DBBMEDIUM SIGNALOPERATIONAL10-K

DBB expanded its underlying commodity index composition from three base metals (aluminum, zinc, copper Grade A) to six metals by adding lead, nickel, and Comex copper, while experiencing meaningful growth in assets and equity alongside reduced cash levels.

The index expansion represents a strategic broadening of the fund's exposure within the base metals sector, potentially offering investors more diversified commodity exposure but also introducing additional complexity and risk factors. The substantial growth in stockholders' equity and total assets suggests meaningful inflows or asset appreciation, though the significant reduction in cash holdings and share buyback activity may indicate changing capital allocation priorities or operational adjustments.

Comparing 2026-03-02 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

DBB's balance sheet grew substantially with stockholders' equity and total assets expanding meaningfully, while cash holdings declined significantly and total liabilities were reduced by 95%. Operating performance showed some softening with operating income and net interest income both declining by roughly 30% and 28% respectively. The combination of asset growth alongside reduced cash levels and lower share buyback activity suggests a shift in the fund's operational dynamics, likely related to the expanded commodity exposure and changing market conditions in the base metals sector.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
-95%
$5.9M→$296K

Liabilities reduced 95% — deleveraging improves balance sheet strength and financial flexibility.

Cash & Equivalents
Balance Sheet
-82.3%
$27.4M→$4.9M

Cash declined 82.3% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Stockholders Equity
Balance Sheet
+79.6%
$112.7M→$202.5M

Equity base grew 79.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+70.9%
$118.7M→$202.8M

Asset base grew 70.9% — expansion through organic growth, acquisitions, or capital deployment.

Share Buybacks
Cash Flow
-61.6%
$154.0M→$59.2M

Buyback activity reduced 61.6% — capital being redeployed elsewhere or cash conservation underway.

Operating Income
P&L
-30.9%
$5.9M→$4.0M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Net Interest Income
P&L
-27.8%
$6.9M→$5.0M

Net interest income declined 27.8% — margin compression from rate changes or funding cost increases.

Dividends Paid
Cash Flow
-15%
$5.8M→$4.9M

Dividend reduced 15% — monitor management commentary on capital allocation priorities.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-02-26
ADDED
Treasury Bill, 4.340% due May 29, 2025 2024-12-31 0001383084 Open Commodity Futures Contracts Long Futures Contracts LME Copper Expiration Date May-2025 2024-12-31 0001383084 Open Commodity Futures Contracts Long Futures Contracts LME Nickel Expiration Date September - 2026 2025-12-31 0001383084 us-gaap:InvestmentAffiliatedIssuerMember srt:AffiliatedEntityMember 2024-01-01 2024-12-31 dbb:CreationUnit iso4217:USD xbrli:shares xbrli:pure xbrli:shares dbb:Contract dbb:Shareseries dbb:Segment iso4217:USD UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C.
The Index is intended to reflect the economic performance of investing in futures contracts on the base metals sector.
Effective November 10, 2025, the Index comprised the following commodities: Aluminum, Zinc, Lead, Nickel, Comex Copper and Copper Grade A (each, an Index Commodity, and collectively, the Index Commodities ).
The Index is intended to reflect the economic performance of investing in futures contracts on the base metals sector.
The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on commodities in the base metals sector.
The Index Sponsor selects and weights commodities in the Index on an annual basis based on (i) the value and liquidity of the market for associated commodity futures contracts and (ii) their production volume (in order to factor in the relative importance of the commodity in the global economy).
and European exchanges are eligible for inclusion in the Index.
Eligible commodities are selected based on their Three-Year Total Dollar Volume Average (i.e., commodities are initially screened for inclusion based on their relative three-year Total Dollar Volume traded, which is calculated by multiplying the total volume of futures traded during the last one-year period by the average close price of the front month contract on each month end during that one-year period).
Each commodity s three-year Total Dollar Volume traded is calculated in proportion to the three-year Total Dollar Volume traded of all commodities within its sector to determine its initial sector liquidity rate.
A commodity with a proportionate weight of less than 2% (or 1.5% for a commodity included at the last rebalance) within its sector is excluded from the Index.
REMOVED
Treasury Bill, 5.250% due March 7, 2024 2023-12-31 0001383084 srt:AffiliatedEntityMember 2023-01-01 2023-12-31 0001383084 us-gaap:GeneralPartnerMember 2023-12-31 0001383084 us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember us-gaap:InvestmentAffiliatedIssuerMember srt:AffiliatedEntityMember 2023-01-01 2023-12-31 0001383084 Open Commodity Futures Contracts Long Futures Contracts LME Copper Expiration Date May-2025 2024-01-01 2024-12-31 0001383084 Cash held with Morgan Stanley Co.
Treasury Bill, 5.240% due May 30, 2024 2023-12-31 0001383084 Cash held with Morgan Stanley Co.
The Index is intended to reflect the change in market value of the base metals sector.
The commodities comprising the Index are aluminum, zinc and copper Grade A (each an Index Commodity , and collectively, the Index Commodities ).
The Index is composed of notional amounts of each of the underlying Index Commodities.
The notional amount of each Index Commodity included in the Index is intended to reflect the changes in market value of each such Index Commodity within the Index.
The closing level of the Index is calculated on each business day by the Index Sponsor based on the closing price of the commodity futures contracts for each of the Index Commodities and the notional amount of such Index Commodity.
The Index is rebalanced annually in November to ensure that each of the Index Commodities is weighted in the same proportion that such Index Commodities were weighted on September 3, 1997.
The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.
The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of December 31, 2024: Index Commodity Fund Weight (%) Aluminum 33.46 % Copper-Grade A 31.86 Zinc 34.68 Closing Level as of December 31, 2024: 100.00 % Please see http://www.invesco.com/ETFs with respect to the most recently available weighted composition of the Fund and the composition of the Index.
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