What changed in this filing

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Item 1. Financial Statements

2025-05-08 compared with 2024-11-07 · 51 added, 155 removed, 483 unchanged (30% of the section changed)

2 unchanged sentences

Statements of Financial Condition

September 30, 2024 and December 31, 2023

September 30,

March 31, 2025 and December 31, 2024

United States Treasury Obligations , at value (cost $ 39,990,432 and $ 53,447,148 , respectively)

2 unchanged sentences

Variation margin receivable - Commodity Futures Contracts

Cash held by Custodian

Deposit with Commodity Broker

Receivable for:

Dividends from affiliates

Other investments:

Variation margin payable- Commodity Futures Contracts

Distributions

Investements purchased

Management fees

13 unchanged sentences

Schedule of Investments

September 30, 2024

March 31, 2025

Percentage of

2 unchanged sentences

United States Treasury Obligations (a)

Treasury Bills, 5.185 % due October 3, 2024

Treasury Bills, 4.970 % due December 5, 2024

Treasury Bills, 4.645 % due March 6, 2025

Treasury Bills, 4.270 % due April 3, 2025

5 unchanged sentences

Invesco Government & Agency Portfolio,

Institutional Class, 4.85 % (cost $ 87,915,180 ) (c)(d)

Institutional Class, 4.29 % (cost $ 87,433,379 ) (b)(d)

Total Affiliated Investments (cost $ 141,387,549 )

5 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 September 30, 2024 .

(d) The rate shown is the 7-day SEC standardized yield as of March 31, 2025 .

Open Commodity Futures Contracts

4 unchanged sentences

NYMEX WTI Crude

December - 2024

October - 2025

(e) Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

9 unchanged sentences

Treasury Bills, 4.230 % due April 3, 2025

Treasury Bills, 5.190 % due June 6, 2024

Total United States Treasury Obligations (cost $ 53,447,148 )

1 unchanged sentence

Exchange-Traded Fund

Invesco Short Term Treasury ETF (cost $ 53,954,170 ) (b)(c)(d)

Invesco Short Term Treasury ETF (cost $ 53,954,170 ) (b)(c)

Money Market Mutual Fund

Invesco Government & Agency Portfolio,

Institutional Class, 5.29 % (cost $ 108,833,709 ) (b)(e)

Institutional Class, 4.43 % (cost $ 100,993,456 ) (b)(d)

Total Affiliated Investments (cost $ 154,947,626 )

5 unchanged sentences

(d) Effective after the close of markets on August 25, 2023, the fund’s name changed from Invesco Treasury Collateral ETF to

Invesco Short Term Treasury ETF.

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

(d) The rate shown is the 7-day SEC standardized yield as of December 31, 2024 .

Open Commodity Futures Contracts

1 unchanged sentence

Expiration Date

(Depreciation) (f)

(Depreciation) (e)

Long Futures Contracts

NYMEX WTI Crude

December - 2024

(f) Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

February - 2025

(e) Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

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

1 unchanged sentence

Statements of Income and Expenses

For the Three and Nine Months Ended September 30, 2024 and 2023

For the Three Months Ended March 31, 2025 and 2024

Three Months Ended

Nine Months Ended

September 30,

Interest Income

24 unchanged sentences

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2024 and 2023

General Shares

Shareholders'

Balance at June 30, 2024

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 September 30, 2024

General Shares

Shareholders'

Balance at June 30, 2023

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 September 30, 2023

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

Invesco DB Oil Fund

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2024 and 2023

For the Three Months Ended March 31, 2025 and 2024

General Shares

14 unchanged sentences

Net Change in Shareholders' Equity

Balance at September 30, 2024

Balance at March 31, 2025

General Shares

3 unchanged sentences

Redemption of Shares

( 154,313,102

Net Increase (Decrease) due to Share Transactions

9 unchanged sentences

Net Change in Shareholders' Equity

Balance at September 30, 2023

Balance at March 31, 2024

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

1 unchanged sentence

Statements of Cash Flows

For the Nine Months Ended September 30, 2024 and 2023

Nine Months Ended

September 30,

For the Three Months Ended March 31, 2025 and 2024

Three Months Ended

Cash flows from operating activities:

2 unchanged sentences

Cost of securities purchased

( 250,683,455

Proceeds from securities sold and matured

Cost of affiliated investments purchased

( 255,460,227

( 400,863,093

Proceeds from affiliated investments sold

9 unchanged sentences

Brokerage commissions and fees

Deposit with Commodity Broker

Net cash provided by (used in) operating activities

3 unchanged sentences

Redemption of Shares

( 147,221,037

Net cash provided by (used in) financing activities

7 unchanged sentences

Notes to Unaudited F inancial Statements

September 30, 2024

March 31, 2025

Note 1 - Organization

21 unchanged sentences

(the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three and nine months ended September 30, 2024 and 2023.

This Quarterly Report (the “Report”) covers the three months ended March 31, 2025 and 2024.

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

14 unchanged sentences

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued.

Segment Reporting

The Fund represents a single operating segment.

Subject to the oversight and, when applicable, approval of the Board of Managers, the Fund's Managing Owner acts as the Fund's chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund.

The CODM monitors the operating results as a whole and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy.

The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

Investment Valuations

7 unchanged sentences

Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the

issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse

economic conditions, changes in the general outlook for revenues, changes in interest or currency rates, regional or global instability,

natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor

sentiment generally and market liquidity.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity.

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.

6 unchanged sentences

Profit and Loss Allocations and Distributions

Pursuant to the Trust Agreement, income and expenses are allocated pro rata to the Managing Owner as holder of the General Shares and to the Fund's shareholders ("Shareholders") monthly based on their respective percentage interests as of the close of the last trading day of the preceding month.

last trading day of the preceding month.

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 declared for the three and nine months ended September 30, 2024 and 2023 .

No distributions were declared for the three months ended March 31, 2025 and 2024 .

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 and nine months ended September 30, 2024 and 2023 , the Fund did not incur such expenses.

For the three months ended March 31, 2025 and 2024 , 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 and nine months ended September 30, 2024 , 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 nine months ended September 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 months ended March 31, 2025, and 2024 , respectively.

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

7 unchanged sentences

United States, 2021.

Commodity Futures

Commodity Futures Contracts

The Fund utilizes derivative instruments to achieve its investment objective.

2 unchanged sentences

During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis.

Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred.

These amounts are reflected as a receivable or payable on the Statements of Financial Condition.

Subsequent or variation margin payments can be received or made depending upon whether unrealized gains or losses are incurred.

These amounts, if any, are reflected as a receivable or payable on the Statements of Financial Condition.

Otherwise, the variation margin excess or deficit can be netted with cash held at the Commodity Broker.

These amounts, if any, are reflected as Deposit with Commodity Broker on the Statements of Financial Condition.

When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract.

27 unchanged sentences

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

The Managing Owner waived fees of $ 32,209 and $ 109,418 for the three and nine months ended September 30, 2024, respectively.

The Managing Owner waived fees of $ 45,256 and $ 120,986 for the three and nine months ended September 30, 2023 respectively.

The Managing Owner waived fees of $ 30,675 and $ 38,620 for the three months ended March 31, 2025 and 2024, respectively.

The Distributor

30 unchanged sentences

The Fund defines cash as cash held by the Custodian.

There were no other cash equivalents held by the Fund as of September 30, 2024 and December 31, 2023.

Cash deposits held by the Commodity Broker are reflected as Deposit with Commodity Broker on the Statements of Financial Condition.

There were no other cash equivalents held by the Fund as of March 31, 2025 and December 31, 2024.

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

1 unchanged sentence

The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open futures contracts represents the Fund’s overall equity in its broker trading account.

To meet the Fund’s maintenance margin requirements, the Fund holds United States Treasury Obligations with the Commodity Broker.

The Fund transfers cash to the Commodity Broker to satisfy variation margin requirements.

To meet the Fund’s maintenance margin requirements, the Fund holds United States Treasury Obligations and/or cash with the Commodity Broker.

The Fund may utilize excess cash or otherwise transfer cash to the Commodity Broker to satisfy variation margin requirements.

The Fund earns interest on any excess cash deposited with the Commodity Broker and incurs interest expense on any deficit balance with the Commodity Broker.

22 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 September 30, 2024:

The following is a summary of the tiered valuation input levels as of March 31, 2025:

Investments in Securities

3 unchanged sentences

Total Investments in Securities

Other Investments - Liabilities (a)

Other Investments - Assets (a)

Commodity Futures Contracts

7 unchanged sentences

Total Investments in Securities

Other Investments - Liabilities (a)

Other Investments - Assets (a)

Commodity Futures Contracts

3 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

September 30, 2024

March 31, 2025

December 31, 2024

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 September 30, 2024 and December 31, 2023 Statements of Financial Condition.

Only the current day’s variation margin receivable (payable) is reported in the Statements of Financial Condition, if any.

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

1 unchanged sentence

Location of Gain (Loss) on Derivatives

September 30,

Risk Exposure/Derivative Type

4 unchanged sentences

Net Change in Unrealized Gain (Loss)

For the Nine Months Ended

Location of Gain (Loss) on Derivatives

September 30,

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 held during the period:

For the Three Months Ended

For the Nine Months Ended

September 30,

Average Notional Value

10 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 and nine months ended September 30, 2024.

Value 06/30/2024

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation

(Depreciation)

Realized Gain

Value 09/30/2024

Dividend Income

Invesco Short Term Treasury ETF

Investments in Affiliated Money

Market Funds:

Invesco Government & Agency

Portfolio, Institutional Class

( 118,840,234

Value 12/31/2023

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation

(Depreciation)

Realized Gain

Value 09/30/2024

Dividend Income

Invesco Short Term Treasury ETF

Investments in Affiliated Money

Market Funds:

Invesco Government & Agency

Portfolio, Institutional Class

( 276,378,756

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

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 2025 and 2024, respectively.

Value 12/31/2024

17 unchanged sentences

Realized Gain

Value 09/30/2023

Dividend Income

4 unchanged sentences

Portfolio, Institutional Class

( 350,202,681

Note 9 - Share Purchases and Redemptions

34 unchanged sentences

The Managing Owner, either in its own capacity or in its capacity as the Managing Owner and on behalf of the Fund, has entered into various service agreements that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services for the Fund.

The Trust Agreement provides for the Fund to indemnify

the Managing Owner and any affiliate of the Managing Owner that provides services to the Fund to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Managing Owner or such an affiliate.

The Trust Agreement provides for the Fund to indemnify the Managing Owner and any affiliate of the Managing Owner that provides services to the Fund to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Managing Owner or such an affiliate.

The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

2 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 and nine months ended September 30, 2024 and 2023.

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, 2025 and 2024.

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

1 unchanged sentence

Three Months Ended

Nine Months Ended

September 30,

Net Asset Value

25 unchanged sentences

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