Invesco DB Precious Metals Fund
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-07.
0001193125-26-338717
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-450253
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 121 previous paragraphs and 103 current paragraphs.
76 unchanged; 16 reworded; 11 added; 28 removed; 1 previous and 0 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 (11)
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Current report
Returns for the Three and Nine Months Ended September 30, 2026 and 2025
Current report
For the three months ended September 30, 2026, the NYSE Arca market value of each Share increased from $92.45 per Share to $95.46 per Share. The Share price low and high for the three months ended September 30, 2026 and related change from the Share price on June 30, 2026 was as follows: Shares traded at a low of $90.92 per Share (-1.65%) on July 16, 2026 and a high of $107.56 per Share (+16.34%) on August 25, 2026. The total return for the Fund on a market value basis was +3.26%.
Current report
Precious metals posted a modest gain during the third quarter. Gold was the largest contributor, reflecting its dominant weight, as persistent inflation concerns, geopolitical uncertainty and continued central-bank buying provided support. However, the Federal Reserve’s September rate hike, firmer Treasury yields and a stronger US dollar limited the advance late in the quarter. Platinum delivered the strongest individual return, supported by low above-ground inventories, while silver was largely unchanged as monetary-policy headwinds offset support from industrial demand.
Current report
For the three months ended September 30, 2025, the NYSE Arca market value of each Share increased from $75.14 per Share to
Current report
Precious metals added to their strong year to date gains in the third quarter of 2025. Gold continued to reach new record highs supported by the growth of U.S. dollar debasement trades and safe haven demand due to concerns about fiscal sustainability, the Federal Reserve’s independence, geopolitical developments, and overall macro uncertainty. Lower interest rates, inflation expectations, and a softer U.S. dollar were also supporting factors, while central banks and ETFs alike have continued to accumulate gold amid the aforementioned themes. The silver rally outpaced gold, benefiting from this macroeconomic backdrop but also from industrial demand for energy/power grid technology, increased defense spending plans, and persistent supply deficits.
Current report
Net income (loss) for the three months ended September 30, 2026 was $6.3 million, primarily resulting from income of $2.1 million, net realized gain (loss) of $1.2 million, net change in unrealized gain (loss) of $3.4 million and net operating expenses of $0.4 million.
Current report
Precious metals declined year to date through the third quarter as higher interest rate expectations, rising Treasury yields and periods of U.S. dollar strength increased the opportunity cost of holding non-yielding assets. Gold was the largest detractor because of its dominant weighting in the Fund, although central-bank purchases, persistent inflation and geopolitical uncertainty provided an important source of support. Silver and platinum recorded steeper individual declines amid sensitivity to tighter monetary policy and the industrial outlook, with platinum’s tight supply outlook helping cushion some of the weakness.
Current report
Precious metals showed strong performance in the first three quarters of 2025, gaining from persistent macro themes. Both central bank buying and ETF inflows were key performance drivers as investors sought safe havens and portfolio hedges amid de-dollarization trends, economic uncertainty, and geopolitical risks. Gold and silver have both soared this year, but the rally in silver has outpaced that of gold, benefitting from additional industrial metal tailwinds, demand for solar technology, increased defense spending plans which boosted silver’s demand expectations, and persisting supply deficits.
Current report
Net income (loss) for the nine months ended September 30, 2026 was $(20.8) million, primarily resulting from income of $7.3 million, net realized gain (loss) of $7.0 million, net change in unrealized gain (loss) of $(33.8) million and net operating expenses of $1.4 million.
Current report
For the nine months ended September 30, 2025, the NAV of each Share increased from $60.72 per Share to $88.59 per Share. Rising commodity futures contracts prices for gold and silver during the nine months ended September 30, 2025 contributed to an overall 42.38% increase in the level of the Index and to a 46.97% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was +45.90%.
Removed paragraphs (28)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous report
Returns for the Three and Six Months Ended June 30, 2026 and 2025
Previous 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%.
Previous 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.
Previous report
For the three months ended June 30, 2025, the NYSE Arca market value of each Share increased from $71.51 per Share to
Previous 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%.
Previous report
Precious metals moved higher in the second quarter of 2025, dominated by gains in gold. The quarter was marked by elevated
Previous report
volatility in precious metals, with gold prices reaching new all-time highs in April before consolidating in the latter half of May and
Previous report
June. Gold benefited from heightened geopolitical tensions in the Middle East, a weaker U.S. dollar, resilient central bank demand,
Previous report
and exchange-traded product (“ETP”) inflows. Silver, while more volatile, was supported by tailwinds for both base and precious
Previous report
metals. Investors also added to silver ETPs as an alternative to the costlier gold.
Previous 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.
Previous 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
Previous 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.
Previous report
Share (+27.98%) on June 13, 2025. The total return for the Fund on a market value basis was +23.95%.
Previous report
Precious metals saw strong performance in the first half of 2025. Gold’s rally was driven by a confluence of macroeconomic
Previous 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
Previous report
precious and industrial metal tailwinds, including Chinese stimulus optimism and resilient global manufacturing. Gold and silver ETP
Previous report
holdings also grew as investors allocated to gold as a portfolio hedge.
Previous report
Net income (loss) for the six months ended June 30, 2026 was $(27.1) million, primarily resulting from income of $5.3 million,
Previous 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
Previous report
million.
Previous report
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
Previous report
commodity futures contracts prices for gold and silver during the six months ended June 30, 2025 contributed to an overall 21.20%
Previous report
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
Previous report
Fund on a NAV basis was +23.22%.
Previous report
Net income (loss) for the six months ended June 30, 2025 was $36.1 million, primarily resulting from income of $3.6 million,
Reworded paragraphs (16)
Previous wording
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, and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.
Current wording
As of the date of this Report, each of ABN AMRO Clearing USA 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, and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.
Previous 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.
Current wording
Net cash flow provided by (used in) operating activities was $17.3 million and $4.9 million for the nine months ended September 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 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.
Current wording
During the nine months ended September 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 nine months ended September 30, 2025. During the nine months ended September 30, 2026, $230.3 million was received from sales of affiliated investments and $288.9 million was paid to purchase affiliated investments. $64.5 million was received from sales of affiliated investments and $114.8 million was paid to purchase affiliated investments during the nine months ended September 30, 2025. During the nine months ended September 30, 2026 and 2025, net deposits to/from the Commodity Broker were $97.0 million and $70.5 million, respectively.
Previous 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.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $(17.3) million and $(4.9) million during the nine months ended September 30, 2026 and 2025, respectively. This included $48.6 million and $35.3 million from Shares purchased by Authorized Participants and $65.9 million and $39.2 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2026 and 2025, respectively.
Previous 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
Current wording
COMPARISON OF MARKET, NAV AND DBIQ-OPTIMUM YIELD PRECIOUS METALS INDEX ERTM FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Previous 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.
Current wording
This Report covers the three and nine months ended September 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 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.
Current wording
The section “Summary of the DBIQ-OY Precious Metals TR™ and Underlying Index Commodity Returns for the Three and Nine Months Ended September 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
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
Current wording
$88.98 per Share. The Share price low and high for the three months ended September 30, 2025 and related change from the Share price on June 30, 2025 was as follows: Shares traded at a low of $74.62 per Share (-0.69%) on July 30, 2025 and a high of $88.98 per Share (+18.42%) on September 30, 2025. The total return for the Fund on a market value basis was +18.42%.
Previous wording
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 wording
For the three months ended September 30, 2026, the NAV of each Share increased from $92.70 per Share to $95.41 per Share. Rising commodity futures contracts prices for gold and platinum were partially offset by falling commodity futures contract prices for silver during the three months ended September 30, 2026 contributed to an overall 2.16% increase in the level of the Index and to a 3.16% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was +2.92%.
Previous 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%.
Current wording
For the three months ended September 30, 2025, the NAV of each Share increased from $74.82 per Share to $88.59 per Share. Rising commodity futures contracts prices for gold and silver during the three months ended September 30, 2025 contributed to an overall 17.47% increase in the level of the Index and to a 18.71% increase in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was +18.40%.
Previous wording
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 wording
Net income (loss) for the three months ended September 30, 2025 was $34.4 million, primarily resulting from income of $2.0 million, net change in unrealized gain (loss) of $32.8 million and net operating expenses of $0.3 million.
Previous wording
FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025
Current wording
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2025
Previous 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
Current wording
For the nine months ended September 30, 2026, the NYSE Arca market value of each Share decreased from $102.78 per Share to $95.46 per Share. The Share price low and high for the nine months ended September 30, 2026 and related change from the Share price on December 31, 2025 was as follows: Shares traded at a low of $90.92 per Share (-11.54%) on July 16, 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 -7.12%.
Previous 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
Current wording
For the nine months ended September 30, 2025, the NYSE Arca market value of each Share increased from $60.62 per Share to $88.98 per Share. The Share price low and high for the nine months ended September 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 $88.98 per Share (+46.78%) on September 30, 2025. The total return for the Fund on a market value basis was +46.78%.
Previous 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%.
Current wording
For the nine months ended September 30, 2026, the NAV of each Share decreased from $103.02 per Share to $95.41 per Share. Falling commodity futures contracts prices for gold, platinum and silver during the nine months ended September 30, 2026 contributed to an overall 9.47% decrease in the level of the Index and to a 6.90% decrease in the level of the DBIQ-OY Precious Metals TR™. The total return for the Fund on a NAV basis was -7.39%.
Previous wording
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
Current wording
Net income (loss) for the nine months ended September 30, 2025 was $70.6 million, primarily resulting from income of $5.7 million, net realized gain (loss) of $3.5 million, net change in unrealized gain (loss) of $62.3 million and net operating expenses of $1.0 million.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Share (+32.52%) on January 29, 2026. The total return for the Fund on a market value basis was -10.05%.