Invesco DBB updates base metals index methodology

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.

Rhea-AI Filing Summary

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.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What change is Invesco DB Base Metals Fund (DBB) announcing in this 8-K/A?

The Fund is confirming implementation of previously planned changes to the index it tracks. Effective November 10, 2025, the DBIQ Optimum Yield Industrial Metals Index Excess Return methodology was revised, affecting eligible commodities, weighting rules, liquidity filters, and rebalancing procedures, while leaving the Fund’s investment objective unchanged.

When did the new DBIQ Optimum Yield Industrial Metals Index methodology take effect for DBB?

The new index methodology took effect on November 10, 2025. On that date, Deutsche Bank AG implemented changes to the DBIQ Optimum Yield Industrial Metals Index Excess Return, including expanded commodities, revised Optimum Yield selection, annual rules-based weight reviews, and updated constraints on sector and single-commodity weights.

How is the commodity universe changing for the Invesco DB Base Metals Fund index?

The commodity universe now expands to include Comex Copper, Lead and Nickel. Eligible commodities are determined annually based on liquidity and economic importance, so the revised index can incorporate a broader set of industrial metals consistent with those criteria while remaining rules-based and periodically reviewed.

What new weighting and concentration rules apply to the DBB tracking index?

The index now uses a rules-based annual review of static allocations to better reflect current global production and market liquidity. It also introduces sector and single-commodity caps and floors at each annual rebalance, designed to limit concentration and diversify exposure within the industrial metals segment.

How will rebalancing work under the updated DBIQ Optimum Yield Industrial Metals Index for DBB?

The index retains annual rebalancing but adds intra-year rebalance events. If a large deviation from annual target weights occurs on a monthly observation date, an intra-year rebalance can be triggered to help reduce significant drifts between actual weights and the intended allocation profile.

Does the new index methodology change the investment objective of Invesco DB Base Metals Fund (DBB)?

The filing states that the changes to the index methodology will not affect the Fund’s investment objective. The Fund will continue seeking to track the DBIQ Optimum Yield Industrial Metals Index Excess Return, now calculated under the updated rules, with the same stated overall investment goal.

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Accepted by SEC EDGAR 11/10/2025 - 08:06 AM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 26, 2025

INVESCO DB MULTI-SECTOR COMMODITY TRUST

(Registrant)

INVESCO DB BASE METALS FUND

(Co-Registrant)

(Exact name of registrant as specified in its charter)

Delaware		001-33229 and 001-33236		87-0778075
(State or other jurisdiction of incorporation)		(Commission File Numbers)		(I.R.S. Employer Identification No.)

c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, Illinois		60515
(Address of principal executive offices)		(Zip Code)

(800) 983-0903

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Units of Beneficial Interest		DBB		NYSE Arca, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act.

Explanatory Note

This amendment to the Current Report on Form 8-K that was filed on September 26, 2025 (the “Original 8-K”) is being filed to notify shareholders of the Invesco DB Base Metals Fund that the planned changes to the index methodology described in the Original 8-K have been implemented, resulting in the changes described below.

Item 8.01 Other Events

Effective November 10, 2025, Deutsche Bank AG, the Index provider, modified the DBIQ Optimum Yield Industrial Metals Index Excess ReturnTM (the “Index”), the index the Invesco DB Base Metals Fund (the “Fund”) seeks to track. A summary of the changes are as follows:

1. Expanded Commodity Universe		• Eligible commodities are determined annually based on their liquidity and economic importance. • Under the new methodology, the commodities included in the Index expanded to include Comex Copper, Lead and Nickel.
2. Modified Optimum Yield Methodology		• The Optimum Yield methodology was modified to eliminate contracts with limited liquidity.
3. Annual Review of Base Weights and Commodities		• The static allocations to commodities were changed by implementing a rules-based annual review to better reflect current global production and market liquidity.
4. Weight Limits (Annually at Rebalance)		• Implementation of sector and single commodity caps and floors to reduce concentration risk.
5. Intra-year Rebalancing Events		• An intra-year rebalance event will be triggered should a large deviation occur on a monthly observation date to help prevent significant deviations from annual rebalance target weights.

The changes described herein will not effect the Fund’s Investment Objective.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Invesco DB Multi-Sector Commodity Trust
By:		Invesco Capital Management LLC, its Managing Owner
		By:		/s/ Adam Henkel
				Name:		Adam Henkel
				Date:		November 10, 2025
				Title:		Secretary
Invesco DB Base Metals Fund, a series of Invesco DB Multi-Sector Commodity Trust
By:		Invesco Capital Management LLC, its Managing Owner
		By:		/s/ Adam Henkel
				Name:		Adam Henkel
				Date:		November 10, 2025
				Title:		Secretary