Invesco DB Agriculture Fund
DBA CommodityUpdated: Jul 4, 2026, 21:17 UTC
Key Metrics
Top 10 Holdings
| Holding | Ticker | Weight | Bar |
|---|---|---|---|
| Invesco Shrt-Trm Inv Gov&Agcy Instl | AGPXX | 42.3% | |
| Invesco Short Term Treasury ETF | TBLL | 4.45% |
Sector Allocation
About This ETF
The Invesco DB Agriculture Fund (DBA) is a Commodity ETF with an expense ratio (TER) of 0.85% and $1.4B in assets under management., with its largest holdings being Invesco Shrt-Trm Inv Gov&Agcy Instl, Invesco Short Term Treasury ETF. The ETF currently yields 3.35% in dividends. Year-to-date, DBA has returned +4.62%.
The fund invests in a portfolio of exchange-traded futures on the index Commodities (“Index Contracts”), which consist of Corn, Soybeans, Wheat, Kansas City Wheat, Sugar, Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle, and Lean Hogs. The index is composed of notional amounts of each Index Commodity. The sponsor of the index is Deutsche Bank Securities, Inc. (the “Index Sponsor” or “DBSI”).
FAQ — DBA
What is the TER of DBA (Invesco DB Agriculture Fund)?
DBA has a Total Expense Ratio (TER) of 0.85 % per year. That sits above the commodity category median (0.59 % across 9 peer ETFs). The TER is deducted directly from the fund and lowers your effective return.
What return has DBA delivered?
Performance for DBA: YTD: +4.62 % · 3-year p.a.: +12.27 % · 5-year p.a.: +10.55 %. Over 5 years, DBA underperforms the commodity category median of +17.52 % by -6.97 pp. Past performance is no guarantee of future returns.
What are the top holdings of DBA?
The five largest positions in DBA are: AGPXX, TBLL. The full holdings list is updated daily on this page.
Does DBA pay dividends?
DBA has a current dividend yield of 3.35 %. Distributing ETFs pay this out in cash; accumulating versions reinvest it inside the fund. Check the share class on your broker before buying.
Where can I buy or set up a savings plan for DBA?
DBA is available at most major brokers. For a free monthly savings plan from €1, look at Trade Republic, Scalable Capital or Flatex. The broker comparison on this site shows fees, free-savings-plan ETFs and execution exchanges side by side.
What is the Invesco DB Agriculture Fund?
DBA tracks a basket of farm commodities through exchange-traded futures contracts — including corn, soybeans, wheat, sugar, cocoa, coffee, cotton, live cattle, feeder cattle, and lean hogs. The fund holds no equities and no physical goods, only futures on the underlying commodity index. With roughly $1.2B in assets, it is one of the best-known pure-play agriculture vehicles. Investors use it as a diversifying sleeve and a potential inflation hedge, not as a source of equity dividend income.
Performance at a glance
DBA delivers a distinctly cyclical, weather- and supply-driven return pattern. Year-to-date it is up 7.9%. Over three years it has returned 14.62% annualized, and over five years 10.87% annualized. The price currently sits near 63% of its 52-week range (low $25.40, high $28.84).
Key drivers are harvest yields, weather events such as droughts or floods, geopolitical trade flows, and the shape of the futures curve (contango or backwardation). This heavily influences returns through roll yield: when expiring contracts must be rolled into more expensive later-dated ones, roll costs arise. The fund's expense ratio is 0.85%.
Risk profile
Agricultural commodities are highly volatile and can trend sideways or lower for extended periods. DBA does not hold physical goods; it uses futures contracts, so in contango markets negative roll yield can erode returns. A substantial share of the fund sits in short-dated US Treasuries and a money-market fund as collateral for the futures positions (around 43% in AGPXX).
- Weather and supply risk: Harvests react sharply to climate, pests, and inventory levels, which can trigger abrupt price swings.
- Currency risk: The fund is denominated in US dollars. For euro-area investors, a weaker dollar can reduce returns while a stronger dollar can enhance them.
- No equity income: There are no corporate earnings; the reported 3.26% yield comes from collateral income, not from the commodity itself.
Who is this ETF suitable for?
DBA suits experienced, long-horizon investors who want to add a lowly correlated sleeve to a stock-and-bond portfolio for diversification and as a potential inflation hedge. Agricultural prices often move independently of equity markets. It is typically held at a small, single-digit percentage allocation.
It is less suitable for investors seeking a steady, predictable income stream, for very short holding periods, or for risk-averse savers who want to avoid large swings. Anyone simply building a broad, diversified global equity plan does not need this fund. Agricultural commodities should always be treated as a complement, never as a core holding.
How it compares with similar ETFs
Among pure-play agriculture vehicles, DBA competes directly with RJA (Teucrium Agricultural), which likewise tracks a basket of several crops through futures. Investors wanting exposure to a single crop tend to choose single-commodity funds such as WEAT (wheat) or CORN (corn), though these offer no spread across multiple products.
Broader alternatives are diversified commodity funds such as PDBC (Invesco Optimum Yield Diversified Commodity) or DBC (Invesco DB Commodity Index): alongside agriculture they also include energy and metals, making them less concentrated in weather and harvests. DBA differentiates itself through its exclusive focus on agricultural commodities.
Where can I buy DBA?
Compare the best brokers for ETF savings plans — low fees, trusted providers, fully regulated.