Here are the 10-Q quarterly 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-Q covers the quarterly report filed between annual reports, 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 (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 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 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 (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.