Company: DBE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027264
Chunk: 132

Company: Invesco DB Energy Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 132
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 Consequently, the Fund’s aggregate return is expected to outperform the Excess Return Index by the amount of the excess, if any, of the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income over its fees and expenses. As a result of the Fund’s fees and expenses, however, the aggregate return on the Fund is expected to underperform the Total Return Index. 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.

30

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

Fund Share Price Performance

For the year ended December 31, 2024, the NYSE Arca market value of each Share decreased from $19.19 per Share to $18.56 per Share. The Share price low and high for the year ended December 31, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $17.79 per Share (-7.30%) on September 10, 2024, and a high of $21.52 per Share (+12.14%) on April 12, 2024. On December 27, 2024, the Fund paid a distribution of $1.17198 for each General Share and Share to holders of record as of December 23, 2024. Therefore, the total return for the Fund on a market value basis was +3.02%.

Energy commodities ended 2024 lower, with the largest detractors being NY Harbor Ultra-Low Sulfur Diesel (ULSD) and natural gas which were both pressured by weak demand and ample supply. However, cold winter weather significantly boosted US natural gas prices to end the year. Crude oil, the Fund’s only positive contributor, gained in the first quarter as escalating tensions in the Middle East and between Russia and Ukraine raised supply concerns. While prices were pressured in the third quarter due to low refining margins decreasing crude demand, the bearish Trump trade, expectations for a supply glut in 2025, and the OPEC spare capacity overhang, prices made a comeback to end the year. Additionally, increased tripwires between Iran and Israel, the Federal Reserve’s interest rate easing kickoff in September, and Chinese stimulus hopes raised bullish energy bets. 

For the year ended