At a glance
DBA charges 0.85% a year, the same as the average of the 7 funds most like it (the 3rd cheapest of 8). It has $1.06B in assets, the largest of that group; it paid 3.32% of its price in distributions over the past 12 months, annual. Over the past year it returned +8.0% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +11.9% a year. At its worst it fell 15.1% in the 2020 crash (S&P 500: 33.7%) and 15.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 19 months after the lows.
The short version
Invesco DB Agriculture Fund (DBA) is a commodity pool. It uses futures contracts to track the DBIQ Diversified Agriculture Index Excess Return, a basket of 13 crops and livestock led by corn, live cattle, soybeans and lean hogs. With $1.06 billion in assets as of June 30, 2026, it is the largest fund in its peer group. Its 0.85% expense ratio is lower than the 1.00% charged by Teucrium's agriculture funds. Holders get a K-1 tax form, not a 1099.
Price history
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DBA +8.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DBA price data to Oct 27, 2026 | +7.4% | +8.0% | +11.9% | +10.1% | +4.4% | +1.4% |
- Over the year to Oct 27, 2026, DBA returned +8.0%, 6th of 8 among similar funds.
- Its 5-year annualized return was +10.1% and its 10-year +4.4%.
- In the 2020 COVID crash it fell 15.1% and regained its old high 9.5 months after the low.
- Its worst full calendar year was 2008 (-19.1%); its best was 2024 (+33.5%).
- The deepest fall in its price history was 68% (Feb 26, 2008 to Jun 26, 2020), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.4% |
| 2025 | -0.6% |
| 2024 | +33.5% |
| 2023 | +7.6% |
| 2022 | +2.5% |
| 2021 | +22.4% |
| 2020 | -2.5% |
| 2019 | -0.7% |
| 2018 | -8.7% |
| 2017 | -6.1% |
| 2016 | -3.1% |
| 2015 | -17.2% |
| 2014 | +2.6% |
| 2013 | -13.2% |
| 2012 | -3.2% |
| 2011 | -10.7% |
| 2010 | +22.4% |
| 2009 | +1.0% |
| 2008 | -19.1% |
| 2007 | +33.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 15% over that stretch · deepest drop along the way 48.9%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 10.7% over that stretch · deepest drop along the way 15.1%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 2.6% over that stretch · deepest drop along the way 15.9%, back to its old high 18.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.9100 | -15.7% |
| 2024 | $1.0800 | +12.5% |
| 2023 | $0.9600 | +860.0% |
| 2022 | $0.1000 | -61.5% |
| 2019 | $0.2600 | +44.4% |
| 2018 | $0.1800 | -60.0% |
| 2008 | $0.4500 | 0.0% |
| 2007 | $0.4500 |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $1.06B as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
DBA tracks an index owned by Deutsche Bank Securities, which Invesco licenses. Once a year, the index screens commodity futures listed on major US and European exchanges by how much money traded in them over three years. Any commodity below 2% of its sector is dropped. Each remaining commodity is weighted by averaging its share of trading value and its share of production value, with a 5% minimum. As of December 31, 2025, the fund's largest weights were corn (14.35%), live cattle (13.88%), soybeans (12.68%) and lean hogs (10.94%).
Futures contracts expire, so the fund must keep selling contracts that are near expiry and buying later ones. This is called rolling. The fund doesn't roll on a fixed calendar. It picks whichever eligible contract offers the most favorable roll. When later contracts cost more than near ones (contango), rolling drags on returns. When they cost less (backwardation), rolling helps. Over time this can pull the fund well away from spot crop prices.
The cash backing the futures sits in Treasury bills, money market funds and short-term Treasury ETFs, and the interest it earns adds to returns. If the fund hits trading limits set by regulators, it may use substitute contracts. DBA is not regulated as a mutual fund under the Investment Company Act of 1940. It is taxed as a partnership.
What it really costs
- DBA charges 0.85% a year, versus an average of 0.85% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
DBA has moved largely independently of stocks, but its large and long-lasting losses make it a small complement rather than a foundation.
DBA's main appeal is that it moves differently from stocks. Its one-year beta, a measure of how closely it follows the stock market, was 0.09 as of October 27, 2026. Between January and October 2022, while stocks fell, it gained 2.6%. It is not a shelter in every crisis, though. It fell 48.9% in 2008 and 15.1% in the 2020 crash, recovering from the 2020 drop in 9.5 months. Its deepest drop was 68%, from February 2008 to June 2020, and the fund had not regained that peak as of October 27, 2026. Someone forced to sell during a slump like that would have locked in heavy losses.
The trailing yield was 3.32% as of October 27, 2026, paid once a year. It mostly reflects Treasury interest, so it can vary. Costs include the 0.85% fee and the extra work of filing a K-1. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund covering 13 farm commodities, from corn and soybeans to cattle and hogs, rather than a single-crop fund.
- Those looking for a small holding that has moved largely independently of stocks, with a one-year beta of 0.09 as of October 27, 2026.
- People comfortable with K-1 tax forms who want futures-based exposure at 0.85%, below the 1.00% Teucrium funds charge.
Look elsewhere if
- Investors who need steady value. DBA fell 68% from its 2008 peak and had not recovered as of October 27, 2026.
- Those wanting simple taxes. As a commodity pool taxed as a partnership, it issues K-1s and may create taxable gains even if no shares are sold.
- Income seekers wanting regular payments. It pays once a year, and its 3.32% yield comes mostly from Treasury interest, which can change.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DBA this fund | 0.85% | $1.06B | +8.0% | +11.9% |
| MOO VanEck Agribusiness ETF | 0.53% | $567.4M | +11.9% | +6.9% |
| WEAT Teucrium Wheat Fund | 1% | $115.1M | +6.2% | -8.3% |
| VEGI iShares MSCI Agriculture Producers ETF | 0.39% | $98.5M | +14.4% | +10.3% |
| CORN Teucrium Corn Fund | 1% | $51.4M | -2.4% | -7.8% |
| SOYB Teucrium Soybean Fund | 1% | $25.6M | +16.0% | -1.6% |
| CANE Teucrium Sugar Fund | 1% | $11.0M | +23.8% | -8.7% |
| TAGS Teucrium Agricultural Fund | 1% | $10.1M | +11.2% | -6.0% |
Questions investors ask
Does DBA pay a dividend?
Yes, but only once a year. As of October 27, 2026, DBA's trailing 12-month payout was $0.91 per share, a yield of 3.32%. The money comes mainly from interest on the Treasury bills, money market funds and short-term Treasury ETFs that back its futures positions, not from crop sales. Because short-term interest rates move, the payout can change a lot from year to year.
Does DBA issue a K-1?
Yes. DBA is a commodity pool taxed as a partnership, so investors get a Schedule K-1 instead of a 1099. Each holder owes tax on their share of the fund's gains every year, even without selling any shares. K-1s can arrive later than 1099s and may make tax filing more complicated. This is a major practical difference from stock ETFs.
What does DBA actually hold?
DBA holds futures contracts, not farmland, stored grain or company stocks. As of December 31, 2025, it had exposure to 13 commodities: corn (14.35%), live cattle (13.88%), soybeans (12.68%), lean hogs (10.94%), feeder cattle, wheat, sugar, soybean oil, cocoa, cotton, Kansas City wheat, soybean meal and coffee. The cash backing those contracts is held in Treasury bills, money market funds and short-term Treasury ETFs.
Has DBA made money over the long term?
Over some periods, yes. Over others, no. As of October 27, 2026, DBA returned about 4.4% a year over 10 years and 10.1% a year over five years. But it peaked in February 2008, then fell 68% by June 2020, and it had not regained that peak as of October 27, 2026. Returns have swung widely by year, from a 33.45% gain in 2024 to a 19.1% loss in 2008.
What's the difference between DBA and CORN or TAGS?
DBA spreads its money across 13 farm commodities. Teucrium's CORN, WEAT, SOYB and CANE each focus on one crop. Teucrium's TAGS is a multi-commodity fund, but it is much smaller, with about $10 million in assets versus DBA's $1.06 billion. The Teucrium funds charge 1.00% compared with DBA's 0.85%. As of October 27, 2026, DBA's three-year annual return of 11.9% led the group. TAGS lost about 6% a year over the same period.