Invesco DB Oil Fund
DBO
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- Invesco DB Oil Fund (DBO) is an exchange-traded fund that seeks to track the changes, whether positive or negative, in the level of the DBIQ Optimum Yield Crude Oil Index Excess Return over time, plus interest income from its short-term collateral holdings, less expenses. The fund invests primarily in futures contracts on light sweet crude oil (WTI) traded on regulated exchanges, collateralized with U.S. Treasury securities, money market funds, and T-Bill ETFs such as Invesco Short Term Treasury ETF and Invesco Government & Agency; it employs an Optimum Yield strategy to select contracts based on the futures curve, aiming to minimize negative roll yield from contango while optimizing returns. Shares trade on NYSE Arca under the ticker DBO (CUSIP 46140H403), with creation and redemption in units of 50,000 shares, a total expense ratio of 0.77%, and intraday indicative NAV under DBOIV. Launched on January 5, 2007, and headquartered at 3500 Lacey Road, Suite 700, Downers Grove, Illinois 60515, the fund operates as a series of Invesco DB Multi-Sector Commodity Trust, a Delaware statutory trust previously known as PowerShares DB Oil Fund until 2018. It targets investors seeking cost-effective, transparent exposure to crude oil price movements without physical storage costs or commodity-linked notes, providing liquidity through exchange-traded futures and earning interest on collateral to potentially enhance total returns. The fund is available to investors in the United States and Mexico, with net assets of approximately $220 million as of mid-2025. In recent developments, the fund announced modifications to its tracking DBIQ Optimum Yield Crude Oil Index Excess Return, effective November 10, 2025, to exclude futures contracts with limited liquidity from calculations while preserving the core investment objective; these changes, implemented by index provider Deutsche Bank AG, refine the Optimum Yield methodology amid ongoing market volatility. The fund issued its quarterly report for the period ended September 30, 2025, on November 7, 2025, and continues regular prospectus updates alongside routine board and management changes typical for commodity trusts. No major acquisitions, funding rounds, or strategic alliances were reported in the last 1-2 years, with operations focused on index tracking and futures management.