Welcome to our dedicated page for Invesco DB Precious Metals Fund SEC filings (Ticker: DBP), 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 Precious Metals Fund filings document the fund's role as a co-registrant of Invesco DB Multi-Sector Commodity Trust and the public disclosures for its common units of beneficial interest listed on NYSE Arca under DBP. Recent Form 8-K and 8-K/A reports cover material events involving the DBIQ Optimum Yield Precious Metals Index Excess Return, including index methodology changes, commodity eligibility standards, liquidity screens, and annual reviews of base weights and commodities.
The filing record also frames fund-specific disclosure areas such as listing status, capital structure, shareholder governance, distributions, leverage, and NAV-related matters for an Invesco commodity fund vehicle.
Invesco DB Precious Metals Fund (DBP) is a series of the Invesco DB Multi-Sector Commodity Trust that offers exchange-traded common units of beneficial interest (“Shares”) designed to track the DBIQ Optimum Yield Precious Metals Index Excess Return™. The Fund currently gains exposure through exchange-traded futures on gold, platinum and silver, and holds U.S. Treasury securities, money market funds and T‑Bill ETFs mainly for margin and cash management.
Shares trade on NYSE Arca under ticker DBP and are issued and redeemed only in Creation Units of 50,000 Shares at NAV to Authorized Participants; other investors trade on the exchange at market prices, which may be at a premium or discount to NAV. The Managing Owner, Invesco Capital Management LLC, charges a 0.75% per annum management fee on daily NAV and pays most routine expenses; brokerage costs are estimated at about 0.00% of NAV annually.
Based on a NAV of $107.94 per Share as of May 31, 2026, first‑year fees are estimated at $0.8106 per Share. With assumed annual rates of 0.00% Treasury Income, 3.55% Money Market Income and 3.59% T‑Bill ETF Income, the Fund’s income is expected to offset expenses, yielding a breakeven of $0.00, or 0% of NAV over 12 months. The Fund is a speculative commodity pool; futures trading is volatile, losses can be large, and investors could lose all or substantially all of their investment. The Fund is treated as a partnership for U.S. tax purposes, so shareholders are taxed on their allocable share of income whether or not distributions are made.
Invesco DB Precious Metals Fund reported a net loss of $27,096,474 for the six months ended June 30, 2026, compared with net income of $36,133,471 a year earlier. Total shareholders’ equity fell to $241,026,398 from $257,543,648, with Shares outstanding increasing to 2,600,000.
Net asset value per Share declined from $103.02 at December 31, 2025 to $92.70, producing a six‑month total return at NAV of (10.02)%, while market total return was (10.05)%. Results were driven primarily by commodity futures, which generated a net realized gain of $5,874,758 but a net change in unrealized loss of $37,216,883, turning open futures from $29,851,162 unrealized appreciation at year‑end to an unrealized loss of $7,365,721. The Fund maintained substantial collateral in affiliated vehicles, with $221,645,895 (about 92% of equity) in an Invesco money market fund and short‑term Treasury ETF, while index commodity exposure as of June 30, 2026 was weighted 76.92% Gold, 5.39% Platinum and 17.69% Silver.
Invesco DB Multi-Sector Commodity Trust and Invesco DB Precious Metals Fund report a Board change at Invesco Capital Management LLC, the Managing Owner. On June 4, 2026, Jordan Krugman notified the funds 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 appointed Matthew Casaccia to serve as a member of the Board of the Managing Owner, effective as of the same Effective Date. All references to Mr. Krugman are replaced by Mr. Casaccia, whose updated biography describes his senior financial planning and analysis roles at Invesco Ltd and his 17 years of experience with the firm.
Invesco DB Multi-Sector Commodity Trust and its series funds report that Mr. Jordan Krugman has notified them of his resignation from all positions at Invesco Capital Management LLC, the Managing Owner, and its affiliates. His resignation, including from the Managing Owner’s Board of Managers, will be effective as of the close of business on August 3, 2026. The Managing Owner is currently considering a replacement for Mr. Krugman.
Invesco DB Precious Metals Fund reports solid results for the quarter ended March 31, 2026. Net income was $15.2 million, driven mainly by gains on gold and silver futures plus higher interest and dividend income.
Net asset value per share rose from $103.02 to $109.41, a total return of 6.20% at NAV, while the market price climbed from $102.78 to $110.22, a 7.24% return. Shareholders’ equity increased to $279.0 million with 2,550,000 shares outstanding, supported by net creations of 50,000 shares and positive futures performance on gold, silver and, to a lesser extent, platinum.
Invesco DB Precious Metals Fund is a Delaware commodity pool that seeks to track the DBIQ Optimum Yield Precious Metals Index Excess Return. It does this mainly by holding exchange‑traded futures on gold, platinum and silver, plus collateral in U.S. Treasury bills, money market funds and short‑term Treasury ETFs.
As of December 31, 2025, fund weights were about 74.80% in gold, 18.85% in silver and 6.35% in platinum, with 2,500,000 common units outstanding as of January 31, 2026 and non‑affiliate equity market value of $187,850,000. The fund charges a 0.75% annual management fee and highlights significant risks from futures volatility, leverage, position limits, contango/backwardation and tax pass‑through treatment.
Invesco DB Precious Metals Fund, a series of Invesco DB Multi-Sector Commodity Trust, has implemented planned changes to the index it tracks, the DBIQ Optimum Yield Precious Metals Index Excess Return, effective November 10, 2025.
The index rules now include Platinum in the commodity universe, modify the Optimum Yield methodology to remove contracts with limited liquidity, and introduce an annual, rules-based review of base weights and eligible commodities. New sector and single-commodity caps and floors are designed to limit concentration, and intra-year rebalancing can occur if weights deviate significantly from annual targets.
The Trust states that these methodology changes will not affect the Fund’s investment objective.
Invesco DB Precious Metals Fund (DBP) reported strong Q3 2025 results. Net asset value per share rose to $88.59 from $60.72 at year-end 2024, with market price at $88.98. Total assets reached $221.6 million, and net income was $34.4 million for the quarter and $70.6 million for the nine months. Year-to-date total return at NAV was 45.90%, driven primarily by unrealized gains on gold and silver futures.
The Fund held 453 COMEX gold and 192 COMEX silver December 2025 futures, with unrealized appreciation of $56.5 million at quarter-end. Affiliated cash instruments comprised 68.01% of equity, including the Invesco Government & Agency Portfolio (4.05% 7‑day yield) and the Invesco Short Term Treasury ETF. Shares outstanding were 2,500,000 as of September 30, 2025. Effective November 10, 2025, the Index will adopt rules for annual commodity eligibility, modified Optimum Yield, weight limits, and intra‑year rebalancing to manage liquidity and concentration.
Invesco DB Precious Metals Fund (DBP) disclosed that the index it tracks will undergo a rules-based methodology change implemented by Deutsche Bank AG. Eligible commodities will be chosen annually for liquidity and economic importance, and the Optimum Yield selection will be tightened to remove contracts with limited liquidity. The existing static allocations will be replaced by an annual review to align weights with global production and market liquidity, while sector and single-commodity caps and floors will limit concentration. An intra-year rebalance can be triggered if monthly observations show large deviations. The filing states these changes will not affect the Fund's investment objective.