At a glance
PDBC charges 0.59% a year. It has $6.40B in assets; it paid 2.54% of its price in distributions over the past 12 months, annual. Over the past year it returned +53.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +14.8% a year. At its worst it fell 27.1% in the 2020 crash (S&P 500: 33.7%) and 23.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 41 months after the lows.
The short version
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) is an actively managed fund that invests in futures and swaps on widely traded energy, metals and farm commodities. It measures itself against the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Many commodity funds send a Schedule K-1 partnership tax form, but this one does not. It charges 0.59% a year, and its returns have often moved differently from stocks.
Price history
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PDBC +53.4% 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 | |
|---|---|---|---|---|---|---|
| PDBC official prospectus, to Dec 31, 2025 | — | +6.24% | — | +11.49% | +6.76% | — |
| PDBC price data to Oct 27, 2026 | +51.5% | +53.4% | +14.8% | +12.3% | +9.7% | +4.9% |
- Over the year to Oct 27, 2026, PDBC returned +53.4%.
- Its 5-year annualized return was +12.3% and its 10-year +9.7%.
- In the 2020 COVID crash it fell 27.1% and regained its old high 9.6 months after the low.
- Its worst full calendar year was 2015 (-26.9%); its best was 2021 (+41.9%).
- The deepest fall in its price history was 49.6% (Nov 7, 2014 to Apr 28, 2020), recovered by Oct 14, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +51.5% | — |
| 2025 | +5.9% | +6.24% |
| 2024 | +2.0% | +1.93% |
| 2023 | -6.3% | -6.01% |
| 2022 | +19.3% | +19.29% |
| 2021 | +41.9% | +41.87% |
| 2020 | -7.8% | -7.86% |
| 2019 | +11.4% | +11.61% |
| 2018 | -12.8% | -13.20% |
| 2017 | +5.0% | +5.28% |
| 2016 | +18.0% | +18.76% |
| 2015 | -26.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 25.3% over that stretch · deepest drop along the way 27.1%, back to its old high 9.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 21.5% over that stretch · deepest drop along the way 23.4%, back to its old high 41.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.5100 | -10.5% |
| 2024 | $0.5700 | +1.8% |
| 2023 | $0.5600 | -71.0% |
| 2022 | $1.9300 | -73.0% |
| 2021 | $7.1500 | +714900.0% |
| 2020 | $0.0010 | -99.6% |
| 2019 | $0.2300 | +53.3% |
| 2018 | $0.1500 | -77.6% |
| 2017 | $0.6700 | -40.2% |
| 2016 | $1.1200 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 90.2% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $400.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -5.04%, -9.41%, +10.45%.
How it works
PDBC is an actively managed Invesco ETF that seeks long-term growth from price moves in the world's most heavily traded commodities. Its yardstick is the DBIQ Optimum Yield Diversified Commodity Index Excess Return, made of futures contracts (agreements to buy a commodity at a set price on a later date) across energy, metals and agriculture, such as Brent crude, natural gas, gold, copper, corn and sugar. Rather than copy that benchmark, the fund tries to beat it, so managers may skip components, change weights, favor some sectors or use contracts that expire later.
Its futures and swaps sit in a wholly owned Cayman Islands subsidiary because US tax rules limit direct holdings. The subsidiary is capped at 25% of the fund's total assets at each fiscal quarter-end. These contracts can have a leveraging effect, though the fund doesn't aim for leveraged returns. The rest sits in Treasuries, money market funds and investment-grade commercial paper backing those positions. As of July 31, 2026, cash and similar holdings were about 90% of the portfolio, and the largest derivative positions tracked commodity strategies from BofA Merrill Lynch, RBC, J.P. Morgan and Macquarie.
"No K-1" means the fund doesn't send a Schedule K-1, the more complex tax form used by commodity partnerships.
What it really costs
- PDBC charges 0.59% a year.
- The fee includes a 0.15% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $905 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PDBC | $60 | $221 | $397 | $905 |
In a retirement portfolio
PDBC's commodity exposure has sometimes moved against stocks, as in 2022, but its sharp swings make it a poor fit as a reliable crash hedge.
PDBC adds exposure to raw-material prices. In the 2022 bear market, it gained 21.5% while stocks fell from January 3 to October 12. It gave no shelter in the 2020 COVID crash, falling 27.1% in about a month and taking almost 10 months to recover. Recoveries can be slow. After a 23.4% drop from June to September 2022, it did not regain its high until March 2026. Its deepest fall was 49.6%, from its November 2014 launch to April 2020, and it did not recover until October 2021. Anyone who had to sell during those stretches would have locked in losses. The trailing yield was 2.54% as of October 27, 2026, and the fund pays once a year. Costs are 0.59% a year, or $60 on $10,000 in the first year under the SEC's standard example. 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 who want broad commodity exposure across energy, metals and agriculture without getting a Schedule K-1 partnership tax form.
- Portfolios looking for a diversifier: PDBC returned 19.29% in 2022, a year when stocks fell.
- Investors comfortable with an active manager that may stray from its DBIQ benchmark, and with the counterparty risk of bank swaps.
Look elsewhere if
- Those who rely on steady payouts: the trailing yield was 2.54% as of October 27, 2026, and the fund pays only once a year.
- Investors who can't sit through long slumps: PDBC fell 49.6% from launch to April 2020 and did not recover until October 2021.
- Anyone who wants a dependable crash hedge: PDBC fell 27.1% in the 2020 COVID sell-off, along with stocks.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does PDBC send a K-1 tax form?
No. The "No K-1" in the name means PDBC does not issue a Schedule K-1. That is the partnership tax form many commodity funds send, and it can make tax filing harder. PDBC aims to qualify as a regulated investment company, the tax category most mutual funds and ETFs fall into. To stay within those rules, it holds its futures and swaps through a Cayman Islands subsidiary. The subsidiary is capped at 25% of the fund's total assets at the end of each fiscal quarter.
Does PDBC pay dividends?
Yes, but only once a year. Over the past 12 months it paid $0.51 per share, a yield of 2.54% as of October 27, 2026. Most of the fund's money sits in Treasury bills, money market funds and similar collateral. These made up 90.2% of the portfolio as of July 31, 2026. Because it pays only once a year, PDBC may not suit people who need a monthly or quarterly check.
What is PDBC's expense ratio?
PDBC's expense ratio is 0.59%, according to its prospectus filed February 26, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and selling all shares at the end of each period. On that basis, total costs would be about $60 after one year, $221 after three years, $397 after five years and $905 after ten years. These costs come out of the fund's returns. They are not billed separately.
How has PDBC performed over 10 years?
PDBC returned an average of 6.76% a year over the 10 years ended December 31, 2025, according to its prospectus. Over five years, the average was 11.49% a year. Based on share prices, the 10-year figure was 9.7% a year as of October 27, 2026. That figure was lifted by a 51.5% gain in 2026 through that date. The ride has been bumpy: yearly results ranged from a 41.87% gain in 2021 to a 13.2% loss in 2018.
Is PDBC a good hedge against inflation?
It has helped at times, but not reliably. Commodity prices often rise along with inflation. PDBC returned 41.87% in 2021 and 19.29% in 2022, a year when stocks fell. But it lost 7.86% in 2020, including a 27.1% drop during the COVID crash. It also fell 49.6% from its 2014 launch to April 2020. It may suit investors who see it as a partial, volatile diversifier, not guaranteed protection.