Updated:
Invesco DB Agriculture Fund
Invesco DB Agriculture Fund (DBA) launched in 2007 as the flagship exchange-traded vehicle of Invesco's commodity suite, designed to track the DBIQ...
Invesco DB Agriculture Fund
Invesco DB Agriculture Fund (DBA) launched in 2007 as the flagship exchange-traded vehicle of Invesco's commodity suite, designed to track the DBIQ Diversified Agriculture Index Excess Return. The fund is managed by Invesco Capital Management LLC, a subsidiary of the global asset manager Invesco Ltd. (NYSE: IVZ). It derives its capital from investor subscriptions rather than a family or institutional endowment structure. The fund invests primarily in futures contracts on hard commodities including corn, soybeans, wheat, sugar, coffee, and cocoa, rolling positions monthly to maintain exposure. As of 2025, DBA held approximately $1.1 billion in assets under management, with an average daily trading volume exceeding 500,000 shares (per ETF data providers, 2025). The strategy targets a diversified agricultural basket with sector weighting caps to reduce single-commodity concentration. Investors gain direct exposure without the operational burden of physical storage. DBA is one of the few agricultural ETFs to offer exposure across multiple sub-sectors, covering grains, soft commodities, and livestock. Its expense ratio of 0.85% is competitive within the commodity ETF space. The fund's primary listing is on the NYSE Arca, and it is available to US and international investors through brokerage accounts. Structurally, Invesco DB Agriculture Fund stands apart from single-commodity products by targeting a dynamically weighted index with a maximum 20% allocation to any one commodity. This design reduces idiosyncratic risk while maintaining exposure to the agricultural commodity class. Unlike a direct holding of physical inventory, DBA uses futures contracts, which introduces roll yield dynamics that can affect returns relative to spot prices.
General information
Firm type
Asset Manager
Year founded
2007
AUM
approximately $1.1B (per ETF AUM data, 2025)
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Invesco Ltd.
Manager
Sector focus
Frequently asked questions
How does Invesco DB Agriculture Fund generate returns for investors?
DBA tracks the DBIQ Diversified Agriculture Index Excess Return, which reflects the performance of a basket of agricultural futures contracts, plus interest on Treasury bills. Investors gain price exposure to the underlying commodities, but returns are also affected by the rolling of futures contracts (contango or backwardation) and the fund's management fee of 0.85%.
What is the key difference between DBA and a single-commodity agricultural ETF?
DBA holds a diversified basket of up to 11 agricultural commodities and applies a maximum 20% weight to any single commodity. Single-commodity ETFs expose investors entirely to one market's price and roll dynamics. DBA is designed for more diversified commodity exposure without requiring multiple holdings.
Is Invesco DB Agriculture Fund suitable for institutional investors?
Yes, DBA is used by both retail and institutional investors, including hedge funds, pension funds, and commodities-trading advisors. The fund's daily liquidity (average daily volume >500,000 shares, per 2025 data) and $1.1B AUM make it suitable for large allocations. However, its structure as a futures-based ETF means it is best used for tactical or strategic commodity exposure, not a core long-term holding.
What are the main risks of investing in DBA?
Primary risks include commodity price volatility, roll yield in contango markets, and the potential for the fund to track an index that may not perfectly replicate spot prices. Additionally, regulatory changes affecting commodity futures or ETFs could impact the fund's structure, though it has operated continuously since 2007. The fund is not a direct investment in physical agricultural goods.
How does Invesco manage the roll of futures contracts in DBA?
The fund rolls its futures positions monthly according to a pre-specified schedule, selling expiring contracts and buying longer-dated ones. The roll occurs over a five-day period to minimize market impact. The DBIQ Diversified Agriculture Index's methodology determines the relevant contract months and weights.
Can DBA be used as a hedge against inflation or agricultural price shocks?
Commodity ETFs like DBA, particularly those holding agricultural futures, tend to have low correlation with equity markets and can serve as a hedge against inflation or supply-side shocks in food commodities. However, its performance is closely tied to global agricultural supply-demand balances and weather events, making it a niche rather than broad inflation hedge.
Which commodities currently have the largest weight in DBA's portfolio?
As of the fund's latest available portfolio disclosure (2025), the largest individual positions are typically corn (approximately 17%), soybeans (15%), and wheat (12%), with smaller weights in sugar, coffee, cocoa, and livestock. The exact allocation changes monthly based on the index rebalancing and futures roll.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: