Invesco DB Commodity Index Tracking Fund
Invesco DB Commodity Index Tracking Fund is a commodity ETF-style trust that seeks to track the DBIQ Optimum Yield Diversified Commodity Index Excess Return through exchange-traded futures contracts. It gives investors broad, rules-based exposure to a diversified basket of energy, metals, agriculture and livestock commodities, while holding Treasury obligations and cash-like instruments for margin and liquidity management.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaCore exposure to a diversified basket of exchange-traded commodity futures designed to track the DBIQ index.
Treasury obligations, money market mutual funds and T-Bill ETFs used for margin and liquidity purposes.
Creation units and exchange-listed shares that enable institutional creation/redemption and secondary-market access.
Asiakkaat
The fund is built for institutional and sophisticated investors that want commodity beta without trading futures directly. Shares are created and redeemed only by authorized participants, while end investors access the fund through the exchange. Demand is driven by portfolio diversification, inflation hedging, and tactical commodity allocation.
Broker-dealers and large financial institutions that create and redeem 50,000-share creation units to support fund liquidity.
Asset managers, hedge funds and other institutions buying shares for diversified commodity exposure and hedging.
Investors buying shares on NYSE Arca for simple access to commodity futures exposure.
Multi-asset portfolios using the fund to diversify inflation-sensitive or real-asset exposure.
Strategia
The fund’s strategy is to maintain close tracking of the DBIQ Optimum Yield Diversified Commodity Index by holding exchange-traded futures in the index commodities. It also manages collateral efficiently through Treasury obligations, money market funds and T-Bill ETFs to support margin needs and reduce cash drag. The structure is designed to provide investable commodity exposure with exchange liquidity and institutional creation/redemption mechanics.
The fund’s value proposition depends on minimizing tracking error versus the benchmark index.
Creation/redemption and futures margining must function smoothly to keep the shares tradable and aligned with NAV.
Broad diversification across energy, metals and agriculture reduces single-commodity concentration risk.
Maantiede
The fund is domiciled in the United States and trades on NYSE Arca, with operations centered on U.S.-based fund administration, custody and futures brokerage. Its economic exposure is global because the underlying commodities are priced across U.S., European and international futures exchanges. Geographic risk is therefore driven less by sales geography and more by where the underlying commodity markets trade and clear.
Riskit
The fund is exposed to high volatility in commodity futures, where sharp moves in oil, metals or agriculture can materially affect NAV and tracking. Its structure also depends on futures exchanges, clearing houses, the commodity broker and authorized participants, so operational or counterparty disruptions can impair creation/redemption or margin access. Position limits, market dislocations and negative price events are especially important because they can force tracking error or losses even in a diversified index product.
- Commodity futures price volatilityVaikutus: KorkeaTodennäköisyys: Kohtalainen
The fund’s returns are driven primarily by futures prices across energy, metals and agriculture, which can move abruptly.
Kohdistuu - Tracking error versus the indexVaikutus: KorkeaTodennäköisyys: Kohtalainen
Futures roll costs, market disruptions and position constraints can cause the fund to diverge from benchmark performance.
Kohdistuu: Index replication and futures roll process
- Clearing broker and exchange counterparty riskVaikutus: KorkeaTodennäköisyys: Matala
Losses or delays could occur if the commodity broker, exchange or clearing house fails or becomes insolvent.
Kohdistuu: Margin deposits and open futures positions
- Position limits and regulatory interventionVaikutus: KeskitasoTodennäköisyys: Kohtalainen
CFTC or exchange limits can constrain exposure and reduce the fund’s ability to track the index efficiently.
Kohdistuu: Futures position management
- Creation/redemption disruptionVaikutus: KeskitasoTodennäköisyys: Matala
The fund relies on authorized participants to create and redeem shares; disruptions can widen premiums or discounts to NAV.
Kohdistuu: Authorized participant network and exchange liquidity
Kirjanpito
Harkinnanvaraiset erätDaily mark-to-market changes directly affect NAV, income and reported performance.
Vaikutus: Primary driver of realized and unrealized gains/losses
Collateral holdings influence cash management returns and reported investment income.
Vaikutus: Affects Treasury income and liquidity presentation
Deposits with the commodity broker and clearing arrangements affect asset classification and liquidity risk disclosure.
Vaikutus: Impacts cash flow and balance sheet presentation
The fund may distribute income and gains, affecting NAV and investor return presentation.
Vaikutus: Affects per-share NAV and total return
Samankaltaisia listattuja yhtiöitä
Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.
Invesco DB Agriculture Fund
DBA · Commodity Contracts Brokers & Dealers
Invesco DB Agriculture Fund is a U.S.-listed commodity ETF structured as a Delaware statutory trust series that seeks to track the DBIQ Diversified Agriculture Index Excess Return.
Invesco DB Energy Fund
DBE · Commodity Contracts Brokers & Dealers
Invesco DB Energy Fund is a U.S.-listed commodity ETF-style trust that gives investors exposure to energy futures through the DBIQ Optimum Yield Energy Index Excess Return.
Invesco DB Oil Fund
DBO · Commodity Contracts Brokers & Dealers
Invesco DB Oil Fund is a U.S.-listed commodity ETF structured as a Delaware statutory trust series that gives investors exposure to crude oil futures rather than physical oil.
Invesco DB Precious Metals Fund
DBP · Commodity Contracts Brokers & Dealers
Invesco DB Precious Metals Fund is a U.S.-listed commodity ETF trust series that gives investors exposure to precious metals futures rather than physical bullion.
Invesco DB Base Metals Fund
DBB · Commodity Contracts Brokers & Dealers
Invesco DB Base Metals Fund is a U.S.-listed commodity exchange-traded fund organized as a series of a Delaware statutory trust.
Invesco DB USD Index Bullish Fund ETF
UUP · Commodity Contracts Brokers & Dealers
Invesco DB US Dollar Index Bullish Fund is a commodity pool structured as a Delaware statutory trust that seeks to track a long U.S.
Päivitetty: 24.9.2026