Company: DBO
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027272
Chunk: 66

Company: Invesco DB Oil Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 66
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 return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. 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.

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 increased from $13.92 per Share to $14.31 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 13.36 per Share (-4.02%) on September 10, 2024, and a high of $16.21 per Share (+16.45%) on July 3, 2024. On December 27, 2024, the Fund paid a distribution of $0.66977 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 +7.78%.

Crude oil ended 2024 slightly higher. Prices gained as escalating tensions in the Middle East and between Russia and Ukraine raised supply concerns and Federal Reserve interest rate easing expectations grew, ending the first half of the year up around 15%. However, crude oil was pressured in the third quarter by low refining margins decreasing crude demand, the bearish Trump trade, expectations for a supply glut in 2025, and the OPEC spare capacity overhang. While heightened geopolitical turmoil, the Federal Reserve's interest rate easing kickoff and the surprise Chinese stimulus boosted overall sentiment in September, those gains faded as 

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the market remained in wait-and-see mode. The fourth quarter was slightly positive for crude oil due