Company: DBO
Filing Date: 2025-08-26
Form Type: 424B3
Source: 0001193125-25-188736
Chunk: 18

Company: Invesco DB Oil Fund
Filing Date: 2025-08-26
Form: 424B3
Chunk 18
---
, less the liabilities (including estimated accrued but unpaid expenses) of the Fund. The price of the Index Commodity may fluctuate widely. Several factors may affect the price of the Index Commodity and performance of the Fund, including, but not limited to: ● Global supply and demand of the Index Commodity, which may be influenced by such factors as forward selling by the various commodities producers, purchases made by the commodities’ producers to unwind their hedge positions and production and cost levels in the major markets of the Index Commodity; ● Domestic and foreign interest rates and investors’ expectations concerning interest rates; ● Domestic and foreign inflation rates and investors’ expectations concerning inflation rates; ● Investment and trading activities of mutual funds, ETFs, closed-end funds, hedge funds and commodity funds; ● A significant change in investor interest, including as a result of online campaigns or other activities targeting investments in the Index Commodity; ● Weather and other environmental conditions; ● Acts of God; ● War or acts of terrorism; and ● Global or regional political, economic or financial events and situations, including changes in trade regulation or economic sanctions and government regulation and intervention. Investing in Oil Markets Has Unique Risks, As Demonstrated in 2020. The oil markets are characterized by extreme volatility. As the impact of the COVID-19 pandemic-related price volatility was realized by various sectors of the financial and commodity markets, unusual developments in the crude oil markets occurred. A collapse of demand for fuel following government restrictions on travel created an oversupply of crude oil production that rapidly filled most available oil storage facilities. As a result, in April 2020 crude oil futures contracts traded below zero for the first time in history. Similar storage shortages may occur in the future. The oversupply of oil may arise due to a number of different factors, including: (i) disruptions in oil pipelines and other means to get oil out of storage and delivered to refineries (as might occur due to infrastructure deterioration, work stoppages, or weather/disaster); (ii) investor demand for futures contracts as an investment opportunity driving increased production; or (iii) potential U.S. government intervention (in the form of grants or other aid) to keep oil producers, and the workers they employ, in service. If the WTI futures contract held by the Fund were to reach a negative price, investors in the Fund could lose their entire investment. Factors that may affect the demand for crude oil and, therefore, its price include technological improvements in energy efficiency; seasonal weather patterns, including those associated with heating