Invesco Agriculture Commodity Strategy No K-1 ETF
PDBA
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- Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) is an actively managed exchange-traded fund that seeks long-term capital appreciation by investing in commodity futures, commodity-linked futures, and collateral such as cash, cash-like instruments, or high-quality securities economically linked to the agriculture sector; it provides diversified exposure to futures contracts on 11 actively traded global agricultural commodities, including grains (corn, wheat, Kansas City wheat), oilseeds (soybeans), livestock (live cattle, feeder cattle, lean hogs), and softs (cocoa, coffee, cotton, sugar). The fund operates through a wholly owned Cayman Islands subsidiary to gain commodity exposure without issuing a Schedule K-1 tax form, instead providing a Form 1099, and primarily benchmarks against the DBIQ Diversified Agriculture Index Excess Return while employing active management to potentially outperform it by responding to market changes and forward curves. Holdings include significant allocations to collateral such as Invesco Premier US Government Money Fund and the Cayman subsidiary, with a total expense ratio of 0.75% and a management fee of 0.59%. Launched on August 24, 2022, and listed on Nasdaq, PDBA represents Invesco Ltd.'s strategic expansion of its commodities ETF suite as a 1940 Act fund, complementing the existing Invesco DB Agriculture ETF (DBA), a 1933 Act commodity pool that issues K-1 forms and allows investors to select preferred tax treatments. This launch, announced in August 2022, built on Invesco's history of introducing commodity ETFs for cost-effective access to agriculture sectors amid geopolitical events, climate change, and supply volatility impacting global grains trade. As of September 30, 2025, the fund reports year-to-date NAV performance of 0.82%, 1-year returns of 7.26%, and inception-to-date returns of 12.37%, with the adviser contractually waiving fees through at least August 31, 2026. Headquartered in Atlanta, Georgia, as part of Invesco Ltd., a global asset manager with operations worldwide, PDBA targets investors seeking agriculture commodity strategies without K-1 complexity.