Every 424B that Invesco DB US Dollar Index Bearish Fund (UDN) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow UDN 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 UDN filings page.
Invesco DB US Dollar Index Bearish Fund updated its prospectus to reflect a change in the principal financial and accounting officer of its Managing Owner, Invesco Capital Management LLC. Kelli Gallegos began a leave of absence effective October 19, 2026. The Managing Owner’s Board appointed Lori Anello to the role, beginning October 22, 2026.
Anello joined the Managing Owner in 2018 and also serves as Global Head of Operational Product Readiness at Invesco Ltd. and in financial and accounting roles for Invesco investment funds. She is a Certified Public Accountant. Her application as a principal of the Managing Owner is being prepared for submission.
INVESCO DB US DOLLAR INDEX BEARISH FUND (UDN) is a commodity pool ETF that issues common units of beneficial interest (“Shares”) in large blocks of 50,000-share Creation Units to Authorized Participants at net asset value (NAV). Shares trade on NYSE Arca under the symbol UDN and can trade at a premium or discount to NAV.
The Fund seeks to track the Deutsche Bank Short USD Currency Portfolio Index – Excess by holding short positions in ICE U.S. Dollar Index futures (“DX Contracts”), so it generally benefits when the U.S. dollar falls versus a basket of six major currencies and loses when the dollar rises. Cash not posted as futures margin is invested in U.S. Treasury securities, money market funds and T-Bill ETFs to earn interest (Treasury Income, Money Market Income and T‑Bill ETF Income).
Invesco Capital Management LLC is Managing Owner, commodity pool operator and trading advisor, earning a 0.75% per annum management fee on daily NAV; it also pays most routine operating expenses. The structure entails significant risks, including futures volatility, theoretical unlimited loss on short positions, tracking error versus the Index, potential illiquidity or exchange halts, and substantial tax complexity, as investors are taxed on their allocable share of partnership income whether or not cash is distributed.
Invesco DB US Dollar Index Trust and the Invesco DB US Dollar Index Bearish Fund report a board-level management change at Invesco Capital Management LLC, the Managing Owner. Jordan Krugman will resign from all positions, including as a member of the Board of Managers, effective as of the close of business on August 3, 2026.
Effective the same date, Matthew Casaccia, age 43, is appointed to the Board of Managers. Casaccia is Senior Director of Financial Planning and Analysis for Investments and Global Product at Invesco Ltd and has spent 17 years with the firm in finance, distribution, and transfer agency roles. His application as a principal of the Managing Owner is being prepared. The Bearish Fund’s shares trade on NYSE Arca under the symbol UDN, and the funds are commodity pools, not investment companies under the Investment Company Act of 1940.