Product Details
The Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (Fund) is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in commodity-linked futures and other financial instruments that provide economic exposure to a diverse group of the world's most heavily traded commodities. The Fund seeks to provide long-term capital appreciation using an investment strategy designed to exceed the performance of DBIQ Optimum Yield Diversified Commodity Index Excess Return™ (DBIQ Opt Yield Diversified Comm Index ER) (Benchmark), an index composed of futures contracts on 14 heavily traded commodities across the energy, precious metals, industrial metals and agriculture sectors.
Performance
Index History (%) | YTD | 1Yr | 3Yr | 5Yr | 10Yr | Since Inception |
---|---|---|---|---|---|---|
DBIQ Opt Yield Diversified Comm Index ER | -2.90 | -7.62 | 21.44 | 7.03 | -0.48 | 1.41 |
DBIQ Opt Yield Diversified Comm Index TR | 0.42 | -3.24 | 23.67 | 8.90 | 0.64 | 2.70 |
Fund History (%) | ||||||
Fund NAV | 0.00 | -4.09 | 22.10 | 7.80 | N/A | 1.72 |
After Tax Held | 0.00 | -8.73 | 13.74 | 3.11 | N/A | -1.31 |
After Tax Sold | 0.00 | -2.50 | 13.41 | 3.85 | N/A | -0.13 |
Fund Market Price | -0.14 | -3.68 | 21.94 | 7.76 | N/A | 1.70 |
Index History (%) | YTD | 1Yr | 3Yr | 5Yr | 10Yr | Since Inception |
---|---|---|---|---|---|---|
DBIQ Opt Yield Diversified Comm Index ER | -9.62 | -16.63 | 22.32 | 5.08 | -0.62 | 0.60 |
DBIQ Opt Yield Diversified Comm Index TR | -7.38 | -13.11 | 24.20 | 6.80 | 0.41 | 1.80 |
Fund History (%) | ||||||
Fund NAV | -7.59 | -14.23 | 22.65 | 5.71 | N/A | 0.83 |
After Tax Held | -7.59 | -18.38 | 14.25 | 1.10 | N/A | -2.23 |
After Tax Sold | -4.49 | -8.30 | 14.07 | 2.37 | N/A | -0.74 |
Fund Market Price | -7.85 | -14.42 | 22.51 | 5.68 | N/A | 0.79 |
Invesco Optimum Yield Diversified Commodity Strategy ETF (PDBC) seeks to outperform the excess return version of its Benchmark (DBLCDBCE). Because PDBC collateralizes its futures positions, the results of the total return version of the Benchmark, (DBIQ Optimum Yield Diversified Commodity Index Total Return™ or DBIQ Opt Yield Diversified Comm Index TR) are also displayed.
Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects applicable fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.
An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.
Growth of $10,000
Data beginning Fund inception and ending 06/30/2023. Fund performance shown at NAV.
Performance data quoted represents past performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Call 800-983-0903 for the most recent month-end performance numbers. Investment returns and principal value will fluctuate and shares of the Fund, when redeemed, may be worth more or less than their original cost. Returns less than one year are cumulative. An investor cannot invest directly in an index.
The Fund seeks to track the excess return version of the Index (DBLCDBCE). Because the Fund collateralizes its futures positions with primarily US Treasuries, the results of the total return version of the Index (DBLCDBCT) are also displayed.
An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.
as of 08/31/2023 Prior Month-End Commodity Exposure
Reflects the fund's notional exposure (i.e., the amount of risk of the position) to underlying commodities from both commodity futures and swap contracts
Commodity | Weight (%) |
---|---|
Gasoline | 12.66 |
WTI Crude Oil | 12.61 |
Brent Crude | 12.43 |
NY Harbor ULSD | 11.60 |
Gold | 9.43 |
Sugar | 8.76 |
Soybeans | 6.01 |
Copper | 4.73 |
Corn | 4.57 |
Wheat | 4.21 |
Aluminum | 4.03 |
Zinc | 3.83 |
Natural Gas | 2.70 |
Silver | 2.39 |
as of 09/26/2023 Holdings | View All
Fund Holdings subject to change
Futures | % of Net Assets |
---|---|
Brent Crude | 3.51 |
WTI Crude | 3.41 |
Gasoline | 3.25 |
NY Harbor ULSD | 2.82 |
Sugar | 2.34 |
Gold | 2.31 |
Soybeans | 1.44 |
Copper | 1.17 |
Corn | 1.16 |
Wheat | 1.05 |
Aluminium | 1.04 |
Zinc | 0.98 |
Natural Gas | 0.65 |
Silver | 0.55 |
Swaps | % of Net Assets |
Pay RBC ENHANCED PS01 ER RBCAPS01 RBC_US_DVPS 10/3/2023 | 0.02 |
Pay MACQUARIE INDEX MQCP322E MQCP322E MACQ_US_DVPS 10/3/2023 | 0.02 |
Pay MORGAN STANLEY MSCYIZ02 MSCYIZ02 MORG_US_DVPS 10/3/2023 | 0.02 |
Pay J. P. MORGAN JMCUINVE INDEX JMCUINVE JPMS_US_DVAT 10/3/2023 | 0.02 |
Pay MANAGED COMMODITY STRATEGY GSEBA001 GSEBA001 GOLD_US_DVPS 10/3/2023 | 0.02 |
Pay CB CIXBICPI CITI_US_DVPS 10/3/2023 | 0.02 |
Pay BOFA MERRILL LYNCH COMMODITY MLBXIVMB EXCESS RETURN STRATEGY MLBXIVMB BAML_US_DVPS 10/3/2023 | 0.01 |
Collateral | % of Net Assets |
---|---|
United States Treasury Bill | 45.16 |
Invesco Premier US Government Money Portfolio | 39.93 |
Invesco US Dollar Liquidity Portfolio | 12.14 |
Pay RBC ENHANCED PS01 ER RBCAPS01 RBC_US_DVPS 10/3/2023 | 0.02 |
Pay MACQUARIE INDEX MQCP322E MQCP322E MACQ_US_DVPS 10/3/2023 | 0.02 |
Pay MORGAN STANLEY MSCYIZ02 MSCYIZ02 MORG_US_DVPS 10/3/2023 | 0.02 |
Pay J. P. MORGAN JMCUINVE INDEX JMCUINVE JPMS_US_DVAT 10/3/2023 | 0.02 |
Pay MANAGED COMMODITY STRATEGY GSEBA001 GSEBA001 GOLD_US_DVPS 10/3/2023 | 0.02 |
Pay CB CIXBICPI CITI_US_DVPS 10/3/2023 | 0.02 |
Pay BOFA MERRILL LYNCH COMMODITY MLBXIVMB EXCESS RETURN STRATEGY MLBXIVMB BAML_US_DVPS 10/3/2023 | 0.01 |
Cash/Receivables/Payables | - |
NY Harbor ULSD has previously been referred to as Heating Oil.
A negative in Cash or Other, as of the date shown, is normally due to fund activity that has accrued or is pending settlement.
Distributions | Hide View All | Distribution Information
Ex-Date | Record Date | Pay Date | $/ Share |
Ordinary Income | Short Term Gains | Long Term Gains | Return of Capital | Liquidation Distribution |
---|---|---|---|---|---|---|---|---|
12/19/2022 | 12/20/2022 | 12/23/2022 | 1.92826 | 1.92826 | - | - | - | - |
12/20/2021 | 12/21/2021 | 12/31/2021 | 1.75736 | 1.75736 | - | - | - | - |
12/03/2021 | 12/06/2021 | 12/10/2021 | 5.39000 | 5.39000 | - | - | - | - |
12/21/2020 | 12/22/2020 | 12/31/2020 | 0.00128 | 0.00128 | - | - | - | - |
12/23/2019 | 12/24/2019 | 12/31/2019 | 0.23188 | 0.23188 | - | - | - | - |
12/24/2018 | 12/26/2018 | 12/31/2018 | 0.15074 | 0.15074 | - | - | - | - |
12/18/2017 | 12/19/2017 | 12/29/2017 | 0.66914 | 0.66914 | - | - | - | - |
12/16/2016 | 12/20/2016 | 12/30/2016 | 1.12416 | 1.12416 | - | - | - | - |
Distribution Information
Fund distributions
Dividends from net investment income, if any, are declared and paid quarterly. For Funds on a quarterly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each March, June, September and December, payable the last business day of April, July, October and December respectively.
The fund distributes its net realized capital gains, if any, to shareholders annually.
Distributions in cash may be reinvested automatically in additional whole shares of the fund only if the broker through whom you purchased shares makes such option available. Shareholders of the fund may contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the fund purchased in the secondary market.
Taxes on distributions
In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund. Dividends paid out of the Fund's income and net short-term gains, if any, are taxable as ordinary income. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares. Dividends from net investment income, if any, are declared and paid quarterly. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.
Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "2003 Tax Act"), long-term capital gains tax rates have generally been reduced for individuals to a maximum of 15% for taxable years beginning before January 1, 2009. In addition, some ordinary dividends declared and paid by the Fund to individual shareholders may qualify for taxation at the lower reduced tax rates applicable to long-term capital gains, provided that holding period and other requirements are met by the Fund and the shareholder.
Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares, and as capital gain thereafter. A distribution will reduce the Fund's net asset value per Share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital.
By law, the Fund must withhold a percentage of your distributions and proceeds if you have not provided a taxpayer identification number or social security number. The backup withholding rate is currently 28%.
Fund distributions
Dividends from net investment income, if any, are declared and paid either annually, quarterly or monthly, depending on the Fund. For funds on an annual dividend payment cycle, the dividend ex-date is the next business day following the third Friday of December, payable the last business day of the year. For funds on a quarterly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each March, June, September and December, payable the last business day of the month. For funds on a monthly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each month, payable the last business day of the month.
The fund distributes its net realized capital gains, if any, to shareholders annually.
Distributions in cash may be reinvested automatically in additional whole shares of the fund only if the broker through whom you purchased shares makes such option available. Shareholders of the fund may contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the fund purchased in the secondary market.
Taxes on distributions
In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund. Dividends paid out of the Fund's income and net short-term gains, if any, are taxable as ordinary income. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares. Dividends from net investment income, if any, are declared and paid quarterly. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.
Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "2003 Tax Act"), long-term capital gains tax rates have generally been reduced for individuals to a maximum of 15% for taxable years beginning before January 1, 2009. In addition, some ordinary dividends declared and paid by the Fund to individual shareholders may qualify for taxation at the lower reduced tax rates applicable to long-term capital gains, provided that holding period and other requirements are met by the Fund and the shareholder.
Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares, and as capital gain thereafter. A distribution will reduce the Fund's net asset value per Share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital.
By law, the Fund must withhold a percentage of your distributions and proceeds if you have not provided a taxpayer identification number or social security number. The backup withholding rate is currently 28%.
Frequency Distribution of Discounts & Premiums
Bid/Ask MidPoint Above NAV | |||||||
---|---|---|---|---|---|---|---|
Quarter Ending |
Days | 0.00- 0.25% |
0.26- 0.50% |
0.51- 0.99% |
1.00- 1.49% |
1.50- 1.99% |
≥2.00% |
06/30/2023 | 62 | 28 | 0 | 0 | 0 | 0 | 0 |
03/31/2023 | 62 | 25 | 2 | 2 | 0 | 0 | 0 |
12/31/2022 | 63 | 22 | 8 | 1 | 0 | 0 | 0 |
09/30/2022 | 64 | 19 | 5 | 1 | 0 | 0 | 0 |
Year Ended 2022 | 251 | 85 | 31 | 10 | 1 | 1 | 0 |
Bid/Ask Midpoint Below NAV | |||||||
---|---|---|---|---|---|---|---|
Quarter Ending |
Days | 0.00- 0.25% |
0.26- 0.50% |
0.51- 0.99% |
1.00- 1.49% |
1.50- 1.99% |
≥2.00% |
06/30/2023 | 62 | 31 | 3 | 0 | 0 | 0 | 0 |
03/31/2023 | 62 | 26 | 7 | 0 | 0 | 0 | 0 |
12/31/2022 | 63 | 25 | 5 | 2 | 0 | 0 | 0 |
09/30/2022 | 64 | 30 | 9 | 0 | 0 | 0 | 0 |
Year Ended 2022 | 251 | 85 | 26 | 10 | 2 | 0 | 0 |
Fund Inception : 11/07/2014
Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.
Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.
Risk & Other Information
There are risks involved with investing in ETFs, including possible loss of money. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.
The Fund is subject to management risk because it is an actively managed portfolio. The investment techniques and risk analysis used by the portfolio managers may not produce the desired results.
Risks of futures contracts include: an imperfect correlation between the value of the futures contract and the underlying commodity; possible lack of a liquid secondary market; inability to close a futures contract when desired; losses due to unanticipated market movements; obligation for the Fund to make daily cash payments to maintain its required margin; failure to close a position may result in the Fund receiving an illiquid commodity; and unfavorable execution prices.
In pursuing its investment strategy, particularly when "rolling" futures contracts, the Fund may engage in frequent trading of its portfolio securities, resulting in a high portfolio turnover rate.
Commodity-linked notes may involve substantial risks, including risk of loss of a significant portion of principal and risks resulting from lack of a secondary trading market, temporary price distortions, and counterparty risk.
Swaps involve greater risks than direct investments. Swaps are subject to leveraging, liquidity and counterparty risks, and therefore may be difficult to value. Adverse changes in the value or level of the swap can result in gains or losses that are substantially greater than invested, with the potential for unlimited loss.
Derivatives may be more volatile and less liquid than traditional investments and are subject to market, interest rate, credit, leverage, counterparty and management risks. An investment in a derivative could lose more than the cash amount invested.
To qualify as a regulated investment company (“RIC”), the Fund must meet a qualifying income test each taxable year. Failure to comply with the test would have significant negative tax consequences for shareholders. The Fund believes that income from futures should be treated as qualifying income for purposes of this test, thus qualifying the Fund as a RIC. If the IRS were to determine that the Fund’s income is derived from the futures did not constitute qualifying income, the Fund likely would be required to reduce its exposure to such investments in order to maintain its RIC status.
The Fund’s strategy of investing through its Subsidiary in derivatives and other financially-linked instruments whose performance is expected to correspond to the commodity markets may cause the Fund to recognize more ordinary income. Particularly in periods of rising commodity values, the Fund may recognize higher-than-normal ordinary income. Investors should consult with their tax advisor and review all potential tax considerations when determining whether to invest.
Leverage created from borrowing or certain types of transactions or instruments may impair liquidity, cause positions to be liquidated at an unfavorable time, lose more than the amount invested, or increase volatility.
The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.
The Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the Fund's investments. As such, investments in the Fund may be less tax efficient than investments in ETFs that create and redeem in-kind.
The Shares of the Fund are not deposits, interests in or obligations of any Deutsche Bank AG, Deutsche Bank AG London Branch, Deutsche Bank Securities Inc. or any of their respective subsidiaries or affiliates or any other bank (collectively, the "DB Parties") and are not guaranteed by the DB Parties.
DBIQ Optimum Yield Diversified Commodity Index Excess ReturnTM and DBIQ Optimum Yield Diversified Commodity Index Total ReturnTM (the ""Indices"") are products of Deutsche Bank AG and/or its affiliates. Information regarding these Indices is reprinted with permission. Deutsche Bank® DBTM, DBIQ®, Optimum YieldTM, DBIQ Optimum Yield Diversified Commodity Index Excess ReturnTM and DBIQ Optimum Yield Diversified Commodity Index Total ReturnTM are trademarks of Deutsche Bank AG. The Indices and trademarks have been licensed for use for certain purposes by Invesco Capital Management LLC, an affiliate of Invesco Distributors, Inc. The Fund is not sponsored, endorsed, sold or promoted by DB Parties or their third party licensors and none of such parties makes any representation, express or implied, regarding the advisability of investing in the Fund, nor do such parties have any liability for errors, omissions, or interruptions in the Indices. The Indices are calculated and administered by DB Parties without regards to the Fund.
Invesco Capital Management LLC and Invesco Distributors, Inc. are not affiliated with Deutsche Bank Securities Inc.
Beta is a measure of risk representing how a security is expected to respond to general market movements. Smart Beta represents an alternative and selection index based methodology that seeks to outperform a benchmark or reduce portfolio risk, or both. Smart beta funds may underperform cap-weighted benchmarks and increase portfolio risk.