INVESCO DB US DOLLAR INDEX BEARISH FUND

For the period ended Mar 31, 2025. Filed May 8, 2025.

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.

Mar 31, 2025 · Filed May 8, 2025

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

March 31, 2025 and December 31, 2024

	March 31,	December 31,
	2025	2024
Assets
United States Treasury Obligations, at value (cost $9,997,608 and $14,849,209, respectively)	$9,997,645	$14,856,763
Affiliated investments, at value and cost	56,503,807	36,311,736
Deposit with Commodity Broker	2,582,928	—
Receivable for:
Dividends from affiliates	186,272	145,598
Total assets	$69,270,652	$51,314,097
Liabilities
Other investments:
Variation margin payable - Currency Futures Contracts	$—	$176,055
Payable for:
Due to custodian	—	68,385
Management fees	36,891	31,035
Brokerage commissions and fees	5,000	5,001
Total liabilities	$41,891	$280,476
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	701	669
Shareholders' equity—Shares	69,228,060	51,032,952
Total shareholders' equity	69,228,761	51,033,621
Total liabilities and equity	$69,270,652	$51,314,097
General Shares outstanding	40	40
Shares outstanding	3,950,000	3,050,000
Net asset value per share	$17.53	$16.73
Market value per share	$17.55	$16.71

Schedule of Investments

March 31, 2025

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations(a)
U.S. Treasury Bills, 4.270% due April 3, 2025(b)	14.44%	$9,997,645		$10,000,000
Total United States Treasury Obligations (cost $9,997,608)	14.44%	$9,997,645
Affiliated Investments			Shares
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class,4.29% (cost $56,503,807)(c)(d)	81.62%	$56,503,807		56,503,807
Total Investments in Securities (cost $66,501,415)	96.06%	$66,501,452

(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 $999,700 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 March 31, 2025.

Open Currency Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(e)	UnrealizedAppreciation(Depreciation)(e)
Short Futures Contracts
ICE U.S. Dollar Index	670	June-2025	$(69,601,610)	$(421,284)	$(421,284)

(e)

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

Schedule of Investments

December 31, 2024

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations(a)
U.S. Treasury Bills, 4.400% due March 6, 2025	9.72%	$4,963,427		$5,000,000
U.S. Treasury Bills, 4.230% due April 3, 2025(b)	19.39	9,893,336		10,000,000
Total United States Treasury Obligations (cost $14,849,209)	29.11%	$14,856,763
Affiliated Investments			Shares
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class,4.43% (cost $36,311,736) (c)(d)	71.15%	$36,311,736		36,311,736
Total Investments in Securities (cost $51,160,945)	100.26%	$51,168,499

(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 $4,946,500 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 December 31,2024.

Open Currency Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(e)	UnrealizedAppreciation(Depreciation)(e)
Short Futures Contracts
ICE U.S. Dollar Index	485	March-2025	$(52,523,560)	$(929,793)	$(929,793)

(e)

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

Statements of Income and Expenses

	Three Months Ended
	March 31,
	2025	2024
Income
Interest Income	$149,682	$402,728
Dividends from Affiliates	417,623	453,938
Total Income	567,305	856,666
Expenses
Management Fees	99,377	120,402
Brokerage Commissions and Fees	3,212	2,889
Interest Expense	1,321	1,608
Total Expenses	103,910	124,899
Less: Waivers	(8,878)	(8,625)
Net Expenses	95,032	116,274
Net Investment Income (Loss)	472,273	740,392
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	1,350,485	(293,543)
Net Realized Gain (Loss)	1,350,485	(293,543)
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	(7,517)	(19,729)
Currency Futures Contracts	508,509	(1,967,136)
Net Change in Unrealized Gain (Loss)	500,992	(1,986,865)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	1,851,477	(2,280,408)
Net Income (Loss)	$2,323,750	$(1,540,016)

Statements of Changes in Shareholders’ Equity

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2024	40		$669			3,050,000		$51,032,952		$51,033,621
Purchases of Shares						1,200,000			20,869,106		20,869,106
Redemption of Shares						(300,000)			(4,997,716)		(4,997,716)
Net Increase (Decrease) due to Share Transactions						900,000			15,871,390		15,871,390
Net Income (Loss)
Net Investment Income (Loss)				6					472,267		472,273
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				19					1,350,466		1,350,485
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				7					500,985		500,992
Net Income (Loss)				32					2,323,718		2,323,750
Net Change in Shareholders' Equity		—			32		900,000			18,195,108		18,195,140
Balance at March 31, 2025	40		$701			3,950,000		$69,228,060		$69,228,761

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						50,000			912,703			912,703
Redemption of Shares						(150,000)		(2,727,965)		(2,727,965)
Net Increase (Decrease) due to Share Transactions						(100,000)		(1,815,262)		(1,815,262)
Net Income (Loss)
Net Investment Income (Loss)				8					740,384			740,392
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(3)				(293,540)		(293,543)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(22)				(1,986,843)		(1,986,865)
Net Income (Loss)				(17)				(1,539,999)		(1,540,016)
Net Change in Shareholders' Equity		—			(17)		(100,000)		(3,355,261)		(3,355,278)
Balance at March 31, 2024		40		$720			3,450,000		$62,052,517		$62,053,237

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

Statements of Cash Flows

	Three Months Ended
	March 31,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$2,323,750	$(1,540,016)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	(4,870,957)
Proceeds from securities sold and matured	5,000,000	5,000,000
Cost of affiliated investments purchased	(28,845,709)	(4,721,142)
Proceeds from affiliated investments sold	8,653,638	8,268,797
Net accretion of discount on United States Treasury Obligations	(148,399)	(401,875)
Net change in unrealized (gain) loss from United States Treasury Obligations and Affiliated Investments	7,517	19,729
Change in operating assets and liabilities:
Variation margin - Currency Futures Contracts	(176,055)	51,328
Deposit with Commodity Broker	(2,582,928)	—
Dividends from affiliates	(40,674)	9,763
Management fees	5,856	(363)
Brokerage commissions and fees	(1)	(2)
Net cash provided by (used in) operating activities	(15,803,005)	1,815,262
Cash flows from financing activities:
Proceeds from purchases of Shares	20,869,106	912,703
Redemption of Shares	(4,997,716)	(2,727,965)
Increase (Decrease) in payable for amount due to custodian	(68,385)	—
Net cash provided by (used in) financing activities	15,803,005	(1,815,262)
Net change in cash	—	—
Cash at beginning of period	—	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$1,321	$1,608

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