed transactions between Anello and the Fund are reportable.
Invesco DB Base Metals Fund (DBB) reported a leadership transition at Invesco Capital Management LLC, its Managing Owner. Kelli Gallegos, Principal Financial and Accounting Officer, began a leave of absence on October 19, 2026; the Managing Owner’s Board appointed Lori Anello to the role beginning October 22, 2026. Anello joined the Managing Owner in 2018, serves as Global Head of Operational Product Readiness at Invesco Ltd. and is a Certified Public Accountant. The Funds stated there are no arrangements or understandings between Anello and another person under which she was appointed, and no transactions or proposed transactions between her and the Funds that would be required to be reported.
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.