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Invesco DB US Dollar Index Bullish Fund (UUP) is a commodity pool ETF that continuously issues common units of beneficial interest to track the Deutsche Bank Long USD Currency Portfolio Index – Excess Return. The Fund holds long ICE U.S. Dollar Index futures (“DX Contracts”) plus U.S. Treasury securities, money market funds and T‑Bill ETFs for margin and cash management.
Shares trade on NYSE Arca under ticker UUP and are created and redeemed only by Authorized Participants in 50,000‑Share Creation Units at NAV; other investors trade on the exchange and may pay brokerage commissions. Shares can trade at a premium or discount to NAV, and are not redeemable individually.
The Fund charges a 0.75% per annum Management Fee, with brokerage estimated at about 0.00% of NAV. For breakeven analysis using a May 31, 2026 NAV of $27.69, annual fees of $0.2083 per Share are offset by expected 3.55% Money Market Income and 0.00% Treasury Income, implying a 0% breakeven for the first 12 months. The Fund is a Delaware statutory trust, treated as a partnership for U.S. tax purposes, not regulated under the Investment Company Act of 1940.
Key risks include high futures volatility (Index average annual volatility 8.04%), potential loss of all or substantially all invested capital, tracking error versus the Index, liquidity and market disruption risks, possible exchange and regulatory limits on DX positions, and partnership tax reporting where investors are taxed on their allocable share of income whether or not distributions are paid.
Invesco DB US Dollar Index Bullish Fund seeks to track the Deutsche Bank Long USD Currency Portfolio Index–Excess by holding long ICE U.S. Dollar Index futures and investing collateral primarily in an affiliated Invesco Government & Agency money market fund.
For the six months ended June 30, 2026, the Fund generated net income of $12.96 million, compared with a $28.65 million loss a year earlier, driven by a $7.98 million net realized and unrealized gain on currency futures and $4.98 million of net investment income. Net asset value per share rose to $28.41 from $27.07 at December 31, 2025, producing a 4.95% total return at NAV (5.07% at market), versus an 8.63% decline in the prior-year period.
Total shareholders’ equity increased to $446.1 million on 15.7 million shares outstanding after net creations of 7.2 million shares and $203.0 million in capital inflows. At quarter‑end, the Fund held 4,418 ICE U.S. Dollar Index futures contracts with notional value of $446.0 million and unrealized appreciation of $5.24 million; 97.88% of equity was invested in the affiliated money market fund. The annualized expense ratio after waivers was 0.69%, with the managing owner waiving $166,400 of indirect fees year‑to‑date.
Invesco DB US Dollar Index Trust and the Invesco DB US Dollar Index Bullish Fund report a governance change at their Managing Owner, Invesco Capital Management LLC. Jordan Krugman has resigned from all positions, effective as of the close of business on August 3, 2026. The Board has appointed Matthew Casaccia to the Board of Managers, effective at the same time, and all references to Mr. Krugman are replaced by Mr. Casaccia in the prospectus.
The supplement provides Mr. Casaccia’s biography, noting his role as Senior Director of Financial Planning and Analysis for Investments and Global Product at Invesco Ltd and 17 years of experience with the firm. It reiterates that shares of the Invesco DB US Dollar Index Bullish Fund trade on NYSE Arca under the symbol UUP and that the fund is not an investment company under the Investment Company Act of 1940. Regulatory notices state that neither the SEC nor the Commodity Futures Trading Commission has approved or disapproved these securities or the disclosure document.
Invesco DB US Dollar Index Trust and its series, the Invesco DB US Dollar Index Bullish Fund and Invesco DB US Dollar Index Bearish Fund, report a governance change at their managing owner, Invesco Capital Management LLC. On July 31, 2026, the Board of Managers appointed Matthew Casaccia to serve on the Board of Managers of the Managing Owner, effective as of the close of business on August 3, 2026.
Casaccia will also serve on the Audit Committee and will replace Jordan Krugman, who had previously given notice of his resignation effective on the same date. The disclosure states there are no arrangements or understandings with any other person regarding Casaccia’s appointment and no reportable related-party transactions. Casaccia, age 43, is Senior Director of Financial Planning and Analysis for Investments and Global Product at Invesco Ltd. and has spent 17 years with the firm. His application as a principal of the Managing Owner is being prepared.
Invesco DB US Dollar Index Trust reports that Mr. Jordan Krugman has submitted his resignation from all positions at Invesco Capital Management LLC, the Managing Owner, and its affiliates, including his role on the Managing Owner’s Board of Managers. The resignation will be effective as of the close of business on August 3, 2026. The Managing Owner, which oversees the Invesco DB US Dollar Index Bullish Fund and Bearish Fund, is currently considering Mr. Krugman’s replacement.
Invesco DB US Dollar Index Bullish Fund reports higher net asset value and assets for the quarter ended March 31, 2026. Net assets rose to $572.8 million from $230.1 million, driven mainly by net creations of 12.1 million Shares.
NAV per Share increased from $27.07 to $27.81, while market price moved from $27.04 to $27.79, producing total returns of 2.73% at NAV and 2.77% at market value. The Fund earned net income of $8.7 million, combining $2.6 million of interest and dividend income with $6.6 million of realized and unrealized gains on currency futures, partially offset by $0.5 million of net expenses.
The portfolio held $562.7 million in an affiliated Invesco Government & Agency money market fund and a long position in 5,739 ICE U.S. Dollar Index futures with notional value of $572.5 million and unrealized appreciation of $3.0 million. The Fund continued to track the Deutsche Bank Long USD Currency Portfolio Index–Excess, with the related total return index up 2.92% over the quarter.
Invesco DB US Dollar Index Bullish Fund filed its annual report describing how it seeks to track the Deutsche Bank Long USD Currency Portfolio Index–Excess by holding long DX futures contracts on the ICE U.S. Dollar Index. The fund primarily reflects moves in the U.S. dollar versus six major currencies, with collateral invested in U.S. Treasury bills, money market funds and T‑Bill ETFs.
The managing owner, Invesco Capital Management LLC, charges a 0.75% annual management fee and may use alternative futures or OTC derivatives if DX futures markets become impracticable or inefficient. The report emphasizes significant risks including high futures volatility, leverage and margin requirements, potential market disruptions, regulatory changes, and complex tax treatment where investors are taxed on allocated income whether or not they receive cash distributions.
As of the last completed second fiscal quarter, market value of non‑affiliate equity was $201,600,000, and 7,600,040 common units were outstanding as of January 31, 2026.
Invesco DB US Dollar Index Bullish Fund (UUP) filed its quarterly report for the period ended September 30, 2025. Shares outstanding were 5,600,000, and net asset value per share was $27.50, with market value at $27.51. Total assets were $154.1 million, down from $429.8 million at December 31, 2024, reflecting significant net redemptions during the period.
For Q3 2025, the fund recorded net income of $4.19 million, driven by $1.63 million of net investment income and a $2.56 million net gain on derivatives and related investments. For the nine months, the fund reported a net loss of $24.46 million, largely due to realized and unrealized losses of $32.21 million on currency futures. At quarter‑end, holdings consisted primarily of affiliated money market funds valued at $144.96 million and long ICE U.S. Dollar Index futures (1,580 December 2025 contracts) with $153.97 million notional and $261,850 unrealized appreciation. Year‑to‑date total return at NAV was (6.53)%, with a Q3 total return of 2.31%. Cash provided by operating activities was $251.9 million; financing activities used $252.5 million as creations of $510.2 million were outpaced by redemptions of $762.7 million.