Invesco DB Oil Fund
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
View on SEC.govAbout this filing
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
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 2026-03-31; filed 2026-05-07.
0001193125-26-209732
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.
0001193125-26-338716
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 88 previous paragraphs and 98 current paragraphs.
70 unchanged; 12 reworded; 15 added; 5 removed; 1 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 (15)
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 $19.70 per Share to $17.63 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 $17.48 per Share (-11.27%) on June 26, 2026 and a high of $23.83 per Share (+20.96%) on May 19, 2026. The total return for the Fund on a market value basis was -10.51%.
Current report
WTI crude oil performed negatively during the second quarter of 2026 as continued diplomatic engagement and repeated signals of progress in U.S.-Iran negotiations prompted markets to unwind much of the geopolitical premium that had been built into oil prices since the conflict began in February. Optimistic commentary from President Trump and expectations that a broader regional conflict could be avoided reduced concerns over prolonged disruptions to crude flows through the Strait of Hormuz. While significant volumes remained stranded in the Persian Gulf, inventory drawdowns, Strategic Petroleum Reserve releases, and lower Chinese crude imports helped offset the supply gap. As a result, oil prices moved lower despite ongoing geopolitical tensions, with the market increasingly focused on the likelihood that the worst-case disruption scenarios would be avoided.
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 05, 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, 2026, the NAV of each Share decreased from $19.54 per Share to $17.49 per Share. Falling commodity futures contract prices for Light Sweet Crude Oil during the three months ended June 30, 2026 contributed to an overall 11.17% decrease in the level of the Index and to a 10.35% decrease in the level of the DBIQ-OY CL TR™. The total return for the Fund on a NAV basis was -10.49%.
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 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
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
WTI crude oil generated strong positive returns in the first half of 2026, although gains were materially reduced in the second quarter as part of the geopolitical premium built into prices during the first quarter was unwound. Early in the year, escalating tensions between the United States and Iran, coupled with concerns over potential disruptions to shipping through the Strait of Hormuz, drove a sharp repricing of supply risk and supported a strong rally in crude oil prices. During the second quarter, continued diplomatic engagement, repeated signals of progress in U.S.-Iran negotiations, and optimistic commentary from President Trump reduced expectations of a broader regional conflict. 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. As a result, crude oil retraced a portion of its first-quarter gains, though ongoing geopolitical uncertainty and the continued risk of supply disruptions kept prices well above where they began the year.
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
Net income (loss) for the six months ended June 30, 2026 was $114.4 million, primarily resulting from $5.0 million of income, net realized gain (loss) of $120.2 million, net change in unrealized gain (loss) of $(9.6) million and net operating expenses of $1.0 million.
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.
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 prices were volatile but finished higher in the first quarter of 2026, largely supported by rising geopolitical risk and concerns surrounding global supply security. Prices were pressured early in the quarter by economic uncertainty and expectations for stable supply, but sentiment shifted meaningfully as tensions between Iran and the United States intensified. Escalating rhetoric around the possibility of disruptions to shipping through the Strait of Hormuz, through which a significant share of global crude oil exports pass, led to a repricing of geopolitical risk and supported a late‑quarter rally in oil prices. Despite significant volatility, crude ended the quarter higher, contributing to the Fund's positive 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. 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 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 $0.0 million, net change in unrealized gain (loss) of $1.0 million and net operating expenses of $0.4 million.
Reworded paragraphs (12)
Previous wording
Net cash flow provided by (used in) operating activities was $(26.8) million and $11.5 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. The Fund may hold United States Treasury Obligations, affiliated investments and net deposits to/from the 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), and cash, 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.
Current wording
Net cash flow provided by (used in) operating activities was $106.7 million and $(26.9) 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. The Fund may hold United States Treasury Obligations, affiliated investments and net deposits to/from the 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), and cash, 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 three months ended March 31, 2026, $48.7 million was received from sales of affiliated investments and $218.2 million was paid to purchase affiliated investments. During the the three months ended March 31, 2025 $14.0 million was received from proceeds from securities sold and matured. $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. During the three months ended March 31, 2026 and 2025, net deposits to/from the Commodity Broker were $14.0 million and $20.7 million, respectively.
Current wording
During the six months ended June 30, 2026, $354.5 million was received from sales of affiliated investments and $374.7 million was paid to purchase affiliated investments. During the six months ended June 30, 2025, $54.0 million was received from proceeds from securities sold and matured. $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. During the six months ended June 30, 2026 and 2025, net deposits to/from the Commodity Broker were $9.2 million and $20.1 million, respectively.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $26.8 million and $(12.5) million during the three months ended March 31, 2026 and 2025, respectively. This included $106.8 million and $17.4 million from Shares purchased by Authorized Participants and $80.0 million and $29.9 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 $(106.7) million and $25.9 million during the six months ended June 30, 2026 and 2025, respectively. This included $108.9 million and $81.8 million from Shares purchased by Authorized Participants and $215.6 million and $56.0 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 OPT YIELD CRUDE OIL INDEX ERTMFOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ERTMFOR 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 CL 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 CL TR™ by disclosing the change in market value of the underlying component Index Commodity through a “surrogate” (and analogous) index plus 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 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 CL TR™ by disclosing the change in market value of the underlying component Index Commodity through a “surrogate” (and analogous) index plus 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
Net income (loss) for the three months ended March 31, 2026 was $133.9 million, primarily resulting from $2.1 million of income, net realized gain (loss) of $100.1 million, net change in unrealized gain (loss) of $32.2 million and net operating expenses of $0.5 million.
Current wording
Net income (loss) for the three months ended June 30, 2026 was $(19.4) million, primarily resulting from $2.9 million of income, net realized gain (loss) of $20.1 million, net change in unrealized gain (loss) of $(41.9) million and net operating expenses of $0.5 million.
Previous wording
For the three months ended March 31, 2026, the NYSE Arca market value of each Share increased from $12.20 per Share to $19.70 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 $11.98 per Share (-1.80%) on January 07, 2026 and a high of $21.06 per Share (+72.62%) on March 18, 2026. The total return for the Fund on a market value basis was +61.47%.
Current wording
For the six months ended June 30, 2026, the NYSE Arca market value of each Share increased from $12.20 per Share to $17.63 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 $11.98 per Share (-1.80%) on January 07, 2026 and a high of $23.83 per Share (+95.33%) on May 19, 2026. The total return for the Fund on a market value basis was +44.51%.
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 05, 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, 2026, the NAV of each Share increased from $12.19 per Share to $19.54 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil during the three months ended March 31, 2026 contributed to an overall 59.62% increase in the level of the Index and to a 61.06% increase in the level of the DBIQ-OY CL TR™. The total return for the Fund on a NAV value basis was +60.29%.
Current wording
For the six months ended June 30, 2026, the NAV of each Share increased from $12.19 per Share to $17.49 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil during the six months ended June 30, 2026 contributed to an overall 41.79% increase in the level of the Index and to a 44.39% increase in the level of the DBIQ-OY CL TR™. The total return for the Fund on a NAV basis was +43.48%.
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, 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 basis was -7.35%.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ERTMFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Returns for the Three Months Ended March 31, 2026 and 2025