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Invesco DB US Dollar Index Bearish Fund is a Delaware statutory trust series that seeks to track the Deutsche Bank Short USD Currency Portfolio Index–Excess by holding short futures on the ICE U.S. Dollar Index (DX Contracts). The strategy aims to benefit when the U.S. dollar falls against six major currencies: the Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc.
The Fund posts U.S. Treasury bills, money market mutual funds and short‑term Treasury ETFs as collateral, and its total return also reflects interest and dividend income from these holdings, less expenses. It charges a management fee of 0.75% per year on daily NAV, with affiliated fund fees effectively waived. Market value of common units held by non‑affiliates was $148,522,000 as of the most recently completed second fiscal quarter, and 7,350,040 units were outstanding as of January 31, 2026.
Key risks include the theoretical possibility of unlimited loss from short futures if the dollar rises sharply, high futures volatility, tracking error versus the Index, liquidity constraints, regulatory changes, counterparty and clearing risks, and significant tax complexity. Geopolitical events, sanctions, trade disruptions and market interventions can all increase volatility and materially affect performance.
Invesco DB US Dollar Index Bearish Fund (UDN) reported higher scale and stable per‑share metrics for the quarter ended September 30, 2025. Total assets were $156,165,275, with 8,300,000 shares outstanding. Net asset value per share was $18.80 and market value per share was $18.81.
The Fund recorded a Q3 net loss of $745,604, driven by an unrealized loss on currency futures, partially offset by investment income. For the nine months, net income was $9,512,575. Open short ICE U.S. Dollar Index futures totaled 1,611 December 2025 contracts with notional of ($156,993,561) and unrealized depreciation of $257,858.
Flows expanded the share base, with a Q3 net increase of 450,000 shares and 5,250,000 year‑to‑date. Affiliated money market holdings were $147,233,056 at quarter‑end. Management fee waivers were $35,515 for Q3 and $74,444 year‑to‑date. Expense ratio after waivers was 0.69% for the nine‑month period; total return at NAV for the nine months was 12.37%.