Invesco DB Multi-Sector Commodity Trust
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
DBO$24.00+0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0000950170-25-067173
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105197
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 86 previous paragraphs and 94 current paragraphs.
65 unchanged; 14 reworded; 15 added; 5 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Current report
For the three months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $14.34 per Share to $13.22 per Share. The Share price low and high for the three months ended June 30, 2025 and related change from the Share price on March 31, 2025 was as follows: Shares traded at a low of $11.91 per Share (-16.95%) on May 5, 2025 and a high of $14.79 per Share (+3.14%) on June 20, 2025. The total return for the Fund on a market value basis was -7.81%.
Current report
Crude oil prices moved lower in the second quarter of 2025, with the Fund posting a significant loss as oil markets faced several headwinds. The quarter started with sharp declines in April, driven by the Liberation Day tariffs, more OPEC+ production, and concerns about global economic growth. There were brief recoveries tied to increasing geopolitical tensions in the Middle East and resulting supply risks, but these were outweighed by rising inventories and softer demand. By the end of the quarter, oil markets were back under pressure as supply outpaced demand expectations, and trade and policy volatility continued. Overall, the Fund’s performance reflected a tough environment for oil, with prices trending down after a volatile start to the year.
Current report
For the three months ended June 30, 2024, the NYSE Arca market value of each Share increased from $15.54 per Share to $15.87 per Share. The Share price low and high for the three months ended June 30, 2024 and related change from the Share price on March 31, 2024 was as follows: Shares traded at a low of $14.50 per Share (-6.66%) on June 4, 2024 and a high of $16.12 per Share (+3.73%) on April 15, 2024. The total return for the Fund on a market value basis was +2.12%.
Current report
Crude oil experienced a small loss in the second quarter of 2024. While some of that loss was driven by broader risk off sentiment due to the repeated delays of Federal Reserve rate cut expectations, other drivers included fading geopolitical risk premium, U.S. crude inventory builds due to unplanned refinery outages and unattractive refining margins, and OPEC announcing plans to gradually bring back barrels later this year. While OPEC also announced an extension of some cuts, this was largely expected and had a minimal impact on prices.
Current report
For the three months ended June 30, 2025, the NAV of each Share decreased from $14.35 per Share to $13.23 per Share. Falling commodity futures contract prices for Light Sweet Crude Oil during the three months ended June 30, 2025 contributed to an overall 8.57% decrease in the level of the Index and to a 7.59% decrease in the level of the DBIQ-OY CL TR™. The total return for the Fund on a NAV value basis was -7.81%.
Current report
Net income (loss) for the three months ended June 30, 2025 was $(13.8) million, primarily resulting from $1.9 million of income, net realized gain (loss) of $0.4 million, net change in unrealized gain (loss) of $(15.8) million and net operating expenses of $0.3 million.
Current report
Net income (loss) for the three months ended June 30, 2024 was $4.0 million, primarily resulting from $3.2 million of income, net realized gain (loss) of $1.8 million, net change in unrealized gain (loss) of $(0.6) million and net operating expenses of $0.4 million.
Current report
FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2024
Current report
Fund Share Price Performance
Current report
Crude oil markets were volatile in the first half of 2025, leading to a negative return for the Fund. The year began with sharp price swings as markets reacted to new U.S. sanctions on Russian oil and gas, fluctuating geopolitical developments, and shifting expectations for U.S. supply. OPEC’s plan to gradually bring back production and ongoing tariff headlines added to the uncertainty. Oil prices briefly recovered in March after new U.S. tariffs on Venezuelan oil and more sanctions on Chinese refineries, but this did not continue into the second quarter. Oil prices moved lower as countries were hit with fresh U.S. tariffs, higher OPEC+ output, and ongoing worries about global growth. Occasional rebounds from geopolitical risks were also outweighed by rising inventories and softer demand, especially following Iran's muted retaliatory response. By mid-year, oil prices were back under pressure, with a supply surplus and policy uncertainty keeping sentiment cautious.
Current report
Fund Share Net Asset Performance
Current report
For the six months ended June 30, 2025, the NAV of each Share decreased from $14.28 per Share to $13.23 per Share. Falling commodity futures contract prices for Light Sweet Crude Oil during the six months ended June 30, 2025 contributed to an overall 8.90% decrease in the level of the Index and to a 6.94% decrease in the level of the DBIQ-OY CL TR™. The total return for the Fund on a NAV value basis was -7.35%.
Current report
Net income (loss) for the six months ended June 30, 2025 was $(11.1) million, primarily resulting from $4.0 million of income, net realized gain (loss) of $0.4 million, net change in unrealized gain (loss) of $(14.8) million and net operating expenses of $0.7 million.
Current report
Net income (loss) for the six months ended June 30, 2024 was $30.8 million, primarily resulting from $6.5 million of income, net realized gain (loss) of $1.7 million, net change in unrealized gain (loss) of $23.5 million and net operating expenses of $0.9 million.
Removed paragraphs (5)
Previous report
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
Previous report
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
Previous report
Crude Oil ended flat on the quarter but prices were volatile throughout the period. Crude Oil prices initially rallied in January on the prior U.S. administration's farewell sanctions on Russian oil and gas but then retreated as ceasefire developments provided relief on the geopolitical front. The new U.S. administrations's “drill, baby, drill” plans raised U.S. supply expectations, tariff headlines drove a risk-off move, and OPEC announced it would be gradually bringing back production. Oil prices recovered significantly in March, as the U.S. imposed a 25% tariff on any country buying Venezuelan oil and gas and issued fresh sanctions on Chinese refineries processing Iranian Crude Oil.
Previous report
Net income (loss) for the three months ended March 31, 2025 was $2.7 million, primarily resulting from $2.1 million of income, net realized gain (loss) of $0 million, net change in unrealized gain (loss) of $1.0 million and net operating expenses of $0.4 million.
Previous report
Net income (loss) for the three months ended March 31, 2024 was $26.8 million, primarily resulting from $3.3 million of income, net realized gain (loss) of $(0.1) million, net change in unrealized gain (loss) of $24.1 million and net operating expenses of $0.5 million.
Reworded paragraphs (14)
Previous wording
The Fund may invest directly in United States Treasury Obligations. The Fund may also gain exposure to United States Treasury Obligations through investments in exchange-traded funds (“ETFs”) (affiliated or otherwise) that track indexes that measure the performance of United States Treasury Obligations with a maximum remaining maturity of up to 12 months (“T-Bill ETFs”). The Fund holds as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
Current wording
The Fund may invest directly in United States Treasury Obligations. The Fund may also gain exposure to United States Treasury Obligations through investments in exchange-traded funds (“ETFs”) (affiliated or otherwise) that track indexes that measure the performance of United States Treasury Obligations with a maximum remaining maturity of up to 12 months (“T-Bill ETFs”). The Fund may hold as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
Previous wording
Net cash flow provided by (used in) operating activities was $11.5 million and $19.8 million for the three months ended March 31, 2025 and 2024, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations, affiliated investments and net deposits to/from the Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, for margin and/or cash management purposes. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
Current wording
Net cash flow provided by (used in) operating activities was $(26.9) million and $40.6 million for the six months ended June 30, 2025 and 2024, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations, affiliated investments and net deposits to/from the Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, for margin and/or cash management purposes. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.
Previous wording
During the three months ended March 31, 2025, $0 was paid to purchase United States Treasury Obligations and $14.0 million was received from sales and maturing United States Treasury Obligations. During the three months ended March 31, 2024, $13.6 million was paid to purchase United States Treasury Obligations and $14.0 million was received from sales and maturing United States Treasury Obligations. $82.3 million was received from sales of affiliated investments and $68.7 million was paid to purchase affiliated investments during the three months ended March 31, 2025. $82.8 million was received from sales of affiliated investments and $85.3 million was paid to purchase affiliated investments during the three months ended March 31, 2024. During the three months ended March 31, 2025, net deposits to/from the Commodity Broker was $20.7 million. There were no net deposits to/from the Commodity Broker during the three months ended March 31, 2024.
Current wording
During the six months ended June 30, 2025, there were no purchases of United States Treasury Obligations and $54.0 million was received from sales and maturing United States Treasury Obligations. During the six months ended June 30, 2024, $66.2 million was paid to purchase United States Treasury Obligations and $83.0 million was received from sales and maturing United States Treasury Obligations. $115.8 million was received from sales of affiliated investments and $167.4 million was paid to purchase affiliated investments during the six months ended June 30, 2025. $157.5 million was received from sales of affiliated investments and $162.8 million was paid to purchase affiliated investments during the six months ended June 30, 2024. During the six months ended June 30, 2025, net deposits to/from the Commodity Broker was $20.1 million. There were no net deposits to/from the Commodity Broker during the six months ended June 30, 2024.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $(12.5) million and $(19.8) million during the three months ended March 31, 2025 and 2024, respectively. This included $17.4 million and $20.0 million from Shares purchased by Authorized Participants and $29.9 million and $39.6 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2025 and 2024, respectively. During the three months ended March 31, 2025 and 2024, distributions paid to Shareholders were $0 and $0.2 million, respectively.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $25.9 million and $(40.6) million during the six months ended June 30, 2025 and 2024, respectively. This included $81.8 million and $29.4 million from Shares purchased by Authorized Participants and $56.0 million and $69.8 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025 and 2024, distributions paid to Shareholders were $0.0 and $0.2 million, respectively.
Previous wording
The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ Opt Yield Crude Oil Index ERTM”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the level of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income, if any, from the Fund’s collateral holdings whereas the Index does not consider such income. There can be no assurances that the price of the Shares or the Fund’s NAV will exceed the Index levels.
Current wording
The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ Opt Yield Crude Oil Index ERTM”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the level of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income, if any, from the Fund’s collateral holdings whereas the Index does not consider such income. There can be no assurance that the price of the Shares or the Fund’s NAV will exceed the Index levels.
Previous wording
COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ERTMFOR THE
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ERTMFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Previous wording
This Report covers the three months ended March 31, 2025 and 2024. Past performance of the Fund is not necessarily indicative of future performance.
Current wording
This Report covers the three and six months ended June 30, 2025 and 2024. Past performance of the Fund is not necessarily indicative of future performance.
Previous wording
The section “Summary of the DBIQ-OY CL TR™ and Underlying Index Commodity Returns for the Three Months Ended March 31, 2025 and 2024” below provides an overview of the changes in the closing levels of the DBIQ-OY CL TR™ by disclosing the change in market value of the underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY CL TR™), and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
Current wording
The section “Summary of the DBIQ-OY CL TR™ and Underlying Index Commodity Returns for the Six Months Ended June 30, 2025 and 2024” below provides an overview of the changes in the closing levels of the DBIQ-OY CL TR™ by disclosing the change in market value of the underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY CL TR™), and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
Previous wording
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
Current wording
Returns for the Three and Six Months Ended June 30, 2025 and 2024
Previous wording
For the three months ended March 31, 2024, the NAV of each Share increased from $13.96 per Share to 15.57 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil during the three months ended March 31, 2024 contributed to an overall 10.37% increase in the level of the Index and to a 11.84% increase in the level of the DBIQ-OY CL TR™. The total return for the Fund on a NAV value basis was +11.53%.
Current wording
For the three months ended June 30, 2024, the NAV of each Share increased from $15.57 per Share to $15.86 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil during the three months ended June 30, 2024 contributed to an overall 0.71% increase in the level of the Index and to a 2.06% increase in the level of the DBIQ-OY CL TR™. The total return for the Fund on a NAV value basis was +1.86%.
Previous wording
For the three months ended March 31, 2025, the NYSE Arca market value of each Share increased from $14.31 per Share to $14.34 per Share. The Share price low and high for the three months ended March 31, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $13.36 per Share (-6.64%) on March 10, 2025 and a high of $15.90 per Share (+11.11%) on January 15, 2025. The total return for the Fund on a market value basis was +0.21%.
Current wording
For the six months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $14.31 per Share to $13.22 per Share. The Share price low and high for the six months ended June 30, 2025, and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $11.91 per Share (-16.77%) on May 5, 2025 and a high of $15.90 per Share (+11.11%) on January 15, 2025. The total return for the Fund on a market value basis was -7.62%.
Previous wording
For the three months ended March 31, 2024, the NYSE Arca market value of each Share increased from $13.92 per Share to $15.54 per Share. The Share price low and high for the three months ended March 31, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $13.81 per Share (+0.79%) on January 2, 2024 and a high of $15.54 per Share (+11.64%) on March 28, 2024. The total return for the Fund on a market value basis was +11.64%.
Current wording
For the six months ended June 30, 2024, the NYSE Arca market value of each Share increased from $13.92 per Share to $15.87 per Share. The Share price low and high for the six months ended June 30, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $13.81 per Share (-0.79%) on January 2, 2024 and a high of $16.12 per Share (+15.81%) on April 15, 2024. The total return for the Fund on a market value basis was +14.01%.
Previous wording
Crude oil prices gained in the first quarter of 2024 as escalating tensions in the Middle East and Ukraine raised supply disruption risk. In addition to geopolitics, an improving macro backdrop amid a resilient U.S. economy and expected Federal Reserve easing also supported broader risk assets like energy. Furthermore, the extended OPEC+ production cuts also helped to tighten global balances, providing a sturdy floor for prices.
Current wording
Crude oil performed positively in the first half of 2024. Prices gained as escalating tensions in the Middle East and Russia/Ukraine raised supply concerns, ending the first half of the year up around 15%. In addition to geopolitics, an improving macro backdrop amid a resilient U.S. economy, and expected Federal Reserve easing also supported broader risk assets like energy. However, this tailwind eased in the second quarter as the Federal Reserve stuck to its higher for longer rhetoric amid persistent inflation, weighing down the entire energy complex. Other factors like fading geopolitical risk premium, US inventory builds and OPEC’s production plans also played a role.
Previous wording
For the three months ended March 31, 2025, the NAV of each Share increased from $14.28 per Share to $14.35 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil during the three months ended March 31, 2025 contributed to an overall 0.36% decrease in the level of the Index and to a 0.70% increase in the level of the DBIQ-OY CL TR™. The total return for the Fund on a NAV value basis was +0.49%.
Current wording
For the six months ended June 30, 2024, the NAV of each Share increased from $13.96 per Share to $15.86 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil during the six months ended June 30, 2024 contributed to an overall 11.15% increase in the level of the Index and to a 14.15% increase in the level of the DBIQ-OY CL TR™. The total return for the Fund on a NAV value basis was +13.61%.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
THREE MONTHS ENDED MARCH 31, 2025 AND 2024
Previous report — wording carried elsewhere
Returns for the Three Months Ended March 31, 2025 and 2024