Invesco DB Precious Metals Fund (DBP) is a commodity exchange-traded fund that seeks to track the DBIQ-OY Precious Metals Index TR by holding futures contracts on gold, silver, and platinum. The fund generates returns by passively replicating the index, with collateral held in U.S. Treasury obligations, affiliated Invesco short-term Treasury ETFs, and government money market funds. It is a series of Invesco DB Multi-Sector Commodity Trust and is managed by Invesco as the Managing Owner. The fund does not make active allocation decisions based on market conditions; instead it maintains index-weighted futures positions regardless of price direction. As of December 31, 2025, the fund had net assets of $257,543,648, with index weights of 74.80% gold, 18.85% silver, and 6.35% platinum. The DBIQ-OY Precious Metals TR Index returned 75.40% for the year ended December 31, 2025. Management fees incurred were $1,184,098 for the year ended December 31, 2024, paid to the Managing Owner.

Revenue model

The fund does not generate operating revenue in a traditional sense. Invesco, as Managing Owner, earns management fees from the fund. Management fees incurred were $1,184,098 for the year ended December 31, 2024 and $1,155,514 for the year ended December 31, 2023. Investors gain or lose value through changes in the NAV, which tracks the DBIQ-OY Precious Metals TR Index.

Products and services

The fund offers a single exchange-traded product: shares representing beneficial interest in a passively managed pool of commodity futures contracts. Index commodities are gold (74.80% weight), silver (18.85% weight), and platinum (6.35% weight) as of December 31, 2025. Collateral is held in U.S. Treasury obligations, the Invesco Short Term Treasury ETF, and Invesco Government money market funds.

Customers and end markets

Shares are created and redeemed through Authorized Participants. End investors are those seeking passive exposure to precious metals futures without directly holding futures contracts. The fund has no disclosed individual customer concentration.

Value-chain role

The fund is a passive index-tracking vehicle. Invesco serves as Managing Owner. A Commodity Broker executes futures transactions. A custodian holds collateral assets. A transfer agent services shares. The fund itself holds no operating assets beyond futures contracts and collateral.

Geographic exposure

The filing does not specify geographic revenue exposure. Futures contracts are traded on U.S. exchanges and potentially some foreign exchanges, as noted in the 10-K filed 2026-03-02.

Source: SEC 10-K, filed 2026-03-02

Industry: Commodity Contracts Brokers & Dealers