Invesco DB Oil Fund is an ETF that gives investors exposure to WTI crude oil prices through futures contracts, tradeable through a standard brokerage account on NYSE Arca. The Fund tracks the DBIQ Optimum Yield Crude Oil Index Excess Return, which reflects the performance of investing in WTI crude oil futures. The Fund is managed by Invesco Capital Management, which earns a management fee of 0.75% per annum on daily NAV — so Invesco's economics are straightforward: larger AUM means more fee revenue. The Fund's returns come from two sources: changes in WTI futures prices (including roll yield) and income from collateral holdings, which include U.S. Treasury obligations, money market funds, and T-Bill ETFs. A key feature of the Fund's strategy is its rules-based approach to rolling futures contracts — rather than rolling on a fixed schedule, the Fund selects, from a set of eligible contracts, the one with the most favorable implied roll yield. In contango markets, this aims to minimize the return drag from rolling; in backwardation markets, it aims to maximize the benefit. The Fund sells shares only to Authorized Participants in blocks of 50,000 shares, which those institutions then make available to retail and institutional investors on the secondary market.