INVESCO DB BASE METALS FUND
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 7, 2026
DBB$24.58+0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001193125-26-209734
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-338712
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 97 previous paragraphs and 104 current paragraphs.
75 unchanged; 12 reworded; 16 added; 8 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Current report
Returns for the Three and Six Months Ended June 30, 2026 and 2025
Current report
For the three months ended June 30, 2026 the NYSE Arca market value of each Share increased from $23.49 per Share to $24.11 per Share. The Share price low and high for the three months ended June 30, 2026 and related change from the Share price on March 31, 2026 was as follows: Shares traded at a low of $23.51 per Share (+0.09%) on April 07, 2026 and a high of $26.63 per Share (+13.37%) on June 02, 2026. The total return for the Fund on a market value basis was +2.64%.
Current report
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.
Current report
For the three months ended June 30, 2025, the NYSE Arca market value of each Share increased from $19.20 per Share to $19.35 per Share. The Share price low and high for the three months ended June 30, 2025 and related change from the Share price on March 31, 2025 was as follows: Shares traded at a low of $17.28 per Share (-10.00%) on April 08, 2025 and a high of $19.39 per Share (+0.99%) on June 27, 2025. The total return for the Fund on a market value basis was +0.78%.
Current report
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.
Current report
Net income (loss) for the three months ended June 30, 2026 was $4.6 million, primarily resulting from $3.0 million of income, net realized gain (loss) of $12.8 million, net change in unrealized gain (loss) of $(10.6) million and net operating expenses of $0.6 million.
Current report
FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025
Current report
Fund Share Price Performance
Current report
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.
Current report
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.
Current report
Fund Share Net Asset Performance
Current report
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%.
Current report
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.
Current report
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%.
Current report
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.
Removed paragraphs (8)
Previous report
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES,
Previous report
POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
Previous report
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES,
Previous report
POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
Previous report
future changes, positive or negative.
Previous report
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.
Previous report
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.
Previous report
Net income (loss) for the three months ended March 31, 2026 was $0.5 million, primarily resulting from $2.3 million of income, net realized gain (loss) of $13.5 million, net change in unrealized gain (loss) of $(14.8) million and net operating expenses of $0.5 million.
Reworded paragraphs (12)
Previous wording
Net cash flow provided by (used in) operating activities was $(94.7) million and $(8.9) million for the three months ended March 31, 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.
Current wording
Net cash flow provided by (used in) operating activities was $(147.4) million and $(2.2) million for the six months ended June 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.
Previous wording
During the three months ended March 31, 2026, $50.4 million was received from sales of affiliated investments and $167.3 million was paid to purchase affiliated investments. $16.4 million was received from sales of affiliated investments and $13.3 million was paid to purchase affiliated investments during the three months ended March 31, 2025. During the three months ended March 31, 2026 and 2025, net deposits to/from the Commodity Broker were $25.5 million and $12.6 million, respectively.
Current wording
During the six months ended June 30, 2026, $151.6 million was received from sales of affiliated investments and $318.8 million was paid to purchase affiliated investments. $31.7 million was received from sales of affiliated investments and $72.2 million was paid to purchase affiliated investments during the six months ended June 30, 2025. During the six months ended June 30, 2026 and 2025, net deposits to/from the Commodity Broker were $1.1 million and $4.7 million, respectively.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $91.3 million and $8.9 million during the three months ended March 31, 2026 and 2025, respectively. This included $140.8 million and $15.6 million from Shares purchased by Authorized Participants and $49.5 million and $6.6 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2026 and 2025, respectively. No distributions were paid to Shareholders during the three months ended March 31, 2026 and 2025, respectively.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $149.9 million and $2.2 million during the six months ended June 30, 2026 and 2025, respectively. This included $254.3 million and $25.1 million from Shares purchased by Authorized Participants and $104.4 million and $22.8 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2026 and 2025, respectively. No distributions were paid to Shareholders during the six months ended June 30, 2026 and 2025, respectively.
Previous wording
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Current wording
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous wording
This Report covers the three months ended March 31, 2026 and 2025. Past performance of the Fund is not necessarily indicative of future performance.
Current wording
This Report covers the three and six months ended June 30, 2026 and 2025. Past performance of the Fund is not necessarily indicative of future performance.
Previous wording
The Index is intended to reflect the changes in market value, positive or negative, of the Index Commodities. The Index is intended to reflect the economic performance of investing in futures contracts on the base metals sector. 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
Current wording
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.
Previous wording
The section “Summary of the DBIQ-OY Industrial Metals TR™ and Underlying Index Commodity Returns for the three months ended March 31, 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.
Current wording
The section “Summary of the DBIQ-OY Industrial Metals TR™ and Underlying Index Commodity Returns for the three and six months ended June 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.
Previous wording
For the three months ended March 31, 2026, the NAV of each Share increased from $22.88 per Share to $23.45 per Share. Rising commodity futures contract prices for Aluminum, Copper - Grade A, Nickel and Zinc were partially offset by commodity futures contracts for Copper and Lead during the the three months ended March 31, 2026 contributing to an overall 1.82% increase in the level of the Index and to a 2.74% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +2.49%.
Current wording
For the three months ended June 30, 2026, the NAV of each Share increased from $23.45 per Share to $24.08 per Share. Rising commodity futures contract prices for copper, copper - Grade A and zinc were partially offset by commodity futures contracts for aluminum, lead and nickel during the three months ended June 30, 2026 contributing to an overall 1.98% increase in the level of the Index and to a 2.93% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +2.69%.
Previous wording
For the three months ended March 31, 2025, the NAV of each Share increased from $18.79 per Share to $19.19 per Share. Rising commodity futures contract prices for Copper were partially offset by falling commodity futures contract prices for Aluminum and Zinc during the three months ended March 31, 2025 contributing to an overall 1.27% increase in the level of the Index and to a 2.35% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +2.13%.
Current wording
For the three months ended June 30, 2025, the NAV of each Share increased from $19.19 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 three months ended June 30, 2025 contributing to an overall 0.15% decrease in the level of the Index and to a 0.93% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +0.78%.
Previous wording
Net income (loss) for the three months ended March 31, 2025 was $2.1 million, primarily resulting from $1.2 million of income, net realized gain (loss) of $(0.1) million, net change in unrealized gain (loss) of $1.2 million and net operating expenses of $0.2 million.
Current wording
Net income (loss) for the three months ended June 30, 2025 was $0.0 million, primarily resulting from $1.2 million of income, net realized gain (loss) of $(7.2) million, net change in unrealized gain (loss) of $6.1 million and net operating expenses of $0.2 million.
Previous wording
For the three months ended March 31, 2026 the NYSE Arca market value of each Share increased from $22.94 per Share to $23.49 per Share. The Share price low and high for the three months ended March 31, 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 $25.08 per Share (+9.33%) on January 29, 2026. The total return for the Fund on a market value basis was +2.40%.
Current wording
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%.
Previous wording
For the three months ended March 31, 2025, the NYSE Arca market value of each Share increased from $18.84 per Share to $19.20 per Share. The Share price low and high for the three months ended March 31, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $18.56 per Share (-1.49%) on January 03, 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 +1.91%.
Current wording
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%.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The Index is intended to reflect the changes in market value, positive or negative, of the Index Commodities. The Index is intended to reflect the economic performance of investing in futures contracts on the base metals sector. The DBIQ Optimum Yield
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Previous report — wording carried elsewhere
Returns for the Three Months Ended March 31, 2026 and 2025