Here are the 10-K annual reports from Invesco DB Energy Fund (DBE) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow DBE and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full DBE filings page.
Invesco DB Energy Fund is a Delaware commodity pool seeking to track the DBIQ Optimum Yield Energy Index Excess Return through exchange-traded energy futures. As of December 31, 2025 the index weights were Brent crude 32.10%, WTI 30.01%, gas oil 10.68%, natural gas 11.02%, RBOB gasoline 7.87% and ultra-low sulphur diesel 8.32%.
The fund holds U.S. Treasury obligations, money market funds and T‑Bill ETFs as collateral and pays the managing owner a 0.75% annual management fee. It issues and redeems large creation units, with common units trading on NYSE Arca under the symbol DBE.
The 10‑K emphasizes substantial risks: high futures volatility (the index’s average annual volatility since inception is 24.78%), contango and “super contango” drag when rolling contracts, position limits that can constrain exposure, potential tracking error, illiquidity during market stress, and sensitivity to geopolitical conflicts and regulatory changes. As a partnership, DBE passes taxable income through to holders, who may owe tax even without cash distributions.