Recent news highlights include the Fund's shares crossing below the 200-day moving average and hitting new 52-week highs, reflecting market price volatility and investor interest in commodity ETFs amid geopolitical and inflationary pressures.

• Invesco DB Base Metals Fund (DBB) shares crossed below their 200-day moving average in October 2026, indicating recent price weakness [N1].
• Commodity ETFs, including DBB, remain in focus amid rising inflation and geopolitical conflicts such as the Ukraine crisis, influencing commodity markets [N6].
• The Fund hit a new 52-week high in April 2024, reflecting periods of strong base metals market performance [N5].
• Market volatility and geopolitical events, including Middle East conflicts and oil price surges, continue to impact commodity ETFs like DBB [N2].
• Copper price corrections and rebounds have been noted as significant factors affecting the Fund's underlying commodity exposure [N4].
• Commodity ETFs have experienced rallies amid geopolitical tensions, including the Russia-Ukraine conflict, supporting investor interest [N8].

The Fund provides investors with diversified exposure to base metals futures, which can serve as a hedge against inflation and geopolitical risks affecting commodity prices. Its structured index tracking and professional management by Invesco support efficient market access and liquidity. The Fund's holdings in affiliated money market funds help manage liquidity and reduce cash drag. Recent news indicates periods of strong market performance and investor interest in commodity ETFs, which may support trading activity and asset growth.

The Fund is exposed to significant risks including high volatility and potential total loss due to futures price fluctuations. Market disruptions, geopolitical conflicts, and regulatory changes can adversely affect the Fund's performance and liquidity. The Fund's shares may trade at a discount to NAV, and trading halts or delisting risks exist. Competition from other investment vehicles and direct commodity investments may limit market demand. The Fund's reliance on futures contracts subjects it to risks of illiquidity and pricing distortions, especially during stressed market conditions.

The Fund's moat lies in its specialized exposure to base metals commodity futures through a structured index tracking approach, managed by Invesco, a recognized asset manager. Its listing on a major exchange provides liquidity and accessibility to investors seeking base metals exposure without direct commodity ownership. The Fund benefits from Invesco's operational infrastructure and affiliated investment vehicles for liquidity management. However, the Fund faces competition from other commodity ETFs, mutual funds, and direct commodity investments, and its performance is subject to market volatility and regulatory constraints inherent in futures markets.

• Market Volatility and Price Fluctuations: The Fund's investment in commodity futures exposes it to rapid and substantial price changes, which can materially reduce the value of investments.
• Liquidity Risks: Futures contracts may be difficult to liquidate at desired prices, especially during market disruptions or when positions are large relative to market volume.
• Geopolitical and Economic Risks: Conflicts such as Russia-Ukraine and Middle East tensions, inflation, interest rate changes, and trade regulations can increase volatility and impact commodity prices.
• Regulatory and Operational Risks: The Fund is subject to position limits, trading halts, and regulatory changes that may affect its ability to trade futures and maintain listing status.
• Tracking Error and Premium/Discount Risks: The Fund's performance may deviate from its index due to tracking error, and shares may trade at premiums or discounts to NAV due to market supply and demand and trading hour differences.

• INVESCO DB Base Metals Fund is an exchange-traded fund (ETF) that invests in commodity futures contracts related to base metals.
• The Fund holds long futures contracts on metals including COMEX Copper, LME Aluminum, LME Copper, LME Lead, LME Nickel, and LME Zinc with various expiration dates through 2027.
• As of September 30, 2026, the Fund's total assets were approximately $352 million, with shareholders' equity of about $344 million.
• The Fund's net asset value (NAV) per share was $25.30 as of September 30, 2026, with 13.6 million shares outstanding.
• The Fund invests primarily in affiliated investments, including the Invesco Government & Agency Portfolio Institutional Class money market mutual fund, representing about 91.7% of shareholders' equity.
• The Fund's net income for the quarter ended September 30, 2026, was approximately $17.7 million.
• The Fund's cash and cash equivalents were about $5.8 million as of June 30, 2016, per SEC filings.
• The Fund is subject to fees and expenses totaling approximately 0.76% per annum.
• The Fund trades commodity futures contracts on various exchanges, including COMEX and LME, and is exposed to market volatility and liquidity risks inherent in futures trading.
• The Fund's shares trade on the NYSE Arca exchange and may trade at a premium or discount to NAV due to market supply and demand and trading hour differences.
• The Fund's investment objective is to reflect changes in the level of the DBIQ Optimum Yield Industrial Metals Index Excess Return, which tracks base metals futures.
• The Fund's portfolio and NAV are affected by factors such as global supply and demand for base metals, geopolitical events, inflation, interest rates, and market disruptions.
• The Fund faces risks including volatility in futures markets, potential illiquidity, regulatory changes, geopolitical conflicts (e.g., Russia-Ukraine, Middle East), and market distortions.
• The Fund's shares may experience trading halts or delisting if listing requirements are not met.
• The Fund's NAV calculation includes unrealized gains and losses on open commodity futures contracts.
• The Fund's recent news coverage highlights market price movements, including crossing below the 200-day moving average and hitting new 52-week highs.
• The Fund's market price and NAV may diverge due to non-concurrent trading hours and market liquidity.
• The Fund's commodity futures positions include notable unrealized appreciation and depreciation amounts as of September 30, 2026.
• The Fund's risk disclosures emphasize the potential for total loss of investment due to futures price volatility and market disruptions.