Here are the 10-K annual reports from Invesco DB Base Metals Fund (DBB) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow DBB and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full DBB filings page.
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.