Invesco DB US Dollar Index Bullish 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

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

March 31, 2025 and December 31, 2024

	March 31,	December 31,
	2025	2024
Assets
United States Treasury Obligations, at value (cost $124,112,816 and $147,551,178, respectively)	$124,147,661	$147,708,743
Affiliated investments, at value and cost	190,718,083	279,113,690
Other investments:
Variation margin receivable - Currency Futures Contracts	—	1,439,295
Cash held by Custodian	—	556,912
Deposit with Commodity Broker	13,045,188	—
Receivable for:
Dividends from affiliates	695,472	967,078
Total assets	$328,606,404	$429,785,718
Liabilities
Payable for:
Fund shares reacquired	$2,855,701	$—
Management fees	194,727	236,291
Brokerage commissions and fees	4,966	4,880
Total liabilities	$3,055,394	$241,171
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	1,141	1,177
Shareholders' equity—Shares	325,549,869	429,543,370
Total shareholders' equity	325,551,010	429,544,547
Total liabilities and equity	$328,606,404	$429,785,718
General Shares outstanding	40	40
Shares outstanding	11,400,000	14,600,000
Net asset value per share	$28.56	$29.42
Market value per share	$28.55	$29.42

Schedule of Investments

March 31, 2025

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations(a)
U.S. Treasury Bills, 4.195% due May 29, 2025	38.14%	$124,147,661		$125,000,000
Total United States Treasury Obligations (cost $124,112,816)	38.14%	$124,147,661
Affiliated Investments			Shares
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.29% (cost $190,718,083)(b)(c)	58.58%	190,718,083		190,718,083
Total Investments in Securities (cost $314,830,899)	96.72%	$314,865,744

(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)

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.

(c)

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(d)	UnrealizedAppreciation(Depreciation)(d)
Long Futures Contracts
ICE U.S. Dollar Index	3,133	June-2025	$325,465,439	$2,041,065	$2,041,065

(d)

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	5.78%	$24,817,135		$25,000,000
U.S. Treasury Bills, 4.340% due May 29, 2025(b)	28.61	122,891,608		125,000,000
Total United States Treasury Obligations (cost $147,551,178)	34.39%	$147,708,743
Affiliated Investments			Shares
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.43% (cost $279,113,690)(c)(d)	64.98%	$279,113,690		279,113,690
Total Investments in Securities (cost $426,664,868)	99.37%	$426,822,433

(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$19,660,000 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, 2024.

Open Currency Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(e)	UnrealizedAppreciation(Depreciation)(e)
Long Futures Contracts
ICE U.S. Dollar Index	3,965	March-2025	$429,393,640	$7,304,316	$7,304,316

(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	$1,573,936	$2,674,855
Dividends from Affiliates	3,003,895	2,267,969
Total Income	4,577,831	4,942,824
Expenses
Management Fees	794,303	699,683
Brokerage Commissions and Fees	26,287	22,790
Interest Expense	11,196	8,375
Total Expenses	831,786	730,848
Less: Waivers	(63,637)	(43,034)
Net Expenses	768,149	687,814
Net Investment Income (Loss)	3,809,682	4,255,010
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	—	87,803
Currency Futures Contracts	(11,400,938)	2,958,291
Net Realized Gain (Loss)	(11,400,938)	3,046,094
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	(122,720)	(276,037)
Currency Futures Contracts	(5,263,251)	9,520,372
Net Change in Unrealized Gain (Loss)	(5,385,971)	9,244,335
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	(16,786,909)	12,290,429
Net Income (Loss)	$(12,977,227)	$16,545,439

Statements of Changes in Shareholders’ Equity

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2024	40		$1,177			14,600,000		$429,543,370		$429,544,547
Purchases of Shares						9,100,000			267,671,619			267,671,619
Redemption of Shares						(12,300,000)		(358,687,929)		(358,687,929)
Net Increase (Decrease) due to Share Transactions						(3,200,000)		(91,016,310)		(91,016,310)
Net Income (Loss)
Net Investment Income (Loss)				10					3,809,672			3,809,682
Net Realized Gain (Loss) on United States Treasury Obligations and Currency Futures Contracts				(31)				(11,400,907)		(11,400,938)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations and Currency Futures Contracts				(15)				(5,385,956)		(5,385,971)
Net Income (Loss)				(36)				(12,977,191)		(12,977,227)
Net Change in Shareholders' Equity		—			(36)		(3,200,000)		(103,993,501)		(103,993,537)
Balance at March 31, 2025		40		$1,141			11,400,000		$325,549,869		$325,551,010

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				8,000,000		222,430,890		222,430,890
Redemption of Shares				(10,600,000)		(294,466,923)		(294,466,923)
Net Increase (Decrease) due to Share Transactions				(2,600,000)		(72,036,033)		(72,036,033)
Net Income (Loss)
Net Investment Income (Loss)		13				4,254,997		4,255,010
Net Realized Gain (Loss) on United States Treasury Obligations and Currency Futures Contracts		9				3,046,085		3,046,094
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations and Currency Futures Contracts		28				9,244,307		9,244,335
Net Income (Loss)		50				16,545,389		16,545,439
Net Change in Shareholders' Equity	—		50		(2,600,000)		(55,490,644)		(55,490,594)
Balance at March 31, 2024	40		$1,134		11,750,000		$333,189,385		$333,190,519

Statements of Cash Flows

	Three Months Ended
	March 31,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$(12,977,227)	$16,545,439
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	(24,354,779)
Proceeds from securities sold and matured	25,000,000	122,922,861
Cost of affiliated investments purchased	(297,081,374)	(230,844,037)
Proceeds from affiliated investments sold	385,476,981	208,212,022
Net accretion of discount on United States Treasury Obligations	(1,561,638)	(2,667,056)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	—	(87,803)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	122,720	276,037
Change in operating assets and liabilities:
Variation margin - Currency Futures Contracts	1,439,295	(187,268)
Deposit with Commodity Broker	(13,045,188)	—
Dividends from affiliates	271,606	219,985
Management fees	(41,564)	(85,338)
Brokerage commissions and fees	86	910
Net cash provided by (used in) operating activities	87,603,697	89,950,973
Cash flows from financing activities:
Proceeds from purchases of Shares	267,671,619	222,430,890
Redemption of Shares	(355,832,228)	(313,426,151)
Net cash provided by (used in) financing activities	(88,160,609)	(90,995,261)
Net change in cash	(556,912)	(1,044,288)
Cash at beginning of period	556,912	1,044,288
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$11,196	$8,375

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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.