Invesco DB Precious Metals Fund is an ETF that gives investors exposure to precious metals through futures contracts. The Fund tracks the DBIQ Optimum Yield Precious Metals Index Excess Return, which reflects the performance of futures contracts on gold, silver, and platinum — weighted approximately 75%, 19%, and 6%, respectively, as of year-end 2025. The Fund is listed on NYSE Arca and is accessible to ordinary investors like any stock, though new shares are only created or redeemed by institutional Authorized Participants transacting in blocks of 50,000 shares. The Fund's business model is straightforward: Invesco Capital Management charges a management fee of 0.75% per annum on daily NAV, covering all routine operating costs. Revenue scales directly with assets under management. The Fund also generates ancillary income from collateral held in U.S. Treasuries, money market funds, and T-Bill ETFs, which partially offsets the management fee drag for shareholders. A key feature of the Fund's approach is its "optimum yield" roll methodology, which selects replacement futures contracts based on the most favorable implied roll yield rather than rolling on a fixed schedule. This is designed to minimize the performance drag that occurs when rolling futures in a contango market, and to maximize returns in a backwardated market.