INVESCO DB US DOLLAR INDEX BEARISH 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

UDN$17.88+0.6%Stored close · as of Nov 9, 2026

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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 $14,849,209, respectively)	$—	$14,856,763
Affiliated investments, at value and cost	137,560,960	36,311,736
Deposit with Commodity Broker	10,440,021	—
Receivable for:
Dividends from affiliates	473,387	145,598
Total assets	$148,474,368	$51,314,097
Liabilities
Other investments:
Variation margin payable- Currency Futures Contracts	$—	$176,055
Payable for:
Due to custodian	—	68,385
Management fees	132,299	31,035
Brokerage commissions and fees	4,992	5,001
Total liabilities	$137,291	$280,476
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	756	669
Shareholders' equity—Shares	148,336,321	51,032,952
Total shareholders' equity	148,337,077	51,033,621
Total liabilities and equity	$148,474,368	$51,314,097
General Shares outstanding	40	40
Shares outstanding	7,850,000	3,050,000
Net asset value per share	$18.90	$16.73
Market value per share	$18.92	$16.71

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 $137,560,960)(a)(b)	92.74%	$137,560,960	137,560,960

(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)
Short Futures Contracts
ICE U.S. Dollar Index	1,497	September - 2025	(144,450,021)	$2,364,395	$2,364,395

(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	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

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	$54,320	$390,955	$204,002	$793,683
Dividends from Affiliates	1,283,878	354,744	1,701,501	808,682
Total Income	1,338,198	745,699	1,905,503	1,602,365
Expenses
Management Fees	238,958	106,019	338,335	226,421
Brokerage Commissions and Fees	7,898	2,759	11,110	5,648
Interest Expense	89	1,494	1,410	3,102
Total Expenses	246,945	110,272	350,855	235,171
Less: Waivers	(30,051)	(6,121)	(38,929)	(14,746)
Net Expenses	216,894	104,151	311,926	220,425
Net Investment Income (Loss)	1,121,304	641,548	1,593,577	1,381,940
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	4,027,483	(1,442,051)	5,377,968	(1,735,594)
Net Realized Gain (Loss)	4,027,483	(1,442,051)	5,377,968	(1,735,594)
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	(37)	105	(7,554)	(19,624)
Currency Futures Contracts	2,785,679	540,819	3,294,188	(1,426,317)
Net Change in Unrealized Gain (Loss)	2,785,642	540,924	3,286,634	(1,445,941)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	6,813,125	(901,127)	8,664,602	(3,181,535)
Net Income (Loss)	$7,934,429	$(259,579)	$10,258,179	$(1,799,595)

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		$701		3,950,000		$69,228,060		$69,228,761
Purchases of Shares				3,950,000		72,089,363		72,089,363
Redemption of Shares				(50,000)		(915,476)		(915,476)
Net Increase (Decrease) due to Share Transactions				3,900,000		71,173,887		71,173,887
Net Income (Loss)
Net Investment Income (Loss)		7				1,121,297		1,121,304
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		27				4,027,456		4,027,483
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		21				2,785,621		2,785,642
Net Income (Loss)		55				7,934,374		7,934,429
Net Change in Shareholders' Equity	—		55		3,900,000		79,108,261		79,108,316
Balance at June 30, 2025	40		$756		7,850,000		$148,336,321		$148,337,077

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2024	40		$720		3,450,000		$62,052,517		$62,053,237
Purchases of Shares				100,000		$1,791,680		1,791,680
Redemption of Shares				(600,000)		$(10,785,355)		(10,785,355)
Net Increase (Decrease) due to Share Transactions				(500,000)		(8,993,675)		(8,993,675)
Net Income (Loss)
Net Investment Income (Loss)		8				641,540		641,548
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(17)				(1,442,034)		(1,442,051)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		5				540,919		540,924
Net Income (Loss)		(4)				(259,575)		(259,579)
Net Change in Shareholders' Equity	—		(4)		(500,000)		(9,253,250)		(9,253,254)
Balance at June 30, 2024	40		$716		2,950,000		$52,799,267		$52,799,983

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

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		$669		3,050,000		$51,032,952		$51,033,621
Purchases of Shares				5,150,000		92,958,469		92,958,469
Redemption of Shares				(350,000)		(5,913,192)		(5,913,192)
Net Increase (Decrease) due to Share Transactions				4,800,000		87,045,277		87,045,277
Net Income (Loss)
Net Investment Income (Loss)		13				1,593,564		1,593,577
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		46				5,377,922		5,377,968
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		28				3,286,606		3,286,634
Net Income (Loss)		87				10,258,092		10,258,179
Net Change in Shareholders' Equity	—		87		4,800,000		97,303,369		97,303,456
Balance at June 30, 2025	40		$756		7,850,000		$148,336,321		$148,337,077

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				150,000		2,704,383		2,704,383
Redemption of Shares				(750,000)		(13,513,320)		(13,513,320)
Net Increase (Decrease) due to Share Transactions				(600,000)		(10,808,937)		(10,808,937)
Net Income (Loss)
Net Investment Income (Loss)		16				1,381,924		1,381,940
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(20)				(1,735,574)		(1,735,594)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(17)				(1,445,924)		(1,445,941)
Net Income (Loss)		(21)				(1,799,574)		(1,799,595)
Net Change in Shareholders' Equity	—		(21)		(600,000)		(12,608,511)		(12,608,532)
Balance at June 30, 2024	40		$716		2,950,000		$52,799,267		$52,799,983

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

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)	$10,258,179	$(1,799,595)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	(29,220,433)
Proceeds from securities sold and matured	15,000,000	30,000,000
Cost of affiliated investments purchased	(110,894,945)	(11,283,353)
Proceeds from affiliated investments sold	9,645,721	23,925,796
Net accretion of discount on United States Treasury Obligations	(150,791)	(791,965)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	7,554	19,624
Change in operating assets and liabilities:
Variation margin - Currency Futures Contracts	(176,055)	(86,390)
Deposit with Commodity Broker	(10,440,021)	—
Dividends from affiliates	(327,789)	51,470
Management fees	101,264	(6,215)
Brokerage commissions and fees	(9)	(2)
Net cash provided by (used in) operating activities	(86,976,892)	10,808,937
Cash flows from financing activities:
Proceeds from purchases of Shares	92,958,469	2,704,383
Redemption of Shares	(5,913,192)	(13,513,320)
Increase (decrease) in payable for amount due to custodian	(68,385)	—
Net cash provided by (used in) financing activities	86,976,892	(10,808,937)
Net change in cash	—	—
Cash at beginning of period	—	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$1,410	$3,102

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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.