Invesco DB US Dollar Index Bullish 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

UUP$28.97-0.5%Stored close · as of Nov 9, 2026

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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 $197,964,441 and $293,701,086, respectively)	$198,177,532	$294,000,317
Affiliated investments, at value (cost $119,957,297 and $111,534,057, respectively)	119,957,297	111,534,057
Other investments:
Variation margin receivable - Currency Futures Contracts	1,310,160	467,297
Cash held by custodian	—	1,044,288
Receivable for:
Dividends from affiliates	545,712	894,807
Total assets	$319,990,701	$407,940,766
Liabilities
Payable for:
Fund shares reacquired	$—	$18,959,228
Management fees	194,125	296,348
Brokerage commissions and fees	4,900	4,077
Total liabilities	$199,025	$19,259,653
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	1,127	1,084
Shareholders' equity—Shares	319,790,549	388,680,029
Total shareholders' equity	319,791,676	388,681,113
Total liabilities and equity	$319,990,701	$407,940,766
General Shares outstanding	40	40
Shares outstanding	11,350,000	14,350,000
Net asset value per share	$28.18	$27.09
Market value per share	$28.18	$27.09

Schedule of Investments

September 30, 2024

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations(a)
U.S. Treasury Bills, 4.980% due November 29, 2024(b)	46.55%	$148,849,193		$150,000,000
U.S. Treasury Bills, 4.970% due December 5, 2024(b)	7.75	24,796,339		25,000,000
U.S. Treasury Bills, 4.645% due March 6, 2025	7.67	24,532,000		25,000,000
Total United States Treasury Obligations (cost $197,964,441)	61.97%	$198,177,532
Affiliated Investments			Shares
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.85% (cost $119,957,297)(c)(d)	37.51%	$119,957,297		119,957,297
Total Investments in Securities (cost $317,921,738)	99.48%	$318,134,829

(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$44,641,000 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 September 30, 2024.

Open Currency Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(e)	UnrealizedAppreciation(Depreciation)(e)
Long Futures Contracts
ICE U.S. Dollar Index	3,180	December-2024	$319,666,780	$(1,967,895)	$(1,967,895)

(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	6.37%	$24,765,221		$25,000,000
U.S. Treasury Bills, 5.240% due May 30, 2024(b)	62.98	244,781,638		250,000,000
U.S. Treasury Bills, 5.190% due June 6, 2024	6.29	24,453,458		25,000,000
Total United States Treasury Obligations (cost $293,701,086)	75.64%	$294,000,317
Affiliated Investments			Shares
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 5.29% (cost $111,534,057)(c)(d)	28.70%	$111,534,057		111,534,057
Total Affiliated Investments (cost $111,534,057)	28.70%	$111,534,057
Total Investments in Securities (cost $405,235,143)	104.34%	$405,534,374

(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$68,537,000 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)
Long Futures Contracts
ICE U.S. Dollar Index	3,845	March-2024	$388,456,505	$(4,579,458)	$(4,579,458)

(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	$2,627,441	$4,241,752	$7,944,853	$16,186,941
Dividends from Affiliates	2,009,653	3,005,242	7,219,100	16,277,192
Total Income	4,637,094	7,246,994	15,163,953	32,464,133
Expenses
Management Fees	665,189	1,029,561	2,154,483	5,166,910
Brokerage Commissions and Fees	25,271	31,173	72,028	148,256
Interest Expense	12,203	14,858	29,092	92,081
Total Expenses	702,663	1,075,592	2,255,603	5,407,247
Less: Waivers	(35,247)	(57,217)	(128,585)	(324,141)
Net Expenses	667,416	1,018,375	2,127,018	5,083,106
Net Investment Income (Loss)	3,969,678	6,228,619	13,036,935	27,381,027
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations and Currency Futures Contracts
Net Realized Gain (Loss) from
United States Treasury Obligations	(1)	—	87,803	(51)
Affiliated Investments	—	(120,592)	—	(120,592)
Currency Futures Contracts	(9,975,184)	11,817,365	165,805	(1,523,213)
Net Realized Gain (Loss)	(9,975,185)	11,696,773	253,608	(1,643,856)
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	159,469	(160,819)	(86,140)	(157,632)
Affiliated Investments	—	103,236	—	194,054
Currency Futures Contracts	(5,548,181)	3,957,181	2,611,563	13,263,132
Net Change in Unrealized Gain (Loss)	(5,388,712)	3,899,598	2,525,423	13,299,554
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	(15,363,897)	15,596,371	2,779,031	11,655,698
Net Income (Loss)	$(11,394,219)	$21,824,990	$15,815,966	$39,036,725

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		$1,166		15,200,000		$442,912,779		$442,913,945
Purchases of Shares				7,050,000		198,623,278		198,623,278
Redemption of Shares				(10,900,000)		(310,351,328)		(310,351,328)
Net Increase (Decrease) due to Share Transactions				(3,850,000)		(111,728,050)		(111,728,050)
Net Income (Loss)
Net Investment Income (Loss)		8				3,969,670		3,969,678
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(30)				(9,975,155)		(9,975,185)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(17)				(5,388,695)		(5,388,712)
Net Income (Loss)		(39)				(11,394,180)		(11,394,219)
Net Change in Shareholders' Equity	—		(39)		(3,850,000)		(123,122,230)		(123,122,269)
Balance at September 30, 2024	40		$1,127		11,350,000		$319,790,549		$319,791,676

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2023	40		$1,136		22,400,000		$635,953,669		$635,954,805
Purchases of Shares				7,650,000		220,877,348		220,877,348
Redemption of Shares				(12,200,000)		(348,348,824)		(348,348,824)
Net Increase (Decrease) due to Share Transactions				(4,550,000)		(127,471,476)		(127,471,476)
Net Income (Loss)
Net Investment Income (Loss)		73				6,228,546		6,228,619
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(56)				11,696,829		11,696,773
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		35				3,899,563		3,899,598
Net Income (Loss)		52				21,824,938		21,824,990
Net Change in Shareholders' Equity	—		52		(4,550,000)		(105,646,538)		(105,646,486)
Balance at September 30, 2023	40		$1,188		17,850,000		$530,307,131		$530,308,319

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		$1,084			14,350,000			$388,680,029			$388,681,113
Purchases of Shares					23,300,000			658,026,594			658,026,594
Redemption of Shares					(26,300,000)			(742,731,997)			(742,731,997)
Net Increase (Decrease) due to Share Transactions					(3,000,000)			(84,705,403)			(84,705,403)
Net Income (Loss)
Net Investment Income (Loss)			35					13,036,900			13,036,935
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts			1					253,607			253,608
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts			7					2,525,416			2,525,423
Net Income (Loss)			43					15,815,923			15,815,966
Net Change in Shareholders' Equity		—		43			(3,000,000)			(68,889,480)			(68,889,437)
Balance at September 30, 2024		40		$1,127			11,350,000			$319,790,549			$319,791,676

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2022	40		$1,112		59,100,000		$1,643,465,619		$1,643,466,731
Purchases of Shares				26,450,000		748,735,276		748,735,276
Redemption of Shares				(67,700,000)		(1,900,930,413)		(1,900,930,413)
Net Increase (Decrease) due to Share Transactions				(41,250,000)		(1,152,195,137)		(1,152,195,137)
Net Income (Loss)
Net Investment Income (Loss)		53				27,380,974		27,381,027
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(3)				(1,643,853)		(1,643,856)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		26				13,299,528		13,299,554
Net Income (Loss)		76				39,036,649		39,036,725
Net Change in Shareholders' Equity	—		76		(41,250,000)		(1,113,158,488)		(1,113,158,412)
Balance at September 30, 2023	40		$1,188		17,850,000		$530,307,131		$530,308,319

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)	$15,815,966	$39,036,725
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	(219,174,043)	(924,603,748)
Proceeds from securities sold and matured	322,922,861	1,309,999,950
Cost of affiliated investments purchased	(686,047,529)	(1,056,817,293)
Proceeds from affiliated investments sold	677,624,289	1,806,792,208
Net accretion of discount on United States Treasury Obligations	(7,924,370)	(16,117,664)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	(87,803)	120,643
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	86,140	(36,422)
Change in operating assets and liabilities:
Variation margin - Currency Futures Contracts	(842,863)	(4,461,142)
Dividends from affiliates	349,095	1,884,917
Management fees	(102,223)	(822,797)
Brokerage commissions and fees	823	830
Net cash provided by (used in) operating activities	102,620,343	1,154,976,207
Cash flows from financing activities:
Proceeds from purchases of Shares	658,026,594	748,735,276
Redemption of Shares	(761,691,225)	(1,909,289,101)
Net cash provided by (used in) financing activities	(103,664,631)	(1,160,553,825)
Net change in cash	(1,044,288)	(5,577,618)
Cash at beginning of period	1,044,288	5,577,618
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$29,092	$92,081

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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.