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Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
Active ETF
PDBC
Payout Change
Pending
Price as of:
$13.4
+0.04
+0.3%
primary theme
Commodity
PDBC (ETF)
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
Payout Change
Pending
Price as of:
$13.4
+0.04
+0.3%
primary theme
Commodity
PDBC (ETF)
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
Payout Change
Pending
Price as of:
$13.4
+0.04
+0.3%
primary theme
Commodity
Name
As of 11/29/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
PDBC | Active ETF
$13.40
$4.76 B
4.18%
$0.56
0.67%
Vitals
YTD Return
0.8%
1 yr return
-2.1%
3 Yr Avg Return
6.7%
5 Yr Avg Return
9.3%
Net Assets
$4.76 B
Holdings in Top 10
97.7%
52 WEEK LOW AND HIGH
$13.4
$12.67
$14.47
Expenses
OPERATING FEES
Expense Ratio 0.67%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 11/29/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
PDBC | Active ETF
$13.40
$4.76 B
4.18%
$0.56
0.67%
PDBC - Profile
Distributions
- YTD Total Return 0.8%
- 3 Yr Annualized Total Return 6.7%
- 5 Yr Annualized Total Return 9.3%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.53%
- Dividend Yield 4.2%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
-
Fund Family NameINVESCOETF
-
Inception DateNov 07, 2014
-
Shares Outstanding478704000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerPeter Hubbard
Fund Description
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.
Under normal circumstances, the Fund invests, either directly or through a wholly-owned subsidiary (the “Subsidiary”), in a combination of three categories of investments: (i) exchange-traded futures contracts on underlying commodities (“Commodities Futures”); (ii) other instruments whose value is derived from or linked to price movements of underlying physical commodities, represented by exchange-traded futures contracts on commodity indices, commodity-linked notes, exchange-traded options on Commodities Futures, swaps on commodities and commodity- related forward contracts (collectively, these are “Commodity-Linked Instruments”); and (iii) cash, cash-like instruments or high-quality securities (collectively, “Collateral”).The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; and/or (3) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or determined by the Adviser to be of comparable quality. Such Collateral is designed to provide liquidity, serve as margin or otherwise collateralize investments in the Commodities Futures and Commodity-Linked Instruments.
The Fund will not invest directly in physical commodities, Commodities Futures or Commodity-Linked Instruments. Instead, the Fund attempts to obtain investment returns that are highly correlated to the commodities markets by investing in these instruments indirectly through its Subsidiary. The Fund’s investment in the Subsidiary is expected to provide the Fund with exposure to Commodities Futures and Commodity-Linked Instruments in accordance with the limits of the federal tax laws, which limit the ability of investment companies like the Fund to invest directly in such investments. The Fund’s investment in the Subsidiary may not exceed 25% of the Fund’s total assets at each quarter-end of the Fund’s fiscal year. The Subsidiary operates under Cayman Islands law. It is wholly-owned and controlled by the Fund and advised by the Adviser. The Subsidiary has the same investment objective as the Fund and will follow the same general investment policies and restrictions, except that unlike the Fund, it may invest without limit in Commodities Futures and Commodity-Linked Instruments. Except as noted, for purposes of this Prospectus, references to the Fund’s investment strategies and risks include those of its Subsidiary.
The Subsidiary will invest in Commodities Futures (or gain exposure to Commodities Futures through the use of swaps) that generally are representative of the components of the DBIQ Optimum Yield Diversified Commodity Index Excess Return (the “Benchmark”), an index composed of futures contracts on 14 of the most heavily traded commodities across the energy, precious metals, industrial metals and agriculture sectors: aluminum, Brent crude oil, copper, corn, gold, New York Harbor Ultra Low Sulphur Diesel (“NY Harbor ULSD” previously referred to as Heating Oil), WTI crude oil, natural gas, “RBOB” gasoline, silver, soybeans, sugar, wheat and zinc. Although the Subsidiary generally provides exposure to the components of the Benchmark, the Fund is not an “index tracking” ETF and instead seeks to exceed the performance of the Benchmark. Therefore, the Subsidiary may not seek exposure to all of the Benchmark’s components or in the same proportion as the Benchmark. The Subsidiary may invest in Commodities Futures (or gain exposure to such Commodities Futures through the use of swaps) that are not included in the Benchmark, but reference a commodity represented in the Benchmark by a different futures contract. At times, it also may invest in Commodities Futures outside the Benchmark, invest in Commodities Futures with expirations beyond those contained in the Benchmark or emphasize some commodity sectors more than others.
The Subsidiary also invests a portion of its assets in Commodity-Linked Instruments to seek to increase its investment returns or hedge against declines in the value of its other investments. Although the Fund does not seek leveraged returns, investing in Commodity-Linked Instruments may have a leveraging effect on the Fund. The Commodity-Linked Instruments may be exchange-traded or traded over-the-counter (“OTC”).
Because the Fund intends to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (“Code”), the Fund’s investments in the Subsidiary and Commodities Futures are limited by certain requirements of the Code and related Internal Revenue Service regulations. Accordingly, the Fund (and the Subsidiary, as applicable) invests its remaining assets directly in Collateral, which consists of high-quality securities such as U.S. Treasuries, other U.S. Government obligations, money market funds, cash and cash-like equivalents (e.g., high quality commercial paper and similar instruments that are rated investment grade or, if unrated, of comparable quality as the Adviser may determine) that provide liquidity, serve as margin or collateralize the Subsidiary’s investments in Commodities Futures and Commodity-Linked Instruments.
The phrase “No K-1” in the Fund’s name means that the Fund does not issue a Schedule K-1, which is the tax reporting form issued by commodities partnerships. Schedule K-1 typically presents additional complexities. Instead, like most other ETFs, the Fund reports income on Form 1099.
As of October 31, 2023, the Fund had significant exposure to the energy sector. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.
PDBC - Performance
Return Ranking - Trailing
| Period | PDBC Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.8% | -28.8% | 29.0% | 89.76% |
| 1 Yr | -2.1% | -33.8% | 28.3% | 88.98% |
| 3 Yr | 6.7%* | -36.2% | 280.5% | 41.60% |
| 5 Yr | 9.3%* | -27.4% | 134.3% | 36.07% |
| 10 Yr | 1.6%* | -26.8% | 47.8% | 47.73% |
* Annualized
Return Ranking - Calendar
| Period | PDBC Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -10.0% | -64.0% | 30.1% | 59.06% |
| 2022 | 5.1% | -40.8% | 2475.6% | 25.40% |
| 2021 | -7.9% | -23.3% | 106.7% | 79.20% |
| 2020 | -7.9% | -71.9% | 295.5% | 73.77% |
| 2019 | 9.9% | -31.8% | 53.9% | 30.58% |
Total Return Ranking - Trailing
| Period | PDBC Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.8% | -28.8% | 29.0% | 89.76% |
| 1 Yr | -2.1% | -33.8% | 28.3% | 88.98% |
| 3 Yr | 6.7%* | -36.2% | 280.5% | 41.60% |
| 5 Yr | 9.3%* | -27.4% | 134.3% | 36.07% |
| 10 Yr | 1.6%* | -26.8% | 47.8% | 47.73% |
* Annualized
Total Return Ranking - Calendar
| Period | PDBC Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -6.3% | -64.0% | 41.1% | 55.12% |
| 2022 | 19.2% | -15.1% | 5648.8% | 23.02% |
| 2021 | 41.9% | -23.3% | 188.1% | 12.80% |
| 2020 | -7.8% | -67.8% | 296.1% | 75.41% |
| 2019 | 11.4% | -31.8% | 53.9% | 41.32% |
PDBC - Holdings
Concentration Analysis
| PDBC | Category Low | Category High | PDBC % Rank | |
|---|---|---|---|---|
| Net Assets | 4.76 B | 2.34 M | 27.6 B | 2.56% |
| Number of Holdings | 30 | 1 | 968 | 65.35% |
| Net Assets in Top 10 | 4.59 B | 2.66 M | 30.7 B | 3.94% |
| Weighting of Top 10 | 97.65% | 20.9% | 172.5% | 27.64% |
Top 10 Holdings
- Invesco Premier U.S. Government Money Portfolio, Institutional Class 43.22%
- U.S. Treasury Bills 20.89%
- U.S. Treasury Bills 17.79%
- U.S. Treasury Bills 12.69%
- Invesco US Dollar Liquidity Portfolio, Institutional Class 2.15%
- LME Copper Future 0.27%
- Gasoline Reformulated Blendstock Oxygenate Blending Future 0.20%
- WTI Crude Future 0.17%
- Brent Crude Future 0.16%
- New York Harbor Ultra-Low Sulfur Diesel Future 0.12%
Asset Allocation
| Weighting | Return Low | Return High | PDBC % Rank | |
|---|---|---|---|---|
| Cash | 51.38% | 0.00% | 100.00% | 24.80% |
| Bonds | 51.37% | 0.00% | 109.63% | 37.01% |
| Stocks | 0.00% | 0.00% | 57.05% | 62.99% |
| Preferred Stocks | 0.00% | 0.00% | 0.11% | 51.20% |
| Convertible Bonds | 0.00% | 0.00% | 3.89% | 61.29% |
| Other | -2.75% | -7.17% | 100.03% | 90.40% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | PDBC % Rank | |
|---|---|---|---|---|
| Cash & Equivalents | 45.37% | 0.00% | 100.00% | 41.59% |
| Government | 45.17% | 0.00% | 100.00% | 26.79% |
| Securitized | 0.00% | 0.00% | 19.62% | 61.61% |
| Corporate | 0.00% | 0.00% | 42.72% | 68.75% |
| Municipal | 0.00% | 0.00% | 1.45% | 50.89% |
| Derivative | -2.75% | -7.17% | 100.03% | 81.42% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | PDBC % Rank | |
|---|---|---|---|---|
| US | 51.37% | 0.00% | 95.25% | 37.60% |
| Non US | 0.00% | 0.00% | 14.38% | 53.60% |
PDBC - Expenses
Operational Fees
| PDBC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.67% | 0.21% | 5.23% | 89.90% |
| Management Fee | 0.59% | 0.00% | 1.75% | 36.54% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.05% | 0.45% | N/A |
Sales Fees
| PDBC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 4.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| PDBC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| PDBC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 162.00% | N/A |
PDBC - Distributions
Dividend Yield Analysis
| PDBC | Category Low | Category High | PDBC % Rank | |
|---|---|---|---|---|
| Dividend Yield | 4.18% | 0.00% | 19.94% | 18.59% |
Dividend Distribution Analysis
| PDBC | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | Quarterly | Annual |
Net Income Ratio Analysis
| PDBC | Category Low | Category High | PDBC % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.53% | -55.71% | 52.26% | 50.00% |
Capital Gain Distribution Analysis
| PDBC | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 18, 2023 | $0.560 | OrdinaryDividend |
| Dec 19, 2022 | $1.928 | OrdinaryDividend |
| Dec 20, 2021 | $1.757 | OrdinaryDividend |
| Dec 03, 2021 | $5.390 | OrdinaryDividend |
| Dec 21, 2020 | $0.001 | OrdinaryDividend |
| Dec 23, 2019 | $0.232 | OrdinaryDividend |
| Dec 24, 2018 | $0.151 | OrdinaryDividend |
| Dec 18, 2017 | $0.669 | OrdinaryDividend |
| Dec 16, 2016 | $1.124 | OrdinaryDividend |
PDBC - Fund Manager Analysis
Managers
Peter Hubbard
Start Date
Tenure
Tenure Rank
Nov 07, 2014
7.57
7.6%
Peter Hubbard, Vice President and Director of Portfolio Management of the Invesco PowerShares Capital Management LLC. Mr. Hubbard has been a Portfolio Manager of the Adviser since June 2007 and has been associated with the Adviser since 2005. Prior to joining the Invesco PowerShares Capital Management LLC, Hubbard was a research analyst and trader for Ritchie Capital from September 2003 to May 2005.
Theodore Samulowitz
Start Date
Tenure
Tenure Rank
Nov 07, 2014
7.57
7.6%
Theodore Samulowitz is a Vice President and Portfolio Manager of Invesco PowerShares Capital Management LLC. He has been a Portfolio Manager of Invesco PowerShares Capital Mgmt LLC since May 2012. Prior to that, he was the Managing Partner of Endurance Capital Markets LLC from 2010 to May 2012 and a Portfolio Manager of CMT Asset Management from 2006 to 2010.
David Hemming
Start Date
Tenure
Tenure Rank
Sep 21, 2016
5.69
5.7%
David Hemming, Senior Portfolio Manager of the Invesco Capital Management LLC, Commodities and Alternatives.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.33 | 17.03 | 6.2 | 11.51 |
