DBO 10-K & 10-Q changes, risk factors and insider trading
Invesco DB Oil Fund · NYSE · Commodity Contracts Brokers & Dealers · CIK 1383058 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Removed heading “Pandemics and Other Public Health Emergencies, Could Disrupt the Global Economy and Adversely Impact the Fund’s Performance.”
Largest changes
“Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect commodity futures markets. A decrease in U.S. …”see in full comparison
“The commodity futures markets may be subject to temporary distortions due to various factors, including, among others, lack of liquidity, congestion, disorderly closing periods, manipulation and disruptive conduct, limitations on deliverable supplies, excessive speculation, changes in trade regulation or economic sanctions (actual or threatened), government regulation and intervention, technical and operational or system failures, nuclear accidents, terrorism, riots and acts of God.”see in full comparison
“Pandemics and Other Public Health Emergencies, Could Disrupt the Global Economy and Adversely Impact the Fund’s Performance.”see in full comparison
“Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Managing Owner and its service providers to operate. The COVID-19 pandemic or similar public health crises could adversely impact the Fund by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures). …”see in full comparison
Global or regional political, economic or financial events andsee in full comparisonsituations.situations, including changes in trade regulation or economic sanctions and government regulation and intervention.
Hamas' attack against Israel in October 2023 and the ensuing conflict, have had, and may continue to have, an impact on certain commodities markets and commodity futures markets. While this impact has been particularly pronounced in energy markets (such as natural gas and oil), the conflict has also disrupted certain global shipping and trade routes, which may have wide ranging impacts across commodity markets.see in full comparisonFor example, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for international trade. As a result of these disruptions, companies have re-routed vessels around the Cape of Good Hope rather than transiting through the Suez Canal and/or the Red Sea. While a ceasefire agreement has been reached, there is no guarantee that the parties will continue to comply with the terms of the agreement and the agreement does not mean the conflict will be resolved.The possibility of a prolonged conflict between Hamas and Israel, and the potential escalation and/or expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, including, for example, the escalation of armed conflict between Israel and Iran, could further destabilize the Middle East region and introduce new uncertainties in global commodities markets, including, but not limited to, energy markets.
Full comparison: every changed paragraph (15)
An investment in Shares involves a high degree of risk. Investors should consider carefully all of the risks described below, together with the other information contained in this Report and the Fund’s prospectus dated August 26, 20242025, as amended November 10, 2025 (the “Prospectus”), before making a decision to invest in Shares. If any of the following risks occur, the business, financial condition and results of operations of the Fund may be adversely affected.
As a result of increasingly interconnected global economies and financial markets, political turmoil in the U.S. or in other countries, or armed conflict between countries or in a geographic region, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, may impact the Fund's investments. Such turmoil or conflicts, and other corresponding events, have had, and could continue to have, severe effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain commodities markets.
The commodity futures markets may be subject to temporary distortions due to various factors, including, among others, lack of liquidity, congestion, disorderly closing periods, manipulation and disruptive conduct, limitations on deliverable supplies, excessive speculation, changes in trade regulation or economic sanctions (actual or threatened), government regulation and intervention, technical and operational or system failures, nuclear accidents, terrorism, riots and acts of God.
Global or regional political, economic or financial events and situations.situations, including changes in trade regulation or economic sanctions and government regulation and intervention.
Supply-related factors may affect crude oil prices. For example, increased supply from the development of new oil supply sources and technologies to enhance recovery from existing sources tends to reduce crude oil prices to the extent that such supply increases are not offset by commensurate growth in demand, and increases in industry refining or petrochemical manufacturing capacity may impact the supply of crude oil. World oil supply levels can also be affected by factors that reduce available supplies, such as adherence by member countries to the Organization of the Petroleum Exporting Countries (“OPEC”) production quotas and/or voluntary cuts to production, and the occurrence of wars, hostile actions, political turmoil, natural disasters, disruptions in competitors’ operations, or unexpected unavailability of distribution channels that may disrupt supplies. Technological change can also alter the relative costs for companies in the petroleum industry to find, produce, and refine oil and to manufacture petrochemicals, which in turn may affect the supply of and demand for oil.
Further, in periods of heightened volatility, the bid and ask “spread” for purchasing shares of the Fund typically widen.widens. Accordingly, an investor’s return on investment may be negatively impacted when transacted in Shares.
International Armed Conflicts or Political Turmoil May Result in Market Volatility that Could Adversely Affect the Fund's Performance.
As a result of increasingly interconnected global economies and financial markets, political turmoil in the U.S. or in other countries, or armed conflict between countries or in a geographic region, for example the current conflictsconflict between Russia and Ukraine in EuropeEurope, andthe ongoing conflict between Hamas and IsraelIsrael, and the escalation of related conflicts in the Middle East, may impact the Fund's investments. Such turmoil or conflicts, and other corresponding events, have had, and could continue to have, severe effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain commodities markets.
Hamas' attack against Israel in October 2023 and the ensuing conflict, have had, and may continue to have, an impact on certain commodities markets and commodity futures markets. While this impact has been particularly pronounced in energy markets (such as natural gas and oil), the conflict has also disrupted certain global shipping and trade routes, which may have wide ranging impacts across commodity markets. For example, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for international trade. As a result of these disruptions, companies have re-routed vessels around the Cape of Good Hope rather than transiting through the Suez Canal and/or the Red Sea. While a ceasefire agreement has been reached, there is no guarantee that the parties will continue to comply with the terms of the agreement and the agreement does not mean the conflict will be resolved. The possibility of a prolonged conflict between Hamas and Israel, and the potential escalation and/or expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, including, for example, the escalation of armed conflict between Israel and Iran, could further destabilize the Middle East region and introduce new uncertainties in global commodities markets, including, but not limited to, energy markets.
Pandemics and Other Public Health Emergencies, Could Disrupt the Global Economy and Adversely Impact the Fund’s Performance.
Pandemics and other public health crises may cause a curtailment of business activities which may potentially impact the ability of the Managing Owner and its service providers to operate. The COVID-19 pandemic or similar public health crises could adversely impact the Fund by causing operating delays and disruptions, market disruption and shutdowns (including as a result of government regulation and prevention measures). The COVID-19 pandemic, for example, had substantive effects on social, economic and financial systems, including significant uncertainty and volatility in the financial market.
Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect commodity futures markets. A decrease in U.S. imports or exports, changes in trade regulations, including the threat or actual imposition of tariffs, trade wars or other economic sanctions on traditional allies or adversaries and their responses thereto, inflation, and/or an economic recession in the U.S. may have a material adverse affect on the U.S. economy, global financial markets as a whole and the commodities markets to which the Fund has exposure. Proposed and adopted policy and legislative actions in the U.S. may impact many aspects of financial and other regulations and may have a significant effect, including potentially adversely, on U.S. markets generally. The continued maintenance of elevated debt levels by the U.S. government as projected by governmental agencies and non-governmental organizations, or the imposition of U.S. austerity measures, could potentially constrain future economic growth and the ability to effectively respond to economic downturns. If these trends were to continue, they could adversely impact the U.S. economy, global financial markets as a whole and the commodity futures markets in particular.
The Fund invests in Index Contracts that seek exposure to a single commodity. Other commodity indexes may contain a larger number of commodities than the Index. Accordingly, increased volatility in the Index Commodity is expected tomay have a greater impact on the Index’s overall volatility than would likely be the case with increased volatility in a single commodity within a broader index. Because the Fund tracks the performance of the Index, your investment in the Fund will be exposed to the relatively greater impact on the Index of volatility in a single Index Commodity.
The CFTC amended its position aggregation rules in December 2016. The CFTC staff subsequently issued time-limited no-action relief from compliance with certain requirements under the amended aggregation rules, including the general requirement to aggregate positions in the same commodity futures contracts traded pursuant to substantially identical trading strategies. This no-action relief expireshas been extended via CFTC Letter 25-21, and will expire on Augustthe 12,later 2025.of the effective date or compliance date of a CFTC approved rulemaking that addresses position aggregation and notice filing obligations.
The CFTC requires FCMs, like the Commodity Broker, to implement and evaluate from time-to-time risk-based limits on futures positionpositions and order sizes. Under this regime, the Commodity Broker could determine to reduce its internal risk limits on the size of futures positions it will trade or clear for the Fund. Such a development would reduce the Fund’s capacity to transact in futures contracts. In this scenario, the Fund could seek to enter into clearing relationships with one or more other clearing brokers with the goal of increasing its overall capacity to trade and clear futures contracts. The introduction of one or more additional clearing broker relationships would be likely to increase the Fund’s trading costs and could make its overall trading less efficient or more prone to error. These consequences would be likely to detract from the Fund’s performance.
Management's Discussion & Analysis (MD&A)
Largest changes
“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. …”see in full comparison
“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. …”see in full comparison
“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. …”see in full comparison
“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. …”see in full comparison
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.see in full comparisonDuring$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 31,2023, $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.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.$549.2Duringmillionthe year ended December 31, 2025, net deposits to/from Commodity Broker wasreceived$9.2 million. There were no net deposits to/fromsalesCommodityof affiliated investments and $552.8 million was paid to purchase affiliated investmentsBroker during the year ended December 31,2023.2024.
“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. …”see in full comparison
Full comparison: every changed paragraph (26)
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. TheEffective IndexNovember is10, intended to reflect2025, the change in market value of the crude oil sector. The single commodity comprising the Index is LightLight, Sweet Crude Oil (WTI) (the “Index Commodity”).
The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on the Index Commodity.
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.
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.
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.
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.
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 ismay be held in United States Treasury Obligations,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. 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.
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 amountnumber 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.
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 MarketsAmericas LLC has executed a Participant Agreement and are the only Authorized Participants.
Net cash flow provided by (used in) operating activities was $53.0$(13.2) million and $44.8$53.0 million for the years ended December 31, 20242025 and 2023,2024, 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 ObligationsObligations. The Fund may hold United States Treasury Obligations, affiliated investments and affiliatednet investments.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 andfunds, 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.
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. During$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, 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.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. $549.2During millionthe year ended December 31, 2025, net deposits to/from Commodity Broker was received$9.2 million. There were no net deposits to/from salesCommodity of affiliated investments and $552.8 million was paid to purchase affiliated investmentsBroker during the year ended December 31, 2023.2024.
The Fund’s net cash flow provided by (used in) financing activities was $(52.0)$12.1 million and $(44.852.0) million during the years ended December 31, 20242025 and 2023,2024, respectively. This included $68.2$143.6 million and $176.2$68.2 million from Shares purchased by Authorized Participants and $110.0$124.4 million and $209.9$110.0 million from Shares redeemed by Authorized Participants during the years ended December 31, 20242025 and 2023,2024, 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. During the year ended December 31, 2023, distributions paid to Shareholders were $11.2 million.
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 IncomeIncome, if any, from the Fund’s collateral holdings whereas the Index does not consider such income. There can be no assurancesassurance that the price of the Shares or the Fund’s NAV will exceed the Index levels.
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.
COMPARISON OF MARKET, NAV AND DBIQ OPTOPTIMUM YIELD CRUDE OIL INDEX ER
The Index is intended to reflect the changechanges 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.
For the year ended December 31, 2024,2025, the NYSE Arca market value of each Share increaseddecreased from $13.92$14.31 per Share to $14.31$12.20 per Share. The Share price low and high for the year ended December 31, 20242025 and related change from the Share price on December 31, 20232024 was as follows: Shares traded at a low of 13.36$11.91 per Share (-4.02%-16.77%) on SeptemberMay 10,05, 2024,2025, and a high of $16.21$15.90 per Share (+16.45%11.11%) on JulyJanuary 3,15, 2024.2025. On December 27,26, 2024,2025, the Fund paid a distribution of $0.66977$0.42837 for each General Share and Share to holders of record as of December 23,22, 2024.2025 Therefore, the total return for the Fund on a market value basis was +7.78%.-11.78%.
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.
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%.
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%.
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.
For the year ended December 31, 2024,2025, the NAV of each Share increaseddecreased from $13.96$14.28 per Share to $14.28$12.19 per Share. RisingFalling commodity futures contract prices for Light Sweet Crude Oil during the year ended December 31, 20242025 contributed to an overall 2.69%14.53% increasedecrease in the level of the Index and to a 8.07%10.91% increasedecrease in the level of the DBIQ-OY CL TR™. On December 27,26, 2024,2025, the Fund paid a distribution of $0.66977$0.42837 for each General Share and Share to holders of record as of December 23,22, 2024.2025. Therefore, the total return for the Fund on a NAV basis was 7.26%.-11.67%.
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.
For the year ended December 31, 2024, the NAV of each Share increased from $13.96 per Share to $14.28 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil during the year ended December 31, 2024 contributed to an overall 2.69% increase in the level of the Index and to a 8.07% increase in the level of the DBIQ-OY CL TR™. 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 NAV basis was +7.26%.
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%.
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.
What changed in the latest 10-Q
Risk Factors
There are no material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 2, 2026.
Full comparison: every changed paragraph (1)
There are no material changes from the risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 2, 2026.
Management's Discussion & Analysis (MD&A)
New heading “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.”
New heading “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.”
New heading “COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ERTM FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025”
New heading “FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025”
New heading “Fund Share Price Performance”
New heading “Fund Share Net Asset Performance”
Largest changes
“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. …”see in full comparison
“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. …”see in full comparison
“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. …”see in full comparison
“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.”see in full comparison
“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.”see in full comparison
“COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ERTM FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025”see in full comparison
Full comparison: every changed paragraph (35)
Net cash flow provided by (used in) operating activities was $(26.8)$106.7 million and $11.5$(26.9) million for the threesix months ended MarchJune 31,30, 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.
During the threesix months ended MarchJune 31,30, 2026, $48.7$354.5 million was received from sales of affiliated investments and $218.2$374.7 million was paid to purchase affiliated investments. During the the threesix months ended MarchJune 31,30, 20252025, $14.0$54.0 million was received from proceeds from securities sold and matured. $82.3$115.8 million was received from sales of affiliated investments and $68.7$167.4 million was paid to purchase affiliated investments during the threesix months ended MarchJune 31,30, 2025. During the threesix months ended MarchJune 31,30, 2026 and 2025, net deposits to/from the Commodity Broker were $14.0$9.2 million and $20.7$20.1 million, respectively.
The Fund’s net cash flow provided by (used in) financing activities was $26.8$(106.7) million and $(12.5)$25.9 million during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. This included $106.8$108.9 million and $17.4$81.8 million from Shares purchased by Authorized Participants and $80.0$215.6 million and $29.9$56.0 million from Shares redeemed by Authorized Participants during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. No distributions were paid to Shareholders during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively.
FOR THE THREE AND SIX MONTHS ENDED MARCHJUNE 31,30, 2026 AND 2025
COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ERTM FOR THE THREE AND SIX MONTHS ENDED MARCHJUNE 31,30, 2026 AND 2025
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.
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.
COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ERTM FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
This Report covers the three and six months ended MarchJune 31,30, 2026 and 2025. Past performance of the Fund is not necessarily indicative of future performance.
The section “Summary of the DBIQ-OY CL TR™ and Underlying Index Commodity Returns for the Three and Six Months Ended MarchJune 31,30, 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.
Returns for the Three and Six Months Ended MarchJune 31,30, 2026 and 2025
FOR THE THREE MONTHS ENDED MARCHJUNE 31,30, 2026 COMPARED TO THE THREE MONTHS ENDED MARCHJUNE 31,30, 2025
For the three months ended MarchJune 31,30, 2026, the NYSE Arca market value of each Share increaseddecreased from $12.20$19.70 per Share to $19.70$17.63 per Share. The Share price low and high for the three months ended MarchJune 31,30, 2026 and related change from the Share price on DecemberMarch 31, 20252026 was as follows: Shares traded at a low of $11.98$17.48 per Share (-1.80%-11.27%) on JanuaryJune 07,26, 2026 and a high of $21.06$23.83 per Share (+72.62%20.96%) on MarchMay 18,19, 2026. The total return for the Fund on a market value basis was +61.47%.-10.51%.
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.
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.
For the three months ended MarchJune 31,30, 2025, the NYSE Arca market value of each Share increaseddecreased from $14.31$14.34 per Share to $14.34$13.22 per Share. The Share price low and high for the three months ended MarchJune 31,30, 2025 and related change from the Share price on DecemberMarch 31, 20242025 was as follows: Shares traded at a low of $13.36$11.91 per Share (-6.64%-16.95%) on MarchMay 10,05, 2025 and a high of $15.90$14.79 per Share (+11.11%3.14%) on JanuaryJune 15,20, 2025. The total return for the Fund on a market value basis was +0.21%.-7.81%.
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.
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.
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%.
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.
For the three months ended MarchJune 31,30, 2025,2026, the NAV of each Share increaseddecreased from $14.28$19.54 per Share to $14.35$17.49 per Share. RisingFalling commodity futures contract prices for Light Sweet Crude Oil during the three months ended MarchJune 31,30, 20252026 contributed to an overall 0.36%11.17% decrease in the level of the Index and to a 0.70%10.35% increasedecrease in the level of the DBIQ-OY CL TR™. The total return for the Fund on a NAV value basis was +0.49%.-10.49%.
Net income (loss) for the three months ended MarchJune 31,30, 20252026 was $2.7$(19.4) million, primarily resulting from $2.1$2.9 million of income, net realized gain (loss) of $0.0$20.1 million, net change in unrealized gain (loss) of $1.0$(41.9) million and net operating expenses of $0.4$0.5 million.
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%.
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.
FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025
Fund Share Price Performance
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%.
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.
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%.
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.
Fund Share Net Asset Performance
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%.
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.
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%.
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.
DBO insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
No Form 4 stock transactions in this period.
Well-known investors holding DBO (13F)
None of the 59 investors we track reported a position in their latest 13F.