Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
PDBC CommodityUpdated: Jul 4, 2026, 21:17 UTC
Key Metrics
Top 10 Holdings
| Holding | Ticker | Weight | Bar |
|---|---|---|---|
| Invesco Premier US Government Money Inst | IUGXX | 84.77% |
About This ETF
The Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) is a Commodity ETF with an expense ratio (TER) of 0.59% and $6.1B in assets under management., with its largest holdings being Invesco Premier US Government Money Inst. The ETF currently yields 2.9% in dividends. Year-to-date, PDBC has returned +19.5%.
The fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing in a combination of financial instruments that are economically linked to the world's most heavily traded commodities. Commodities are assets that have tangible properties, such as oil, agricultural produce or raw metals.
FAQ — PDBC
What is the TER of PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF)?
PDBC has a Total Expense Ratio (TER) of 0.59 % per year. That sits below the commodity category median (0.65 % across 9 peer ETFs). The TER is deducted directly from the fund and lowers your effective return.
What return has PDBC delivered?
Performance for PDBC: YTD: +19.50 % · 3-year p.a.: +9.61 % · 5-year p.a.: +9.00 %. Over 5 years, PDBC underperforms the commodity category median of +17.52 % by -8.52 pp. Past performance is no guarantee of future returns.
What are the top holdings of PDBC?
The five largest positions in PDBC are: IUGXX. The full holdings list is updated daily on this page.
Does PDBC pay dividends?
PDBC has a current dividend yield of 2.90 %. 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 PDBC?
PDBC 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 Optimum Yield Diversified Commodity Strategy No K-1 ETF?
PDBC is an actively managed commodity ETF from Invesco that gains exposure through futures contracts linked to the world’s most heavily traded commodities — spanning energy, industrial and precious metals, and agricultural goods. With roughly $6.3B in assets, it ranks among the largest broad-basket commodity funds. Investors mainly use it as a portfolio diversifier and a potential inflation hedge. Its «No K-1» structure simplifies tax reporting compared with traditional commodity partnerships, delivering exposure without the cumbersome K-1 form.
Performance at a glance
PDBC delivers a distinctly cyclical return pattern. Year-to-date it is up 33.43%, lifted by rising commodity prices. Over longer windows it has returned 13.24% annualized over three years and 12.35% annualized over five years. The price currently sits near 81% of its 52-week range (low $12.47, high $18.95).
Key drivers are supply-and-demand imbalances in energy and metals, geopolitical risk, and the shape of the futures curve (contango or backwardation), which heavily influences returns through roll yield. The fund’s expense ratio is 0.59%.
Risk profile
Commodities are highly volatile and can trend sideways or lower for extended periods. PDBC does not hold physical commodities; it uses futures contracts, so in contango markets negative roll yield can erode returns. Around 75% of the fund sits in a US money-market fund as collateral for the futures positions.
- 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.
- Concentration risk: Energy traditionally carries a heavy weighting.
- No organic income: Distributions come from collateral income, not from dividends or interest on the commodities themselves (yield 2.76%).
Who is this ETF suitable for?
PDBC 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. It is typically held at a small, single-digit percentage allocation rather than as a core position.
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 strictly need this fund. Commodities should always be treated as a complement, never as a core holding.
How it compares with similar ETFs
Among broad commodity ETFs, PDBC competes with funds such as DBC (Invesco DB Commodity Index), which follows a similar strategy but is structured as a partnership issuing a K-1 tax form — something PDBC deliberately avoids. Index-tracking alternatives include BCI (abrdn Bloomberg All Commodity) and FTGC.
Investors who instead want exposure to a single metal tend to choose physically backed funds such as GLD or IAU for gold, or SLV for silver. These track the spot price without roll risk but offer no diversification across multiple commodity sectors. PDBC differentiates itself through its active management of roll yield.
Where can I buy PDBC?
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