Invesco DB Gold Fund (DGL)

The investment seeks to track the DBIQ Optimum Yield Gold Index Excess Return™ (DBIQ-OY GC ER™), which is intended to reflect the changes in market value of gold. The single index Commodity consists of Gold.

DGL stock data


4 Aug 22
29 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
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Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
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Financial report summary

  • NAV May Not Always Correspond to Market Price and, as a Result, Creation Units May Be Created or Redeemed at a Value that Differs from the Market Price of the Shares.
  • The NYSE Arca May Halt Trading in the Shares Which Would Adversely Impact Your Ability to Sell Shares.
  • Volatility May Cause the Total Loss of Your Investment.
  • The Fund’s Trading of Index Contracts May Adversely Affect the Price that the Fund Pays for Index Contracts.
  • Withdrawal from Participation by Authorized Participants May Affect the Liquidity of Shares.
  • Possible Illiquid Markets May Exacerbate Losses.
  • The NAV Calculation of the Fund May Be Overstated or Understated Due to the Valuation Method Employed When a Settlement Price is Not Available on the Date of NAV Calculation.
  • Margin Requirements and Risk Limits for Futures Contracts may Limit the Fund’s Ability to Achieve Sufficient Exposure and Prevent the Fund from Achieving its Investment Objective.
  • Fluctuations in the Price of Assets Held by the Fund Could Have a Materially Adverse Effect on the Value of an Investment in Shares.
  • Investing in a Single Commodity May Result in Greater Volatility than an Investment in a Multi-Commodity Index Fund.
  • Because the Index Contracts Have No Intrinsic Value, the Positive Performance of Your Investment Is Wholly Dependent Upon an Equal and Offsetting Loss.
  • The Fund May Not Provide a Diversification Benefit to Investments in Other Asset Classes and May Result in Additional Losses to Your Portfolio.
  • The Fund's Returns from Futures Trading Will Be Affected by Market Conditions When Replacing Expiring Futures Contracts With New Futures Contracts on the Index Commodity.
  • The Fund Is Not Actively Managed and Tracks the Index During Periods in Which the Index Is Flat or Declining as well as When the Index Is Rising.
  • Unusually Long Peak-to-Valley Drawdown Periods with Respect To the Index May Be Reflected in Equally Long Peak-to-Valley Drawdown Periods with Respect to the Performance of the Shares.
  • Position Limits and Other Potential Limitations on Futures Trading May Restrict the Creation of Creation Units and the Operation of the Fund.
  • Failure of Futures Commission Merchants or Commodity Brokers to Segregate Assets May Cause Losses for the Fund.
  • The Fund’s Performance Could Be Adversely Affected if the Commodity Broker Reduces its Internal Risk Limits for the Fund.
  • Regulatory Changes or Actions May Alter the Operations and Profitability of the Fund.
  • The Fund and the Managing Owner Are Subject to Extensive Legal and Regulatory Requirements.
  • Shareholders Will Be Subject to Taxation on Their Allocable Share of the Fund’s Taxable Income, Whether or Not They Receive Cash Distributions.
  • Items of Income, Gain, Loss and Deduction with Respect to Shares Could Be Reallocated if the IRS Does Not Accept the Assumptions or Conventions Used by the Fund in Allocating Such Items.
  • No Deduction for Qualified Publicly Traded Partnership Income.
  • Disruptions in the Ability to Create and Redeem Creation Units May Adversely Affect Investors.
  • The Shares Could Decrease in Value if Unanticipated Operational or Trading Problems Arise.
  • Historical Performance of the Fund and the Index Is Not Indicative of Future Performance.
  • Fees and Expenses May Deplete the Fund’s Assets if the Fund’s Investment Performance Is Not Favorable.
  • Redemption Orders for Creation Units May Be Subject to Postponement, Suspension or Rejection Under Certain Circumstances.
  • Shareholders Do Not Have the Protections Associated with Ownership of Shares in an Investment Company Registered Under the Investment Company Act of 1940.
  • Lack of Independent Advisers Representing Investors.
  • Possibility of Termination of the Fund May Adversely Affect Your Portfolio.
  • The Value of the Shares Will Be Adversely Affected if the Fund Is Required to Indemnify the Trustee or the Managing Owner.
  • Although the Shares Are Limited Liability Investments, Certain Circumstances such as Bankruptcy of the Fund or Indemnification of the Fund by the Shareholders Will Increase a Shareholder’s Liability.
  • The Fund May Lose Money on Its Holdings of Money Market Mutual Funds.
  • Due to the Increased Use of Technologies, Intentional and Unintentional Cyber Attacks Pose Operational and Information Security Risks.
Management Discussion
  • This information should be read in conjunction with the financial statements and notes included in Item 8 of Part II of this Report. The discussion and analysis which follows may contain trend analysis and other forward-looking statements. See “Cautionary Statement Concerning Forward-Looking Information” above.
  • You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, the Fund and the Managing Owner undertake no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.

Content analysis

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