Key stats
About Invesco DB Precious Metals Fund
Expense ratio
0.77%
Home page
Inception date
Jan 5, 2007
DBP is the first precious-metals ETF, and it tracks a rules-based index composed of futures contracts on two of the well-known precious metals, gold and silver. The underlying index is designed to reduce the effects of contango by selecting futures contracts that, by its rule, have the highest implied roll yield for each commodity. Like our benchmark, it allocates over 80% of its portfolio to gold and the remainder to silver, ignoring platinum and palladium. The only big difference between DBP and our benchmark is that DBP holds contract based on the shape of the futures curve, while our benchmark uses a simple front-month futures strategy. Structured as a commodity pool, investors should expect a K-1 at tax time. The fund and the index are rebalanced and reconstituted annually in November.
Classification
What's in the fund
Exposure type
Miscellaneous
Mutual fund
Government
Bonds, Cash & Other100.00%
Miscellaneous50.14%
Mutual fund27.55%
Government16.04%
ETF6.27%
Precious Metals continue to UnderperformThe fall from the July high is gathering momentum, with prices extending lower into the end of the year.
This is keeping both Gold and Silver under pressure, suggesting investors will maintain an underweight stance.
Whilst prices are also weakening relative to the broad based Commodities Index, man
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Displays a symbol's price movements over previous years to identify recurring trends.