At a glance
DBB charges 0.75% a year, above the 0.62% average of the 5 funds most like it (the 4th cheapest of 6). It has $365.0M in assets, the 3rd largest of that group; it paid 2.37% of its price in distributions over the past 12 months, annual. Over the past year it returned +19.2% with distributions reinvested (S&P 500: +11.5%), 3rd of those 6 funds; over three years it returned +16.9% a year. At its worst it fell 15.7% in the 2020 crash (S&P 500: 33.7%) and 35.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 39 months after the lows.
The short version
Invesco DB Base Metals Fund (DBB) holds futures contracts on aluminum, copper, nickel, zinc and lead, aiming to track the DBIQ Optimum Yield Industrial Metals Index Excess Return. It is a commodity pool taxed as a partnership, so holders get a Schedule K-1 instead of a 1099. It spreads exposure across several base metals rather than copper alone. Its 0.75% expense ratio sits above the 0.62% average of similar funds.
Price history
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DBB +19.2% 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 | |
|---|---|---|---|---|---|---|
| DBB price data to Oct 27, 2026 | +10.3% | +19.2% | +16.9% | +6.9% | +8.1% | +1.6% |
- Over the year to Oct 27, 2026, DBB returned +19.2%, 3rd of 6 among similar funds.
- Its 5-year annualized return was +6.9% and its 10-year +8.1%.
- In the 2020 COVID crash it fell 15.7% and regained its old high 3.6 months after the low.
- Its worst full calendar year was 2008 (-44.3%); its best was 2009 (+88.9%).
- The deepest fall in its price history was 60.2% (May 4, 2007 to Feb 23, 2009), recovered by Mar 4, 2022.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.3% |
| 2025 | +25.0% |
| 2024 | +7.9% |
| 2023 | +1.1% |
| 2022 | -11.8% |
| 2021 | +29.0% |
| 2020 | +15.5% |
| 2019 | -1.2% |
| 2018 | -19.5% |
| 2017 | +30.1% |
| 2016 | +25.6% |
| 2015 | -25.3% |
| 2014 | -5.7% |
| 2013 | -12.6% |
| 2012 | +3.4% |
| 2011 | -23.7% |
| 2010 | +8.6% |
| 2009 | +88.9% |
| 2008 | -44.3% |
| 2007 | -3.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 50.2% over that stretch · deepest drop along the way 59.8%, back to its old high 156.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 15.7% over that stretch · deepest drop along the way 15.7%, back to its old high 3.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.6% over that stretch · deepest drop along the way 35%, back to its old high 39.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.6000 | -33.3% |
| 2024 | $0.9000 | -31.8% |
| 2023 | $1.3200 | +633.3% |
| 2022 | $0.1800 | -33.3% |
| 2019 | $0.2700 | +12.5% |
| 2018 | $0.2400 | -14.3% |
| 2008 | $0.2800 | -70.8% |
| 2007 | $0.9600 |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $365.0M 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
DBB is a commodity pool, not a 1940 Act fund, so it lacks some standard fund protections. It owns no metal. It tracks the DBIQ Optimum Yield Industrial Metals Index Excess Return by holding futures contracts, which are agreements to trade a commodity at a set price on a later date. Invesco, the managing owner, licenses the index from Deutsche Bank Securities. As of December 31, 2025, the fund's weights were aluminum 28.49%, Copper-Grade A 24.04%, copper 23.00%, nickel 12.01%, zinc 7.97% and lead 4.49%.
Once a year, the index sponsor picks and weights the metals using two yardsticks: how actively each metal's futures trade and the dollar value of each metal produced worldwide. Each metal gets at least 5% of the index. The fund also holds US Treasury securities, money market funds and T-bill ETFs as collateral, and the interest they earn adds to returns.
Futures expire, so the fund keeps rolling into later contracts. It doesn't roll on a fixed schedule. Instead, the index picks the replacement contract with the most favorable roll yield. When later contracts cost more than near ones (contango), rolling drags on returns. When they cost less (backwardation), it helps. Over time, results can drift well away from the metals' current prices. If the fund nears regulatory caps on its holdings, it may use other related futures.
What it really costs
- DBB charges 0.75% a year, versus an average of 0.62% for the similar funds below (4th of 6, 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
Base metal futures give exposure that stocks and bonds don't provide directly, but the fund fell sharply in 2008, 2020 and 2022, so it fits only as a small, higher-risk slice.
DBB adds exposure to base metal futures, which stock and bond funds don't provide directly. It has not cushioned downturns, though. It fell 59.8% in the 2008 financial crisis. Its deepest drop, 60.2%, took about 156 months to recover, until March 4, 2022. It lost 15.7% in the 2020 COVID crash and 35% in 2022, a drop not recovered until January 5, 2026. Its worst calendar year was 2008, at -44.3%.
Anyone who may need to draw money in a bad year could be forced to cash out at a steep loss. Income is modest. The fund paid $0.60 a share over the 12 months to October 27, 2026, a 2.37% yield, in a single yearly payment. Its 0.75% annual fee (expense ratio) is above the 0.62% average of similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting aluminum, copper, nickel, zinc and lead futures in one fund, at 0.75% a year versus 1.04% for the copper-focused CPER.
- Those holding a small, higher-risk slice who can ride out swings like the 35% fall between March and September 2022.
- Investors comfortable with a Schedule K-1 and with owing tax on the fund's gains each year, even without cashing out.
Look elsewhere if
- People who may need to draw on savings in a downturn: the 60.2% drop from its 2007 peak took about 156 months to recover.
- Income seekers: the yield was 2.37% as of October 27, 2026, paid in a single annual distribution.
- Cost-focused investors: the 0.75% expense ratio exceeds the 0.62% average of similar funds, and the fund also pays brokerage commissions.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DBB this fund | 0.75% | $365.0M | +19.2% | +16.9% |
| XME SPDR S&P Metals & Mining ETF | 0.35% | $1.60B | +3.1% | +27.4% |
| PICK iShares MSCI Global Metals & Mining Produce… | 0.39% | $732.4M | +26.0% | +18.5% |
| REMX VanEck Rare Earth and Strategic Metals ETF | 0.56% | $255.2M | -20.8% | -1.0% |
| CPER United States Copper Index Fund | 1.04% | $201.6M | +25.5% | +20.9% |
| NIKL Sprott Nickel Miners ETF | 0.75% | $10.1M | -22.8% | -7.1% |
Questions investors ask
Does DBB own physical metals?
No. DBB is a commodity pool that holds base metal futures contracts, plus US Treasury securities, money market funds and T-bill ETFs as collateral. It aims to track the DBIQ Optimum Yield Industrial Metals Index Excess Return. As of December 31, 2025, its weights were aluminum 28.49%, Copper-Grade A 24.04%, copper 23.00%, nickel 12.01%, zinc 7.97% and lead 4.49%. Because it must roll expiring futures into later ones, its returns can drift well away from metal prices.
Does DBB pay a dividend?
Yes, once a year. DBB paid $0.60 per share over the 12 months to October 27, 2026, a yield of 2.37%. Metals pay no income, but the fund earns interest on the Treasury securities and cash holdings backing its futures. DBB is taxed as a partnership. Holders get a Schedule K-1 rather than a 1099 and may owe tax on their share of its gains each year, even without cashing out.
What's the difference between DBB and CPER?
The main differences are breadth and cost. DBB tracks a basket of base metals led by aluminum and copper. CPER, the United States Copper Index Fund, focuses on copper, as its name suggests. DBB's expense ratio is 0.75%, compared with 1.04% for CPER. CPER's narrower bet did better in the periods to October 27, 2026. It returned 25.5% over one year and 20.9% a year over three years, against 19.2% and 16.9% for DBB. Past results don't predict future ones.
Is DBB a good hedge against a stock market crash?
Its record says no. DBB fell 59.8% in the 2008 financial crisis, 15.7% in the 2020 COVID crash and 35% from March 4 to September 27, 2022. Its worst calendar year was 2008, at -44.3%. Its deepest drop took about 156 months to recover, until March 2022. As of October 27, 2026, its one-year beta, a gauge of how much it moves with the stock market, was 0.71. That means it has tended to move partly in step with stocks.
How has DBB performed over 10 years?
Based on its market price, DBB returned 8.1% a year over the 10 years to October 27, 2026, or 118% in total. Over five years it returned 6.9% a year. The path was bumpy. Calendar-year returns ranged from -11.81% in 2022 to 28.97% in 2021, and the fund gained 25% in 2025. Earlier swings were bigger still: its strongest year was 2009, at 88.9%, right after a -44.3% year in 2008.