What this ETF is trying to do

The Invesco DB Precious Metals Fund (ticker: DBP) is an ETF that focuses on precious metals. An ETF is a way for investors to buy a collection of different assets all at once.

What the numbers show

As of October 9, 2026, the current price of one share is $96.14. Looking back about one year, the estimated price was $91.20.

It is important to understand two different types of returns:

• Price Return: This only tracks how much the share price itself moves up or down.

• Total Return: This tracks the share price movement plus any cash distributions (dividends) paid out.

Over the last year, the price return was 5.41%. However, the one-year total return was higher at 7.92% because it includes distributions. If you look at a longer period, the three-year total return was 125.29%.

So far this year (YTD), both the price return and the total return have declined by 6.49%.

To see how the share price alone changed, imagine you had $10,000 worth of shares one year ago. Based on the estimated starting price and the current price, that investment would be worth approximately $10,541.67 today.

Income and distribution explanation

This ETF has a distribution yield of 2.60%. This represents the cash distributions paid out relative to the ETF's price. These payments are described as "irregular," meaning they do not happen on a set schedule. In the last 12 months, there was one payout.

New investors should remember that a high distribution yield is not the same thing as total return. A fund can pay out cash even if the share price is falling.

NAV erosion explanation

"NAV erosion" refers to a decline in the value of the actual assets held within the ETF. Some investors worry about this because it can affect the long-term value of their investment.

For this fund, the erosion-risk score is 100, and the label states "No price erosion detected." The severity is rated as "good," and there is no severe erosion-risk flag.

Top Holdings

The following are the top holdings in this fund (as of October 4, 2026). Please note that holdings can change over time:

• INVESCO SHRT-TRM INV GOV&AGCY INSTL: 42.46%

• INVESCO SHORT TERM TREASURY ETF: 4.74%

Pros

• The fund has shown a strong three-year total return of 125.29%.

• There is no detected price erosion according to the current risk score.

Cons

• The year-to-date (YTD) performance for both price and total returns is currently negative.

Beginner takeaway

When looking at DBP, it is helpful to distinguish between the share price and the total return. While the share price moves up and down, the total return also accounts for the cash distributions the fund provides. Always check if a fund's performance includes these extra payments or just the price of the shares.