Invesco DB Energy Fund
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
DBE$36.60+1.0%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.
0000950170-25-067174
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.
0000950170-25-105212
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 107 current paragraphs.
66 unchanged; 15 reworded; 24 added; 2 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 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 (24)
Current report
Returns for the Three and 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 $19.59 per Share to $18.62 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 $16.79 per Share (-14.29%) on April 8, 2025, and a high of $20.65 per Share (+5.41%) on June 20, 2025. The total return for the Fund on a market value basis was -4.95%.
Current report
Energy commodities struggled in the second quarter, with the Fund posting a loss as most components moved lower. Both Brent and WTI crude oil dropped, pressured by fresh Liberation Day tariffs, more OPEC+ production, and worries about global economic growth. The conflict between Iran and Israel, and later the U.S., pushed oil prices up in the first half of June, but the impact was short-lived given Iran’s more muted retaliatory response. Gasoline prices also fell, as supply stayed strong and demand eased after the spring peak season. Natural gas was also weak, with prices decreasing as storage levels rose and mild weather limited demand, even with some volatility from global headlines. The only bright spot was NY harbor ultra-low sulfur diesel, which managed a small gain thanks to tighter supplies and steady demand from the transport sector.
Current report
For the three months ended June 30, 2024, the NYSE Arca market value of each Share increased from $20.71 per Share to
Current report
$20.89 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 $19.37 per Share (-6.47%) on June 4, 2024, and a high of $21.52 per Share (+3.89%) on April 12, 2024. The total return for the Fund on a market value basis was +0.87%.
Current report
Energy commodities generally moved lower in the second quarter of 2024, though natural gas was the surprising exception with front month prices rebounding sharply, up 48%. Warmer weather forecasts, falling U.S. rig counts and strong overall liquified natural gas (LNG) demand sparked a round of short coverings. On the other hand, crude oil and refined products like gasoline and NY Harbor Ultra Low Sulfur Diesel (ULSD) all moved lower. While some of it 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.
Current report
For the three months ended June 30, 2025, the NAV of each Share decreased from $19.58 per Share to $18.64 per Share. Falling commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline and Natural Gas were partially offset by rising commodity futures contract prices for Ultra-Low Sulphur Diesel during the three months ended June 30, 2025, contributing to an overall 5.66% decrease in the level of the Index and to a 4.63% decrease in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was -4.80%.
Current report
For the three months ended June 30, 2024, the NAV of each Share increased from $20.77 per Share to $20.87 per Share. Rising commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline and Natural Gas were partially offset by falling commodity futures contract prices for Ultra-Low Sulphur Diesel during the three months ended June 30, 2024, contributing to an overall 0.64% decrease in the level of the Index and to a 0.69% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +0.48%.
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
per Share. The Share price low and high for the six months ended June 30, 2025 and related change from the Share price on
Current report
December 31, 2024 was as follows: Shares traded at a low of $16.79 per Share (-9.54%) on April 8, 2025, and a high of $20.65 per
Current report
Share (+11.26%) on June 20, 2025. The total return for the Fund on a market value basis was +0.32%.
Current report
Energy markets had mixed results in the first half of 2025, though the Fund’s commodity holdings ended the period in negative territory. However, interest income from the Fund’s collateral holdings offset that, leading to a gain for the Fund for the period. The year started well, led by gains in natural gas as cold winter weather boosted heating demand and liquified natural gas export demand stayed strong. Gasoline also did well early on, helped by refinery maintenance and tighter inventory. Crude oil was volatile in the first quarter, moving with changing headlines, OPEC+ plans, and new sanctions, but ended the quarter flat. In the second quarter, momentum faded as the energy complex came under pressure. Both Brent and U.S. crude oil fell, weighed down by new tariffs, more OPEC+ output, and global growth concerns. While rising tensions in the Middle East led to an oil price spike in the first half of June, the geopolitical risk premium was quickly erased as the situation eased. Gasoline and natural gas also lost ground as supply outpaced demand and storage levels rose. NY harbor ultra-low sulfur diesel was the only area of strength, with a small gain from tighter supplies and steady demand.
Current report
Energy commodities performed positively in the first half of 2024, with the exception of natural gas. Crude oil prices gained as
Current report
escalating tensions in the Middle East and Russia/Ukraine raised supply concerns; front month prices ended the first half of the year
Current report
Fund Share Net Asset Performance
Current report
Net income (loss) for the six months ended June 30, 2025 was $0.0 million, primarily resulting from $1.1 million of income, net
Current report
realized gain (loss) of $(0.9) million, net change in unrealized gain (loss) of $0.0 million and net operating expenses of $0.2 million.
Current report
For the six months ended June 30, 2024, the NAV of each Share increased from $19.19 per Share to $20.87 per Share. Rising
Current report
to an overall 6.38% increase in the level of the Index and to a 9.25% increase in the level of the DBIQ-OY Energy TR™. The total
Current report
return for the Fund on a NAV basis was +8.75%.
Current report
Net income (loss) for the six months ended June 30, 2024 was $6.3 million, primarily resulting from $2.2 million of income, net
Current report
realized gain (loss) of $(3.6) million, net change in unrealized gain (loss) of $7.9 million and net operating expenses of $0.3 million.
Removed paragraphs (2)
Previous report
Energy commodities moved higher in the first quarter of 2025, led mostly by gains in Natural Gas. Front month Natural Gas futures ended the quarter 10% higher but price action was volatile, swinging in a range of more than 45% from peak to trough. Several cold spells through the winter season left heating demand stronger than expected, leading to notable inventory draws in the U.S. A bright outlook for liquified natural gas (LNG) exports also supported the commodity. The other strong performer in the Fund was Gasoline as winter refinery maintenance went underway, helping to tighten inventories. While Crude Oil ended flat on the quarter, prices were volatile throughout the quarter. 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. administration'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/or gas and issued fresh sanctions on Chinese refineries processing Iranian Crude Oil.
Previous report
For the three months ended March 31, 2025, the NAV of each Share increased from $18.52 per Share to $19.58 per Share. Rising commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline, Ultra-Low Sulphur Diesel and Natural Gas during the three months ended March 31, 2025, contributing to an overall 4.91% increase in the level of the Index and to a 6.02% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +5.72%.
Reworded paragraphs (15)
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 $(6.6) million and $(10.1) 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 $(5.6) million and $6.7 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 $20.0 million was received from sales and maturing United States Treasury Obligations. During the three months ended March 31, 2024, $23.4 million was paid to purchase United States Treasury Obligations and $32.6 million was received from sales and maturing United States Treasury Obligations. $18.1 million was received from sales of affiliated investments and $36.9 million was paid to purchase affiliated investments during the three months ended March 31, 2025. $32.8 million was received from sales of affiliated investments and $57.1 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 $10.3 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 $20.0 million was received from sales and maturing United States Treasury Obligations. During the six months ended June 30, 2024, $35.1 million was paid to purchase United States Treasury Obligations and $44.6 million was received from sales and maturing United States Treasury Obligations. $27.6 million was received from sales of affiliated investments and $43.8 million was paid to purchase affiliated investments during the six months ended June 30, 2025. $68.5 million was received from sales of affiliated investments and $76.9 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 $9.4 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 $5.9 million and $10.1 million during the three months ended March 31, 2025 and 2024, respectively. This included $9.7 million and $15.6 million from Shares purchased by Authorized Participants and $3.8 million and $4.8 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2025 and 2024, respectively. No distributions were paid to Shareholders during the three months ended March 31, 2025. During the three months ended March 31, 2024, distributions paid to Shareholders were $0.6 million.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $5.0 million and $(6.7) million during the six months ended June 30, 2025 and 2024, respectively. This included $18.0 million and $15.6 million from Shares purchased by Authorized Participants and $13.1 million and $21.7 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2025 and 2024, respectively. No distributions were paid to Shareholders during the six months ended June 30, 2025. During the six months ended June 30, 2024, distributions paid to Shareholders were $0.6 million.
Previous wording
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
Current wording
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
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 Energy Index ER”). 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 levels 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 Energy Index ER”). 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 levels 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 ENERGY INDEX ER FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD ENERGY INDEX ER FOR 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 Energy 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 Energy TR™ by disclosing the change in market value of each 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 Energy 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 Energy TR™ and Underlying Index Commodity Returns for the Three and Six Months Ended June 30, 2025 and 2024” below provides an overview of the changes in the closing levels of the DBIQ-OY Energy TR™ by disclosing the change in market value of each 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 Energy 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
Net income (loss) for the three months ended March 31, 2025 was $2.7 million, primarily resulting from $0.6 million of income, net realized gain (loss) of $(0.5) million, net change in unrealized gain (loss) of $2.7 million and net operating expenses of $0.1 million.
Current wording
Net income (loss) for the three months ended June 30, 2025 was $(2.7) million, primarily resulting from $0.5 million of income, net realized gain (loss) of $(0.4) million, net change in unrealized gain (loss) of $(2.7) million and net operating expenses of $0.1 million.
Previous wording
Net income (loss) for the three months ended March 31, 2024 was $6.7 million, primarily resulting from $1.1 million of income, net realized gain (loss) of $(0.1) million, net change in unrealized gain (loss) of $5.8 million and net operating expenses of $0.2 million.
Current wording
Net income (loss) for the three months ended June 30, 2024 was $(0.4) million, primarily resulting from $1.1 million of income, net realized gain (loss) of $(3.5) million, net change in unrealized gain (loss) of $2.1 million and net operating expenses of $0.2 million.
Previous wording
For the three months ended March 31, 2025, the NYSE Arca market value of each Share increased from $18.56 per Share to $19.59 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 $18.47 per Share (-0.48%) on March 13, 2025, and a high of $20.32 per Share (+9.48%) on January 15, 2025. The total return for the Fund on a market value basis was +5.55%.
Current wording
For the six months ended June 30, 2025, the NYSE Arca market value of each Share increased from $18.56 per Share to $18.62
Previous wording
For the three months ended March 31, 2024, the NYSE Arca market value of each Share increased from $19.19 per Share to $20.71 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 $19.10 per Share (-0.47%) on January 2, 2024, and a high of $20.97 per Share (+9.25%) on March 19, 2024. The total return for the Fund on a market value basis was +7.92%.
Current wording
For the six months ended June 30, 2024, the NYSE Arca market value of each Share increased from $19.19 per Share to $20.89 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 $19.10 per Share (-0.47%) on January 2, 2024, and a high of $21.52 per Share (+12.12%) on April 12, 2024. The total return for the Fund on a market value basis was +8.86%.
Previous wording
Energy was generally higher in the first three months of 2024. Crude Oil prices gained 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 anticipated Federal Reserve easing also supported broader risk assets like energy. In terms of front month performance, gasoline was the standout, up over 30% on disruptions in Russia’s refinery infrastructure and tightening U.S. stockpiles ahead of the summer driving season. Natural Gas was the persistent laggard with front month prices dropping another 30% on ample inventories and warmer-than-usual weather, reducing heating demand.
Current wording
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 sticky inflation, weighing down the entire energy complex. Gasoline also gained following repeated attacks on Russia’s refinery infrastructure and tightening U.S. stockpiles ahead of the summer driving season. Natural gas was the laggard with front month prices dropping another 30% in the first quarter on ample inventories and warmer-than-usual weather. However, prices did make a strong comeback in May and the first half of June as forecasted heatwaves raised its demand outlook.
Previous wording
For the three months ended March 31, 2024, the NAV of each Share increased from $19.19 per Share to $20.77 per Share. Rising commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contract prices for Natural Gas during the three months ended March 31, 2024, contributing to an overall 7.07% increase in the level of the Index and to a 8.50% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +8.23%.
Current wording
For the six months ended June 30, 2025, the NAV of each Share increased from $18.52 per Share to $18.64 per Share. Rising commodity futures contract prices for Natural Gas and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline during the six months ended June 30, 2025, contributing to an overall 1.03% decrease in the level of the Index and to a 1.11% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +0.65%.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
commodity futures contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline and Ultra-Low Sulphur Diesel were
Current report — wording carried from elsewhere
partially offset by falling commodity futures contract prices for Natural Gas during the six months ended June 30, 2024, contributing
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR
Previous report — wording carried elsewhere
NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
Previous report — wording carried elsewhere
Returns for the Three Months Ended March 31, 2025 and 2024