Company: DBO
Filing Date: 2025-11-10
Form Type: 424B3
Source: 0001193125-25-273330
Chunk: 17

Company: Invesco DB Oil Fund
Filing Date: 2025-11-10
Form: 424B3
Chunk 17
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 to such year. Fiscal Year The Fund’s fiscal year ends on December 31 of each year. U.S. Federal Income Tax Considerations General Subject to the discussion below in “Material U.S. Federal Income Tax Considerations,” the Fund will be classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will generally not incur U.S. federal income tax liability; rather, each Shareholder will be required to take into account its allocable share of the Fund’s income, gain, loss, deduction and other items for the Fund’s taxable year ending with or within the Shareholder’s taxable year. Please refer to the “Material U.S. Federal Income Tax Considerations” section below for information on the potential U.S. federal income tax consequences of the purchase, ownership and disposition of Shares. UBTI An organization that is otherwise exempt from U.S. federal income tax is nonetheless subject to taxation with respect to its “unrelated business taxable income” (“UBTI”). Subject to the discussion below in “Material U.S. Federal Income Tax Considerations,” all of the income realized by the Fund is expected to be short-term or long-term capital gain income, interest income or other passive investment income of the type specifically exempt from treatment as UBTI. The Fund will not borrow funds for the purpose of acquiring or holding any investments or otherwise incur “acquisition indebtedness” with respect to such investments. Therefore, a tax-exempt entity purchasing Shares is not expected to incur any UBTI by reason of its investment in the Shares or upon sale of such Shares, provided that such tax-exempt entity does not borrow funds for the purpose of investing in the Shares. Breakeven Amounts A Shareholder should expect that the Fund’s fees and expenses during the first twelve months of the Shareholder’s investment will equal 0.75% of the Fund’s NAV. This amount equates to $0.0931 per annum per Share at $12.38, the Fund’s NAV per Share as of May 31, 2025. Based on market rates observed as of May 31, 2025, the Fund’s Treasury Income is expected to be earned at a rate of 0.00%, Money Market Income is expected to be earned at a rate of 4.21%, and T-Bill ETF Income is expected to be earned at a rate of 4.23%. This means that, during those first twelve months, the Fund would have to experience trading losses that would exceed the positive