Invesco DB Oil Fund
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-07.
0001193125-26-338716
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-450267
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 98 previous paragraphs and 98 current paragraphs.
71 unchanged; 16 reworded; 11 added; 11 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Current report
Returns for the Three and Nine Months Ended September 30, 2026 and 2025
Current report
For the three months ended September 30, 2026, the NYSE Arca market value of each Share increased from $17.63 per Share to $23.74 per Share. The Share price low and high for the three months ended September 30, 2026 and related change from the Share price on June 30, 2026 was as follows: Shares traded at a low of $17.18 per Share (-2.55%) on July 01, 2026 and a high of $26.39 per Share (+49.69%) on September 15, 2026. The total return for the Fund on a market value basis was +34.66%.
Current report
WTI crude oil generated strong positive performance during the third quarter of 2026. The June US-Iran ceasefire broke down in early July, prompting renewed military strikes and attacks on energy infrastructure and tankers across the Middle East and restoring a significant geopolitical supply premium to oil prices. Restrictions on flows through the Strait of Hormuz tightened the global crude market, while threats to Saudi Arabia’s East-West pipeline, a key alternative route that allows exports to bypass the strait, added to near-term supply concerns. WTI also benefited from declining US crude inventories and stronger refinery demand, while historically low Strategic Petroleum Reserve (SPR) inventories limited the US market’s ability to cushion further supply disruptions. Emergency stock releases, rerouted cargoes, and periods of softer demand moderated the rally but did not offset the renewed supply shock.
Current report
For the three months ended September 30, 2025, the NYSE Arca market value of each Share increased from $13.22 per Share to $13.45 per Share. The Share price low and high for the three months ended September 30, 2025 and related change from the Share price on June 30, 2025 was as follows: Shares traded at a low of $13.17 per Share (-0.38%) on August 19, 2025 and a high of $14.60 per Share (+10.44%) on July 30, 2025. The total return for the Fund on a market value basis was +1.74%.
Current report
Crude oil ended the third quarter of 2025 with a narrow gain. Prices were volatile but rangebound, with advances often short-lived as any gains due to geopolitical headlines were curtailed by the looming prospect of oversupply. Output rose, both from OPEC+ and non-OPEC producers, and the International Energy Agency forecasted a record annual surplus in 2026. This coincided with accelerating refinery maintenance and softening global growth, both of which weighed on the demand outlook for crude oil. Conversely, oil markets got support from geopolitical developments. Markets debated whether the U.S. would be willing to risk fragile trade relationships and derail its goal to lower energy prices by enforcing sanctions on Russian oil buying. The European Union's new sanctions package targeting Russia, Ukraine's strikes on Russian energy infrastructure, escalating tensions in the Middle East, and robust Chinese stockpiling also lent support to oil prices.
Current report
Net income (loss) for the three months ended September 30, 2025 was $4.0 million, primarily resulting from $2.4 million of income, net realized gain (loss) of $(0.1) million, net change in unrealized gain (loss) of $2.1 million and net operating expenses of $0.4 million.
Current report
WTI crude oil generated exceptionally strong positive performance year-to-date through the third quarter of 2026, driven by the sharp repricing of geopolitical supply risk associated with the US-Iran conflict. Prices surged early in the year as escalating tensions and potential disruptions through the Strait of Hormuz threatened Gulf crude flows, before retreating during the second quarter as diplomatic engagement and the June ceasefire reduced expectations of a prolonged regional conflict. That relief proved temporary; the ceasefire broke down in early July, triggering renewed attacks on energy infrastructure and tankers, tighter global crude availability, and fresh risks to alternative export routes such as Saudi Arabia’s East-West pipeline. Declining US inventories and firm refinery demand provided additional support, while historically low SPR inventories left less capacity to absorb a sustained supply shock. Reserve releases, cargo rerouting, and intermittent demand weakness moderated the impact at times, but WTI remained substantially higher as geopolitical uncertainty and the risk of further supply disruptions persisted.
Current report
Year-to-date, 2025 has been challenging for oil markets, with the Fund posting negative returns in the first three quarters. The common theme has been oil’s balancing act between geopolitical risks and supply-demand fundamentals that remain in a surplus. OPEC+ began unwinding production cuts in the second quarter and continued through the end of the period, while non-OPEC+ supply also surged to record highs. In addition, slowing global growth and tariff headlines weighed on demand, though Chinese stockpiling did provide a relief valve, which limited further downside. Prices pared losses on headlines that pointed towards escalation in the conflicts in Ukraine and the Middle East, but these advances were often short-lived.
Current report
Net income (loss) for the nine months ended September 30, 2026 was $188.5 million, primarily resulting from $7.3 million of income, net realized gain (loss) of $136.0 million, net change in unrealized gain (loss) of $46.7 million and net operating expenses of $1.5 million.
Current report
Net income (loss) for the nine months ended September 30, 2025 was $(7.1) million, primarily resulting from $6.4 million of income, net realized gain (loss) of $0.3 million, net change in unrealized gain (loss) of $(12.7) million and net operating expenses of $1.1 million.
Removed paragraphs (11)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous report
Returns for the Three and Six Months Ended June 30, 2026 and 2025
Previous 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%.
Previous 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.
Previous 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%.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Reworded paragraphs (16)
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, and Virtu Americas 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 USA 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 $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.
Current wording
Net cash flow provided by (used in) operating activities was $132.4 million and $(15.4) million for the nine months ended September 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 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 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.
Current wording
During the nine months ended September 30, 2026, $510.8 million was received from sales of affiliated investments and $571.6 million was paid to purchase affiliated investments. During the nine months ended September 30, 2025, $54.0 million was received from proceeds from securities sold and matured. $151.8 million was received from sales of affiliated investments and $193.1 million was paid to purchase affiliated investments during the nine months ended September 30, 2025. During the nine months ended September 30, 2026 and 2025, net deposits to/from the Commodity Broker were $7.2 million and $22.7 million, respectively.
Previous 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.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $(132.4) million and $14.3 million during the nine months ended September 30, 2026 and 2025, respectively. This included $157.3 million and $108.8 million from Shares purchased by Authorized Participants and $289.7 million and $94.4 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2026 and 2025, respectively. No distributions were paid to Shareholders during the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ERTMFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ERTMFOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Previous wording
COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ERTMFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Current wording
COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ERTMFOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Previous 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.
Current wording
This Report covers the three and nine months ended September 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 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.
Current wording
The section “Summary of the DBIQ-OY CL TR™ and Underlying Index Commodity Returns for the Three and Nine Months Ended September 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
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 wording
For the three months ended September 30, 2026, the NAV of each Share increased from $17.49 per Share to $23.72 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil during the three months ended September 30, 2026 contributed to an overall 34.60% increase in the level of the Index and to a 35.91% increase in the level of the DBIQ-OY CL TR™. The total return for the Fund on a NAV basis was +35.62%.
Previous 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.
Current wording
Net income (loss) for the three months ended September 30, 2026 was $74.0 million, primarily resulting from $2.3 million of income, net realized gain (loss) of $15.8 million, net change in unrealized gain (loss) of $56.4 million and net operating expenses of $0.5 million.
Previous wording
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 wording
For the three months ended September 30, 2025, the NAV of each Share increased from $13.23 per Share to $13.42 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil during the three months ended September 30, 2025 contributed to an overall 0.50% increase in the level of the Index and to a 1.56% increase in the level of the DBIQ-OY CL TR™. The total return for the Fund on a NAV basis was +1.44%.
Previous wording
FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025
Current wording
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2025
Previous 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%.
Current wording
For the nine months ended September 30, 2026, the NYSE Arca market value of each Share increased from $12.20 per Share to $23.74 per Share. The Share price low and high for the nine months ended September 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 $26.39 per Share (+116.31%) on September 15, 2026. The total return for the Fund on a market value basis was +94.59%.
Previous 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%.
Current wording
For the nine months ended September 30, 2025, the NYSE Arca market value of each Share decreased from $14.31 per Share to $13.45 per Share. The Share price low and high for the nine months ended September 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 -6.01%.
Previous 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%.
Current wording
For the nine months ended September 30, 2026, the NAV of each Share increased from $12.19 per Share to $23.72 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil during the nine months ended September 30, 2026 contributed to an overall 90.85% increase in the level of the Index and to a 96.24% increase in the level of the DBIQ-OY CL TR™. The total return for the Fund on a NAV basis was +94.58%.
Previous 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%.
Current wording
For the nine months ended September 30, 2025, the NAV of each Share decreased from $14.28 per Share to $13.42 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil during the nine months ended September 30, 2025 contributed to an overall 8.45% decrease in the level of the Index and to a 5.49% decrease in the level of the DBIQ-OY CL TR™. The total return for the Fund on a NAV basis was -6.02%.