Invesco DB Precious Metals Fund

Invesco DB Precious Metals Fund (DBP) tracks the DBIQ Optimum Yield Precious Metals Index Excess Return. It does this with futures contracts on gold, silver and platinum, not with the metals themselves. It is a commodity pool taxed as a partnership, so holders get a Schedule K-1 tax form instead of a 1099. It puts three metals in one fund, but its 0.75% expense ratio is the highest of seven similar funds, which average 0.29%.

• Over the year to Oct 27, 2026, DBP returned +2.7%, 4th of 8 among similar funds.
• Its 5-year annualized return was +16.0% and its 10-year +10.5%.
• In the 2020 COVID crash it fell 16.4% and regained its old high 0.8 months after the low.
• Its worst full calendar year was 2013 (-31.4%); its best was 2025 (+73.3%).
• The deepest fall in its price history was 53.9% (Aug 22, 2011 to Dec 17, 2015), recovered by Sep 24, 2024.

The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $221.6M 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.

DBP aims to track the DBIQ Optimum Yield Precious Metals Index Excess Return. Deutsche Bank Securities sponsors the index, and Invesco Capital Management licenses it. The index measures the return of precious metals futures, which are contracts to buy a metal at a set price on a later date. Once a year, the sponsor picks and weights the metals using two measures: how much their futures traded over three years, and how much of each metal is produced. Each metal must make up at least 5%. Since November 10, 2025, the index has held gold, silver and platinum. As of December 31, 2025, the fund held 74.8% gold, 18.85% silver and 6.35% platinum.

Futures expire, so the fund has to keep "rolling" into later contracts. It doesn't roll on a fixed monthly schedule. Instead, the index picks the eligible contract with the most favorable roll yield. When later contracts cost more than nearer ones (contango), rolling drags on returns. When they cost less (backwardation), rolling helps. Over time this can pull returns away from metal prices.

The cash backing the futures is held in Treasury bills, money market funds and short-term Treasury ETFs, and the income from them adds to returns. If regulatory position limits get in the way, the manager may use other futures. DBP is not a 1940 Act fund, so it lacks some investor protections.

• DBP charges 0.75% a year, versus an average of 0.29% for the similar funds below (7th of 7, cheapest first).

DBP offers a narrow, high-cost exposure to precious metals futures with large swings, so it fits best as a small side position rather than a core holding.

DBP holds gold, silver and platinum futures in one fund, and these have at times moved differently from stocks. While the stock market fell from October 2007 to March 2009, DBP gained 14.6%, though it dropped 36.1% within 2008 before recovering by November 2009. It gave less shelter later: it lost 10.6% in the 2020 COVID crash and 10.2% in the 2022 bear market. It fell 31.4% in 2013. Its deepest drop, 53.9% from August 2011 to December 2015, did not fully recover until September 2024. Anyone who had to sell during that stretch would have locked in steep losses. DBP pays once a year, and its trailing 12-month yield was 2.73% as of October 27, 2026. Its 0.75% expense ratio is well above the 0.29% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by legacy category (no holdings report for this fund).