DBBInvesco DB Base Metals Fund
DBB Fund Description
The Invesco DB Base Metals Fund tracks an index of three base metal futures contracts. It selects contracts based on the shape of the futures curve to minimize contango.
DBB Factset Analytics Insight
DBB is the clear leader among industrial metals ETFs. As a commodity pool, it holds a basket of futures directly, but also distributes a complicated K-1 tax form at year-end. DBB holds just three equally weighted metals—aluminum, copper and zinc. That sets it apart from our production-weighted benchmark, which also includes nickel and lead, and DBB's equal weighting strategy gives zinc a sizeable bump at the expense of copper. DBB optimizes its contract selection to minimize the effects of contango, though that could also make it less sensitive to spot prices compared to a front-month strategy. The fund sees significant trading activity, with narrow spreads. The fund's expense ratio is quite reasonable, but it struggles to track its index consistently, potentially raising realized holding costs. Still, with a decent asset base, DBB is one of the more stable funds in its segment.
DBB MSCI ESG Analytics Insight
The MSCI ESG Fund Quality Score measures the ability of ETF underlying holdings to manage key medium to long-term risks and opportunities arising from environmental, social, and governance factors, as determined by MSCI ESG Research LLC. As of June 14, 2018 the Invesco DB Base Metals Fund MSCI ESG Fund Quality Score is 6.89 out of 10.
The fund’s Peer Rank reflects the ranking of a fund’s MSCI ESG Fund Quality Score against the scores of other funds within the same peer group, as defined by the Thomson Reuters Lipper Global Classification. DBB ranks in the 0th percentile within its peer group and in the 92nd percentile within the global universe of all funds in MSCI ESG Fund Metrics coverage.
DBB CHARTS AND PERFORMANCE
DBB Top 10 Holdings
DBB Portfolio Management
DBB Tax Exposures
DBB Fund Structure
DBB Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of DBB. DBB is rated a 5 out of 5.
DBB SECTOR BREAKDOWN
DBB TOP 10 TARGETED COMMODITY WEIGHTS
DBB Tenor Strategy
DBB's optimized tenor selection uses a rules-based strategy for choosing contracts over the next 13 months that will give the best possible implied roll yield.
DBB Rolling Strategy
DBB rolls contracts between the 2nd and 6th business days each month.