INVESCO DB BASE 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
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 2026-06-30; filed 2026-08-07.
0001193125-26-338712
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.
0001193125-26-450272
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 104 previous paragraphs and 104 current paragraphs.
78 unchanged; 14 reworded; 12 added; 12 removed; 0 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 (12)
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
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 $24.11 per Share to $25.29 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 $23.96 per Share (-0.62%) on July 01, 2026 and a high of $26.33 per Share (+9.21%) on September 09, 2026. The total return for the Fund on a market value basis was +4.90%.
Current report
Industrial metals generated positive performance during the third quarter of 2026, led by copper. Uncertainty over potential US tariffs drew large volumes of refined copper into US warehouses, tightening availability in other regions and contributing to stronger performance from the London copper benchmark (LME) relative to US copper (CME). Both benchmarks nevertheless advanced as weaker-than-expected mine production, a tight concentrate market, and long-term demand from AI infrastructure, power grids, and electrification remained supportive. The Middle East conflict added to supply concerns by disrupting sulfur and sulfuric acid flows used in copper processing, increasing costs and potentially constraining refined output. Zinc also benefited from tight concentrate availability, while aluminum gained as disruptions to Gulf production and exports highlighted the region as a material source of global supply. Nickel was the largest detractor as ample Indonesian supply and softer demand expectations outweighed broader strength across the complex.
Current report
For the three months ended September 30, 2025, the NYSE Arca market value of each Share increased from $19.35 per Share to $20.55 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 $19.05 per Share (-1.55%) on July 07, 2025 and a high of $20.57 per Share (+6.30%) on September 29, 2025. The total return for the Fund on a market value basis was +6.20%.
Current report
The Fund delivered positive returns in the third quarter of 2025, with monetary, fiscal, and fundamental factors supporting the move higher across the base metals complex. Continued U.S. dollar weakness and demand optimism bolstered by the Federal Reserve's easing and plans under the One Big Beautiful Bill Act (OBBBA) to increase defense spending were also supporting factors. While Zinc was the largest contributor to performance, gaining on major mine disruptions, Copper dominated news headlines during the third quarter. Copper prices benefited from a supply squeeze on the London Metal Exchange, after efforts to front run tariffs led to a flood of supplies into the U.S., in turn depleting stockpiles in London. While prices fell again after news that refined copper would be excluded from the August 1st tariffs, they broke out even higher due to renewed supply concerns in September. Investments in artificial intelligence (AI) data centers and electric vehicles also remained a tailwind for copper.
Current report
For the three months ended September 30, 2025, the NAV of each Share increased from $19.34 per Share to $20.48 per Share. Rising commodity futures contract prices for aluminum, copper and zinc during the three months ended September 30, 2025 contributed to an overall 5.06% increase in the level of the Index and to a 6.17% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +5.89%.
Current report
Industrial metals generated positive performance year-to-date through the third quarter of 2026, led by copper, zinc, and aluminum. Copper was the largest contributor as prospective US import tariffs encouraged traders to move metal into US storage, concentrating visible inventories on the CME and leaving the ex-US market increasingly tight. This regional imbalance helped LME copper outperform its US counterpart, although both delivered gains as weaker-than-expected mine production, a tight concentrate market, and growing consumption tied to AI data centers, grid modernization, and electrification reinforced the longer-term supply-demand outlook. Exceptionally low treatment and refining charges reflected intense competition for scarce concentrate, while Middle East conflict-related disruptions to sulfur and sulfuric acid supplies raised processing costs and concerns over refined metal availability. Zinc also benefited from concentrate tightness and depressed treatment charges. Aluminum contributed positively as the conflict disrupted Gulf production and shipping, underscoring the Middle East as a material source of primary aluminum supply. These gains more than offset weakness in nickel and lead, with nickel pressured by ample Indonesian supply and subdued industrial demand and lead weighed down by softer end-market conditions.
Current report
The Fund delivered positive returns in the first three quarters of 2025. Copper was the strongest performer, bolstered by heavy tariff-driven frontloading into the U.S., a weaker U.S. dollar, and mine disruptions in Chile and Indonesia in the third quarter. Copper demand also increased due to higher global spending plans across defense, energy, and technology. These themes supported base metals sentiment while gradually recovering industrial activity and a resilient global economy boosted demand outlooks. Zinc posted a loss, pressured by near-term oversupply in China as production capacity grew amid weak domestic demand. Zinc is primarily used to galvanize or cover steel used in construction and manufacturing sectors, which have continued to lag in China. Aluminum also gained on supply shortage concerns, particularly due to China’s production caps.
Current report
Net income (loss) for the nine months ended September 30, 2026 was $22.7 million, primarily resulting from $8.5 million of income, net realized gain (loss) of $27.0 million, net change in unrealized gain (loss) of $(11.0) million and net operating expenses of $1.7 million.
Current report
Net income (loss) for the nine months ended September 30, 2025 was $9.0 million, primarily resulting from $3.7 million of income, net realized gain (loss) of $(4.8) million, net change in unrealized gain (loss) of $10.7 million and net operating expenses of $0.6 million.
Removed paragraphs (12)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
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 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%.
Previous 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.
Previous 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%.
Previous 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.
Previous report
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 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.
Previous 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.
Previous 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.
Previous 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.
Reworded paragraphs (14)
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 $(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.
Current wording
Net cash flow provided by (used in) operating activities was $(123.5) million and $(4.3) 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, $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.
Current wording
During the nine months ended September 30, 2026, $236.8 million was received from sales of affiliated investments and $405.2 million was paid to purchase affiliated investments. During the nine months ended September 30, 2025 $50.0 million was received from sales and maturing United States Treasury Obligations. $41.6 million was received from sales of affiliated investments and $84.9 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 $15.2 million and $7.5 million, respectively.
Previous 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.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $120.0 million and $4.3 million during the nine months ended September 30, 2026 and 2025, respectively. This included $285.9 million and $38.8 million from Shares purchased by Authorized Participants and $165.9 million and $34.5 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2026 and 2025, respectively. No distributions were paid to Shareholders during the nine months ended September 30, 2026 and 2025, respectively.
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 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.
Current wording
The section “Summary of the DBIQ-OY Industrial 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 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 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%.
Current wording
For the three months ended September 30, 2026, the NAV of each Share increased from $24.08 per Share to $25.30 per Share. Rising commodity futures contract prices for aluminum copper, copper - Grade A and zinc were partially offset by falling commodity futures contracts for lead and nickel during the three months ended September 30, 2026, contributing to an overall 4.33% increase in the level of the Index and to a 5.34% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +5.07%.
Previous wording
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 wording
Net income (loss) for the three months ended September 30, 2026 was $17.7 million, primarily resulting from $3.2 million of income, net realized gain (loss) of $0.7 million, net change in unrealized gain (loss) of $14.3 million and net operating expenses of $0.6 million.
Previous 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.
Current wording
Net income (loss) for the three months ended September 30, 2025 was $6.9 million, primarily resulting from $1.2 million of income, net realized gain (loss) of $2.5 million, net change in unrealized gain (loss) of $3.4 million and net operating expenses of $0.2 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 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%.
Current wording
For the nine months ended September 30, 2026, the NYSE Arca market value of each Share increased from $22.94 per Share to $25.29 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 $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 +10.24%.
Previous 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%.
Current wording
For the nine months ended September 30, 2025, the NYSE Arca market value of each Share increased from $18.84 per Share to $20.55 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 $17.28 per Share (-8.28%) on April 08, 2025 and a high of $20.57 per Share (+9.18%) on September 29, 2025. The total return for the Fund on a market value basis was +9.08%.
Previous wording
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 wording
For the nine months ended September 30, 2026, the NAV of each Share increased from $22.88 per Share to $25.30 per Share. Rising commodity futures contract prices for aluminum, copper, copper - Grade A and zinc were partially offset by falling commodity futures contracts for lead and nickel during the nine months ended September 30, 2026, contributing to an overall 8.33% increase in the level of the Index and to a 11.39% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +10.58%.
Previous wording
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 wording
For the nine months ended September 30, 2025, the NAV of each Share increased from $18.79 per Share to $20.48 per Share. Rising commodity futures contract prices for aluminum and copper during the nine months ended September 30, 2025 contributed to an overall 6.24% increase in the level of the Index and to a 9.67% increase in the level of the DBIQ-OY Industrial Metals TR™. The total return for the Fund on a NAV basis was +8.99%.