Invesco DB Precious Metals Fund
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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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
DBP$90.75-0.7%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.
0001193125-26-209730
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.
0001193125-26-338717
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 95 previous paragraphs and 121 current paragraphs.
75 unchanged; 12 reworded; 31 added; 7 removed; 1 previous and 3 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 (31)
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 decreased from $110.22 per Share to $92.45 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 $91.56 per Share (-16.93%) on June 24, 2026 and a high of $115.49 per Share (+4.78%) on April 17, 2026. The total return for the Fund on a market value basis was -16.12%.
Current report
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.
Current report
For the three months ended June 30, 2025, the NYSE Arca market value of each Share increased from $71.51 per Share to
Current report
$75.14 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 $66.67 per Share (-6.77%) on April 7, 2025 and a high of $77.58 per Share (+8.49%) on June 13, 2025. The total return for the Fund on a market value basis was +5.08%.
Current report
Precious metals moved higher in the second quarter of 2025, dominated by gains in gold. The quarter was marked by elevated
Current report
volatility in precious metals, with gold prices reaching new all-time highs in April before consolidating in the latter half of May and
Current report
June. Gold benefited from heightened geopolitical tensions in the Middle East, a weaker U.S. dollar, resilient central bank demand,
Current report
and exchange-traded product (“ETP”) inflows. Silver, while more volatile, was supported by tailwinds for both base and precious
Current report
metals. Investors also added to silver ETPs as an alternative to the costlier gold.
Current report
For the three months ended June 30, 2026, the NAV of each Share decreased from $109.41 per Share to $92.70 per Share. Falling commodity futures contracts prices for gold, platinum and silver during the three months ended June 30, 2026 contributed to an overall 15.96% decrease in the level of the Index and to a 15.18% decrease in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was -15.27%.
Current report
Net income (loss) for the three months ended June 30, 2026 was $(42.3) million, primarily resulting from income of $2.7 million, net realized gain (loss) of $2.2 million, net change in unrealized gain (loss) of $(46.7) million and net operating expenses of $0.5 million.
Current report
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.
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
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
Current report
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.
Current report
Share (+27.98%) on June 13, 2025. The total return for the Fund on a market value basis was +23.95%.
Current report
Precious metals saw strong performance in the first half of 2025. Gold’s rally was driven by a confluence of macroeconomic
Current report
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
Current report
precious and industrial metal tailwinds, including Chinese stimulus optimism and resilient global manufacturing. Gold and silver ETP
Current report
holdings also grew as investors allocated to gold as a portfolio hedge.
Current report
Fund Share Net Asset Performance
Current report
Net income (loss) for the six months ended June 30, 2026 was $(27.1) million, primarily resulting from income of $5.3 million,
Current report
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
Current report
million.
Current report
commodity futures contracts prices for gold and silver during the six months ended June 30, 2025 contributed to an overall 21.20%
Current report
Fund on a NAV basis was +23.22%.
Current report
Net income (loss) for the six months ended June 30, 2025 was $36.1 million, primarily resulting from income of $3.6 million,
Current report
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
Removed paragraphs (7)
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
per Share (+17.96%) on March 31, 2025. The total return for the Fund on a market value basis was +17.96%.
Previous report
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.
Previous report
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.
Previous report
Net income (loss) for the three months ended March 31, 2025 was $27.3 million, primarily resulting from income of $1.7 million, from net realized gain (loss) of $0.3 million, net change in unrealized gain (loss) of $25.6 million and net operating expenses of $0.3 million.
Reworded paragraphs (12)
Previous wording
Net cash flow provided by (used in) operating activities was $(6.2) million and $(20.0) 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 $(10.6) million and $4.9 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, $21.3 million was received from sales of affiliated investments and $104.5 million was paid to purchase affiliated investments. $31.6 million was received from sales of affiliated investments and $50.3 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 $68.4 million and $29.4 million, respectively.
Current wording
During the six months ended June 30, 2026, there 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 $213.9 million was paid to purchase affiliated investments. $64.0 million was received from sales of affiliated investments and $113.5 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 $93.4 million and $37.2 million, respectively.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $6.2 million and $20.0 million during the three months ended March 31, 2026 and 2025, respectively. This included $23.4 million and $27.7 million from Shares purchased by Authorized Participants and $17.1 million and $6.7 million from Shares redeemed by Authorized Participants 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 $10.6 million and $(4.9) million during the six months ended June 30, 2026 and 2025, respectively. This included $39.1 million and $35.3 million from Shares purchased by Authorized Participants and $28.5 million and $39.2 million from Shares redeemed by Authorized Participants 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
COMPARISON OF MARKET, NAV AND DBIQ-OPTIMUM YIELD PRECIOUS METALS INDEX ERTM FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Current wording
COMPARISON OF MARKET, NAV AND DBIQ-OPTIMUM YIELD PRECIOUS METALS INDEX ERTM 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 section “Summary of the DBIQ-OY Precious 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 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.
Current wording
The section “Summary of the DBIQ-OY Precious 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 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.
Previous wording
For the three months ended March 31, 2025, the NAV of each Share increased from $60.72 per Share to $71.29 per Share. Rising commodity futures contracts prices for gold and silver during the three months ended March 31, 2025 contributed to an overall 16.48% increase in the level of the Index and to a 17.71% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was +17.41%.
Current wording
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%.
Previous wording
For the three months ended March 31, 2026, the NYSE Arca market value of each Share increased from $102.78 per Share to $110.22 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 $101.77 per Share (-0.98%) on March 26, 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 +7.24%.
Current wording
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
Previous wording
For the three months ended March 31, 2025, the NYSE Arca market value of each Share increased from $60.62 per Share to
Current wording
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
Previous wording
$71.51 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 $61.04 per Share (+0.69%) on January 6, 2025 and a high of $71.51
Current wording
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
Previous wording
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%.
Current wording
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%.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Share (+32.52%) on January 29, 2026. The total return for the Fund on a market value basis was -10.05%.
Current report — wording carried from elsewhere
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
Current report — wording carried from elsewhere
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
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Returns for the Three Months Ended March 31, 2026 and 2025