Product Details
The Invesco DB Oil (Fund) seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Crude Oil Index Excess Return™ (DBIQ Opt Yield Crude Oil Index ER or Index) plus the interest income from the Fund's holdings of primarily US Treasury securities and money market income less the Fund's expenses. The Fund is designed for investors who want a cost-effective and convenient way to invest in commodity futures. The Index is a rules-based index composed of futures contracts on light sweet crude oil (WTI). You cannot invest directly in the Index. The Fund and the Index are rebalanced and reconstituted annually in November.
This Fund is not suitable for all investors due to the speculative nature of an investment based upon the Fund's trading which takes place in very volatile markets. Because an investment in futures contracts is volatile, such frequency in the movement in market prices of the underlying futures contracts could cause large losses. Please see "Risk and Other Information" and the Prospectus for additional risk disclosures.
For this fund's qualified notices for IRS Section 1446(f) Rule regarding Publicly Traded Partnerships (PTPs), please visit our ETF tax center
Form 1065 Schedule K-3 FAQ for Invesco DB Funds (Securities Act of 1933)
Performance
| Index History (%) | YTD | 1Yr | 3Yr | 5Yr | 10Yr | Since Inception |
|---|---|---|---|---|---|---|
| DBIQ Opt Yield Crude Oil Index ER | -4.09 | -18.65 | 38.61 | 4.56 | -4.93 | -2.46 |
| DBIQ Opt Yield Crude Oil Index TR | -2.59 | -15.80 | 40.33 | 6.14 | -4.03 | -1.53 |
| S&P GSCI Crude Oil Index | -3.49 | -16.68 | 59.12 | -5.96 | -10.87 | -9.11 |
| Fund History (%) | ||||||
| Fund NAV | -2.90 | -16.85 | 38.97 | 5.29 | -5.11 | -2.51 |
| Fund Market Price | -3.09 | -16.62 | 38.80 | 5.33 | -5.07 | -2.51 |
| Index History (%) | YTD | 1Yr | 3Yr | 5Yr | 10Yr | Since Inception |
|---|---|---|---|---|---|---|
| DBIQ Opt Yield Crude Oil Index ER | -4.80 | -16.34 | 33.60 | 5.65 | -5.40 | -2.52 |
| DBIQ Opt Yield Crude Oil Index TR | -3.69 | -13.69 | 35.08 | 7.20 | -4.54 | -1.60 |
| S&P GSCI Crude Oil Index | -5.34 | -14.22 | 32.83 | -5.25 | -11.42 | -9.27 |
| Fund History (%) | ||||||
| Fund NAV | -3.89 | -14.73 | 33.83 | 6.34 | -5.61 | -2.58 |
| Fund Market Price | -4.14 | -15.38 | 33.87 | 6.29 | -5.61 | -2.59 |
Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and Shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. Returns less than one year are cumulative. Call 800-983-0903 for the most recent month-end performance. An investor cannot invest directly in an index. The Fund's performance from inception up to and including February 23, 2015, reflects performance associated with the predecessor managing owner. Performance on and after February 23, 2015, reflects performance associated with the current managing owner, Invesco Capital Management LLC. Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times.
Index history has certain inherent limitations and does not represent actual trading performance or returns of the Fund. Index history does not represent trades that have actually been executed and therefore may under or over compensate for the impact, if any, of certain market factors, such as illiquidity. No representation is being made that the Fund will or is likely to achieve profits or losses similar to the Index history.
Because the Fund collateralizes its futures positions primarily with US Treasuries, money market funds and TBill ETFs, the results of the DBIQ Optimum Yield Crude Oil Index Total ReturnTM (DBIQ Optimum Yield Crude Oil Index TR) (Symbol: DBCMOCLT) are also displayed. Please see invesco.com for indicative intra-day NAV and last end- of-day NAV.
Growth of $10,000
Data beginning 10 years prior to the ending date of 03/31/2023. Fund performance shown at NAV.
Performance data quoted represents past performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Call 800-983-0903 for the most recent month-end performance numbers. Investment returns and principal value will fluctuate and shares of the Fund, when redeemed, may be worth more or less than their original cost. Returns less than one year are cumulative. An investor cannot invest directly in an index.
The Fund seeks to track the excess return version of the Index (DBCMOCLE). Because the Fund collateralizes its futures positions with primarily US Treasuries, the results of the total return version of the Index (DBCMOCLT) are also displayed. An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.
as of 05/26/2023 Holdings | View All
Fund Holdings subject to change
| Futures | % of Net Assets |
|---|---|
| WTI Crude | 99.92 |
| Swaps | % of Net Assets |
| No holdings available | |
| Collateral | % of Net Assets |
|---|---|
| United States Treasury Bill | 40.65 |
| Invesco Government & Agency Portfolio | 35.86 |
| Invesco Treasury Collateral ETF | 21.34 |
| Cash/Receivables/Payables | 0.90 |
A negative in Cash or Other, as of the date shown, is normally due to fund activity that has accrued or is pending settlement.
Distributions | Hide View All | Distribution Information
| Ex-Date | Record Date | Pay Date | $/ Share |
Ordinary Income | Short Term Gains | Long Term Gains | Return of Capital | Liquidation Distribution |
|---|---|---|---|---|---|---|---|---|
| 12/19/2022 | 12/20/2022 | 12/23/2022 | 0.10021 | 0.00000 | - | - | 0.10021 | - |
| 12/23/2019 | 12/24/2019 | 12/31/2019 | 0.17378 | - | - | - | 0.17378 | - |
| 12/24/2018 | 12/26/2018 | 12/31/2018 | 0.13438 | - | - | - | 0.13438 | - |
| 12/15/2008 | 12/17/2008 | 12/31/2008 | 0.12000 | 0.00000 | - | - | 0.12000 | - |
| 12/17/2007 | 12/19/2007 | 12/28/2007 | 1.28000 | 0.00000 | - | - | 1.28000 | - |
Distribution Information
Fund distributions
Dividends from net investment income, if any, are declared and paid quarterly. For Funds on a quarterly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each March, June, September and December, payable the last business day of April, July, October and December respectively.
The fund distributes its net realized capital gains, if any, to shareholders annually.
Distributions in cash may be reinvested automatically in additional whole shares of the fund only if the broker through whom you purchased shares makes such option available. Shareholders of the fund may contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the fund purchased in the secondary market.
Taxes on distributions
In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund. Dividends paid out of the Fund's income and net short-term gains, if any, are taxable as ordinary income. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares. Dividends from net investment income, if any, are declared and paid quarterly. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.
Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "2003 Tax Act"), long-term capital gains tax rates have generally been reduced for individuals to a maximum of 15% for taxable years beginning before January 1, 2009. In addition, some ordinary dividends declared and paid by the Fund to individual shareholders may qualify for taxation at the lower reduced tax rates applicable to long-term capital gains, provided that holding period and other requirements are met by the Fund and the shareholder.
Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares, and as capital gain thereafter. A distribution will reduce the Fund's net asset value per Share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital.
By law, the Fund must withhold a percentage of your distributions and proceeds if you have not provided a taxpayer identification number or social security number. The backup withholding rate is currently 28%.
Fund distributions
Dividends from net investment income, if any, are declared and paid either annually, quarterly or monthly, depending on the Fund. For funds on an annual dividend payment cycle, the dividend ex-date is the next business day following the third Friday of December, payable the last business day of the year. For funds on a quarterly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each March, June, September and December, payable the last business day of the month. For funds on a monthly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each month, payable the last business day of the month.
The fund distributes its net realized capital gains, if any, to shareholders annually.
Distributions in cash may be reinvested automatically in additional whole shares of the fund only if the broker through whom you purchased shares makes such option available. Shareholders of the fund may contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the fund purchased in the secondary market.
Taxes on distributions
In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund. Dividends paid out of the Fund's income and net short-term gains, if any, are taxable as ordinary income. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares. Dividends from net investment income, if any, are declared and paid quarterly. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.
Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "2003 Tax Act"), long-term capital gains tax rates have generally been reduced for individuals to a maximum of 15% for taxable years beginning before January 1, 2009. In addition, some ordinary dividends declared and paid by the Fund to individual shareholders may qualify for taxation at the lower reduced tax rates applicable to long-term capital gains, provided that holding period and other requirements are met by the Fund and the shareholder.
Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares, and as capital gain thereafter. A distribution will reduce the Fund's net asset value per Share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital.
By law, the Fund must withhold a percentage of your distributions and proceeds if you have not provided a taxpayer identification number or social security number. The backup withholding rate is currently 28%.
Frequency Distribution of Discounts & Premiums
| Bid/Ask MidPoint Above NAV | |||||||
|---|---|---|---|---|---|---|---|
| Quarter Ending |
Days | 0.00- 0.25% |
0.26- 0.50% |
0.51- 0.99% |
1.00- 1.49% |
1.50- 1.99% |
≥2.00% |
| 03/31/2023 | 62 | 20 | 5 | 3 | 0 | 0 | 0 |
| 12/31/2022 | 63 | 18 | 11 | 5 | 0 | 0 | 0 |
| 09/30/2022 | 64 | 16 | 9 | 3 | 0 | 0 | 0 |
| 06/30/2022 | 62 | 13 | 11 | 6 | 0 | 0 | 0 |
| Year Ended 2022 | 251 | 62 | 36 | 19 | 1 | 1 | 0 |
| Bid/Ask Midpoint Below NAV | |||||||
|---|---|---|---|---|---|---|---|
| Quarter Ending |
Days | 0.00- 0.25% |
0.26- 0.50% |
0.51- 0.99% |
1.00- 1.49% |
1.50- 1.99% |
≥2.00% |
| 03/31/2023 | 62 | 20 | 8 | 5 | 1 | 0 | 0 |
| 12/31/2022 | 63 | 17 | 8 | 3 | 1 | 0 | 0 |
| 09/30/2022 | 64 | 16 | 11 | 9 | 0 | 0 | 0 |
| 06/30/2022 | 62 | 16 | 9 | 6 | 0 | 1 | 0 |
| Year Ended 2022 | 251 | 67 | 34 | 24 | 4 | 2 | 1 |
Fund Inception : 01/05/2007
Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.
Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.
Fund Documents
Materials & Resources
Risk & Other Information
The value of the Shares of the Fund relate directly to the value of the futures contracts and other assets held by the Fund and any fluctuation in the value of these assets could adversely affect an investment in the Fund's Shares.
The Fund is speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in the Fund.
The Fund may experience significant losses as a result of global economic shocks. Specifically, oil experienced shocks to supply and demand, impacting the price and volatility of oil may have an adverse effect on the Fund.
Commodities and futures generally are volatile and are not suitable for all investors.
Please review the prospectus for break-even figures for the Fund.
The Fund is not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder.
This material must be accompanied or preceded by a prospectus. Please read the prospectus carefully before investing.
This Fund issues a Schedule K-1.
The Shares of the Fund are not deposits, interests in or obligations of any Deutsche Bank AG, Deutsche Bank AG London Branch, Deutsche Bank Securities, Inc. or any of their respective subsidiaries or affiliates or any other bank (collectively, the "DB Parties") and are not guaranteed by the DB Parties.
DBIQ Optimum Yield Crude Oil Index Excess ReturnTM and DBIQ Optimum Yield Crude Oil Index Total ReturnTM (the "Indices") are products of Deutsche Bank AG and/or its affiliates. Information regarding these Indices is reprinted with permission. ©Copyright 2020. All rights reserved. Deutsche Bank® DBTM, DBIQ® Optimum YieldTM, DBIQ Optimum Yield Crude Oil Index Excess ReturnTM and DBIQ Optimum Yield Crude Oil Index Total ReturnTM are trademarks of Deutsche Bank AG. The Indices and trademarks have been licensed for use for certain purposes by Invesco Capital Management LLC, an affiliate of Invesco Distributors, Inc. The Fund is not sponsored, endorsed, sold or promoted by DB Parties or their third party licensors and none of such parties makes any representation, express or implied, regarding the advisability of investing in the Fund, nor do such parties have any liability for errors, omissions, or interruptions in the Indices. As the Index Provider, Deutsche Bank AG is licensing certain trademarks, the underlying Index and trade names which are composed by Deutsche Bank AG without regard to Index, this product or any investor.
Invesco Capital Management LLC and Invesco Distributors, Inc. are not affiliated with Deutsche Bank Securities, Inc.
The S&P GSCI Crude Oil Index is an unmanaged index used as a measurement of change in oil market conditions based on the performance of a basket of crude oil futures. S&P GSCI Crude Oil Index is a trademark of Standard & Poor's, a Division of The McGraw-Hill Companies, Inc.
Beta is a measure of risk representing how a security is expected to respond to general market movements. Smart Beta represents an alternative and selection index based methodology that seeks to outperform a benchmark or reduce portfolio risk, or both. Smart beta funds may underperform cap-weighted benchmarks and increase portfolio risk.
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