ETF Evaluator:
Invesco DB Base Metals ()
Follow This ETF
(as of Aug 26)
Best Performing in Commodities Focused Over the Last Year
| 2251.5% | Breakwave Tanker Shipping ETF (BWET) |
| 81.8% | United States Gasoline (UGA) |
| 64.2% | Commodities Focused () |
| 63.3% | Invesco DB Energy (DBE) |
| 61.8% | United States Oil (USO) |
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ETF Details
Invesco DB Base Metals Overview
Invesco DB Base Metals (DBB) is a passively managed Commodities Commodities Focused exchange-traded fund (ETF). Invesco launched the ETF in 2007.
The investment seeks to track changes, whether positive or negative, in the level of the index over time, plus the excess, if any, of the sum of the fund’s Treasury Income, Money Market Income and T-Bill ETF Income over the expenses of the fund.
The fund invests in a portfolio of exchange-traded futures on the index Commodities. The fund is designed to track its Index, which is intended to reflect the changes in market value of the base metals sector. The index Commodities consist of Aluminum, Zinc and Copper - Grade A.
About Invesco DB Base Metals (DBB)
There are 1 members of the management team with an average tenure of 19.58 years: Management Team (2007). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: DBIQ Optimum Yield Indl Metals TR USD index with a weighting of 100%. Invesco DB Base Metals has 13 securities in its portfolio. The top 10 holdings constitute 119.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Invesco DB Base Metals is part of the Real Assets global asset class and is within the Commodities ETF group. Invesco DB Base Metals has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco DB Base Metals has 49.3% of the portfolio in cash.
Assets Under Management
The fund has $362 million in total assets, which is below the $4 billion average for the Commodities Focused category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DBB Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco DB Base Metals expense ratio is above average compared to funds in the Commodities Focused category. Invesco DB Base Metals has an expense ratio of 0.75%, which is 2% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco DB Base Metals has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 15% for the Commodities Focused category.
Recently, in the month of July 2026, Invesco DB Base Metals returned 3.6%, which earned it a grade of B, as the Commodities Focused category had an average return of 5.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Invesco DB Base Metals has a trailing yield of 2.40%, which is below the 7.11% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco DB Base Metals Grades
Year to date, the ETF has returned 9.0%, 22.4 percentage points worse than the category, which translates into a grade of B. The fund has returned 33.4% over the past year (grade of B), 14.6% over the past three years (grade of C) and 7.0% per year over the past five years (grade of D) and 8.2% per year over the past 10 years (grade of C).
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DBB Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DBB Return (NAV) | 3.6% | 0.8% | 33.4% | 14.6% | 7.0% | 8.2% |
| DBB Return (Price) | 4.4% | 1.2% | 34.2% | 14.8% | 7.2% | 8.3% |
| NAV +/- Price Return | -0.785% | -0.358% | -0.775% | -0.205% | -0.137% | -0.090% |
| Commodities Focused Avg | 5.1% | -6.8% | 64.2% | 14.3% | 9.6% | 6.0% |
| DBB Grade (NAV) | B | A | B | C | D | C |
| +/- Category (NAV) | -1.5% | 7.7% | -30.8% | 0.3% | -2.5% | 2.1% |
| DBB Tax-Cost Ratio | na | na | 1.1% | 1.9% | 1.2% | 0.8% |
DBB Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DBB Return (NAV) | 9.0% | 25.1% | 7.7% | 0.7% | -11.1% | 28.7% | 14.8% | -1.1% | -19.1% | 29.7% | 26.0% |
| DBB Return (Price) | 9.7% | 25.0% | 7.9% | 1.1% | -11.8% | 29.0% | 15.5% | -1.2% | -19.5% | 30.1% | 25.6% |
| NAV +/- Price Ret | 0.070% | -0.003% | 0.026% | 0.561% | 0.064% | 0.011% | 0.050% | 3.9% | 1.8% | 1.5% | -1.4% |
| Commodities Focused Avg | 31.4% | 35.6% | 6.2% | -1.1% | 9.2% | 27.8% | 1.5% | 14.9% | -9.5% | 3.1% | 10.0% |
| DBB Grade (NAV) | B | C | C | C | F | C | C | F | F | A | A |
| +/- Category | -22.4% | -10.5% | 1.4% | 1.8% | -20.2% | 0.8% | 13.3% | -16.0% | -9.7% | 26.6% | 15.9% |
| Risk Measures | |
| Beta: | 0.46 |
| R-Squared: | 15% |
| Standard Deviation: | 15.9% |
| Category Risk Index: | 0.62 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.29 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 2.4% |
| Total Assets: | $ 362 Mil |
| Share Class Assets: | $ 362 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.75% |
| Index Fund: | Yes |
| Index Tracked: | DBIQ Optimum Yield Indl Metals TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 19.6 years | |||
| Average Tenure: 19.6 years | |||
| Managers (Year): Team Management (2007) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 13 |
| % in Top 10 Holdings: | 119.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 50.7% |
| Cash: | 49.3% |
Purchase Information
| Legal Structure: | Partnership (3C1) |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | http://www.deutsche-bank.com/ir |
| Inception Date: | January 5, 2007 |
Expenses and Fees
| Expense Ratio (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.76% |
