Invesco DB US Dollar Index Bullish Fund

Previous wording

On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more blocks of 50,000 Shares (“Creation Units”). Redemption orders must be placed by 1:00 p.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. As provided below, the redemption order settlement date may occur up to two business days after the redemption order date. Redemption orders are irrevocable. The redemption procedures allow Authorized Participants to redeem Creation Units. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 50,000 and only through an Authorized Participant.

Current wording

On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more blocks of 50,000 Shares (“Creation Units”). Redemption orders must be placed by 1:00 p.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. As provided below, the redemption order settlement date may occur up to one business day after the redemption order date. Redemption orders are irrevocable. The redemption procedures allow Authorized Participants to redeem Creation Units. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 50,000 and only through an Authorized Participant.

Previous wording

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the Fund no later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date. Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to two business days after the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.

Current wording

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the Fund no later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date. Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to one business day after the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.

Previous wording

Net cash flow provided by (used in) operating activities was $(6.2) million and $1,036.0 million for the six months ended June 30, 2024 and 2023, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations which are held at fair value on the Statements of Financial Condition. The Fund may hold United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), for margin and/or cash management purposes. While the Fund’s performance reflects the appreciation and depreciation of those holdings, the Fund’s performance, whether positive or negative, is driven primarily by its strategy of trading DX Contracts with the aim of seeking to track the Index.

Current wording

Net cash flow provided by (used in) operating activities was $102.6 million and $1,155.0 million for the nine months ended September 30, 2024 and 2023, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations which are held at fair value on the Statements of Financial Condition. The Fund may hold United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), for margin and/or cash management purposes. While the Fund’s performance reflects the appreciation and depreciation of those holdings, the Fund’s performance, whether positive or negative, is driven primarily by its strategy of trading DX Contracts with the aim of seeking to track the Index.

Previous wording

During the six months ended June 30, 2024, $194.8 million was paid to purchase United States Treasury Obligations and $297.9 million was received from sales and maturing United States Treasury Obligations. During the six months ended June 30, 2023, $875.6 million was paid to purchase United States Treasury Obligations and $1,240.0 million was received from sales and maturing United States Treasury Obligations. $357.3 million was received from sales of affiliated investments and $489.1 million was paid to purchase affiliated investments during the six months ended June 30, 2024. $1,444.4 million was received from sales of affiliated investments and $776.6 million was paid to purchase affiliated investments during the six months ended June 30, 2023.

Current wording

During the nine months ended September 30, 2024, $219.2 million was paid to purchase United States Treasury Obligations and $322.9 million was received from sales and maturing United States Treasury Obligations. During the nine months ended September 30, 2023, $924.6 million was paid to purchase United States Treasury Obligations and $1,310.0 million was received from sales and maturing United States Treasury Obligations. $677.6 million was received from sales of affiliated investments and $686.0 million was paid to purchase affiliated investments during the nine months ended September 30, 2024. $1,806.8 million was received from sales of affiliated investments and $1,056.8 million was paid to purchase affiliated investments during the nine months ended September 30, 2023.

Previous wording

The Fund’s net cash flow provided by (used in) financing activities was $5.1 million and $(1,041.6) million during the six months ended June 30, 2024 and 2023, respectively. This included $456.5 million and $519.3 million from Shares purchased by Authorized Participants and $451.3 million and $1,560.9 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2024 and 2023, respectively. No distributions were paid to Shareholders during the six months ended June 30, 2024.

Current wording

The Fund’s net cash flow provided by (used in) financing activities was $(103.7) million and $(1,160.6) million during the nine months ended September 30, 2024 and 2023, respectively. This included $658.0 million and $748.7 million from Shares purchased by Authorized Participants and $761.7 million and $1,909.3 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2024 and 2023, respectively. No distributions were paid to Shareholders during the nine months ended September 30, 2024.

Previous wording

COMPARISON OF MARKET, NAV AND DEUTSCHE BANK LONG USD CURRENCY PORTFOLIO INDEX-EXCESS RETURNTM FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023

Current wording

COMPARISON OF MARKET, NAV AND DEUTSCHE BANK LONG USD CURRENCY PORTFOLIO INDEX-EXCESS RETURNTM FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

Previous wording

This Report covers the three and six months ended June 30, 2024 and 2023. Past performance of the Fund is not necessarily indicative of future performance.

Current wording

This Report covers the three and nine months ended September 30, 2024 and 2023. Past performance of the Fund is not necessarily indicative of future performance.

Previous wording

The section “Summary of the Deutsche Bank Long USD Currency Portfolio Index–Total Return TM and Underlying DX Contract Returns for the Three and Six Months Ended June 30, 2024 and 2023” below provides an overview of the changes in the closing levels of the Deutsche Bank Long USD Currency Portfolio Index–Total Return TM(the “Long Index–TRTM”) by disclosing the change in closing levels of the underlying DX Contracts of the Index through a “surrogate” (and analogous) index that also reflects the return of 3-month United States Treasury Bills. Please note also that the Fund’s objective is to track the Index (not the Long Index–TR™) and the Fund does not attempt to outperform or underperform the Index.

Current wording

The section “Summary of the Deutsche Bank Long USD Currency Portfolio Index–Total Return TM and Underlying DX Contract Returns for the Three and Nine Months Ended September 30, 2024 and 2023” below provides an overview of the changes in the closing levels of the Deutsche Bank Long USD Currency Portfolio Index–Total Return TM(the “Long Index–TRTM”) by disclosing the change in closing levels of the underlying DX Contracts of the Index through a “surrogate” (and analogous) index that also reflects the return of 3-month United States Treasury Bills. Please note also that the Fund’s objective is to track the Index (not the Long Index–TR™) and the Fund does not attempt to outperform or underperform the Index.

Previous wording

Summary of the Deutsche Bank Long USD Currency Portfolio Index–TRTM and Underlying DX Contract Returns for the Three and Six Months Ended June 30, 2024 and 2023

Current wording

Summary of the Deutsche Bank Long USD Currency Portfolio Index–TRTM and Underlying DX Contract Returns for the Three and Nine Months Ended September 30, 2024 and 2023

Previous wording

If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income were to exceed the Fund’s fees and expenses, the aggregate return on an investment in the Fund would be expected to outperform the Index and underperform the Long Index–TRTM. The only difference between (i) the Index (the “Excess Return Index”) and (ii) the Long Index-TRTM (the “Total Return Index”) is that the Excess Return Index does not include interest income from a hypothetical Creation Unit of fixed income securities while the Total Return Index does include such a component. Thus, the difference between the Excess Return Index and the Total Return Index is attributable entirely to the interest income attributable to the fixed income securities reflected in the Total Return Index. The Total Return Index does not actually hold any fixed income securities. If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, exceeds the Fund’s fees and expenses, then the amount of such excess is expected to be distributed periodically. The market price of the Shares is expected to closely track the Excess Return Index. The aggregate return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. Consequently, the Fund’s aggregate return is expected to outperform the Excess Return Index by the amount of the excess, if any, of the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income over its fees and expenses. As a result of the Fund’s fees and expenses, however, the aggregate return on the Fund is expected to underperform the Total Return Index. If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.

Current wording

If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income were to exceed the Fund’s fees and expenses, the aggregate return on an investment in the Fund would be expected to outperform the Index and underperform the Long Index–TRTM. The only difference between (i) the Index (the “Excess Return Index”) and (ii) the Long Index-TRTM (the “Total Return Index”) is that the Excess Return Index does not include interest income from a hypothetical Creation Unit of fixed income securities while the Total Return Index does include such a component. Thus, the difference between the Excess Return Index and the Total Return Index is attributable entirely to the interest income attributable to the fixed income securities reflected in the Total Return Index. The Total Return Index does not actually hold any fixed income securities. If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, exceeds the Fund’s fees and expenses, then the amount of such excess is expected to be distributed periodically. The market price of the Shares is expected to closely track the Excess Return Index. The aggregate return on an investment in the

Previous wording

For the three months ended June 30, 2023, the NAV of each Share increased from $27.88 per Share to $28.39 per Share. Rising currency futures contract prices for long DX Contracts during the three months ended June 30, 2023 contributed to a 0.79% increase in the level of the Index and to a 2.09% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +1.83%.

Current wording

For the three months ended September 30, 2023, the NAV of each Share increased from $28.39 per Share to $29.71 per Share. Rising currency futures contract prices for long DX Contracts during the three months ended September 30, 2023 contributed to a 3.49% increase in the level of the Index and to a 4.88% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +4.65%.

Previous wording

FOR THE SIX MONTHS ENDED JUNE 30, 2024 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2023

Current wording

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2023

Previous wording

For the six months ended June 30, 2024, the NYSE Arca market value of each Share increased from $27.09 per Share to $29.14 per Share. The Share price low and high for the six months ended June 30, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $27.33 per Share (+0.89%) on January 2, 2024 and a high of $29.17 per Share (+7.68%) on June 26, 2024. The total return for the Fund on a market value basis was +7.57%.

Current wording

For the nine months ended September 30, 2024, the NYSE Arca market value of each Share increased from $27.09 per Share to $28.18 per Share. The Share price low and high for the nine months ended September 30, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $27.33 per Share (0.89%) on January 2, 2024 and a high of $29.17 per Share (7.68%) on June 26, 2024. The total return for the Fund on a market value basis was +4.02%.

Previous wording

The US dollar performed positively in the first half of 2024, leading to gains for the Fund. While the dollar had fallen to end 2023 on expectations for imminent rate cuts, the Federal Reserve stuck to its higher-for-longer rhetoric as US inflation proved more persistent than expected, forcing the market to repeatedly delay easing expectations. In comparison, many global economies including Switzerland, Sweden, Canada, and the European Central Bank (ECB) had kicked off their easing (i.e., lowering interest rates) cycles; higher interest rates tend to make holding the currency more attractive. A resilient US economy and heightened geopolitical tensions also provided some support.

Current wording

The US dollar performed positively in the first three quarters of 2024, leading to positive performance for the Fund. While the dollar had fallen to end 2023 on expectations for imminent rate cuts, the Federal Reserve stuck to its higher-for-longer rhetoric through the first two quarters of the year as US inflation proved stickier than expected. This forced the market to repeatedly delay Federal Reserve easing expectations at the same time that many global economies including Switzerland, Sweden, Canada, and the European Central Bank (ECB) kicked off their rate-cutting cycles. However, the greenback moved lower in the third quarter with the Federal Reserve joining the others, announcing its first interest rate cut in September. Furthermore, the Bank of Japan surprised the market with a rate hike in August, sending the Japanese yen higher.

Previous wording

For the six months ended June 30, 2023, the NYSE Arca market value of each Share increased from $27.81 per Share to $28.40 per Share. The Share price low and high for the six months ended June 30, 2023 and related change from the Share price on December 31, 2022 was as follows: Shares traded at a low of $27.26 per Share (-1.98%) on February 1, 2023, and a high of $28.63 per Share (+2.95%) on March 8, 2023. The total return for the Fund on a market value basis was +2.12%.

Current wording

For the nine months ended September 30, 2023, the NYSE Arca market value of each Share increased from $27.81 per Share to $29.73 per Share. The Share price low and high for the nine months ended September 30, 2023 and related change from the Share price on December 31, 2022 was as follows: Shares traded at a low of $27.26 per Share (-1.98%) on February 1, 2023, and a high of $29.87 per Share (+7.41%) on September 27, 2023. The total return for the Fund on a market value basis was +6.90%.

Previous wording

The US dollar posted a small gain in the first half of 2023, leading to gains for the Fund. While the U.S. dollar moved lower in the first quarter, prices recovered in the second quarter. To start the year, the US dollar retreated rapidly on anticipation for a dovish pivot in the Federal Reserve’s interest rate hike plans. However, in February, expectations for the Federal Reserve turned more hawkish amid persistent US inflation and a strong US labor market, helping the US dollar reverse all earlier losses. In March, while the dollar initially continued higher, returning speculation for a softer Federal Reserve stance amid the heightened uncertainty sent prices lower to end the quarter. Despite continued talks for a pause in US rate hikes, which actually happened in June, the dollar remained relatively well supported in the second quarter on hawkish Federal Reserve comments (the central bank signaled in May that there could be more rate hikes to come before year end). The US dollar returned to losses in June though, after the Federal Reserve officially paused its tightening cycle.

Current wording

The U.S. dollar posted a small gain in the first three quarters of 2023 leading to gains for the Fund – while it moved lower during the first quarter, prices rebounded during the second and third quarters. To start the year, the U.S. dollar retreated rapidly on anticipation for a dovish pivot in the Federal Reserve’s interest rate hike plans. However, in February, expectations for the Federal Reserve turned more hawkish amid stickier-than-expected US inflation and a strong US labor market. In March, while the dollar initially continued higher on the financial sector turmoil, returning speculation for a softer Federal Reserve stance, amid the heightened uncertainty, sent prices lower to end the quarter. Despite continued talks for a pause in US interest rate hikes, which actually happened in June, the U.S. dollar remained relatively well supported in the second quarter on hawkish Federal Reserve comments. In the third quarter, the U.S. dollar experienced renewed strength amid US economic resilience and the Federal Reserve’s more hawkish, higher-for-longer rhetoric.

Previous wording

For the six months ended June 30, 2024, the NAV of each Share increased from $27.08 per Share to $29.14 per Share. Rising currency futures contract prices for long DX Contracts during the six months ended June 30, 2024 contributed to a 5.22% increase in the level of the Index and to a 8.06% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +7.61%.

Current wording

For the nine months ended September 30, 2024, the NAV of each Share increased from $27.08 per Share to $28.18 per Share. Rising currency futures contract prices for long DX Contracts during the nine months ended September 30, 2024, contributed to a 0.55% increase in the level of the Index and to a 4.64% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was 4.06%.

Previous wording

For the six months ended June 30, 2023, the NAV of each Share increased from $27.81 per Share to $28.39 per Share. Rising currency futures contract prices for long DX Contracts during the six months ended June 30, 2023 contributed to a 0.11% increase in the level of the Index and to a 2.59% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +2.08%.

Current wording

For the nine months ended September 30, 2023, the NAV of each Share increased from $27.81 per Share to $29.71 per Share. Rising currency futures contract prices for long DX Contracts during the nine months ended September 30, 2023, contributed to a 3.59% increase in the level of the Index and to a 7.60% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +6.83%.