Invesco DB Multi-Sector Commodity Trust
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 2, 2026
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-K
Period ended 2024-12-31; filed 2025-02-26.
0000950170-25-027272
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-02.
0001193125-26-083549
Item 7. 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 77 previous paragraphs and 80 current paragraphs.
59 unchanged; 17 reworded; 3 added; 1 removed; 0 previous and 1 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 (3)
Current report
Commodity futures quoted in U.S. Dollars and listed on major U.S. and European exchanges are eligible for inclusion in the Index. The Index Sponsor selects the futures contract with the highest implied roll yield, aiming to maximize the potential roll benefits in backwardated markets and minimize the loss from rolling in contango markets. If two futures contracts have the same implied roll yield, the futures contract with the minimum number of months to the exchange expiry month is selected. “Implied roll yield” is calculated by dividing the closing price of the commodity futures contract which is to be notionally exited by the closing price of the relevant futures contract, raised to the power of one divided by the fraction of the year between the base futures contract and the relevant eligible futures contract, minus one.
Current report
On the first Index business day of each month, the futures contract currently included in the Index is tested for continued inclusion in the Index based on its delivery month. If the delivery month for the contract is the next calendar month, a new contract is selected. This takes place between the second and sixth Index business day of the month.
Current report
2025 was a challenging year for oil markets, with the Fund posting negative returns of over 10%. The dominant theme was crude oil’s ongoing balancing act between persistent geopolitical risks and supply–demand forecasts that consistently pointed to surplus conditions. OPEC+ began unwinding production cuts in the second quarter, while non‑OPEC+ producers also increased output to record highs. At the same time, slowing global growth and renewed tariff concerns weighed on demand. Chinese stockpiling provided some support, helping prevent a deeper decline. Prices periodically recovered on headlines suggesting potential escalation of conflicts in Ukraine and the Middle East, though these rallies proved short‑lived. In the fourth quarter, even OPEC’s decision to pause further output increases failed to offset market pessimism. Surplus concerns continued to dominate sentiment despite meaningful geopolitical flare‑ups in Venezuela, Russia, and Iran.
Removed paragraphs (1)
Previous report
Crude oil ended 2023 down sharply. Prices ping ponged lower in the first quarter on crude oil inventory builds, Federal Reserve rate hike concerns, the Russian “production cut”, mandated US Strategic Petroleum Reserve (SPR) releases, and some optimistic signs out of China. Second quarter marked more losses as headwinds from the disappointing recovery in China and Federal Reserve banking sector debt ceiling-driven recession concerns continued, while Russian oil supplies continued to make their way onto the market adding to the sloppiness in balances. While prices recovered significantly in June and through the third quarter as Saudi Arabian and Russian supply curbs brought the global oil market back to a deficit, demand outperformed expectations, and macro sentiment improved amid US economic resilience, the optimism was short-lived, with WTI crude oil plunging in the fourth quarter.
Reworded paragraphs (17)
Previous wording
The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Crude Oil Index Excess Return™ (the “Index”) over time, plus the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill ETF Income”) over the expenses of the Fund. The Fund invests in futures contracts in an attempt to track its Index. The Index is intended to reflect the change in market value of the crude oil sector. The single commodity comprising the Index is Light Sweet Crude Oil (WTI) (the “Index Commodity”).
Current wording
The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Crude Oil Index Excess Return™ (the “Index”) over time, plus the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill ETF Income”) over the expenses of the Fund. The Index is intended to reflect the economic performance of investing in futures contracts on the crude oil sector. The Fund invests in futures contracts in an attempt to track its Index. Effective November 10, 2025, the single commodity comprising the Index is Light, Sweet Crude Oil (WTI) (the “Index Commodity”).
Previous wording
The Fund pursues its investment objective by investing in a portfolio of exchange-traded commodity futures contracts that expire in a specific month and trade on a specific exchange (the “Index Contracts”) in the single commodity comprising the Index (the “Index Commodity”). The single Index Commodity is Light Sweet Crude Oil (WTI). The Index is composed of notional amounts of the Index Commodity. The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co. LLC, the Fund’s commodity broker (the “Commodity Broker”) as margin, to the extent permissible under CFTC rules and United States Treasury Obligations, cash, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with The Bank of New York Mellon (the “Custodian”), for cash management purposes. The aggregate notional value of the commodity futures contracts owned by the Fund is expected to approximate the aggregate net asset value (“NAV”) of the Fund, as opposed to the aggregate Index value.
Current wording
The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on the Index Commodity.
Previous wording
When the Fund enters into futures contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any one member. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.
Current wording
When the Fund enters into futures contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any member. In cases where the clearing house is not backed by the clearing members
Previous wording
The Fund’s entire source of capital is derived from the Fund’s offering of Shares to Authorized Participants. The Fund in turn allocates its net assets to commodity futures trading. A significant portion of the NAV is held in United States Treasury Obligations, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes. The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s commodity interests change. A portion of the Fund’s United States Treasury Obligations is held for deposit with the Commodity Broker to meet margin requirements. All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian. Interest earned on the Fund’s interest-bearing funds and dividends from the Fund’s holdings of money market mutual funds are paid to the Fund. Any dividends or distributions of capital gains received from the Fund’s holdings of T-Bill ETFs, if any, are paid to the Fund.
Current wording
The Fund’s entire source of capital is derived from the Fund’s offering of Shares to Authorized Participants. The Fund in turn allocates its net assets to commodity futures trading. A significant portion of the NAV may be held in United States Treasury Obligations or cash, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes. The amount of cash and/or United States Treasury Obligations on deposit with the Commodity Broker may exceed the amount of margin required to be on deposit, depending on market conditions and comparative yields available from United States Treasury Obligations, money market funds, T-Bill ETFs and cash held on deposit with Commodity Broker. The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s commodity interests change. All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian. Interest earned on the Fund’s interest-bearing funds and dividends from the Fund’s holdings of money market mutual funds are paid to the Fund. Any dividends or distributions of capital gains received from the Fund’s holdings of T-Bill ETFs, if any, are paid to the Fund.
Previous wording
The Fund has financial obligations to the Managing Owner and the Commodity Broker under the Trust Agreement and its agreement with the Commodity Broker (the “Commodity Broker Agreement”), respectively. Management Fee payments made to the Managing Owner, pursuant to the Trust Agreement, are calculated as a fixed percentage of the Fund’s NAV. Commission payments to the Commodity Broker, pursuant to the Commodity Broker Agreement, are on a contract-by-contract, or round-turn, basis. As such, the Managing Owner cannot anticipate the amount of payments that will be required under these arrangements for future periods as NAVs and trading activity will not be known until a future date. The Fund’s agreement with the Commodity Broker may be terminated by either party for various reasons. All Management Fees and commission payments are paid to the Managing Owner and the Commodity Broker, respectively.
Current wording
The Fund has financial obligations to the Managing Owner and the Commodity Broker under the Trust Agreement and its agreement with the Commodity Broker (the “Commodity Broker Agreement”), respectively. Management Fee payments made to the Managing Owner, pursuant to the Trust Agreement, are calculated as a fixed percentage of the Fund’s NAV. Commission payments to the Commodity Broker, pursuant to the Commodity Broker Agreement, are on a contract-by-contract, or round-turn, basis. As such, the Managing Owner cannot anticipate the number of payments that will be required under these arrangements for future periods as NAVs and trading activity will not be known until a future date. The Fund’s agreement with the Commodity Broker may be terminated by either party for various reasons. All Management Fees and commission payments are paid to the Managing Owner and the Commodity Broker, respectively.
Previous wording
As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, Bank of America Securities, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, Virtu Americas LLC and Virtu Financial Capital Markets LLC has executed a Participant Agreement and are the only Authorized Participants.
Current wording
As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, Bank of America Securities, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.
Previous wording
Net cash flow provided by (used in) operating activities was $53.0 million and $44.8 million for the years ended December 31, 2024 and 2023, 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 and affiliated investments. The Fund invests in futures contracts in an attempt to track its Index. The Fund invests in United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise) for margin and/or cash management purposes only. 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 $(13.2) million and $53.0 million for the years ended December 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. The Fund may hold United States Treasury Obligations, affiliated investments and net deposits to/from Commodity Broker. The Fund invests in futures contracts in an attempt to track its Index. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise), if any, or maintains excess deposits with brokers for margin and/or cash management purposes only. 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 year ended December 31, 2024, $119.1 million was paid to purchase United States Treasury Obligations and $151.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2023, $317.8 million was paid to purchase United States Treasury Obligations and $378.0 million was received from sales and maturing United States Treasury Obligations. $393.3 million was received from sales of affiliated investments and $385.5 million was paid to purchase affiliated investments during the year ended December 31, 2024. $549.2 million was received from sales of affiliated investments and $552.8 million was paid to purchase affiliated investments during the year ended December 31, 2023.
Current wording
During the year ended December 31, 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 year ended December 31, 2024, $119.1 million was paid to purchase United States Treasury Obligations and $151.0 million was received from sales and maturing United States Treasury Obligations. $187.3 million was received from sales of affiliated investments and $227.6 million was paid to purchase affiliated investments during the year ended December 31, 2025. $393.3 million was received from sales of affiliated investments and $385.5 million was paid to purchase affiliated investments during the year ended December 31, 2024. During the year ended December 31, 2025, net deposits to/from Commodity Broker was $9.2 million. There were no net deposits to/from Commodity Broker during the year ended December 31, 2024.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $(52.0) million and $(44.8) million during the years ended December 31, 2024 and 2023, respectively. This included $68.2 million and $176.2 million from Shares purchased by Authorized Participants and $110.0 million and $209.9 million from Shares redeemed by Authorized Participants during the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, distributions paid to Shareholders were $10.2 million. During the year ended December 31, 2023, distributions paid to Shareholders were $11.2 million.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $12.1 million and $(52.0) million during the years ended December 31, 2025 and 2024, respectively. This included $143.6 million and $68.2 million from Shares purchased by Authorized Participants and $124.4 million and $110.0 million from Shares redeemed by Authorized Participants during the years ended December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, distributions paid to Shareholders were $7.1 million. During the year ended December 31, 2024, distributions paid to Shareholders were $10.2 million.
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 ER”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income 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 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 ER”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income 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
No representation is being made that the Index will or is likely to achieve closing levels consistent with or similar to those set forth herein. Similarly, no representation is being made that the Fund will generate profits or losses similar to the Fund’s past performance or changes in the Index closing levels.
Current wording
No representation is being made that the Index will or is likely to achieve closing levels consistent with or similar to those set forth herein. Similarly, no representation is being made that the Fund will generate profits or losses similar to the Fund’s past performance or changes in the Index closing levels. Effective November 10, 2025, the Index methodology underwent a change. Performance information included herein prior to November 10, 2025 may have differed had the new methodology been in place.
Previous wording
COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ER
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD CRUDE OIL INDEX ER
Previous wording
The Index is intended to reflect the change in market value of the Index Commodity. In turn, the Index is intended to reflect the oil sector. The DBIQ Optimum Yield Crude Oil Index Total Return™ (the “DBIQ-OY CL TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the DBIQ-OY CL TR™ are not necessarily indicative of future changes, positive or negative, in the closing levels of the DBIQ-OY CL TR™. Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels.
Current wording
The Index is intended to reflect the changes in market value of the Index Commodity. In turn, the Index is intended to reflect the oil sector. The DBIQ Optimum Yield Crude Oil Index Total Return™ (the “DBIQ-OY CL TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the DBIQ-OY CL TR™ are not necessarily indicative of future changes, positive or negative, in the closing levels of the DBIQ-OY CL TR™. Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels.
Previous wording
For the year ended December 31, 2023, the NYSE Arca market value of each Share decreased from $15.21 per Share to $13.92 per Share. The Share price low and high for the year ended December 31, 2023 and related change from the Share price on December 31, 2022 was as follows: Shares traded at a low of $13.10 per Share (-13.87%) on March 17, 2023, and a high of $18.18 per Share (+19.53%) on September 27, 2023. On December 23, 2023, the Fund paid a distribution of $0.638510 for each General Share and Share to holders of record as of December 19, 2023. Therefore, the total return for the Fund on a market value basis was -4.42%.
Current wording
For the year ended December 31, 2025, the NYSE Arca market value of each Share decreased from $14.31 per Share to $12.20 per Share. The Share price low and high for the year ended December 31, 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 05, 2025, and a high of $15.90 per Share (+11.11%) on January 15, 2025. On December 26, 2025, the Fund paid a distribution of $0.42837 for each General Share and Share to holders of record as of December 22, 2025 Therefore, the total return for the Fund on a market value basis was -11.78%.
Previous wording
For the year ended December 31, 2024, the NYSE Arca market value of each Share increased from $13.92 per Share to $14.31 per Share. The Share price low and high for the year ended December 31, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of 13.36 per Share (-4.02%) on September 10, 2024, and a high of $16.21 per Share (+16.45%) on July 3, 2024. On December 27, 2024, the Fund paid a distribution of $0.66977 for each General Share and Share to holders of record as of December 23, 2024. Therefore, the total return for the Fund on a market value basis was +7.78%.
Current wording
For the year ended December 31, 2024, the NYSE Arca market value of each Share increased from $13.92 per Share to $14.31 per Share. The Share price low and high for the year ended December 31, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $13.36 per Share (-4.02%)on September 10, 2024, and a high of $16.21 per Share (+16.45%) on July 03, 2024. On December 27, 2024, the Fund paid a distribution of $0.66977 for each General Share and Share to holders of record as of December 23, 2024. Therefore, the total return for the Fund on a market value basis was +7.78%.
Previous wording
For the year ended December 31, 2023, the NAV of each Share decreased from $15.18 per Share to $13.96 per Share. Falling commodity futures contract prices for Light Sweet Crude Oil during the year ended December 31, 2023 contributed to an overall 7.89% decrease in the level of the Index and to a 3.03% decrease in the level of the DBIQ-OY CL TR™. On December 22, 2023, the Fund paid a distribution of $0.638510 for each General Share and Share to holders of record as of December 19, 2023. Therefore, the total return for the Fund on a NAV basis was -3.95%.
Current wording
For the year ended December 31, 2025, the NAV of each Share decreased from $14.28 per Share to $12.19 per Share. Falling commodity futures contract prices for Light Sweet Crude Oil during the year ended December 31, 2025 contributed to an overall 14.53% decrease in the level of the Index and to a 10.91% decrease in the level of the DBIQ-OY CL TR™. On December 26, 2025, the Fund paid a distribution of $0.42837 for each General Share and Share to holders of record as of December 22, 2025. Therefore, the total return for the Fund on a NAV basis was -11.67%.
Previous wording
Net income (loss) for the year ended December 31, 2023 was $(14.2) million, primarily resulting from income of $13.3 million, net realized gain (loss) of $(12.7) million, net change in unrealized gain (loss) of $(12.9) million and net operating expenses of $2.0 million.
Current wording
Net income (loss) for the year ended December 31, 2025 was $(19.4) million, primarily resulting from income of $8.5 million, net realized gain (loss) of $(11.1) million, net change in unrealized gain (loss) of $(15.3) million and net operating expenses of $1.5 million.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
(i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.