Invesco DB Energy Fund
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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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, 2026 · Filed Aug 7, 2026
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 2026-03-31; filed 2026-05-07.
0001193125-26-209733
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-338714
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 126 previous paragraphs and 154 current paragraphs.
103 unchanged; 12 reworded; 37 added; 3 removed; 8 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 (37)
Current report
Returns for the Three and Six Months Ended June 30, 2026 and 2025
Current report
For the three months ended June 30, 2026, the NYSE Arca market value of each Share decreased from $29.46 per Share to $26.22 per Share. The Share price low and high for the three months ended June 30, 2026 and related change from the Share price on March 31, 2026 was as follows: Shares traded at a low of $25.85 per Share (-12.25%) on June 26, 2026, and a high of $34.20 per Share (+16.09%) on May 19, 2026. The total return for the Fund on a market value basis was -11.00%.
Current report
Energy markets performed negatively during the second quarter of 2026, with crude oil and refined products retracing a portion of the substantial gains recorded earlier in the year. Brent crude oil and WTI crude oil were the largest detractors as continued diplomatic engagement and signs of progress in U.S.-Iran negotiations reduced concerns over a prolonged disruption to crude flows through the Strait of Hormuz. While significant volumes of crude remained stranded in the Persian Gulf, inventory drawdowns, Strategic Petroleum Reserve releases, and lower Chinese crude imports helped offset the impact of the supply shock. Refined products also weakened despite distillate and gasoline inventories remaining historically tight due to refinery outages, maintenance activity, and years of underinvestment in refining capacity. Summer peak demand failed to provide its typical boost to gasoline and diesel prices but continued to draw down already depleted inventories, highlighting the disconnect between supportive fundamentals and declining prices. Natural gas also moved lower during the quarter, pressured by healthy storage levels and mild weather conditions.
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
Current report
and WTI crude oil dropped, pressured by fresh Liberation Day tariffs, more OPEC+ production, and worries about global economic
Current report
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
Current report
spring peak season. Natural gas was also weak, with prices decreasing as storage levels rose and mild weather limited demand, even
Current report
with some volatility from global headlines. The only bright spot was NY harbor ultra-low sulphur diesel, which managed a small gain
Current report
thanks to tighter supplies and steady demand from the transport sector.
Current report
For the three months ended June 30, 2026, the NAV of each Share decreased from $29.43 per Share to $26.07 per Share. Falling commodity futures contract prices for Brent Crude Oil, Gas Oil, Light Sweet Crude Oil, Natural Gas, and Ultra-Low Sulphur Diesel were partially offset by rising commodity futures contract prices for RBOB Gasoline during the three months ended June 30, 2026 contributing to an overall 12.08% decrease in the level of the Index and to an 11.27% decrease in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was -11.42%.
Current report
Net income (loss) for the three months ended June 30, 2026 was $(12.3) million, primarily resulting from $0.9 million of income, net realized gain (loss) of $11.2 million, net change in unrealized gain (loss) of $(24.2) million and net operating expenses of $0.2 million.
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
Current report
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 SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025
Current report
Fund Share Price Performance
Current report
Energy commodities generated strong positive returns through the first half of 2026, led by Brent and WTI crude oil. Energy prices surged during the first quarter as escalating tensions between the United States and Iran culminated in the closure of the Strait of Hormuz, disrupting crude oil and refined product flows through one of the world’s most critical energy chokepoints. The resulting supply shock drove a sharp repricing of geopolitical risk across global energy markets, supporting substantial gains in crude oil and refined products. During the second quarter, however, continued diplomatic engagement and signs of progress in U.S.-Iran negotiations prompted a partial retracement of those gains as markets reduced expectations for a prolonged disruption. While significant volumes of crude remained stranded in the Persian Gulf, inventory drawdowns, Strategic Petroleum Reserve releases, and lower Chinese crude imports helped offset the impact of trapped barrels. Refined products also retraced a portion of their earlier gains, although distillate and gasoline inventories remained historically tight due to refinery outages, maintenance activity, and years of underinvestment in refining capacity. Summer driving demand failed to provide its typical boost to gasoline prices but continued to draw down already depleted inventories. Natural gas was the lone detractor on a year-to-date basis, pressured by healthy storage levels despite a constructive longer-term outlook for liquefied natural gas exports.
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
Current report
territory. However, interest income from the Fund’s collateral holdings offset that, leading to a gain for the Fund for the period. The
Current report
year started well, led by gains in natural gas as cold winter weather boosted heating demand and liquefied natural gas export demand
Current report
stayed strong. Gasoline also did well early on, helped by refinery maintenance and tighter inventory. Crude oil was volatile in the first
Current report
quarter, moving with changing headlines, OPEC+ plans, and new sanctions, but ended the quarter flat. In the second quarter,
Current report
momentum faded as the energy complex came under pressure. Both Brent and U.S. crude oil fell, weighed down by new tariffs, more
Current report
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,
Current report
the geopolitical risk premium was quickly erased as the situation eased. Gasoline and natural gas also lost ground as supply outpaced
Current report
demand and storage levels rose. NY harbor ultra-low sulphur diesel was the only area of strength, with a small gain from tighter
Current report
supplies and steady demand.
Current report
Fund Share Net Asset Performance
Current report
Net income (loss) for the six months ended June 30, 2026 was $16.9 million, primarily resulting from $1.3 million of income, net realized gain (loss) of $25.4 million, net change in unrealized gain (loss) of $(9.6) million and net operating expenses of $0.3 million.
Current report
contract prices for Brent Crude Oil, Light Sweet Crude Oil, RBOB Gasoline during the six months ended June 30, 2025 contributing
Current report
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
Current report
return for the Fund on a NAV basis was +0.65%.
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.
Removed paragraphs (3)
Previous report
Energy commodities moved sharply higher in the first quarter of 2026, leaving the Fund with over 60% in gains. Crude oil was the largest contributor to Fund performance, while natural gas was the only commodity to detract from performance. Crude oil prices experienced wide intra‑quarter volatility but ultimately rallied sharply as geopolitical tensions between Iran and the United States escalated and the Strait of Hormuz was closed, effectively halting oil and refined product flows through the critical chokepoint. The disruption materially heightened supply‑side concerns and drove a significant increase in geopolitical risk premiums across global energy markets. Refined products, including gasoline, gas oil, and diesel, also posted gains, supported by constrained flows, seasonal refinery maintenance, and tightening product balances. In contrast, natural gas prices declined overall amid volatile trading conditions, despite early‑quarter support from colder‑than‑normal weather, inventory draws, and a constructive longer‑term outlook for liquified natural gas exports.
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
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.
Reworded paragraphs (12)
Previous wording
Net cash flow provided by (used in) operating activities was $(14.3) million and $(6.6) million for the three months ended March 31, 2026 and 2025, 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, or maintains excess deposits with brokers for margin and/or cash management purposes. While the Fund’s
Current wording
Net cash flow provided by (used in) operating activities was $(23.3) million and $(5.6) million for the six months ended June 30, 2026 and 2025, 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, or maintains excess deposits with brokers for margin and/or cash management purposes. While the Fund’s
Previous wording
During the three months ended March 31, 2026, there were no purchases and/or sales of United States Treasury Obligations. During three months ended March 31, 2025, there were no purchases of United States Treasury Obligations and $20.0 million was received from sales and maturing United States Treasury Obligations. $0.9 million was received from sales of affiliated investments and $44.8 million was paid to purchase affiliated investments during the three months ended March 31, 2026. $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. During the three months ended March 31, 2026 and 2025, net deposits to/from the Commodity Broker were $2.6 million and $10.3 million, respectively.
Current wording
During the six months ended June 30, 2026 there were no purchases and/or sales of United States Treasury Obligations. 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. $83.4 million was received from sales of affiliated investments and $120.7 million was paid to purchase affiliated investments during the six months ended June 30, 2026. $27.6 million was received from sales of affiliated investments and $43.8 million was paid to purchase affiliated investments during six months ended June 30, 2025. During the six months ended June 30, 2026 and 2025, net deposits to/from the Commodity Broker were $3.3 million and $9.4 million, respectively.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $14.3 million and $5.9 million during the three months ended March 31, 2026 and 2025, respectively. This included $15.1 million and $9.7 million from Shares purchased by Authorized Participants and $0.9 million and $3.8 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2026 and 2025, respectively. No distributions were paid to Shareholders during the three months ended March 31, 2026 and 2025, respectively.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $25.9 million and $5.0 million during the six months ended June 30, 2026 and 2025, respectively. This included $47.3 million and $18.0 million from Shares purchased by Authorized Participants and $21.3 million and $13.1 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2026 and 2025, respectively. No distributions were paid to Shareholders during the six months ended June 30, 2026 and 2025, respectively.
Previous wording
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Current wording
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous wording
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD ENERGY INDEX ER FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPTIMUM YIELD ENERGY INDEX ER FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous wording
This Report covers the three months ended March 31, 2026 and 2025. 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, 2026 and 2025. 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, 2026 and 2025” below provides an overview of the changes in the closing levels of the DBIQ-OY Energy TR™ by
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, 2026 and 2025” 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, 2026 was $29.2 million, primarily resulting from $0.4 million of income, net realized gain (loss) of $14.2 million, net change in unrealized gain (loss) of $14.7 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
For the three months ended March 31, 2026, the NYSE Arca market value of each Share increased from $17.47 per Share to $29.46 per Share. The Share price low and high for the three months ended March 31, 2026 and related change from the Share price on December 31, 2025 was as follows: Shares traded at a low of $17.12 per Share (-2.00%) on January 7, 2026, and a high of $30.60 per Share (+75.16%) on March 30, 2026. The total return for the Fund on a market value basis was +68.63%.
Current wording
For the six months ended June 30, 2026, the NYSE Arca market value of each Share increased from $17.47 per Share to $26.22 per Share. The Share price low and high for the six months ended June 30, 2026 and related change from the Share price on December 31, 2025 was as follows: Shares traded at a low of $17.12 per Share (-2.00%) on January 7, 2026 and a high of $34.20 per Share (+95.76%) on May 19, 2026. The total return for the Fund on a market value basis was +50.09%.
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, 2026, the NAV of each Share increased from $17.47 per Share to $29.43 per Share. Rising commodity futures contract prices for Brent Crude Oil, Gas Oil, Light Sweet Crude Oil, RBOB Gasoline, and Ultra-Low Sulphur Diesel were partially offset by rising commodity futures contract prices for Natural Gas during the three months ended March 31, 2026, contributing to an overall 67.53% increase in the level of the Index and to a 69.04% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +68.46%.
Current wording
For the six months ended June 30, 2026, the NAV of each Share increased from $17.47 per Share to $26.07 per Share. Rising commodity futures contract prices for RBOB Gasoline, Ultra-Low Sulphur Diesel, Brent Crude Oil, Gas Oil, Light Sweet Crude Oil were partially offset by falling commodity futures contract prices for Natural Gas during the six months ended June 30, 2026 contributing to an overall 47.30% increase in the level of the Index and to a 49.99% increase in the level of the DBIQ-OY Energy TR™. The total return for the Fund on a NAV basis was +49.23%.
Previous wording
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%.
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
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 Natural Gas were partially offset
Current report — wording carried from elsewhere
commodity futures contract prices for Natural Gas and Ultra-Low Sulphur Diesel were partially offset by falling commodity futures
Rearranged previous paragraphs (8)
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
disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index
Previous report — wording carried elsewhere
that also reflects 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index
Previous report — wording carried elsewhere
(not the DBIQ-OY Energy TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the
Previous report — wording carried elsewhere
optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery
Previous report — wording carried elsewhere
prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.
Previous report — wording carried elsewhere
Returns for the Three Months Ended March 31, 2026 and 2025