Invesco DB US Dollar Index Bullish Fund

For the period ended Jun 30, 2025. Filed Aug 7, 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.

Jun 30, 2025 · Filed Aug 7, 2025

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

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

See the whole filing, with its images and exhibits

Contents

Item 1. Financial Statements

Statements of Financial Condition

June 30, 2025 and December 31, 2024

	June 30,	December 31,
	2025	2024
Assets
United States Treasury Obligations, at value (cost $– and $147,551,178, respectively)	$—	$147,708,743
Affiliated investments, at value and cost	203,374,505	279,113,690
Other investments:
Variation margin receivable - Currency Futures Contracts	—	1,439,295
Cash held by Custodian	—	556,912
Deposit with Commodity Broker	4,525,030	—
Receivable for:
Dividends from affiliates	729,942	967,078
Total assets	$208,629,477	$429,785,718
Liabilities
Payable for:
Fund shares reacquired	$6,720,983	$—
Management fees	274,070	236,291
Brokerage commissions and fees	4,268	4,880
Total liabilities	$6,999,321	$241,171
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	1,075	1,177
Shareholders' equity—Shares	201,629,081	429,543,370
Total shareholders' equity	201,630,156	429,544,547
Total liabilities and equity	$208,629,477	$429,785,718
General Shares outstanding	40	40
Shares outstanding	7,500,000	14,600,000
Net asset value per share	$26.88	$29.42
Market value per share	$26.88	$29.42

Schedule of Investments

June 30, 2025

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.26% (cost $203,374,505)(a)(b)	100.87%	$203,374,505	203,374,505

(a)

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.

(b)

The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

Open Currency Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(c)	UnrealizedAppreciation(Depreciation)(c)
Long Futures Contracts
ICE U.S. Dollar Index	2,089	September-2025	$201,573,877	$(3,233,927)	$(3,233,927)

(c)

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

For the Three and Six Months Ended June 30, 2025 and 2024

Three Months Ended · Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
Income
Interest Income	$981,351	$2,642,557	$2,555,287	$5,317,412
Dividends from Affiliates	1,781,823	2,941,478	4,785,718	5,209,447
Total Income	2,763,174	5,584,035	7,341,005	10,526,859
Expenses
Management Fees	480,906	789,611	1,275,209	1,489,294
Brokerage Commissions and Fees	15,871	23,967	42,158	46,757
Interest Expense	640	8,514	11,836	16,889
Total Expenses	497,417	822,092	1,329,203	1,552,940
Less: Waivers	(41,952)	(50,304)	(105,589)	(93,338)
Net Expenses	455,465	771,788	1,223,614	1,459,602
Net Investment Income (Loss)	2,307,709	4,812,247	6,117,391	9,067,257
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	—	—	—	87,804
Currency Futures Contracts	(12,669,194)	7,182,699	(24,070,132)	10,140,989
Net Realized Gain (Loss)	(12,669,194)	7,182,699	(24,070,132)	10,228,793
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	(34,845)	30,428	(157,565)	(245,609)
Currency Futures Contracts	(5,274,992)	(1,360,628)	(10,538,243)	8,159,744
Net Change in Unrealized Gain (Loss)	(5,309,837)	(1,330,200)	(10,695,808)	7,914,135
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	(17,979,031)	5,852,499	(34,765,940)	18,142,928
Net Income (Loss)	$(15,671,322)	$10,664,746	$(28,648,549)	$27,210,185

Statements of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2025 and 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2025	40		$1,141		11,400,000		$325,549,869		$325,551,010
Purchases of Shares				5,850,000		160,088,907		160,088,907
Redemption of Shares				(9,750,000)		(268,338,439)		(268,338,439)
Net Increase (Decrease) due to Share Transactions				(3,900,000)		(108,249,532)		(108,249,532)
Net Income (Loss)
Net Investment Income (Loss)		12				2,307,697		2,307,709
Net Realized Gain (Loss) on United States Treasury Obligations and Currency Futures Contracts		(55)				(12,669,139)		(12,669,194)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations and Currency Futures Contracts		(23)				(5,309,814)		(5,309,837)
Net Income (Loss)		(66)				(15,671,256)		(15,671,322)
Net Change in Shareholders' Equity	—		(66)		(3,900,000)		(123,920,788)		(123,920,854)
Balance at June 30, 2025	40		$1,075		7,500,000		$201,629,081		$201,630,156

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2024	40		$1,134		11,750,000		$333,189,385		$333,190,519
Purchases of Shares				8,250,000		236,972,426		236,972,426
Redemption of Shares				(4,800,000)		(137,913,746)		(137,913,746)
Net Increase (Decrease) due to Share Transactions				3,450,000		99,058,680		99,058,680
Net Income (Loss)
Net Investment Income (Loss)		14				4,812,233		4,812,247
Net Realized Gain (Loss) on United States Treasury Obligations and Currency Futures Contracts		22				7,182,677		7,182,699
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations and Currency Futures Contracts		(4)				(1,330,196)		(1,330,200)
Net Income (Loss)		32				10,664,714		10,664,746
Net Change in Shareholders' Equity	—		32		3,450,000		109,723,394		109,723,426
Balance at June 30, 2024	40		$1,166		15,200,000		$442,912,779		$442,913,945

Statements of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2025 and 2024

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						14,950,000			427,760,526			427,760,526
Redemption of Shares						(22,050,000)		(627,026,368)		(627,026,368)
Net Increase (Decrease) due to Share Transactions						(7,100,000)		(199,265,842)		(199,265,842)
Net Income (Loss)
Net Investment Income (Loss)				22					6,117,369			6,117,391
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(86)				(24,070,046)		(24,070,132)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(38)				(10,695,770)		(10,695,808)
Net Income (Loss)				(102)				(28,648,447)		(28,648,549)
Net Change in Shareholders' Equity		—			(102)		(7,100,000)		(227,914,289)		(227,914,391)
Balance at June 30, 2025		40		$1,075			7,500,000		$201,629,081		$201,630,156

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				16,250,000		459,403,316		459,403,316
Redemption of Shares				(15,400,000)		(432,380,669)		(432,380,669)
Net Increase (Decrease) due to Share Transactions				850,000		27,022,647		27,022,647
Net Income (Loss)
Net Investment Income (Loss)		27				9,067,230		9,067,257
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		31				10,228,762		10,228,793
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		24				7,914,111		7,914,135
Net Income (Loss)		82				27,210,103		27,210,185
Net Change in Shareholders' Equity	—		82		850,000		54,232,750		54,232,832
Balance at June 30, 2024	40		$1,166		15,200,000		$442,912,779		$442,913,945

Statements of Cash Flows

For the Six Months Ended June 30, 2025 and 2024

	Six Months Ended
	June 30,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$(28,648,549)	$27,210,185
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	(194,761,118)
Proceeds from securities sold and matured	150,000,000	297,922,861
Cost of affiliated investments purchased	(573,521,267)	(489,138,943)
Proceeds from affiliated investments sold	649,260,452	357,299,582
Net accretion of discount on United States Treasury Obligations	(2,448,822)	(5,303,094)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	—	(87,804)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	157,565	245,609
Change in operating assets and liabilities:
Variation margin - Currency Futures Contracts	1,439,295	575,809
Deposit with Commodity Broker	(4,525,030)	—
Dividends from affiliates	237,136	(108,901)
Management fees	37,779	(48,694)
Brokerage commissions and fees	(612)	363
Net cash provided by (used in) operating activities	191,987,947	(6,194,145)
Cash flows from financing activities:
Proceeds from purchases of Shares	427,760,526	456,489,754
Redemption of Shares	(620,305,385)	(451,339,897)
Net cash provided by (used in) financing activities	(192,544,859)	5,149,857
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	$11,836	$16,889

ContentsView on SEC.gov

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