DBP 10-K & 10-Q changes, risk factors and insider trading
Invesco DB Precious Metals Fund · NYSE · Commodity Contracts Brokers & Dealers · CIK 1383057 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
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
“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.
see in full comparisonHamas'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.
Full comparison: every changed paragraph (15)
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, as amended 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, or 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'sFund’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.
The Index Commodities are GoldGold, Platinum and Silver. 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.
The Index is composed of twothree Index Commodities, each of which is subject to position limits imposed by the CFTC (pursuant to the phased-in compliance schedule of the CFTC’s recent rulemaking) and/or 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 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). 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 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
“Precious metals ended 2023 with positive performance. In March, gold prices had rallied sharply following the collapse of Silicon Valley Bank. Investors flocked to safe havens like the bullion in fear that a contagion effect could ripple through the U.S. and even global financial sector. Expectations that the Federal Reserve would start to soften its aggressive rate-hike policy also added some gains earlier in the first quarter though that was fully reversed in February given stickier-than-expected inflation and a resilient U.S. labor market. …”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 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. …”see in full comparison
“The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on commodities in the precious 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
“Precious metals delivered exceptionally strong results in 2025, with the Fund advancing more than 68%. Robust central bank purchases and renewed exchange-traded product inflows were key drivers, as investors sought safe‑haven assets and portfolio hedges amid de‑dollarization trends, economic uncertainty, and heightened geopolitical risks. …”see in full comparison
During the year ended December 31, 2025, there were no purchases of United States Treasury Obligations and $55.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2024, $107.4 million was paid to purchase United States Treasury Obligations and $110.0 million was received from sales and maturing United States Treasury Obligations.see in full comparisonDuring$80.8 million was received from sales of affiliated investments and $126.1 million was paid to purchase affiliated investments during the year ended December 31,2023, $176.2 million was paid to purchase United States Treasury Obligations and $165.0 million was received from sales and maturing United States Treasury Obligations.2025. $223.5 million was received from sales of affiliated investments and $229.5 million was paid to purchase affiliated investments during the year ended December 31, 2024.$246.6Duringmillionthe year ended December 31, 2025, net deposits to/from the Commodity Broker wasreceived$111.7 million. There were no net deposits to/fromsalestheofCommodityaffiliated investments and $271.3 million was paid to purchase affiliated investmentsBroker during the year ended December 31,2023.2024.
Full comparison: every changed paragraph (27)
The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Precious 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 precious 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 precious metals sector. The commodities comprising the Index are goldGold, Platinum, and silverSilver (eacheach, an “Index Commodity,” and collectively, the “Index Commodities”).
The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on commodities in the precious 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 precious 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 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 $28.0$10.9 million and $(26.7)$28.0 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'sFund’s performance reflects the appreciation and depreciation of those holdings, the Fund'sFund’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 $55.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2024, $107.4 million was paid to purchase United States Treasury Obligations and $110.0 million was received from sales and maturing United States Treasury Obligations. During$80.8 million was received from sales of affiliated investments and $126.1 million was paid to purchase affiliated investments during the year ended December 31, 2023, $176.2 million was paid to purchase United States Treasury Obligations and $165.0 million was received from sales and maturing United States Treasury Obligations.2025. $223.5 million was received from sales of affiliated investments and $229.5 million was paid to purchase affiliated investments during the year ended December 31, 2024. $246.6During millionthe year ended December 31, 2025, net deposits to/from the Commodity Broker was received$111.7 million. There were no net deposits to/from salesthe ofCommodity affiliated investments and $271.3 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 $(28.010.9) million and $25.9$(28.0) million during the years ended December 31, 20242025 and 2023,2024, respectively. This included $33.8$45.3 million and $111.4$33.8 million from the sale of Shares to Authorized Participants and $56.0$49.0 million and $78.8$56.0 million from Shares redeemed by Authorized Participants during the years ended December 31, 20242025 and 2023,2024, respectively. During the year ended December 31, 2025, distributions paid to Shareholders were $6.1 million. During the year ended December 31, 2024, distributions paid to Shareholders were $6.8 million. During the year ended December 31, 2023,2025, distributionsamounts paiddue to Shareholdersthe wereCustodian $6.7decreased by $1.0 million. During the year ended December 31, 2024, amounts due to the Custodian increased by $1.0 million.
The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ-Opt Yield Precious Metals Index ER”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the levels of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF IncomeIncome, if any, from the Fund’s collateral holdings whereas the Index does not consider such income. There can be no assurances that the price of the Shares or the Fund’s NAV will exceed the Index levels.
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.
COMPARISON OF MARKET, NAV AND DBIQ-OPTDBIQ-OPTIMUM YIELD PRECIOUS METALS INDEX ER
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 preciouseconomic metalsperformance sector.of investing in futures contracts on a basket of commodities. The DBIQ Optimum Yield Precious Metals Index Total Return ™, (the “DBIQ-OY Precious Metals TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the Index and the DBIQ-OY Precious Metals TR™ are not necessarily indicative of future changes, positive or negative.
For the year ended December 31, 2025, the NYSE Arca market value of each Share increased from $60.62 per Share to $102.78 per Share. The Share price low and high for the year ended December 31, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $61.04 per Share (+0.69%) on January 6, 2025, and a high of $110.40 per Share (+82.12%) on December 26, 2025. On December 26, 2025, the Fund paid a distribution of $2.50366 for each General Share and Share to holders of record as of December 22, 2025. Therefore, the total return for the Fund on a market value basis was +73.59%.
Precious metals delivered exceptionally strong results in 2025, with the Fund advancing more than 68%. Robust central bank purchases and renewed exchange-traded product inflows were key drivers, as investors sought safe‑haven assets and portfolio hedges amid de‑dollarization trends, economic uncertainty, and heightened geopolitical risks. Both gold and silver posted significant gains; however, silver outperformed gold on a relative basis, aided by industrial‑metal tailwinds such as rising demand from solar technology, increased defense‑related spending expectations, and persistent supply deficits. Despite silver’s stronger rally, gold remained the larger contributor to overall Fund performance due to its heavier weighting. Platinum, which was added to the Fund in November, also contributed modest gains.
Precious metals posted very strong performance in 2024 with the Fund returning over 20%. In the first quarter, price gains were underpinned by expectations that the Federal Reserve would start easing interest rates imminently, strong central bank demand, robust Asian consumer demand, and the increased call for haven assets from escalating geopolitical conflicts. Front month prices broke past all-time highs, even surpassing levels during the COVID-19 pandemic. Silver also gained, riding the wave higher with industrial metals, though silver prices were further supported by robust solar, and improving industrial demand amid expectations for a fourth consecutive annual deficit. While the bullion did face headwinds in the second quarter from the stall in Chinese central bank purchases and increased profit taking, the metal returned to strong gains in the third quarter when the Federal Reserve’s rate-cutting cycle began and exchange-traded product demand returned. However, the sector did move lower to end the year on post-election profit taking, as some market participants purchased gold to weather USU.S. election uncertainty, which did not play out.
For the year ended December 31, 2023, the NYSE Arca market value of each Share increased from $48.00 per Share to $50.03 per Share. The Share price low and high for the year ended December 31, 2023 and related change from the Share price on December 31, 2022 was as follows: Shares traded at a low of $46.15 per Share (-3.85%) on March 7, 2023, and a high of $53.42 per Share (+11.29%) on May 4, 2023. On December 22, 2023, the Fund paid a distribution of $2.23426 for each General Share and Share to holders of record as of December 20, 2023. Therefore, the total return for the Fund on a market value basis was +8.95%.
Precious metals ended 2023 with positive performance. In March, gold prices had rallied sharply following the collapse of Silicon Valley Bank. Investors flocked to safe havens like the bullion in fear that a contagion effect could ripple through the U.S. and even global financial sector. Expectations that the Federal Reserve would start to soften its aggressive rate-hike policy also added some gains earlier in the first quarter though that was fully reversed in February given stickier-than-expected inflation and a resilient U.S. labor market. However, in the second quarter, both metals moved lower as contagion fears from the banking sector turmoil dissipated and the U.S. government was able to reach a deal in time, averting what would have been the first U.S. debt ceiling default in history. Prices remained pressured in the third quarter as the Federal Reserve stuck to its higher-for-longer rhetoric and the U.S. Dollar held up. However, gold reversed sharply in the fourth quarter amid growing rate cut expectations in the U.S. and rising tensions in the Middle East. Throughout the year, strong central bank demand, especially in China, also protected the metal’s downside.
For the year ended December 31, 2024,2025, the NAV of each Share increased from $49.99$60.72 per Share to $60.72$103.02 per Share. Rising commodity future contracts prices for goldgold, platinum and silver during the year ended December 31, 20242025 contributingcontributed to an overall 21.16%68.31% increase in the level of the Index and to a 27.52%75.40% increase in the level of the DBIQ-OY Precious Metals TR™. On December 27,26, 2024,2025, the Fund paid a distribution of $2.55968$2.50366 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 +26.61%.73.72%.
Net income (loss) for the year ended December 31, 2025 was $112.6 million, resulting from $7.9 million of income, net realized gains (losses) of $70.5 million, net change in unrealized gains (losses) of $35.7 million and net operating expenses of $1.4 million.
For the year ended December 31, 2024, the NAV of each Share increased from $49.99 per Share to $60.72 per Share. Rising commodity future contracts prices for gold and silver during the year ended December 31, 2024 contributed to an overall 21.16% increase in the level of the Index and to a 27.52% increase in the level of the DBIQ-OY Precious Metals TR™. On December 27, 2024, the Fund paid a distribution of $2.55968 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 +26.61%.
For the year ended December 31, 2023, the NAV of each Share increased from $47.89 per Share to $49.99 per Share. Rising commodity future contracts prices for gold were partially offset by falling commodity future contracts prices for silver during the year ended December 31, 2023 contributed to an overall 4.60% increase in the level of the Index and to a 10.11% increase in the level of the DBIQ-OY Precious Metals TR™. On December 22, 2023, the Fund paid a distribution of $2.23426 for each General Share and Share to holders of record as of December 20, 2023. Therefore, the total return for the Fund on a NAV basis was +9.11%.
Net income (loss) for the year ended December 31, 2023 was $11.5 million, resulting from $7.7 million of income, net realized gains (losses) of $7.5 million, net change in unrealized gains (losses) of $(2.7) million and net operating expenses of $1.1 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 “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.”
New heading “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.”
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”
Largest changes
“Precious metals performed negatively during the second quarter of 2026, driven primarily by declines in gold. Despite ongoing geopolitical tensions in the Middle East, gold came under pressure as a stronger U.S. dollar and rising inflation concerns led markets to reduce expectations for Federal Reserve rate cuts. Prices were further weighed down by investor profit-taking, moderation in central bank purchases, slower inflows into physically backed exchange-traded products, and a shift toward holding cash during periods of heightened market volatility. …”see in full comparison
“Precious metals generated negative returns in the first half of 2026, with declines in gold, silver, and platinum more than offsetting gains recorded during the first quarter. Precious metals initially benefited from heightened geopolitical uncertainty surrounding the U.S.-Iran conflict and disruption risks in the Strait of Hormuz. However, those gains were reversed during the second quarter as a stronger U.S. dollar and rising inflation concerns led markets to scale back expectations for Federal Reserve rate cuts. …”see in full comparison
“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.”see in full comparison
“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.”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
“Precious metals saw strong positive performance in the first quarter of 2025 with both gold and silver posting front month gains of nearly 20%. Gold repeatedly broke all-time highs above $3,000/oz as the Federal Reserve elected to keep rates unchanged and investors flocked to safe haven assets in the wake of the global tariff/ trade war. Other longtime factors like central bank purchases amid persistent de-dollarization efforts and robust ETF investor demand also contributed to positive performance. …”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 $(6.210.6) million and $(20.0)$4.9 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, $21.3there were no sales received from maturing United States Treasury Obligations. $55.0 million was received from sales and maturing United States Treasury Obligations during the six months ended June 30, 2025. During the six months ended June 30, 2026, $137.8 million was received from sales of affiliated investments and $104.5$213.9 million was paid to purchase affiliated investments. $31.6$64.0 million was received from sales of affiliated investments and $50.3$113.5 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 $68.4$93.4 million and $29.4$37.2 million, respectively.
The Fund’s net cash flow provided by (used in) financing activities was $6.2$10.6 million and $20.0$(4.9) million during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. This included $23.4$39.1 million and $27.7$35.3 million from Shares purchased by Authorized Participants and $17.1$28.5 million and $6.7$39.2 million from Shares redeemed by Authorized Participants 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
COMPARISON OF MARKET, NAV AND DBIQ-OPTIMUM YIELD PRECIOUS METALS INDEX ERTM 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 Precious 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 levels of DBIQ-OY Precious 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 Precious 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 increaseddecreased from $102.78$110.22 per Share to $110.22$92.45 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 $101.77$91.56 per Share (-0.98%-16.93%) on MarchJune 26,24, 2026 and a high of $136.20$115.49 per Share (+32.52%4.78%) on JanuaryApril 29,17, 2026. The total return for the Fund on a market value basis was +7.24%.-16.12%.
Precious metals performed negatively during the second quarter of 2026, driven primarily by declines in gold. Despite ongoing geopolitical tensions in the Middle East, gold came under pressure as a stronger U.S. dollar and rising inflation concerns led markets to reduce expectations for Federal Reserve rate cuts. Prices were further weighed down by investor profit-taking, moderation in central bank purchases, slower inflows into physically backed exchange-traded products, and a shift toward holding cash during periods of heightened market volatility. Silver and platinum also declined, pressured by weaker industrial demand expectations and a less supportive interest rate environment.
Precious metals delivered strong gains in the first quarter of 2026 as heightened geopolitical uncertainty and rising market volatility increased demand for defensive assets. Escalating tensions between Iran and the United States, alongside increased disruption threats in the Strait of Hormuz, lifted broader systemic risk and reinforced gold’s role as a safe haven. Silver also contributed to positive performance, benefitting from both safe haven demand and its industrial use profile. Together, these factors drove strength across the precious metals complex and contributed positively to Fund performance during the quarter.
For the three months ended MarchJune 31,30, 2025, the NYSE Arca market value of each Share increased from $60.62$71.51 per Share to $71.51$75.14 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 $61.04$66.67 per Share (+0.69%-6.77%) on JanuaryApril 6,7, 2025 and a high of $71.51$77.58 per Share (+17.96%8.49%) on MarchJune 31,13, 2025. The total return for the Fund on a market value basis was +17.96%.5.08%.
Precious metals moved higher in the second quarter of 2025, dominated by gains in gold. The quarter was marked by elevated volatility in precious metals, with gold prices reaching new all-time highs in April before consolidating in the latter half of May and June. Gold benefited from heightened geopolitical tensions in the Middle East, a weaker U.S. dollar, resilient central bank demand, and exchange-traded product (“ETP”) inflows. Silver, while more volatile, was supported by tailwinds for both base and precious metals. Investors also added to silver ETPs as an alternative to the costlier gold.
Precious metals saw strong positive performance in the first quarter of 2025 with both gold and silver posting front month gains of nearly 20%. Gold repeatedly broke all-time highs above $3,000/oz as the Federal Reserve elected to keep rates unchanged and investors flocked to safe haven assets in the wake of the global tariff/ trade war. Other longtime factors like central bank purchases amid persistent de-dollarization efforts and robust ETF investor demand also contributed to positive performance. In addition to the tailwinds from precious metals, silver was also supported by positive drivers in industrial metals, including Chinese stimulus optimism in January, general strengthening in global manufacturing, and frontloading demand in anticipation of tariffs.
For the three months ended March 31, 2026, the NAV of each Share increased from $103.02 per Share to $109.41 per Share. Rising commodity futures contracts prices for gold and silver were partially offset by falling commodity futures contracts prices for platinum during the three months ended March 31, 2026, contributing to an overall 5.45% increase in the level of the Index and to a 6.40% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was +6.20%.
Net income (loss) for the three months ended March 31, 2026 was $15.2 million, primarily resulting from income of $2.5 million, from net realized gain (loss) of $3.7 million, net change in unrealized gain (loss) of $9.5 million and net operating expenses of $0.5 million.
For the three months ended MarchJune 31,30, 2025,2026, the NAV of each Share increaseddecreased from $60.72$109.41 per Share to $71.29$92.70 per Share. RisingFalling commodity futures contracts prices for goldgold, platinum and silver during the three months ended MarchJune 31,30, 20252026 contributed to an overall 16.48%15.96% increasedecrease in the level of the Index and to a 17.71%15.18% increasedecrease in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was +17.41%.-15.27%.
Net income (loss) for the three months ended MarchJune 31,30, 20252026 was $27.3$(42.3) million, primarily resulting from income of $1.7$2.7 million, from net realized gain (loss) of $0.3$2.2 million, net change in unrealized gain (loss) of $25.6$(46.7) million and net operating expenses of $0.3$0.5 million.
For the three months ended June 30, 2025, the NAV of each Share increased from $71.29 per Share to $74.82 per Share. Rising commodity futures contracts prices for gold and silver during the three months ended June 30, 2025 contributed to an overall 4.05% increase in the level of the Index and to a 5.18% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was +4.95%.
Net income (loss) for the three months ended June 30, 2025 was $8.8 million, primarily resulting from income of $1.9 million, net realized gain (loss) of $3.3 million, net change in unrealized gain (loss) of $3.9 million and net operating expenses of $0.3 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 decreased from $102.78 per Share to $92.45 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 $91.56 per Share (-10.92%) on June 24, 2026 and a high of $136.20 per Share (+32.52%) on January 29, 2026. The total return for the Fund on a market value basis was -10.05%.
Precious metals generated negative returns in the first half of 2026, with declines in gold, silver, and platinum more than offsetting gains recorded during the first quarter. Precious metals initially benefited from heightened geopolitical uncertainty surrounding the U.S.-Iran conflict and disruption risks in the Strait of Hormuz. However, those gains were reversed during the second quarter as a stronger U.S. dollar and rising inflation concerns led markets to scale back expectations for Federal Reserve rate cuts. Gold was further pressured by profit-taking, slowing central bank purchases, softer investor demand, and a preference for cash and liquidity amid heightened market volatility. Silver and platinum also declined amid weaker industrial demand expectations and tighter monetary policy expectations.
For the six months ended June 30, 2025, the NYSE Arca market value of each Share increased from $60.62 per Share to $75.14 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 $61.04 per Share (+0.69%) on January 6, 2025 and a high of $77.58 per Share (+27.98%) on June 13, 2025. The total return for the Fund on a market value basis was +23.95%.
Precious metals saw strong performance in the first half of 2025. Gold’s rally was driven by a confluence of macroeconomic and geopolitical factors, including persistent de-dollarization trends, robust central bank purchases, and safe haven demand amid global trade uncertainty and tensions in the Middle East. Gold hit a new all-time high in April, while silver benefited from both precious and industrial metal tailwinds, including Chinese stimulus optimism and resilient global manufacturing. Gold and silver ETP holdings also grew as investors allocated to gold as a portfolio hedge.
Fund Share Net Asset Performance
For the six months ended June 30, 2026, the NAV of each Share decreased from $103.02 per Share to $92.70 per Share. Falling commodity futures contracts prices for gold, platinum and silver during the six months ended June 30, 2026 contributed to an overall 11.38% decrease in the level of the Index and to a 9.75% decrease in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was -10.02%.
Net income (loss) for the six months ended June 30, 2026 was $(27.1) million, primarily resulting from income of $5.3 million, net realized gain (loss) of $5.9 million, net change in unrealized gain (loss) of $(37.2) million and net operating expenses of $1.0 million.
For the six months ended June 30, 2025, the NAV of each Share increased from $60.72 per Share to $74.82 per Share. Rising commodity futures contracts prices for gold and silver during the six months ended June 30, 2025 contributed to an overall 21.20% increase in the level of the Index and to a 23.81% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was +23.22%.
Net income (loss) for the six months ended June 30, 2025 was $36.1 million, primarily resulting from income of $3.6 million, net realized gain (loss) of $3.5 million, net change in unrealized gain (loss) of $29.6 million and net operating expenses of $0.6 million.
DBP 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 DBP (13F)
None of the 59 investors we track reported a position in their latest 13F.