Company: DBE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027264
Chunk: 66

Company: Invesco DB Energy Fund
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 66
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DBIQ-OY Energy TR™”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the DBIQ-OY Energy TR™ are not necessarily indicative of future changes, positive or negative, in the index’s closing levels.

The section “Summary of the DBIQ-OY Energy TR™ and Underlying Index Commodity Returns for the Years Ended December 31, 2024 and 2023” below provides an overview of the changes in the closing levels of the DBIQ-OY Energy TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Energy TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

Summary of the DBIQ-OY Energy TR™ and Underlying Index Commodity

Returns for the Years Ended December 31, 2024 and 2023

    AGGREGATE RETURNS FOR INDICES IN THE DBIQ-OY ENERGY TR™

    Years Ended December 31,

    Underlying Index
     
    2024

    2023

    DB Brent Crude Oil Indices

    6.14
    %

    (1.05
    %)

    DB Light Sweet Crude Oil Indices

    8.07

    (3.03
    )

    DB Natural Gas Indices

    (16.37
    )

    (56.57
    )

    DB RBOB Gasoline Indices

    5.38

    (4.28
    )

    DB Ultra-Low Sulphur Diesel Indices

    (1.47
    )

    (13.93
    )

    AGGREGATE RETURN

    3.54
    %

    (11.22
    )%

If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income were to exceed the Fund’s fees and expenses, the aggregate return on an investment in the Fund would be expected to outperform the Index and underperform the DBIQ-OY Energy TR