(PDBA) Invesco Agriculture - Ratings and Ratios

The Invesco Agriculture Commodity Strategy No K-1 ETF (NASDAQ: PDBA) is an actively managed U.S.-based fund that seeks returns correlated with agriculture commodity markets without holding physical commodities, futures, or direct commodity-linked instruments. Instead, the Advisor achieves exposure indirectly through a subsidiary that invests in financial securities whose performance is tied to agricultural price movements.

Key metrics (as of the latest filing) include an expense ratio of 0.68 % and total assets under management of roughly $120 million, placing it in the small-cap tier of commodity-focused ETFs. The fund’s historical correlation to the Bloomberg Agriculture Sub-Index averages ≈ 0.85, indicating a strong but not perfect alignment with the broader agriculture market.

Primary economic drivers for PDBA’s performance are global grain supply-demand balances, weather-related yield shocks in major producing regions (e.g., U.S. Midwest, Brazil, Ukraine), and policy shifts affecting biofuel mandates and trade tariffs. Recent data show that a 5 % rise in global corn prices can lift the ETF’s NAV by roughly 3 % over a quarter, after accounting for management fees and tracking error.

Given the fund’s indirect exposure structure, investors should monitor the credit quality of the underlying securities and the subsidiary’s leverage ratios, as these factors can introduce additional risk beyond pure commodity price volatility.

For a deeper quantitative breakdown, the ValueRay platform offers granular data on PDBA’s exposure and risk metrics.