Invesco DB Oil Fund (DBO) is a commodity exchange-traded fund that seeks to track the performance of crude oil futures contracts. The Fund generates returns by holding long positions in NYMEX WTI Crude Oil futures contracts, with collateral invested in U.S. Treasury obligations and affiliated money market instruments including the Invesco Short Term Treasury ETF and Invesco Government & Agency Portfolio. It is a series of the Invesco DB Multi-Sector Commodity Trust, managed by Invesco Capital Management LLC as Managing Owner. Morgan Stanley & Co. LLC serves as the Fund's futures clearing broker. As of December 31, 2025, the Fund held net assets of $204,220,852, down from $212,125,752 as of December 31, 2024. The underlying DB Light Sweet Crude Oil (WTI) Index returned (10.91)% for the year ended December 31, 2025, compared to 8.07% for the year ended December 31, 2024. Shares are created and redeemed through Authorized Participants on an in-kind basis.

Revenue model

The Fund does not generate operating revenue in the traditional sense. Investor returns derive from changes in the value of NYMEX WTI Crude Oil futures contracts and interest income from collateral holdings in U.S. Treasury Bills, the Invesco Short Term Treasury ETF, and the Invesco Government & Agency Portfolio. The Fund charges fees to shareholders, including brokerage commissions paid to the Commodity Broker.

Products and services

Single-commodity exchange-traded fund providing exposure to WTI crude oil via NYMEX futures contracts. Collateral portfolio includes U.S. Treasury Bills, Invesco Short Term Treasury ETF, and Invesco Government & Agency Portfolio, Institutional Class.

Customers and end markets

Investors seeking exposure to WTI crude oil price movements without direct futures account access. Shares are created and redeemed by Authorized Participants; end investors trade shares on exchange.

Value-chain role

Pooled investment vehicle. Invesco Capital Management LLC acts as Managing Owner. Morgan Stanley & Co. LLC serves as futures clearing broker (Commodity Broker), registered with the CFTC as a futures commission merchant and NFA member. Executing brokers give up all transactions to the Commodity Broker for clearing.

Geographic exposure

The filing excerpts do not specify geographic exposure beyond NYMEX-listed WTI crude oil futures contracts traded in the United States.

Source: SEC 10-K, filed 2026-03-02

Industry: Commodity Contracts Brokers & Dealers