Invesco DB US Dollar Index Fund updates board

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.

Rhea-AI Filing Summary

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.

Key Figures

Effective date of board change: August 3, 2026 Age of new board member: 43 Tenure at Invesco Ltd: 17 years

3 metrics

Effective date of board change August 3, 2026 Date when Krugman’s resignation and Casaccia’s appointment take effect

Age of new board member 43 Age of Matthew Casaccia as disclosed in the biography

Tenure at Invesco Ltd 17 years Duration of Matthew Casaccia’s experience with Invesco Ltd

Key Terms

Managing Owner, Prospectus Supplement, Investment Company Act of 1940, commodity pools

4 terms

Managing Owner regulatory

"all positions at Invesco Capital Management LLC (the “Managing Owner”) and its affiliates"

Prospectus Supplement regulatory

"This Prospectus Supplement No. 1 (“Supplement No. 1”) supplements and amends"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

Investment Company Act of 1940 regulatory

"not a mutual fund or any other type of investment company within the meaning of the Investment Company Act of 1940"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

commodity pools regulatory

"THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THESE POOLS"

FAQ

What leadership change did Invesco DB US Dollar Index Bearish Fund (UDN) disclose?

The fund disclosed that Jordan Krugman will resign from all positions at the Managing Owner on August 3, 2026. Matthew Casaccia will join the Board of Managers effective at the same time, replacing all references to Krugman in the prospectus.

Who is Matthew Casaccia in relation to Invesco DB US Dollar Index Bearish Fund (UDN)?

Matthew Casaccia, age 43, is joining the Board of Managers of the Managing Owner effective August 3, 2026. He is Senior Director of Financial Planning and Analysis for Investments and Global Product at Invesco Ltd, with 17 years at the firm.

When is Jordan Krugman’s resignation effective for the Managing Owner of UDN?

Jordan Krugman’s resignation is effective as of the close of business on August 3, 2026. From that time, he will no longer hold any positions with Invesco Capital Management LLC or its affiliates, including the Board of Managers.

Is the Invesco DB US Dollar Index Bearish Fund (UDN) regulated as a mutual fund?

No. The fund is not a mutual fund or other investment company under the Investment Company Act of 1940. It operates as a commodity pool and is not subject to regulation under that Act, though other securities and commodities laws still apply.

Where are shares of Invesco DB US Dollar Index Bearish Fund (UDN) listed?

Shares of the Invesco DB US Dollar Index Bearish Fund are listed on NYSE Arca, Inc. under the symbol “UDN”. Investors can trade these shares on that exchange, subject to the significant risks described in the fund’s prospectus.

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Available on EDGAR 08/12/2026 - 07:10 PM Accepted by SEC EDGAR 08/03/2026 - 05:00 PM Learn about SEC filing dates

Filed Pursuant to Rule 424(b)(3)

Registration Nos. 333-280603

333-280603-01

PROSPECTUS SUPPLEMENT NO. 1

(to Prospectus dated August 26, 2025)

INVESCO DB US DOLLAR INDEX TRUST

INVESCO DB US DOLLAR INDEX BEARISH FUND

This Prospectus Supplement No. 1 (“Supplement No. 1”) supplements and amends the Prospectus dated August 26, 2025 (the “Prospectus”).

On June 4, 2026, Mr. Jordan Krugman gave notice to the Invesco DB US Dollar Index Trust and Invesco DB US Dollar Index Bearish Fund that he is resigning from all positions at Invesco Capital Management LLC (the “Managing Owner”) and its affiliates, including his position as a member of the Board of Managers (the “Board”) of the Managing Owner, effective as of the close of business on August 3, 2026 (the “Effective Date”). On July 31, 2026, the Board appointed Mr. Matthew Casaccia to serve as a member of the Board of the Managing Owner, effective as of the close of business on the Effective Date.

Accordingly, as of the close of business on the Effective Date, all references to Mr. Krugman are deleted and replaced by Mr. Casaccia. In addition, the following biography for Mr. Casaccia replaces Mr. Krugman’s biography on page 60 of the Prospectus:

Matthew Casaccia (43) is Senior Director of Financial Planning and Analysis for Investments (since December 2023) and Global Product (since March 2025) with Invesco Ltd, a global investment management company affiliated with the Managing Owner. In this capacity, Mr. Casaccia is responsible for general management support, in addition to executing on various strategic initiatives and overseeing the financial framework for these business units. He also has served as a member of the Board of Managers of the Managing Owner since August 2026. Prior to these roles, Mr. Casaccia served as Senior Manager, Financial Planning and Analysis for Wealth Management Intermediaries, which is the distribution organization with Invesco Ltd, since May 2019. Overall, he has spent the last 17 years with Invesco Ltd with experience in finance, distribution and the North American transfer agency. Mr. Casaccia holds a BS in Business Administration from Stephen F. Austin State University. Mr. Casaccia’s application as a principal of the Managing Owner is being prepared for submission.

Supplement No. 1 should be read together with the Prospectus.

Shares of the Invesco DB US Dollar Index Bearish Fund are listed on NYSE Arca, Inc. under the symbol “UDN”.

Investing in the Shares involves significant risks. See “RISK FACTORS” starting on page 12 of the Prospectus.

These securities have not been approved or disapproved by the Securities and Exchange Commission or any state securities commission nor has the Securities and Exchange Commission passed upon the adequacy or accuracy of the Prospectus or this Prospectus Supplement No. 1. Any representation to the contrary is a criminal offense.

The Fund is not a mutual fund or any other type of investment company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THESE POOLS NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.

The date of this Prospectus Supplement No. 1 is August 3, 2026.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

P-DBUDN-PRO-1-SUP-1 080326