INVESCO DB US DOLLAR INDEX BEARISH FUND

For the period ended Sep 30, 2024. Filed Nov 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 7, 2024

UDN$17.88+0.6%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements

Statements of Financial Condition

September 30, 2024 and December 31, 2023

September 30, · December 31,
2024 · 2023
Assets
United States Treasury Obligations, at value (cost $39,571,272 and $29,495,276, respectively)		$39,593,082		$29,517,982
Affiliated investments, at value and cost		33,750,086		35,846,173
Receivable for:
Dividends from affiliates		123,646		160,805
Total assets		$73,466,814		$65,524,960
Liabilities
Other investments:
Variation margin payable - Currency Futures Contracts		$257,912		$73,312
Payable for:
Investments Purchased		9,786,908
Management fees		34,346		38,132
Brokerage commissions and fees		5,002		5,001
Total liabilities		$10,084,168		$116,445
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares		757		737
Shareholders' equity—Shares		63,381,889		65,407,778
Total shareholders' equity		63,382,646		65,408,515
Total liabilities and equity		$73,466,814		$65,524,960
General Shares outstanding	40		40
Shares outstanding		3,350,000		3,550,000
Net asset value per share		$18.92		$18.42
Market value per share		$18.93		$18.43

Schedule of Investments

September 30, 2024

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations(a)
U.S. Treasury Bills, 5.185% due October 3, 2024	15.77%	$9,997,394		$10,000,000
U.S. Treasury Bills, 4.750% due November 14, 2024(b)	15.69	9,943,301		10,000,000
U.S. Treasury Bills, 4.970% due December 5, 2024	7.82	4,959,268		5,000,000
U.S. Treasury Bills, 4.645% due March 6, 2025	7.74	4,906,400		5,000,000
U.S. Treasury Bills, 4.215% due April 3, 2025	15.44	9,786,719		10,000,000
Total United States Treasury Obligations (cost $39,571,272)	62.46%	$39,593,082
Affiliated Investments			Shares
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class,4.85% (cost $33,750,086) (c)(d)	53.25%	$33,750,086		33,750,086
Total Investments in Securities (cost $73,321,358)	115.71%	$73,343,168

(a)

Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

(b)

United States Treasury Obligations of $4,971,500 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. See Note 8.

(d)

The rate shown is the 7-day SEC standardized yield as of September 30, 2024.

Open Currency Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(e)	UnrealizedAppreciation(Depreciation)(e)
Short Futures Contracts
ICE U.S. Dollar Index	626	December-2024	$(62,926,146)	$380,315	$380,315

(e)

Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

Schedule of Investments

December 31, 2023

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations(a)
U.S. Treasury Bills, 5.250% due March 7, 2024	7.57%	$4,953,044		$5,000,000
U.S. Treasury Bills, 5.245% due April 4, 2024	15.08	9,865,796		10,000,000
U.S. Treasury Bills, 5.270% due May 16, 2024(b)	15.00	9,808,450		10,000,000
U.S. Treasury Bills, 5.190% due June 6, 2024	7.48	4,890,692		5,000,000
Total United States Treasury Obligations (cost $29,495,276)	45.13%	$29,517,982
Affiliated Investments			Shares
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.22% (cost $35,846,173) (c)(d)	54.80%	$35,846,173		35,846,173
Total Investments in Securities (cost $65,341,449)	99.93%	$65,364,155

(a)

Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

(b)

United States Treasury Obligations of $4,904,000 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. See Note 8.

(d)

The rate shown is the 7-day SEC standardized yield as of December 31,2023.

Open Currency Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(e)	UnrealizedAppreciation(Depreciation)(e)
Short Futures Contracts
ICE U.S. Dollar Index	632	March-2024	$(63,850,328)	$982,879	$982,879

(e)

Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

Statements of Income and Expenses

For the Three and Nine Months Ended September 30, 2024 and 2023

Three Months Ended · Nine Months Ended
	September 30,		September 30,
	2024	2023	2024	2023
Income
Interest Income	$395,381	$475,171	$1,189,064	$1,489,615
Dividends from Affiliates	329,188	476,170	1,137,870	1,488,559
Total Income	724,569	951,341	2,326,934	2,978,174
Expenses
Management Fees	103,918	136,609	330,339	462,545
Brokerage Commissions and Fees	2,800	3,522	8,448	12,030
Interest Expense	1,167	1,880	4,269	6,333
Total Expenses	107,885	142,011	343,056	480,908
Less: Waivers	(5,734)	(9,221)	(20,480)	(29,423)
Net Expenses	102,151	132,790	322,576	451,485
Net Investment Income (Loss)	622,418	818,551	2,004,358	2,526,689
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts
Net Realized Gain (Loss) from
Currency Futures Contracts	1,532,903	(2,081,894)	(202,691)	(2,404,060)
Net Realized Gain (Loss)	1,532,903	(2,081,894)	(202,691)	(2,404,060)
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	18,728	(4,305)	(896)	(7,833)
Currency Futures Contracts	823,753	(511,682)	(602,564)	(1,175,815)
Net Change in Unrealized Gain (Loss)	842,481	(515,987)	(603,460)	(1,183,648)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	2,375,384	(2,597,881)	(806,151)	(3,587,708)
Net Income (Loss)	$2,997,802	$(1,779,330)	$1,198,207	$(1,061,019)

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2024 and 2023

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2024	40		$716		2,950,000		$52,799,267		$52,799,983
Purchases of Shares				550,000		10,313,527		10,313,527
Redemption of Shares				(150,000)		(2,728,666)		(2,728,666)
Net Increase (Decrease) due to Share Transactions				400,000		7,584,861		7,584,861
Net Income (Loss)
Net Investment Income (Loss)		17				622,401		622,418
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		17				1,532,886		1,532,903
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		7				842,474		842,481
Net Income (Loss)		41				2,997,761		2,997,802
Net Change in Shareholders' Equity	—		41		400,000		10,582,622		10,582,663
Balance at September 30, 2024	40		$757		3,350,000		$63,381,889		$63,382,646

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2023	40		$753		3,800,000		$71,548,988		$71,549,741
Purchases of Shares				400,000		7,597,367		7,597,367
Redemption of Shares				(750,000)		(13,952,247)		(13,952,247)
Net Increase (Decrease) due to Share Transactions				(350,000)		(6,354,880)		(6,354,880)
Net Income (Loss)
Net Investment Income (Loss)		(19)				818,570		818,551
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(5)				(2,081,889)		(2,081,894)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		6				(515,993)		(515,987)
Net Income (Loss)		(18)				(1,779,312)		(1,779,330)
Net Change in Shareholders' Equity	—		(18)		(350,000)		(8,134,192)		(8,134,210)
Balance at September 30, 2023	40		$735		3,450,000		$63,414,796		$63,415,531

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2024 and 2023

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2023	40		$737			3,550,000		$65,407,778		$65,408,515
Purchases of Shares						700,000			13,017,910		13,017,910
Redemption of Shares						(900,000)			(16,241,986)		(16,241,986)
Net Increase (Decrease) due to Share Transactions						(200,000)			(3,224,076)		(3,224,076)
Net Income (Loss)
Net Investment Income (Loss)				33					2,004,325		2,004,358
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(3)					(202,688)		(202,691)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(10)					(603,450)		(603,460)
Net Income (Loss)				20					1,198,187		1,198,207
Net Change in Shareholders' Equity		—			20		(200,000)			(2,025,889)		(2,025,869)
Balance at September 30, 2024	40		$757			3,350,000		$63,381,889		$63,382,646

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2022	40		$740			5,400,000		$99,877,000		$99,877,740
Purchases of Shares						2,300,000			43,377,503			43,377,503
Redemption of Shares						(4,250,000)		(78,778,693)		(78,778,693)
Net Increase (Decrease) due to Share Transactions						(1,950,000)		(35,401,190)		(35,401,190)
Net Income (Loss)
Net Investment Income (Loss)				12					2,526,677			2,526,689
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(11)				(2,404,049)		(2,404,060)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(6)				(1,183,642)		(1,183,648)
Net Income (Loss)				(5)				(1,061,014)		(1,061,019)
Net Change in Shareholders' Equity		—			(5)		(1,950,000)		(36,462,204)		(36,462,209)
Balance at September 30, 2023		40		$735			3,450,000		$63,414,796		$63,415,531

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements

Statements of Cash Flows

For the Nine Months Ended September 30, 2024 and 2023

	Nine Months Ended
	September 30,
	2024	2023
Cash flows from operating activities:
Net Income (Loss)	$1,198,207	$(1,061,019)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	(34,103,019)	(105,488,236)
Proceeds from securities sold and matured	35,000,000	103,000,000
Cost of affiliated investments purchased	(27,043,421)	(84,203,117)
Proceeds from affiliated investments sold	29,139,508	123,815,423
Net accretion of discount on United States Treasury Obligations	(1,186,069)	(1,484,444)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	896	7,833
Change in operating assets and liabilities:
Variation margin - Currency Futures Contracts	184,600	228,337
Dividends from affiliates	37,159	38,326
Management fees	(3,786)	(16,177)
Brokerage commissions and fees	1	(148)
Net cash provided by (used in) operating activities	3,224,076	34,836,778
Cash flows from financing activities:
Proceeds from purchases of Shares	13,017,910	43,377,503
Redemption of Shares	(16,241,986)	(78,778,693)
Net cash provided by (used in) financing activities	(3,224,076)	(35,401,190)
Net change in cash	—	(564,412)
Cash at beginning of period	—	564,412
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$4,269	$6,333

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.