What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2023-08-04 compared with 2023-05-09 · 186 added, 69 removed, 773 unchanged (25% of the section changed)

2 unchanged sentences

Statements of Financial Condition

March 31, 2023 and December 31, 2022

June 30, 2023 and December 31, 2022

United States Treasury Obligations, at value (cost $ 82,686,061 and $ 137,565,846 , respectively)

4 unchanged sentences

Dividends from affiliates

Fund shares reacquired

Management fees

13 unchanged sentences

Schedule of Investments

March 31, 2023

June 30, 2023

Percentage of

2 unchanged sentences

United States Treasury Obligations (a)

Treasury Bills, 4.050 % due April 6, 2023

Treasury Bills, 4.750 % due June 1, 2023

Treasury Bills, 4.765 % due June 8, 2023

Treasury Bills, 4.780 % due July 6, 2023

Treasury Bills, 5.220 % due September 7, 2023

Total United States Treasury Obligations (cost $ 82,686,061 )

12 unchanged sentences

The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd.

(d) The rate shown is the 7-day SEC standardized yield as of March 31, 2023 .

(d) The rate shown is the 7-day SEC standardized yield as of June 30, 2023 .

Open Commodity Futures Contracts

23 unchanged sentences

Invesco Government & Agency Portfolio,

Institutional Class, 4.22 % (cost $ 105,272,664 ) (b)(d)

Institutional Class, 4.22 % (cost $ 105,272,664 ) (c)(d)

Total Affiliated Investments (cost $ 159,226,834 )

17 unchanged sentences

Statements of Income and Expenses

For the Three Months Ended March 31, 2023 and 2022

For the Three and Six Months Ended June 30, 2023 and 2022

Three Months Ended

Six Months Ended

Interest Income

9 unchanged sentences

Net Realized Gain (Loss) on

United States Treasury Obligations

Commodity Futures Contracts

Net Realized Gain (Loss)

Net Change in Unrealized Gain (Loss) on

10 unchanged sentences

Statement of Changes in Shareholders’

For the Three Months Ended March 31, 2023

For the Three Months Ended June 30, 2023

General Shares

Shareholders'

Balance at December 31, 2022

Balance at March 31, 2023

Purchases of Shares

11 unchanged sentences

Net Change in Shareholders' Equity

Balance at June 30, 2023

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

Invesco DB Oil Fund

Statement of Changes in Shareholders’

For the Three Months Ended June 30, 2022

General Shares

Shareholders'

Balance at March 31, 2022

Purchases of Shares

Redemption of Shares

Net Increase (Decrease) due to Share Transactions

Net Income (Loss)

Net Investment Income (Loss)

Net Realized Gain (Loss) on United States Treasury

Obligations, Affiliated Investments and

Commodity Futures Contracts

Net Change in Unrealized Gain (Loss) on United

States Treasury Obligations, Affiliated

Investments and Commodity Futures Contracts

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at June 30, 2022

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

1 unchanged sentence

Statement of Changes in Shareholders’

For the Three Months Ended March 31, 2022

For the Six Months Ended June 30, 2023

General Shares

14 unchanged sentences

Net Change in Shareholders' Equity

Balance at March 31, 2022

Balance at June 30, 2023

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

Invesco DB Oil Fund

Statement of Changes in Shareholders’

For the Six Months Ended June 30, 2022

General Shares

Shareholders'

Balance at December 31, 2021

Purchases of Shares

Redemption of Shares

( 135,062,815

Net Increase (Decrease) due to Share Transactions

Net Income (Loss)

Net Investment Income (Loss)

Net Realized Gain (Loss) on United States Treasury

Obligations, Affiliated Investments and

Commodity Futures Contracts

Net Change in Unrealized Gain (Loss) on United

States Treasury Obligations, Affiliated

Investments and Commodity Futures Contracts

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at June 30, 2022

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

Invesco DB Oil Fund

Statements of Cash Flows

For the Three Months Ended March 31, 2023 and 2022

Three Months Ended

For the Six Months Ended June 30, 2023 and 2022

Six Months Ended

Cash flows from operating activities:

10 unchanged sentences

Net accretion of discount on United States Treasury Obligations

Net realized (gain) loss on United States Treasury Obligations and

Affiliated Investments

Net change in unrealized (gain) loss on United States Treasury Obligations

9 unchanged sentences

Redemption of Shares

( 135,062,815

Net cash provided by (used in) financing activities

7 unchanged sentences

Notes to Unaudited F inancial Statements

March 31, 2023

June 30, 2023

Note 1 - Organization

21 unchanged sentences

(the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three months ended March 31, 2023 and 2022.

This Quarterly Report (the “Report”) covers the three and six months ended June 30, 2023 and 2022.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

39 unchanged sentences

Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the shareholders.

No distributions were paid for the three months ended March 31, 2023 and 2022 .

No distributions were paid for the three and six months ended June 30, 2023 and 2022 .

Routine Operational, Administrative and Other Ordinary Expenses

6 unchanged sentences

Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount.

For the three months ended March 31, 2023 and 2022 , the Fund did not incur such expenses.

For the three and six months ended June 30, 2023 and 2022 , the Fund did not incur such expenses.

Brokerage Commissions and Fees

2 unchanged sentences

The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis.

On average, total charges paid to the Commodity Broker, as applicable were less than $ 6.00 and $ 6.00 per round-turn trade during the three months ended March 31, 2023 and 2022, respectively.

On average, total charges paid to the Commodity Broker, as applicable were less than $ 6.00 and $ 6.00 per round-turn trade during the three and six months ended June 30, 2023 , respectively.

On average, total charges paid to the Commodity Broker, as applicable were less than $ 6.00 and $ 6.00 per round-turn trade during the three and six months ended June 30, 2022 , respectively.

The Fund is classified as a partnership for U.S.

45 unchanged sentences

The Managing Owner may terminate this fee waiver on 60 days’

The Managing Owner waived fees of $ 37,470 and $ 12,685 for the three months ended March 31, 2023 and 2022, respectively.

The Managing Owner waived fees of $ 38,260 and $ 75,730 for the three and six months ended June 30, 2023 , respectively.

The Managing Owner waived fees of $ 81,410 and $ 94,095 for the three and six months ended June 30, 2022, respectively.

The Distributor

31 unchanged sentences

The Fund defines cash as cash held by the Custodian.

There were no other cash equivalents held by the Fund as of March 31, 2023 and December 31, 2022.

There were no other cash equivalents held by the Fund as of June 30, 2023 and December 31, 2022.

The Fund considers investments in money market funds to be investments in securities and, accordingly, includes them in its Schedule of Investments.

27 unchanged sentences

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The following is a summary of the tiered valuation input levels as of March 31, 2023:

The following is a summary of the tiered valuation input levels as of June 30, 2023:

Investments in Securities

3 unchanged sentences

Total Investments in Securities

Other Investments - Assets (a)

Other Investments - Liabilities (a)

Commodity Futures Contracts

14 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

March 31, 2023

June 30, 2023

December 31, 2022

3 unchanged sentences

(a) Includes cumulative appreciation (depreciation) of commodity futures contracts.

Only the current day’s variation margin receivable (payable) is reported in the March 31, 2023 and December 31, 2022 Statements of Financial Condition.

Only the current day’s variation margin receivable (payable) is reported in the June 30, 2023 and December 31, 2022 Statements of Financial Condition.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:

7 unchanged sentences

Net Change in Unrealized Gain (Loss)

For the Six Months Ended

Location of Gain (Loss) on Derivatives

Risk Exposure/Derivative Type

Recognized in Income

Commodity risk

Commodity Futures Contracts

Net Realized Gain (Loss)

Net Change in Unrealized Gain (Loss)

The table below summarizes the average monthly notional value of futures contracts outstanding during the period:

For the Three Months Ended

For the Six Months Ended

Average Notional Value

9 unchanged sentences

The Invesco Government & Agency Portfolio and the Fund are advised by investment advisers under common control of Invesco Ltd., and therefore the Invesco Government & Agency Portfolio is considered to be affiliated with the Fund.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 2023.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2023.

Proceeds from Sales

10 unchanged sentences

( 140,523,508

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 2022.

Value 12/31/2022

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2023

Dividend Income

Invesco Treasury Collateral ETF

Investments in Affiliated

Money Market Funds:

Invesco Government & Agency

Portfolio, Institutional Class

( 270,116,659

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2022.

Purchases at Cost

11 unchanged sentences

( 402,099,278

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2022

Dividend Income

Invesco Treasury Collateral ETF

Investments in Affiliated

Money Market Funds:

Invesco Government & Agency

Portfolio, Institutional Class

( 730,865,245

Note 9 - Share Purchases and Redemptions

40 unchanged sentences

Note 11 - Financial Highlights

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three months ended March 31, 2023 and 2022.

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and six months ended June 30, 2023 and 2022.

An individual investor’s return and ratios may vary based on the timing of capital transactions.

1 unchanged sentence

Three Months Ended

Six Months Ended

Net Asset Value

44 unchanged sentences

section of the Fund’s Prospectus and elsewhere in the Prospectus and in other SEC filings by the Fund, such as its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as well as the following:

Risks related to geopolitical conflict, including the on-going hostilities in Ukraine, acts of terrorism, mass casualty

events, social unrest, civil disturbance or disobedience;

Risks related to market volatility and fluctuations in the price of assets held by the Fund, including the imposition of

4 unchanged sentences

Risks related to the impact of regulatory actions, such as position limits, accountability levels and daily limits;

Risks and uncertainty related to the ongoing COVID-19 pandemic and any other adverse public health developments.

Risks and uncertainty related to public health emergencies and any other adverse public health developments;

Risks related to geopolitical conflict, including the on-going hostilities in Ukraine, acts of terrorism, mass casualty

events, social unrest, civil disturbance or disobedience.

You should not place undue reliance on any forward-looking statements.

69 unchanged sentences

The Fund in turn allocates its net assets to commodity futures trading.

A significant portion of the NAV is held in United States Treasury Obligations,

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.

A significant portion of the NAV is held in United States Treasury Obligations, 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 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.

54 unchanged sentences

This cash is used to invest in United States Treasury Obligations, money market mutual funds and T-Bill ETFs, if any, and to meet margin requirements as a result of the positions taken in futures contracts to match the fluctuations of the Index.

As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, BofA Securities, Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., 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, Jefferies LLC, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co.

As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, 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, Jefferies LLC, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., 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 Markets LLC has executed a Participant Agreement and are the only Authorized Participants.

Operating Activities

Net cash flow provided by (used in) operating activities was $12.3 million and $42.9 million for the three months ended March 31, 2023 and 2022, respectively.

Net cash flow provided by (used in) operating activities was $35.4 million and $73.2 million for the six months ended June 30, 2023 and 2022, 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 and affiliated investments.

1 unchanged sentence

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 three months ended March 31, 2023, $101.8 million was paid to purchase United States Treasury Obligations and $138.0 million was received from sales and maturing United States Treasury Obligations.

During the three months ended March 31, 2022, $119.8 million was paid to purchase United States Treasury Obligations and $83.0 million was received from sales and maturing United States Treasury Obligations.

$129.6 million was received from sales of affiliated investments and $143.2 million was paid to purchase affiliated investments during the three months ended March 31, 2023.

$328.8 million was received from sales of affiliated investments and $374.0 million was paid to purchase affiliated investments during the three months ended March 31, 2022.

During the six months ended June 30, 2023, $183.8 million was paid to purchase United States Treasury Obligations and $241.0 million was received from sales and maturing United States Treasury Obligations.

During the six months ended June 30, 2022, $227.0 million was paid to purchase United States Treasury Obligations and $128.0 million was received from sales and maturing United States Treasury Obligations.

$270.1 million was received from sales of affiliated investments and $275.8 million was paid to purchase affiliated investments during the six months ended June 30, 2023.

$730.9 million was received from sales of affiliated investments and $714.6 million was paid to purchase affiliated investments during the six months ended June 30, 2022.

Financing Activities

The Fund’s net cash flow provided by (used in) financing activities was $(12.3) million and $(42.9) million during the three months ended March 31, 2023 and 2022, respectively.

This included $14.1 million and $44.7 million from Shares purchased by Authorized Participants and $26.4 million and $87.6 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2023 and 2022, respectively.

The Fund’s net cash flow provided by (used in) financing activities was $(35.4) million and $(73.2) million during the six months ended June 30, 2023 and 2022, respectively.

This included $36.8 million and $61.8 million from Shares purchased by Authorized Participants and $72.2 million and $135.1 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2023 and 2022, respectively.

Results of Operations

FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

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 TM ”).

3 unchanged sentences

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.

COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ER TM FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022

COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ER TM FOR THE THREE AND

SIX MONTHS ENDED JUNE 30, 2023 AND 2022

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.

Performance Summary

This Report covers the three months ended March 31, 2023 and 2022.

This Report covers the three and six months ended June 30, 2023 and 2022.

Past performance of the Fund is not necessarily indicative of future performance.

2 unchanged sentences

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.

The section “Summary of the DBIQ-OY CL TR and Underlying Index Commodity Returns for the Three Months Ended March 31, 2023 and 2022”

The section “Summary of the DBIQ-OY CL TR and Underlying Index Commodity Returns for the Three and Six Months Ended June 30, 2023 and 2022”

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”

3 unchanged sentences

Summary of the DBIQ-OY CL TR and Underlying Index Commodity

Returns for the Three Months Ended March 31, 2023 and 2022

Returns for the Three and Six Months Ended June 30, 2023 and 2022

Three Months Ended

Six Months Ended

Underlying Index

10 unchanged sentences

If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.

FOR THE THREE MONTHS ENDED MARCH 31, 2023 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2022

FOR THE THREE MONTHS ENDED JUNE 30, 2023 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2022

Fund Share Price Performance

For the three months ended March 31, 2023, the NYSE Arca market value of each Share decreased from $15.21 per Share to $14.58 per Share.

The Share price low and high for the three months ended March 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 (-13.88%) on March 17, 2023 and a high of $15.60 per Share (+2.56%) on January 23, 2023.

For the three months ended June 30, 2023, the NYSE Arca market value of each Share decreased from $14.58 per Share to $14.13 per Share.

The Share price low and high for the three months ended June 30, 2023 and related change from the Share price on March 31, 2023 was as follows:

Shares traded at a low of $13.32 per Share (-8.64%) on May 3, 2023 and a high of $15.64 per Share (+7.27%) on April 12, 2023.

The total return for the Fund on a market value basis was -3.09%.

Crude oil posted negative performance in the first quarter of 2023.

Prices ping-ponged between gains and losses in January and February on crude inventory builds (due to seasonal refinery maintenance and strong production), Federal Reserve interest rate hike concerns, the five hundred thousand barrel per day (kb/d) Russian “production cut”, mandated US Strategic Petroleum Reserve releases, and optimistic signs out of China.

However, broader financial sector fears pushed crude prices into negative territory in the first half of March.

For the three months ended March 31, 2022, the NYSE Arca market value of each Share increased from $13.57 per Share to $17.35 per Share.

The Share price low and high for the three months ended March 31, 2022 and related change from the Share price on December 31, 2021 was as follows:

Shares traded at a low of $13.75 per Share (+1.33%) on January 3, 2022 and a high of $18.69 per Share (+37.78%) on March 8, 2022.

In the second quarter of 2023, crude oil prices were pressured by the slower than expected recovery in China and recession concerns driven by US Federal Reserve policy, banking sector stress, and political controversy surrounding the US debt ceiling, fueling a broader risk-off sentiment.

Russian oil supplies also continued to flow despite the ban on imports in some countries which contributed to increased oil supply.

Further, higher interest rates led to higher storage costs, which resulted in a great deal of both financial and physical destocking.

For the three months ended June 30, 2022, the NYSE Arca market value of each Share increased from $17.35 per Share to $18.24 per Share.

The Share price low and high for the three months ended June 30, 2022 and related change from the Share price on March 31, 2022 was as follows:

Shares traded at a low of $17.44 per Share (+0.52%) on May 10, 2022 and a high of $21.04 per Share (+21.30%) on June 8, 2022.

The total return for the Fund on a market value basis was +5.13%.

Crude oil prices experienced an extremely positive start to 2022, with the Fund posting its largest quarterly gain since 2009 and WTI front month futures hitting their highest level since 2008.

In March, the increasing isolation of Russia, the world’s third largest oil producer, following mounting western sanctions and self-sanctioning against the country, led both front month Brent and WTI crude oil prices to cross into triple digit territory, as the world desperately searched for supplies to fill the looming gap.

Despite plunging sharply towards the end of the quarter and crossing below the key $100 per barrel threshold as recession fears triggered a pullback from risk assets, crude oil still managed to edge higher in the second quarter of 2022.

Prices rallied initially, following the European Union’s ban of Russian oil, which exacerbated already elevated supply concerns.

In addition to the gap left by Russia, OPEC’s dwindling spare production capacity, one of the few remaining shock absorbers, also raised serious concerns.

Fund Share Net Asset Performance

For the three months ended March 31, 2023, the NAV of each Share decreased from $15.18 per Share to $14.59 per Share.

Falling commodity futures contract prices for Light Sweet Crude Oil during the three months ended March 31, 2023 contributed to an overall 4.80% decrease in the level of the Index and to a 3.69% decrease in the level of the DBIQ-OY CL TR.

For the three months ended June 30, 2023, the NAV of each Share decreased from $14.59 per Share to $14.15 per Share.

Falling commodity futures contract prices for Light Sweet Crude Oil during the three months ended June 30, 2023 contributed to an overall 3.97% decrease in the level of the Index and to a 2.73% decrease in the level of the DBIQ-OY CL TR.

The total return for the Fund on a NAV value basis was -3.02%.

Net income (loss) for the three months ended March 31, 2023 was $(11.1) million, primarily resulting from $3.1 million of income, net realized gain (loss) of $(1.0) million, net change in unrealized gain (loss) of $(12.7) million and net operating expenses of $0.5 million.

For the three months ended March 31, 2022, the NAV of each Share increased from $13.50 per Share to $17.23 per Share.

Rising commodity futures contract prices for Light Sweet Crude Oil during the three months ended March 31, 2022 contributed to an overall 27.91% increase in the level of the Index and to a 28.01% increase in the level of the DBIQ-OY CL TR.

Net income (loss) for the three months ended June 30, 2023 was $(7.3) million, primarily resulting from $3.1 million of income, net realized gain (loss) of $(2.4) million, net change in unrealized gain (loss) of $(7.5) million and net operating expenses of $0.5 million.

For the three months ended June 30, 2022, the NAV of each Share increased from $17.23 per Share to $18.21 per Share.

Rising commodity futures contract prices for Light Sweet Crude Oil during the three months ended June 30, 2022 contributed to an overall 5.70% increase in the level of the Index and to a 5.98% increase in the level of the DBIQ-OY CL TR.

The total return for the Fund on a NAV value basis was +5.69%.

Net income (loss) for the three months ended March 31, 2022 was $118.4 million, primarily resulting from $0.1 million of income, net realized gain (loss) of $19.7 million, net change in unrealized gain (loss) of $99.5 million and net operating expenses of $0.9 million.

Net income (loss) for the three months ended June 30, 2022 was $28.1 million, primarily resulting from $0.8 million of income, net realized gain (loss) of $15.5 million, net change in unrealized gain (loss) of $12.7 million and net operating expenses of $0.9 million.

FOR THE SIX MONTHS ENDED JUNE 30, 2023 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2022

Fund Share Price Performance

For the six months ended June 30, 2023, the NYSE Arca market value of each Share decreased from $15.21 per Share to $14.13 per Share.

The Share price low and high for the six months ended June 30, 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 (-13.88%) on March 17, 2023 and a high of $15.64 per Share (+2.83%) on April 12, 2023.

The total return for the Fund on a market value basis was -7.10%.

Crude oil prices ended the first two quarters of 2023 in negative territory.

While prices oscillated during the first quarter on crude 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, losses were extended in the second quarter.

Headwinds from the disappointing recovery in China and recession concerns driven by US Federal Reserve policy, banking sector stress, and political controversy surrounding the US debt ceiling continued to blow hard, while Russian oil supplies continued to make their way onto the market adding to oil inventories.

Front month crude oil prices were down over 8% year-to-date.

For the six months ended June 30, 2022, the NYSE Arca market value of each Share increased from $13.57 per Share to $18.24 per Share.

The Share price low and high for the six months ended June 30, 2022 and related change from the Share price on December 31, 2021 was as follows:

Shares traded at a low of $13.75 per Share (+1.33%) on January 3, 2022 and a high of $21.04 per Share (+55.11%) on June 8, 2022.

The total return for the Fund on a market value basis was +34.41%.

Despite the pullback towards the end of the second quarter of 2022 due to intensifying recession fears, the Fund posted a significant gain of over 34% in the first half of the year.

Snowballing supply concerns fueled by Russia’s invasion of Ukraine and the resulting sanctions, most notably the European Union’s ban of Russian oil and refined products, sent front month WTI crude oil prices into triple digit territory.

In addition to the massive gap left by Russia (the world’s third largest oil producer), OPEC’s dwindling spare production capacity, one of the few remaining shock absorbers, fed into concerns over a severe global energy crisis.

Fund Share Net Asset Performance

For the six months ended June 30, 2023, the NAV of each Share decreased from $15.18 per Share to $14.15 per Share.

Falling commodity futures contract prices for Light Sweet Crude Oil during the six months ended June 30, 2023 contributed to an overall 8.58% decrease in the level of the Index and to a 6.31% decrease in the level of the DBIQ-OY CL TR.

The total return for the Fund on a NAV value basis was -6.79%.

Net income (loss) for the six months ended June 30, 2023 was $(18.5) million, primarily resulting from $6.2 million of income, net realized gain (loss) of $(3.4) million, net change in unrealized gain (loss) of $(20.2) million and net operating expenses of $1.0 million.

For the six months ended June 30, 2022, the NAV of each Share increased from $13.50 per Share to $18.21 per Share.

Rising commodity futures contract prices for Light Sweet Crude Oil during the six months ended June 30, 2022 contributed to an overall 35.20% increase in the level of the Index and to a 35.67% increase in the level of the DBIQ-OY CL TR.

The total return for the Fund on a NAV value basis was +34.89%.

Net income (loss) for the six months ended June 30, 2022 was $146.6 million, primarily resulting from $0.9 million of income, net realized gain (loss) of $35.2 million, net change in unrealized gain (loss) of $112.2 million and net operating expenses of $1.8 million.

Critical Accounting Estimates

24 unchanged sentences

The Fund calculates VaR using the actual historical market movements of the Fund’s net assets.

The following table indicates the trading VaR associated with the Fund’s net assets as of March 31, 2023.

For the Three Months Ended

March 31, 2023

The following table indicates the trading VaR associated with the Fund’s net assets as of June 30, 2023.

For the Six Months Ended

June 30, 2023

Daily Volatility

21 unchanged sentences

Investors may lose all or substantially all of their investment in the Fund.

The following were the primary trading risk exposures of the Fund as of March 31, 2023:

The following were the primary trading risk exposures of the Fund as of June 30, 2023:

Light Sweet Crude Oil

13 unchanged sentences

Under emergency or extraordinary circumstances, the Managing Owner’s use of its discretionary powers may increase.

These special circumstances, for example, include the unavailability of the Index or certain natural or man-made disasters.

These special circumstances, for example, include the unavailability of the Index or certain natural or man-made

The Managing Owner does not actively manage the Fund to avoid losses.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements