INVESCO DB US DOLLAR INDEX BEARISH FUND

For the period ended Sep 30, 2025. Filed Nov 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.

Sep 30, 2025 · Filed Nov 7, 2025

UDN$17.79-0.5%Stored close · as of Nov 10, 2026

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Contents

Item 1. Financial Statements

Statements of Financial Condition

September 30, 2025 and December 31, 2024

	September 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	147,233,056	36,311,736
Deposit with Commodity Broker	8,448,710	—
Receivable for:
Dividends from affiliates	483,509	145,598
Total assets	$156,165,275	$51,314,097
Liabilities
Other investments:
Variation margin payable- Currency Futures Contracts	$—	$176,055
Payable for:
Due to custodian	—	68,385
Management fees	81,128	31,035
Brokerage commissions and fees	4,962	5,001
Total liabilities	$86,090	$280,476
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	752	669
Shareholders' equity—Shares	156,078,433	51,032,952
Total shareholders' equity	156,079,185	51,033,621
Total liabilities and equity	$156,165,275	$51,314,097
General Shares outstanding	40	40
Shares outstanding	8,300,000	3,050,000
Net asset value per share	$18.80	$16.73
Market value per share	$18.81	$16.71

Schedule of Investments

September 30, 2025

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.05% (cost $147,233,056)(a)(b)	94.33%	$147,233,056	147,233,056
Total Investments in Securities (cost $147,233,056)	94.33%	$147,233,056

(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 September 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	1,611	December - 2025	(156,993,561)	$(257,858)	$(257,858)

(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 06, 2025	9.72%	$4,963,427		$5,000,000
U.S. Treasury Bills, 4.230% due April 03, 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
Money Market Mutual Fund			Shares
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 Nine Months Ended September 30, 2025 and 2024

Three Months Ended · Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Income
Interest Income	$87,355	$395,381	$291,357	$1,189,064
Dividends from Affiliates	1,492,967	329,188	3,194,468	1,137,870
Total Income	1,580,322	724,569	3,485,825	2,326,934
Expenses
Management Fees	282,805	103,918	621,140	330,339
Brokerage Commissions and Fees	8,100	2,800	19,210	8,448
Interest Expense	—	1,167	1,410	4,269
Total Expenses	290,905	107,885	641,760	343,056
Less: Waivers	(35,515)	(5,734)	(74,444)	(20,480)
Net Expenses	255,390	102,151	567,316	322,576
Net Investment Income (Loss)	1,324,932	622,418	2,918,509	2,004,358
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	551,717	1,532,903	5,929,685	(202,691)
Net Realized Gain (Loss)	551,717	1,532,903	5,929,685	(202,691)
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	—	18,728	(7,554)	(896)
Currency Futures Contracts	(2,622,253)	823,753	671,935	(602,564)
Net Change in Unrealized Gain (Loss)	(2,622,253)	842,481	664,381	(603,460)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	(2,070,536)	2,375,384	6,594,066	(806,151)
Net Income (Loss)	$(745,604)	$2,997,802	$9,512,575	$1,198,207

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2025 and 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2025	40		$756		7,850,000		$148,336,321		$148,337,077
Purchases of Shares				800,000		14,998,740		14,998,740
Redemption of Shares				(350,000)		(6,511,028)		(6,511,028)
Net Increase (Decrease) due to Share Transactions				450,000		8,487,712		8,487,712
Net Income (Loss)
Net Investment Income (Loss)		12				1,324,920		1,324,932
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		6				551,711		551,717
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(22)				(2,622,231)		(2,622,253)
Net Income (Loss)		(4)				(745,600)		(745,604)
Net Change in Shareholders' Equity	—		(4)		450,000		7,742,112		7,742,108
Balance at September 30, 2025	40		$752		8,300,000		$156,078,433		$156,079,185

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2024	40		$716		2,950,000		$52,799,267		$52,799,983
Purchases of Shares				550,000		10,313,527		10,313,527
Redemption of Shares				(150,000)		(2,728,666)		(2,728,666)
Net Increase (Decrease) due to Share Transactions				400,000		7,584,861		7,584,861
Net Income (Loss)
Net Investment Income (Loss)		17				622,401		622,418
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		17				1,532,886		1,532,903
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		7				842,474		842,481
Net Income (Loss)		41				2,997,761		2,997,802
Net Change in Shareholders' Equity	—		41		400,000		10,582,622		10,582,663
Balance at September 30, 2024	40		$757		3,350,000		$63,381,889		$63,382,646

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

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 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				5,950,000		107,957,209		107,957,209
Redemption of Shares				(700,000)		(12,424,220)		(12,424,220)
Net Increase (Decrease) due to Share Transactions				5,250,000		95,532,989		95,532,989
Net Income (Loss)
Net Investment Income (Loss)		25				2,918,484		2,918,509
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		52				5,929,633		5,929,685
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		6				664,375		664,381
Net Income (Loss)		83				9,512,492		9,512,575
Net Change in Shareholders' Equity	—		83		5,250,000		105,045,481		105,045,564
Balance at September 30, 2025	40		$752		8,300,000		$156,078,433		$156,079,185

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				700,000		13,017,910		13,017,910
Redemption of Shares				(900,000)		(16,241,986)		(16,241,986)
Net Increase (Decrease) due to Share Transactions				(200,000)		(3,224,076)		(3,224,076)
Net Income (Loss)
Net Investment Income (Loss)		33				2,004,325		2,004,358
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(3)				(202,688)		(202,691)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(10)				(603,450)		(603,460)
Net Income (Loss)		20				1,198,187		1,198,207
Net Change in Shareholders' Equity	—		20		(200,000)		(2,025,889)		(2,025,869)
Balance at September 30, 2024	40		$757		3,350,000		$63,381,889		$63,382,646

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

Statements of Cash Flows

For the Nine Months Ended September 30, 2025 and 2024

	Nine Months Ended
	September 30,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$9,512,575	$1,198,207
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	(34,103,019)
Proceeds from securities sold and matured	15,000,000	35,000,000
Cost of affiliated investments purchased	(127,376,530)	(27,043,421)
Proceeds from affiliated investments sold	16,455,210	29,139,508
Net accretion of discount on United States Treasury Obligations	(150,791)	(1,186,069)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	7,554	896
Change in operating assets and liabilities:
Variation margin - Currency Futures Contracts	(176,055)	184,600
Dividends from affiliates	(337,911)	37,159
Management fees	50,093	(3,786)
Brokerage commissions and fees	(39)	1
Deposit with Commodity Broker	(8,448,710)	—
Net cash provided by (used in) operating activities	(95,464,604)	3,224,076
Cash flows from financing activities:
Proceeds from purchases of Shares	107,957,209	13,017,910
Redemption of Shares	(12,424,220)	(16,241,986)
Increase (decrease) in payable for amount due to custodian	(68,385)	—
Net cash provided by (used in) financing activities	95,464,604	(3,224,076)
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	$4,269

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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.