Company: DBO
Filing Date: 2025-08-26
Form Type: 424B3
Source: 0001193125-25-188736
Chunk: 55

Company: Invesco DB Oil Fund
Filing Date: 2025-08-26
Form: 424B3
Chunk 55
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 yield from trading Index Contracts. The Index takes the impact of implied roll yield into consideration by selecting, as the replacement for an expiring futures contract, the futures contract with a delivery month within the next thirteen months that generates the most favorable implied roll yield under current market conditions. The Managing Owner may determine to invest in other futures contracts if at any time it is impractical, including in scenarios wherein the futures market for an Index Contract is thinly traded, or inefficient to gain full or partial exposure to the Index Commodity through the use of Index Contracts or other futures contracts, such as approaching or reaching position limits with respect to the Index Commodity. These other futures contracts may or may not be based on the Index Commodity. When they are not, the Managing Owner may seek to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with the Index Contract. The Index is calculated in USD on an excess return (unfunded) basis, which means that the Index reflects only the return associated with spot prices for the Index Commodity and the roll yield associated with trading Index Contracts. Unlike the Index, the Fund also holds securities as collateral that are expected to generate income, including Treasury Securities, money market mutual funds, and T-Bill ETFs. These securities are held with the Custodian or Commodity Broker. In addition, Treasury Securities for deposit

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may be held with the Commodity Broker for cash management purposes or as margin for the Fund’s futures positions. The Index does not reflect any corresponding income characteristics. The futures contract price for the Index Commodity will be the exchange closing price for the Index Commodity on a day on which the exchange is open for business (“Index Business Day”). If a weekday is not an Exchange Business Day (as defined in the following sentence) but is an Index Business Day, the exchange closing price from the previous Index Business Day will be used for the Index Commodity. “Exchange Business Day” means, in respect of the Index Commodity, a day that is a trading day for the Index Commodity on the exchange (unless either an Index disruption event or force majeure event has occurred). Contract Selection On the first Index Business Day of each month (“Verification Date”), each Index Contract will be tested in order to determine whether to continue including it in the Index. If the Index Contract requires delivery of the underlying commodity in the next month, known as the Delivery Month, a new Index Commodity futures contract will be selected for inclusion in the Index. For example, if the first Index