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DBBInvesco DB Base Metals Fund

Options Analysis Report•COMMODITY CONTRACTS BROKERS & DEALERS
AUM $364M|ARCX
● 2026-08-31$25.48
VERY BULLISH
Analysis: 2026-08-28 EOD data
1Y +28.2%YTD +10.7%7D -0.2%
82
30D
±8.6%
11%

DBB Options Overview

bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

4.3VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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DBB Gamma Walls

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Value

Is IV priced right?

3.6
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks2/9 checks passed
≤35%

IV Rank 58.6% — elevated vs history

<1.05x

IV/HV 3.01x — IV premium over HV

Sector Relative≤50%

Sector percentile 76% — above sector median

<1.1x

Front/Back 3.63x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 36.8% — normal range

<80%

Effective IV 141.0% (ATM 36.8% + spread 52.1% + bias) — expensive

<3.0%

Total drag 76.05% (spread 52.08% + slippage 23.97%) — high friction

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 52.08%) — spread drag

Sentiment

Bullish or bearish?

5.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -22%, Raw: +22%)
|net sentiment| ≥25%

Conviction-weighted: -22% (bearish) — Raw: +22%

≥15%

|OI skew| 95.4% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +100.0%, OI skew +95.4% — aligned

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -85%, ATM: +0%, OTM: +61% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 50% — neutral vs sector

Activity

Unusual activity?

3.8
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 2.1x avg — hot

≥15%

Vol/OI 1.1% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +2.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 32% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 23% — patient

≥30

Conviction -22 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.5
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks1/8 checks passed
≤5.0%

Spread 52.1% — wide

≥10,000

OI 7,756 — thin

≥500

Volume 82/day — thin

≤$0.50

$2.60 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 82% — much wider than sector

≥100 contracts

Depth 131.1 contracts (bid:66.3 ask:64.8) — adequate

<1.0%

Avg slippage 23.97% — poor

Timing

Is now a good time?

6.1
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks3/9 checks passed
|slope| ≥5%

Slope +263.4% — backwardation

<30 or >70

IV percentile 59% — neutral

≥10pts kink

IV kink 0.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

≥3 expirations

2 liquid expirations — limited

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -22% @ 60% consistency — unclear

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls5.5
bullishIV expensive, mixed flow
Long Puts4.0
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put5.3
bullishIV rich premium, mixed flow
Covered Call4.8
bearishIV rich premium, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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DBB gamma wallsDBB max painDBB IV rankDBB options flow