DBB 10-K & 10-Q changes, risk factors and insider trading
Invesco Db Base Metals Fund · NYSE · Commodity Contracts Brokers & Dealers · CIK 1383084 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “10, 2025 (the “Prospectus”), before making a decision to invest in Shares. If any of the following risks occur, the business, financial condition and results of operations of the Fund may be adversely affected.”
Removed heading “Pandemics and Other Public Health Emergencies, Could Disrupt the Global Economy and Adversely Impact the Fund’s Performance.”
Largest changes
“Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect commodity futures markets. A decrease in U.S. …”see in full comparison
“The commodity futures markets may be subject to temporary distortions due to various factors, including, among others, lack of liquidity, congestion, disorderly closing periods, manipulation and disruptive conduct, limitations on deliverable supplies, excessive speculation, changes in trade regulation or economic sanctions (actual or threatened), government regulation and intervention, technical and operational or system failures, nuclear accidents, terrorism, riots and acts of God.”see in full comparison
“Pandemics and Other Public Health Emergencies, Could Disrupt the Global Economy and Adversely Impact the Fund’s Performance.”see in full comparison
“10, 2025 (the “Prospectus”), before making a decision to invest in Shares. If any of the following risks occur, the business, financial condition and results of operations of the Fund may be adversely affected.”see in full comparison
“Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Managing Owner and its service providers to operate. The COVID-19 pandemic or similar public health crises could adversely impact the Fund by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures). …”see in full comparison
Global or regional political, economic or financial events andsee in full comparisonsituations.situations, including changes in trade regulation or economic sanctions and government regulation and intervention.
Full comparison: every changed paragraph (19)
An investment in Shares involves a high degree of risk. Investors should consider carefully all of the risks described below, together with the other information contained in this Report and the Fund’s prospectus dated August 26, 20242025, (theas “Prospectus”),amended before making a decision to invest in Shares. If any of the following risks occur, the business, financial condition and results of operations of the Fund may be adversely affected.November
10, 2025 (the “Prospectus”), before making a decision to invest in Shares. If any of the following risks occur, the business, financial condition and results of operations of the Fund may be adversely affected.
As a result of increasingly interconnected global economies and financial markets, political turmoil in the U.S. or in other countries, armed conflict between countries or in a geographic region, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, may impact the Fund'sFund’s investments. Such turmoil or conflicts, and other corresponding events, have had, and could continue to have, severe effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain commodities markets.
The commodity futures markets may be subject to temporary distortions due to various factors, including, among others, lack of liquidity, congestion, disorderly closing periods, manipulation and disruptive conduct, limitations on deliverable supplies, excessive speculation, changes in trade regulation or economic sanctions (actual or threatened), government regulation and intervention, technical and operational or system failures, nuclear accidents, terrorism, riots and acts of God.
Global or regional political, economic or financial events and situations.situations, including changes in trade regulation or economic sanctions and government regulation and intervention.
Further, in periods of heightened volatility, the bid and ask “spread” for purchasing shares of the Fund typically widen.widens. Accordingly, an investor’s return on investment may be negatively impacted when transacted in Shares.
International Armed Conflicts or Political Turmoil May Result in Market Volatility that Could Adversely Affect the Fund's Performance.
As a result of increasingly interconnected global economies and financial markets, political turmoil in the U.S. or in other countries, or armed conflict between countries or in a geographic region, for example the current conflictsconflict between Russia and Ukraine in EuropeEurope, andthe ongoing conflict between Hamas and IsraelIsrael, and the escalation of related conflicts in the Middle East, may impact the Fund'sFund’s investments. Such turmoil or conflicts, and other corresponding events, have had, and could continue to have, severe effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain commodities markets.
Hamas'Hamas’ attack against Israel in October 2023 and the ensuing conflict, have had, and may continue to have, an impact on certain commodities markets and commodity futures markets. While this impact has been particularly pronounced in energy markets (such as natural gas and oil), the conflict has also disrupted certain global shipping and trade routes, which may have wide ranging impacts across commodity markets. For example, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for international trade. As a result of these disruptions, companies have re-routed vessels around the Cape of Good Hope rather than transiting through the Suez Canal and/or the Red Sea. While a ceasefire agreement has been reached, there is no guarantee that the parties will continue to comply with the terms of the agreement and the agreement does not mean the conflict will be resolved. The possibility of a prolonged conflict between Hamas and Israel, and the potential escalation and/or expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, including, for example, the escalation of armed conflict between Israel and Iran, could further destabilize the Middle East region and introduce new uncertainties in global commodities markets, including, but not limited to, energy markets.
Pandemics and Other Public Health Emergencies, Could Disrupt the Global Economy and Adversely Impact the Fund’s Performance.
Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Managing Owner and its service providers to operate. The COVID-19 pandemic or similar public health crises could adversely impact the Fund by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures). The COVID-19 pandemic, for example, had substantive effects on social, economic and financial systems, including significant uncertainty and volatility in the financial market.
Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect commodity futures markets. A decrease in U.S. imports or exports, changes in trade regulations, including the threat or actual imposition of tariffs, trade wars or other economic sanctions on traditional allies or adversaries and their responses thereto, inflation, and/or an economic recession in the U.S. may have a material adverse affect on the U.S. economy, global financial markets as a whole and the commodities markets to which the Fund has exposure. Proposed and adopted policy and legislative actions in the U.S. may impact many aspects of financial and other regulations and may have a significant effect, including potentially adversely, on U.S. markets generally. The continued maintenance of elevated debt levels by the U.S. government as projected by governmental agencies and non-governmental organizations, or the imposition of U.S. austerity measures, could potentially constrain future economic growth and the ability to effectively respond to economic downturns. If these trends were to continue, they could adversely impact the U.S. economy, global financial markets as a whole and the commodity futures markets in particular.
Government intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions.
Government intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions. These interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies.
The Index Commodities are Aluminum, ZincZinc, Lead, Nickel, Comex Copper and Copper – Grade A. Other commodity indexes may contain a larger number of commodities than the Index. Accordingly, increased volatility in a single Index Commodity is expected tomay have a greater impact on the Index’s overall volatility than would likely be the case with increased volatility in a single commodity within a broader index. Because the Fund tracks the performance of the Index, your investment in the Fund will be exposed to the relatively greater impact on the Index of volatility in a single Index Commodity.
Because the Fund tracks the performance of the Index, your investment in the Fund will be exposed to the relatively greater impact on the Index of volatility in a single Index Commodity.
The Index is composed of threesix Index Commodities, each of which is or may be subject to position limits imposed by the rules of futures exchanges on which Index Contracts are traded. The CFTC amended its position limits rules in October 2020. Pursuant to the amended rules, federal position limits apply to 25 physical delivery commodity futures contracts and options thereon, as well as to referenced contracts, including swaps that are economically equivalent to such contracts and to futures and options thereon that are directly or indirectly linked to the price of such contracts or to the same commodity underlying such contracts (e.g., cash-settled look-a-like futures subject to a phased-in compliance period). Under the amended framework, position limits (i) for 25 core referenced futures contracts (including corn, oats, wheat, soybean, soybean meal, soybean oil, cotton, live cattle, rough rice, cocoa, coffee, frozen orange juice concentrate, sugar, gold, silver, copper, platinum, palladium, natural gas, crude oil, heating oil, and RBOB gasoline) are determined by the CFTC and (ii) for all other commodities are determined by the futures exchanges. The amended position limits rules include in the position limits regime certain contracts offered by a foreign board of trade (“FBOT”), requiring market participants to include their positions in referenced contracts that are executed on or subject to the rules of an FBOT if the positions are held in referenced contracts that settle to (“linked to”) a referenced contract on a designated contract market, and the FBOT allows direct access to its trading system for participants located in the United States.
The CFTC amended its position aggregation rules in December 2016. The CFTC staff subsequently issued time-limited no-action relief from compliance with certain requirements under the amended aggregation rules, including the general requirement to aggregate positions in the same commodity futures contracts traded pursuant to substantially identical trading strategies. This no-action relief expireshas been extended via CFTC Letter 25-21, and will expire on Augustthe 12,later 2025.of the effective date or compliance date of a CFTC approved rulemaking that addresses position aggregation and notice filing obligations.
The CFTC requires FCMs, like the Commodity Broker, to implement and evaluate from time to time risk-based limits on futures positionpositions and order sizes. Under this regime, the Commodity Broker could determine to reduce its internal risk limits on the size of futures positions it will trade or clear for the Fund. Such a development would reduce the Fund’s capacity to transact in futures contracts. In this scenario, the Fund could seek to enter into clearing relationships with one or more other clearing brokers with the goal of increasing its overall capacity to trade and clear futures contracts. The introduction of one or more additional clearing broker relationships would be likely to increase the Fund’s trading costs and could make its overall trading less efficient or more prone to error. These consequences would be likely to detract from the Fund’s performance.
Management's Discussion & Analysis (MD&A)
Largest changes
“Industrial metals ended 2024 higher, largely thanks to gains in zinc, though copper also contributed. Both metals were supported by shortfalls in concentrate supplies and plunging treatment and refining charges (i.e., the profit for smelters to refine the metal), forcing cutbacks in refined metal supply. Aluminum was the weakest of the three industrial metals but still exhibited slight gains on tightening physical fundamentals. Other drivers of positive performance included fresh U.S. …”see in full comparison
“Industrial metals ended 2024 higher, largely thanks to gains in zinc, though copper also contributed. Both metals were supported by shortfalls in concentrate supplies and plunging treatment and refining charges (i.e., the profit for smelters to refine the metal), forcing cutbacks in refined metal supply. Aluminum was the weakest of the three industrial metals but still exhibited slight gains on tightening physical fundamentals. …”see in full comparison
“Industrial metals ended 2023 with negative performance. For the first quarter, while all of the Fund’s components rallied in January, continuing its China and “Fed-pivot” driven rally from year-end 2022, prices eased through February and the first half of March, pressured by hotter-than-expected labor data, resilient US inflation and a lack of bullish data out of China to support the reopening story. A broader risk-off move triggered by the turmoil in the banking sector also pressured the commodities in general to end the quarter. …”see in full comparison
“The Fund ended 2025 with strong returns of 25%. Copper was the strongest performer, supported by tariff‑driven frontloading into the U.S. that tightened ex‑U.S. inventories, a weaker U.S. dollar, and mine disruptions in Chile and Indonesia during the third quarter. Copper’s demand outlook also improved, helped by higher global spending plans across defense, energy, and technology. These factors lifted overall base metals sentiment, while gradually recovering industrial activity and a resilient global economy added further support. …”see in full comparison
“Commodity futures quoted in U.S. Dollars and listed on major U.S. and European exchanges are eligible for inclusion in the Index. Eligible commodities are selected based on their Three-Year Total Dollar Volume Average (i.e., commodities are initially screened for inclusion based on their relative three-year “Total Dollar Volume” traded, which is calculated by multiplying the total volume of futures traded during the last one-year period by the average close price of the front month contract on each month end during that one-year period). …”see in full comparison
“The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on commodities in the base metals sector. The Index Sponsor selects and weights commodities in the Index on an annual basis based on (i) the value and liquidity of the market for associated commodity futures contracts and (ii) their production volume (in order to factor in the relative importance of the commodity in the global economy).”see in full comparison
Full comparison: every changed paragraph (28)
Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Trust and the Fund since February 23, 2015. The Managing Owner is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).
The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Industrial Metals Index Excess Return™ (the “Index”) over time, plus the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill ETF Income”) over the expenses of the Fund. The Index is intended to reflect the economic performance of investing in futures contracts on the base metals sector. The Fund invests in futures contracts in an attempt to track its Index. TheEffective IndexNovember is10, intended to reflect2025, the change in market value of the base metals sector. The commodities comprising the Index are aluminum,Aluminum, zincZinc, Lead, Nickel, Comex Copper and copperCopper—Grade A (eacheach, an “Index CommodityCommodity,”, and collectively, the “Index Commodities”).
The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on commodities in the base metals sector. The Index Sponsor selects and weights commodities in the Index on an annual basis based on (i) the value and liquidity of the market for associated commodity futures contracts and (ii) their production volume (in order to factor in the relative importance of the commodity in the global economy).
Commodity futures quoted in U.S. Dollars and listed on major U.S. and European exchanges are eligible for inclusion in the Index. Eligible commodities are selected based on their Three-Year Total Dollar Volume Average (i.e., commodities are initially screened for inclusion based on their relative three-year “Total Dollar Volume” traded, which is calculated by multiplying the total volume of futures traded during the last one-year period by the average close price of the front month contract on each month end during that one-year period). Each commodity’s three-year Total Dollar Volume traded is calculated in proportion to the three-year Total Dollar Volume traded of all commodities within its sector to determine its initial sector liquidity rate. A commodity with a proportionate weight of less than 2% (or 1.5% for a commodity included at the last rebalance) within its sector is excluded from the Index. Each remaining commodity’s three-year Total Dollar Volume traded is calculated in proportion to the three-year Total Dollar Volume traded of all eligible commodities (“Filtered Commodity Weight”).
Commodity weights in the Index are determined by the Parent Index. The Parent Index determines production weights for each eligible commodity based on the total dollar amount of the commodity produced within the year in proportion to the sum of the production dollar amounts within the industrial metals sector (“Production Weights”). The weight of each commodity in the Index is generally based on the average of the Filtered Commodity Weight and the Production Weight, subject to the subject to the requirement that each commodity must have an allocation within the Index of no less than 5%.
The Index is rebalanced annually on the sixth business day in November. However, during periods of heightened volatility or when commodity prices experience significant movements, the commodities weights within the Index may be reset or reduced based on the weight implemented at the previous annual rebalance.
The Fund pursues its investment objective by investing in a portfolio of exchange-traded commodity futures contracts that expire in a specific month and trade on a specific exchange (the “Index Contracts”) in the Index Commodities. The notional amounts of each Index Commodity included in the Index are broadly in proportion to historic levels of the world’s production and stocks of the Index Commodities. The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co. LLC, the Fund’s commodity broker (the “Commodity Broker”) as margin, to the extent permissible under CFTC rules and United States Treasury Obligations, cash, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with The Bank of New York Mellon (the “Custodian”), for cash management purposes. The aggregate notional value of the commodity futures contracts owned by the Fund is expected to approximate the aggregate net asset value (“NAV”) of the Fund, as opposed to the aggregate Index value.
When the Fund enters into futures contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any oneother member. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.
The Commodity Broker, when acting as the Fund’s FCM in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading. The Commodity Broker is not allowed to commingle such assets with other assets of the Commodity Broker. In addition, CFTC regulations also require the Commodity Broker to holdhold, in a secure accountaccount, assets of the Fund related to foreign futures trading. While these legal requirements are designed to protect the customers of FCMs, a failure by the Commodity Broker to comply with those requirements would be likely to have a material adverse effect on the Fund in the event that the Commodity Broker became insolvent or suffered other financial distress.
The Fund’s entire source of capital is derived from the Fund’s offering of Shares to Authorized Participants. The Fund in turn allocates its net assets to commodity futures trading. A significant portion of the NAV ismay be held in United States Treasury Obligations,Obligations or cash, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes. The amount of cash and/or United States Treasury Obligations on deposit with the Commodity Broker may exceed the amount of margin required to be on deposit, depending on market conditions and comparative yields available from United States Treasury Obligations, money market funds, T-Bill ETFs and cash held on deposit with Commodity Broker. The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s commodity interests change. A portion of the Fund’s United States Treasury Obligations is held for deposit with the Commodity Broker to meet margin requirements. All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian. Interest earned on the Fund’s interest-bearing funds and dividends from the Fund’s holdings of money market mutual funds are paid to the Fund. Any dividends or distributions of capital gains received from the Fund’s holdings of T-Bill ETFs, if any, are paid to the Fund.
As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, Bank of America Securities, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, Virtu Americas LLC and Virtu Financial Capital MarketsAmericas LLC has executed a Participant Agreement and are the only Authorized Participants.
Net cash flow provided by (used in) operating activities was $16.7$(55.7) million and $96.3$16.7 million for the years ended December 31, 20242025 and 2023,2024, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury ObligationsObligations, affiliated investments and affiliatednet investments. The Fund invests in futures contracts in an attemptdeposits to/from trackCommodity its Index.Broker. The Fund invests in United States Treasury Obligations, money market mutual funds andfunds, T-Bill ETFs (affiliated or otherwise), and cash, if any, or maintains excess deposits with brokers for margin and/or cash management purposes only. While the Fund’s performance reflects the appreciation and depreciation of those holdings, the Fund’s performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
During the year ended December 31, 2025, there were no purchases of United States Treasury Obligations and $50.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2024, $122.9 million was paid to purchase United States Treasury Obligations and $133.0 million was received from sales and maturing United States Treasury Obligations. During$48.8 million was received from sales of affiliated investments and $144.3 million was paid to purchase affiliated investments during the year ended December 31, 2023, $252.5 million was paid to purchase United States Treasury Obligations and $347.0 million was received from sales and maturing United States Treasury Obligations.2025. $230.2 million was received from sales of affiliated investments and $228.3 million was paid to purchase affiliated investments during the year ended December 31, 2024. 486.0During millionthe year ended December 31, 2025, net deposits to/from the Commodity Broker was received$19.8 million. There were no net deposits to/from salesthe ofCommodity affiliated investments and $375.7 million was paid to purchase affiliated investmentsBroker during the year ended December 31, 2023.2024.
The Fund’s net cash flow provided by (used in) financing activities was $(16.7)$59.2 million and $(98.216.7) million during the years ended December 31, 20242025 and 2023,2024, respectively. This included $143.1$123.3 million and $106.7$143.1 million from the sale of Shares to Authorized Participants and $154.0$59.2 million and $196.1$154.0 million from Shares redeemed by Authorized Participants during the years ended December 31, 20242025 and 2023,2024, respectively. Distributions paid to Shareholders were $5.8$4.9 million and $8.8$5.8 million during the years ended December 31, 20242025 and 2023,2024, respectively.
No representation is being made that the Index will or is likely to achieve closing levels consistent with or similar to those set forth herein. Similarly, no representation is being made that the Fund will generate profits or losses similar to the Fund’s past performance or changes in the Index closing levels. Effective November 10, 2025, the Index methodology underwent a change.
Performance information included herein prior to November 10, 2025 may have differed had the new methodology been in place.
The Index is intended to reflect the changechanges in market valuevalue, positive or negative, of the Index Commodities. In turn, theThe Index is intended to reflect the baseeconomic metalsperformance sector.of investing in futures contracts on a basket of commodities. The DBIQ Optimum Yield Industrial Metals Index Total Return™ (the “DBIQ-OY Industrial Metals TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the Index and the DBIQ-OY Industrial Metals TR™ are not necessarily indicative of future changes, positive or negative.
For the year ended December 31, 2024,2025, the NYSE Arca market value of each Share increased from $18.31$18.84 per Share to $18.84$22.94 per Share. The Share price low and high for the year ended December 31, 20242025 and related change from the Share price on December 31, 20232024 was as follows: Shares traded at a low of $16.80$17.28 per Share (-8.25%-8.28%) on FebruaryApril 9,08, 2024,2025, and a high of $21.65$23.01 per Share (+18.24%22.13%) on MayDecember 21,30, 2024.2025. On December 27,26, 2024,2025, the Fund paid a distribution of $0.89614$0.59972 for each General Share and Share to holders of record as of December 23,22, 2024.2025. Therefore, the total return for the Fund on a market value basis was +7.77%.25.06%.
The Fund ended 2025 with strong returns of 25%. Copper was the strongest performer, supported by tariff‑driven frontloading into the U.S. that tightened ex‑U.S. inventories, a weaker U.S. dollar, and mine disruptions in Chile and Indonesia during the third quarter. Copper’s demand outlook also improved, helped by higher global spending plans across defense, energy, and technology. These factors lifted overall base metals sentiment, while gradually recovering industrial activity and a resilient global economy added further support. Aluminum also posted significant gains on mounting supply‑shortage concerns, particularly due to China’s production cap. Zinc underperformed, pressured by near‑term oversupply in China as production capacity expanded despite weak domestic demand, but rebounded to end the year, ending as a contributor. The metal, primarily used to galvanize steel for construction and manufacturing, continued to face headwinds as these sectors lagged in China.
Industrial metals ended 2024 higher, largely thanks to gains in zinc, though copper also contributed. Both metals were supported by shortfalls in concentrate supplies and plunging treatment and refining charges (i.e., the profit for smelters to refine the metal), forcing cutbacks in refined metal supply. Aluminum was the weakest of the three industrial metals but still exhibited slight gains on tightening physical fundamentals. Other drivers of positive performance included fresh US and UK sanctions on Russian copper, aluminum, and nickel in April, an improving macroeconomic backdrop leading into the Federal Reserve interest rate easing in September, and optimism around China’s stimulus measures. However, US dollar strength and tariff concerns added some pressure on the metals to end the year.
For the year ended December 31, 2023,2024, the NYSE Arca market value of each Share decreasedincreased from $19.57$18.31 per Share to$18.31to $18.84 per Share. The Share price low and high for the year ended December 31, 20232024 and related change from the Share price on December 31, 20222023 was as follows Shares traded at a low of $17.50$16.80 per Share (-10.58%-8.25%) on MayFebruary 25,9, 2023,2024, and a high of $22.28$21.65 per Share (+13.85%18.24%) on JanuaryMay 26,21, 2023.2024. On December 23,27, 2023.2024, the Fund paid a distribution of $1.31965$0.89614 for each General Share and Share to holders of record as of December 20,23, 2023.2024. Therefore, the total return for the Fund on a market value basis was +0.56%.7.77%.
Industrial metals ended 2024 higher, largely thanks to gains in zinc, though copper also contributed. Both metals were supported by shortfalls in concentrate supplies and plunging treatment and refining charges (i.e., the profit for smelters to refine the metal), forcing cutbacks in refined metal supply. Aluminum was the weakest of the three industrial metals but still exhibited slight gains on tightening physical fundamentals. Other drivers of positive performance included fresh U.S. and UK sanctions on Russian copper, aluminum, and nickel in April, an improving macroeconomic backdrop leading into the Federal Reserve interest rate easing in September, and optimism around China’s stimulus measures. However, U.S. dollar strength and tariff concerns added some pressure on the metals to end the year.
Industrial metals ended 2023 with negative performance. For the first quarter, while all of the Fund’s components rallied in January, continuing its China and “Fed-pivot” driven rally from year-end 2022, prices eased through February and the first half of March, pressured by hotter-than-expected labor data, resilient US inflation and a lack of bullish data out of China to support the reopening story. A broader risk-off move triggered by the turmoil in the banking sector also pressured the commodities in general to end the quarter. However, in the second quarter, continued disappointing Chinese data, coupled with expectations for smelter restarts amid weak energy prices and easing supply concerns, dealt a heavy blow to base metals, especially Zinc. While the sector recovered a bit in the latter half of the year on improving macro sentiment, renewed supply concerns, and Chinese stimulus hopes, triggering a short covering rally, it still fell short of reversing second quarter’s losses.
For the year ended December 31, 2024,2025, the NAV of each Share increased from $18.28$18.79 per Share to $18.7922.88 per Share. Rising commodity futures contract prices for Copper, Copper - Grade A, Primary Nickel, Standard Lead, Zinc and Aluminum during the year ended December 31, 20242025 contributed to an overall 3.11%21.04% increase in the level of the Index and to a 8.51%26.15% increase in the level of the DBIQ-OY Industrial Metals TR™. On December 27,26, 2024,2025, the Fund paid a distribution of $0.89614$0.59972 for each General Share and Share to holders of record as of December 23,22, 2024.2025. Therefore, the total return for the Fund on a NAV basis was+ +7.69%.25.07%.
Net income (loss) for the year ended December 31, 2025 was $30.6 million, resulting from $5.0 million of income, net realized gain (loss) of $5.1 million, net change in unrealized gain (loss) of $21.4 million and net operating expenses of $0.9 million.
For the year ended December 31, 2024, the NAV of each Share increased from $18.28 per Share to $18.79 per Share. Rising commodity futures contract prices for Copper, Zinc and Aluminum during the year ended December 31, 2024, contributed to an overall 3.11% increase in the level of the Index and to a 8.51% increase in the level of the DBIQ-OY Industrial Metals TR™. On December 27, 2024, the Fund paid a distribution of $0.89614 for each General Share and Share to holders of record as of December 23, 2024. Therefore, the total return for the Fund on a NAV basis was +7.69%.
For the year ended December 31, 2023, the NAV of each Share decreased from $19.50 per Share to $18.28 per Share. Rising commodity futures contract prices for Copper were offset by falling commodity futures contracts prices for Zinc and Aluminum during the year ended December 31, 2023, contributing to an overall 4.29% decrease in the level of the Index and to a 0.76% increase in the level of the DBIQ-OY Industrial Metals TR™. On December 22, 2023, the Fund paid a distribution of $1.31965 for each General Share and Share to holders of record as of December 19, 2023. Therefore, the total return for the Fund on a NAV basis was +0.74%.
Net income (loss) for the year ended December 31, 2023 was $(6.0) million, resulting from $11.0 million of income, net realized gain (loss) of $(55.6) million, net change in unrealized gain (loss) of $40.0 million and net operating expenses of $1.4 million.
What changed in the latest 10-Q
Risk Factors
There are no material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 2, 2026.
Full comparison: every changed paragraph (1)
There are no material changes from the risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 2, 2026.
Management's Discussion & Analysis (MD&A)
New heading “FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025”
New heading “Fund Share Price Performance”
New heading “Fund Share Net Asset Performance”
Removed heading “NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES,”
Removed heading “POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.”
Removed heading “NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES,”
Removed heading “POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.”
Largest changes
“The Fund’s commodity holdings finished the second quarter of 2025 with a small loss, reflecting a tough but mixed period for industrial metals. However, interest income from the Fund’s collateral holdings helped the Fund post a gain for the quarter. April was especially weak, as fresh tariff announcements, economic worries, and market swings led to sharp drops across base metals. Aluminum and zinc were hit hardest, while copper also fell due to concerns about demand and trade. Markets improved in May and June, with Aluminum bouncing back as supply tightened, the U.S. …”see in full comparison
“Industrial metals experienced mixed performance in the first quarter of 2025, though the Fund's positive performance was largely attributable to gains in Copper. Front month Copper prices rallied over 10%, initially supported by Chinese restocking and anticipation of stimulus, followed by tariff angst, leading to a spur of frontloading into the U.S., sending prices in both the U.S. and London soaring. From a broader perspective, the performance of base metals was further supported by increased infrastructure and defense spending plans in Europe, a weaker U.S. …”see in full comparison
“POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.”see in full comparison
“POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.”see in full comparison
“FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025”see in full comparison
“NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES,”see in full comparison
Full comparison: every changed paragraph (35)
The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of MarchJune 31,30, 2026:
Net cash flow provided by (used in) operating activities was $(94.7147.4) million and $(8.92.2) million for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations, affiliated investments and net deposits to/from the Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, or maintains excess deposits with brokers for margin and/or cash management purposes only. While the Fund’s performance reflects the appreciation and depreciation of those holdings, the Fund’s performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
During the threesix months ended MarchJune 31,30, 2026, $50.4$151.6 million was received from sales of affiliated investments and $167.3$318.8 million was paid to purchase affiliated investments. $16.4$31.7 million was received from sales of affiliated investments and $13.3$72.2 million was paid to purchase affiliated investments during the threesix months ended MarchJune 31,30, 2025. During the threesix months ended MarchJune 31,30, 2026 and 2025, net deposits to/from the Commodity Broker were $25.5$1.1 million and $12.6$4.7 million, respectively.
The Fund’s net cash flow provided by (used in) financing activities was $91.3$149.9 million and $8.9$2.2 million during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. This included $140.8$254.3 million and $15.6$25.1 million from Shares purchased by Authorized Participants and $49.5$104.4 million and $6.6$22.8 million from Shares redeemed by Authorized Participants during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. No distributions were paid to Shareholders during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively.
FOR THE THREE AND SIX MONTHS ENDED MARCHJUNE 31,30, 2026 AND 2025
FOR THE THREE AND SIX MONTHS ENDED MARCHJUNE 31,30, 2026 AND 2025
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES,
POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES,
POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
This Report covers the three and six months ended MarchJune 31,30, 2026 and 2025. Past performance of the Fund is not necessarily indicative of future performance.
The section “Summary of the DBIQ-OY Industrial Metals TR™ and Underlying Index Commodity Returns for the three and six months ended MarchJune 31,30, 2026 and 2025” below provides an overview of the changes in the closing level of DBIQ-OY Industrial Metals TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index plus 3-month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Industrial Metals TR™), and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
Returns for the Three and Six Months Ended MarchJune 31,30, 2026 and 2025
FOR THE THREE MONTHS ENDED MARCHJUNE 31,30, 2026 COMPARED TO THE THREE MONTHS ENDED MARCHJUNE 31,30, 2025
For the three months ended MarchJune 31,30, 2026 the NYSE Arca market value of each Share increased from $22.94$23.49 per Share to $23.49$24.11 per Share. The Share price low and high for the three months ended MarchJune 31,30, 2026 and related change from the Share price on DecemberMarch 31, 20252026 was as follows: Shares traded at a low of $22.35$23.51 per Share (-2.57%+0.09%) on MarchApril 20,07, 2026 and a high of $25.08$26.63 per Share (+9.33%13.37%) on JanuaryJune 29,02, 2026. The total return for the Fund on a market value basis was +2.40%.2.64%.
Industrial metals performed positively during the second quarter of 2026, led by strong gains in copper and zinc, which more than offset weakness in aluminum, nickel, and lead. Copper was the largest contributor to returns, supported by continued investment in electrification, power grid upgrades, and AI-related infrastructure, reinforcing a favorable long-term demand outlook. The U.S.-Iran conflict added further support by disrupting global sulfur and sulfuric acid markets, raising processing costs and increasing concerns over potential supply constraints across several base metals. Aluminum was the largest detractor, pressured by ample supply and lingering concerns over global manufacturing activity, while nickel declined as worries over industrial demand and economic growth outweighed support from tighter Indonesian ore availability. Progress in U.S.-China trade negotiations also helped improve the demand outlook for industrial metals, contributing to gains in copper and zinc despite elevated geopolitical volatility.
Industrial metals delivered mixed but generally positive performance in the first quarter of 2026, as markets balanced near‑term growth concerns against longer‑term demand expectations and rising geopolitical risk. Copper experienced a pullback during the quarter, as softening global manufacturing data and intermittent demand concerns weighed on prices despite continued structural support from electrification and infrastructure‑related demand. Aluminum and nickel contributed positively amid tightening supply conditions, while zinc and lead were periodically pressured by uneven industrial activity. Ongoing geopolitical tensions with Iran and intermittent threats to shipping through the Strait of Hormuz added volatility across risk assets but also reinforced the strategic importance of industrial metals within global supply chains.
For the three months ended MarchJune 31,30, 2025, the NYSE Arca market value of each Share increased from $18.84$19.20 per Share to $19.20$19.35 per Share. The Share price low and high for the three months ended MarchJune 31,30, 2025 and related change from the Share price on DecemberMarch 31, 20242025 was as follows: Shares traded at a low of $18.56$17.28 per Share (-1.49%-10.00%) on JanuaryApril 03,08, 2025 and a high of $19.93$19.39 per Share (+5.79%0.99%) on MarchJune 17,27, 2025. The total return for the Fund on a market value basis was +1.91%.0.78%.
The Fund’s commodity holdings finished the second quarter of 2025 with a small loss, reflecting a tough but mixed period for industrial metals. However, interest income from the Fund’s collateral holdings helped the Fund post a gain for the quarter. April was especially weak, as fresh tariff announcements, economic worries, and market swings led to sharp drops across base metals. Aluminum and zinc were hit hardest, while copper also fell due to concerns about demand and trade. Markets improved in May and June, with Aluminum bouncing back as supply tightened, the U.S. dollar weakened, and geopolitical tensions helped prices. Copper also recovered, helped by supply issues in Africa and steady demand from China. Zinc stayed under pressure, as worries about global growth and increased mine production kept prices down, even though there was some improvement late in the quarter. Losses in April were mostly balanced out by gains in aluminum and copper later, but zinc’s weakness weighed on the Fund’s performance.
Industrial metals experienced mixed performance in the first quarter of 2025, though the Fund's positive performance was largely attributable to gains in Copper. Front month Copper prices rallied over 10%, initially supported by Chinese restocking and anticipation of stimulus, followed by tariff angst, leading to a spur of frontloading into the U.S., sending prices in both the U.S. and London soaring. From a broader perspective, the performance of base metals was further supported by increased infrastructure and defense spending plans in Europe, a weaker U.S. dollar, and the anticipation of increased metals demand to rebuild Ukraine and Gaza as peace talks began. Zinc and Aluminum were both pressured by mounting economic growth concerns amid tariff uncertainties.
For the three months ended MarchJune 31,30, 2026, the NAV of each Share increased from $22.88$23.45 per Share to $23.45$24.08 per Share. Rising commodity futures contract prices for Aluminum,copper, Coppercopper - Grade A, NickelA and Zinczinc were partially offset by commodity futures contracts for Copperaluminum, lead and Leadnickel during the the three months ended MarchJune 31,30, 2026 contributing to an overall 1.82%1.98% increase in the level of the Index and to a 2.74%2.93% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +2.49%.2.69%.
Net income (loss) for the three months ended MarchJune 31,30, 2026 was $0.5$4.6 million, primarily resulting from $2.3$3.0 million of income, net realized gain (loss) of $13.5$12.8 million, net change in unrealized gain (loss) of $(14.810.6) million and net operating expenses of $0.5$0.6 million.
For the three months ended MarchJune 31,30, 2025, the NAV of each Share increased from $18.79$19.19 per Share to $19.19$19.34 per Share. Rising commodity futures contract prices for Copperaluminum and copper were partially offset by falling commodity futures contract prices for Aluminum and Zinczinc during the three months ended MarchJune 31,30, 2025 contributing to an overall 1.27%0.15% increasedecrease in the level of the Index and to a 2.35%0.93% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +2.13%.0.78%.
Net income (loss) for the three months ended MarchJune 31,30, 2025 was $2.1$0.0 million, primarily resulting from $1.2 million of income, net realized gain (loss) of $(0.17.2) million, net change in unrealized gain (loss) of $1.2$6.1 million and net operating expenses of $0.2 million.
FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025
Fund Share Price Performance
For the six months ended June 30, 2026 the NYSE Arca market value of each Share increased from $22.94 per Share to $24.11 per Share. The Share price low and high for the six months ended June 30, 2026 and related change from the Share price on December 31, 2025 was as follows: Shares traded at a low of $22.35 per Share (-2.57%) on March 20, 2026 and a high of $26.63 per Share (+16.09%) on June 02, 2026. The total return for the Fund on a market value basis was +5.10%.
Industrial metals generated positive returns year-to-date through the second quarter of 2026, led by strong gains in copper and zinc, which more than offset weakness in nickel and lead. After declining in the first quarter amid softening manufacturing data and growth concerns, copper rebounded sharply in the second quarter, supported by continued investment in electrification, power grid upgrades, and AI-related infrastructure, reinforcing a favorable long-term demand outlook. The U.S.-Iran conflict also supported the complex by disrupting global sulfur and sulfuric acid markets, raising concerns about higher processing costs and potential supply constraints across several base metals. Progress in U.S.-China trade negotiations further improved sentiment toward global industrial demand. Aluminum contributed positively to returns as tighter supply conditions earlier in the year supported prices, while zinc benefited from improving manufacturing expectations. Offsetting some of these gains, nickel and lead detracted from performance, with nickel pressured by concerns over industrial demand and global economic growth despite ongoing supply-side uncertainty.
For the six months ended June 30, 2025, the NYSE Arca market value of each Share increased from $18.84 per Share to $19.35 per Share. The Share price low and high for the six months ended June 30, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $17.28 per Share (-8.28%) on April 08, 2025 and a high of $19.93 per Share (+5.79%) on March 17, 2025. The total return for the Fund on a market value basis was +2.71%.
Industrial metals had mixed results in the first half of 2025, with the Fund’s performance changing from quarter to quarter. The year started strong, led by copper gains amid Chinese restocking, hopes for stimulus, and front loading before tariffs pushed prices up. Support also came from infrastructure and defense spending in Europe, a weaker U.S. dollar, and expectations for more metals demand from global rebuilding efforts. But both zinc and aluminum faced pressure from economic worries and tariff angst. The second quarter was challenging, with sharp declines in April due to new tariffs and market uncertainty, especially for aluminum and zinc. Aluminum and copper improved in May and June, but zinc stayed weak. Overall, early strength in copper was offset by ongoing challenges for zinc and aluminum, leaving the Fund’s year-to-date performance only modestly higher.
Fund Share Net Asset Performance
For the six months ended June 30, 2026, the NAV of each Share increased from $22.88 per Share to $24.08 per Share. Rising commodity futures contract prices for aluminum, copper, copper - Grade A and zinc were partially offset by commodity futures contracts for lead and nickel during the six months ended June 30, 2026 contributing to an overall 3.84% increase in the level of the Index and to a 5.74% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +5.24%.
Net income (loss) for the six months ended June 30, 2026 was $5.1 million, primarily resulting from $5.3 million of income, net realized gain (loss) of $26.2 million, net change in unrealized gain (loss) of $(25.4) million and net operating expenses of $1.1 million.
For the six months ended June 30, 2025, the NAV of each Share increased from $18.79 per Share to $19.34 per Share. Rising commodity futures contract prices for aluminum and copper were partially offset by falling commodity futures contract prices for zinc during the six months ended June 30, 2025 contributing to an overall 1.12% increase in the level of the Index and to a 3.30% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +2.93%.
Net income (loss) for the six months ended June 30, 2025 was $2.0 million, primarily resulting from $2.4 million of income, net realized gain (loss) of $(7.3) million, net change in unrealized gain (loss) of $7.3 million and net operating expenses of $0.4 million.
DBB insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
No Form 4 stock transactions in this period.
Well-known investors holding DBB (13F)
None of the 59 investors we track reported a position in their latest 13F.