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DBO

GradeBNew York Stock Exchange Arca

Invesco DB Oil Fund

Commodities · Invesco · Inception 2007-01-05 · SEC filings

$24.05+0.52 (+2.19%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: up, 59 prints from 23.54 to 24.05. Range 23.91 to 24.31. Use the arrow keys to read each point.$23.90$24.00$24.20$24.3010 AM12 PM2 PM4 PM
Expense ratio
0.81%
Fund size
$264M
1Y return
+81.9%
Yield · Last 12 months
1.82%
Holdings
3
Volume · 30D
0.5M sh
NAV per share
$24.21
52W range
low $11.89high $26.62

The ETF.net DBO Grade

B

64/ 100

Rank 3 of 11 in Energy Futures⁠

Confidence Medium

Six-pillar profile for DBO. Scores out of 100: Cost 74, Risk 46, Mission not scored, Tradability 61, Holdings 59, Durability 69. Strongest: Cost (74). Weakest: Risk (46). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 64 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 74
    Category rank3/11 · top 27%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 46
    Category rank5/10 · top 50%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 61
    Category rank4/11 · top 36%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 59
    Category rank2/5 · top 40%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 69
    Category rank2/11 · top 18%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on DBO

ETF.net Research

BOil exposure with a roll rule. DBO tracks a WTI crude futures index whose Optimum Yield design shops across contract months instead of camping in the front month, and it has run that way since 2007.

Stated mandate

The fund seeks to track positive or negative changes in the level of the DBIQ Optimum Yield Crude Oil Index Excess Return.

Why people hold it

  1. 01The index picks the contract month its rules score as most favorable rather than automatically buying the nearest one, a design built to soften the drag of an upward-sloping futures curve.invesco.com
  2. 02Charges 0.81% a year, meaningfully below the median for energy-futures funds in its group.
  3. 03Launched in 2007 and traded through multiple oil booms and busts, it sits in the upper half of a small, well-known peer group.

Worth knowing

  1. 01It's a commodity pool, so tax paperwork follows partnership rules rather than ordinary fund reporting. Peer OILK charges 0.69% and is built to skip that step.
  2. 02You own a futures index, not a barrel. Results track the DBIQ Optimum Yield Crude Oil Index Excess Return and can diverge from headline spot crude.
  3. 03One commodity, one curve. There are no operating businesses underneath to cushion a move in crude, and payouts come on an annual or semiannual schedule.

DBO Holdings

As of Sep 20, 2026, 1:47 PM
Asset class
Other
Holdings
3
Top-10 weight
254%
Largest holding
NYMEX Light Sweet Crude Oil Future 10/20/2026126.6%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—NYMEX Light Sweet Crude Oil Future 10/20/2026126.59%2,882$277M3
002AGPXXInvesco Government & Agency Portfolio101.98%223,074,169$223M239
003TBLLInvesco Short Term Treasury ETF24.74%511,500$54M5
004—CASH & EQUIVALENTS0.23%502,084$502K74
005—USD Pending Dividends0.18%0$390K240

Showing 1–5 of 5 holdings

DBO Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

DBO$18,193
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. DBO $18,193. SPY $11,723. Use the arrow keys to read each point.$8,130$14,700$21,270Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for DBO. Periods over one year show the average yearly return.
PeriodDBO
Year to date+93.0%
1 month+6.2%
3 months+27.0%
1 year+81.9%
3 years+14.6%per year
5 years+15.3%per year
10 years+12.4%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for DBO
YearReturn barDBO
2026 YTD+93.0%
2025−11.8%
2024+7.9%
2023−4.5%
2022+13.0%
2021+60.7%
2020−21.0%

DBO in the news

View all DBO news

DBO Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
1.82%Last 12 months
Payout per share
$0.43Last 12 months
Last payment
$0.43 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2017–2026

One bar per payment. 6 payments from 2017 to 2026 YTD. Dec 24, 2018 $0.13; Dec 23, 2019 $0.17; Dec 19, 2022 $0.10; Dec 18, 2023 $0.64; Dec 23, 2024 $0.67; Dec 22, 2025 $0.43. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 22, 2025Dec 26, 2025$0.43
Dec 23, 2024Dec 27, 2024$0.67
Dec 18, 2023Dec 22, 2023$0.64
Dec 19, 2022Dec 23, 2022$0.10
Dec 23, 2019Dec 31, 2019$0.17
Dec 24, 2018Dec 31, 2018$0.13
Dec 15, 2008Data unavailable$0.12
Dec 17, 2007Data unavailable$1.28

DBO Risk

How much the fund’s monthly returns vary, scaled to a year.
33.3%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.43
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−37.7%
Trough May 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.77
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

DBO Cost

Expense ratio0.81%
  • The middle half of Energy Futures funds
  • Median 1.01%

2 of the 11 Energy Futures funds charge less.

DBO costs $81.00 a year on $10,000. The median Energy Futures fund costs $101.00.