Invesco DB US Dollar Index Bullish Fund
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout 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
UUP$29.13+0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105201
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001193125-25-270331
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 98 previous paragraphs and 99 current paragraphs.
72 unchanged; 17 reworded; 10 added; 9 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Current report
For the three months ended September 30, 2025, the NYSE Arca market value of each Share increased from $26.88 per Share to $27.51 per Share. The Share price low and high for the three months ended September 30, 2025 and related change from the Share price on June 30, 2025 was as follows: Shares traded at a low of $26.86 per Share (-0.07%) on July 01, 2025 and a high of $27.90 per Share (+3.80%) on July 31, 2025. The total return for the Fund on a market value basis was +2.34%.
Current report
The Fund delivered a gain in the third quarter of 2025 with the U.S. dollar ending higher. Despite the downtrend in the first half of the year, U.S. dollar rebounded, benefitting from positive economic data which brought central bank policy divergence into focus. Trade agreements also provided some relief as gyrating tariffs heavily pressured investor sentiment on the U.S. economy. However, resurging concerns around the Federal Reserve’s credibility, weaker labor market data, the Federal Reserve’s tilt to dovishness, and September’s rate cut all led to the U.S. dollar paring some of these gains. The growth of U.S. dollar debasement trades was also a headwind to Fund performance.
Current report
For the three months ended September 30, 2024, the NYSE Arca market value of each Share decreased from $29.14 per Share to $28.18 per Share. The Share price low and high for the three months ended September 30, 2024 and related change from the Share price on June 30, 2024 was as follows: Shares traded at a low of $27.95 per Share (-4.08%) on August 27, 2024 and a high of $29.14 per Share (0.00%) on July 01, 2024. The total return for the Fund on a market value basis was -3.29%.
Current report
The U.S. dollar was heavily pressured in the third quarter of 2024, leading to losses for the Fund. In addition to the highly anticipated Federal Reserve easing cycle which officially kicked off in September – the central bank announced a larger-than-expected interest rate cut of 0.50% – the Bank of Japan also surprised the market with a rate hike in August. Higher interest rates generally boost a country’s currency and vice versa; in this case, the events boosted the Japanese yen and pressured the U.S. dollar.
Current report
Net income (loss) for the three months ended September 30, 2025 was $4.2 million, primarily resulting from $1.9 million of income, net realized gain (loss) of $(0.9) million, net change in unrealized gain (loss) of $3.5 million and net operating expenses of $0.3 million.
Current report
Net income (loss) for the three months ended September 30, 2024 was $(11.4) million, primarily resulting from $4.6 million of income, net realized gain (loss) of $(10.0) million, net change in unrealized gain (loss) of $(5.4) million and net operating expenses of $0.7 million.
Current report
The Fund experienced losses in the first three quarters of 2025 as the U.S. dollar moved sharply lower. The U.S. dollar downtrend theme has been persistent due to the Federal Reserve’s plans to deliver rate cuts, waning confidence in the U.S. economy due to tariffs and stagflation concerns, softening economic data, and concerns about the Federal Reserve's credibility adding momentum to the U.S. dollar debasement trade. Despite some bounces and a rebound in the third quarter, the U.S. dollar continued its broader downtrend on these structural performance headwinds.
Current report
8.95% decrease in the level of the Index and to a 6.00% decrease in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was -6.53%.
Current report
Net income (loss) for the nine months ended September 30, 2024 was $15.8 million, primarily resulting from $15.2 million of income, net realized gain (loss) of $0.3 million, net change in unrealized gain (loss) of $2.5 million and net operating expenses of $2.1 million.
Removed paragraphs (9)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Previous report
For the three months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $28.55 per Share to $26.88 per Share. The Share price low and high for the three months ended June 30, 2025 and related change from the Share price on March 31, 2025 was as follows: Shares traded at a low of $26.88 per Share (-5.85%) on June 30, 2025 and a high of $28.58 per Share (+0.11%) on April 01, 2025. The total return for the Fund on a market value basis was -5.85%.
Previous report
The U.S. dollar remained under pressure in the second quarter of 2025, extending its first quarter weakness, leading to losses for the Fund. While the initial tariff driven rally in late 2024 was predicated on relative U.S. strength versus trading partners, the narrative has since reversed. The tariffs announced on Liberation Day in April undermined U.S. consumer and business confidence, fueling domestic growth concerns and de-dollarization trades. The 90-day tariff truce with China temporarily eased trade tensions in mid-May but continued uncertainty weighed on gains. Meanwhile, the Federal Reserve maintained its dovish stance, with markets still pricing in 50 basis points of interest rate cuts for the year, further eroding yield support for the greenback. In contrast, the euro found support from resilient economic data and fiscal stimulus tied to defense and infrastructure, while the yen benefited from the Bank of Japan’s continued tightening bias. With global policy divergence widening and confidence in U.S. fiscal discipline faltering, the U.S. dollar’s outlook remained clouded heading into the second half of the year.
Previous report
For the three months ended June 30, 2024, the NYSE Arca market value of each Share increased from $28.36 per Share to $29.14 per Share. The Share price low and high for the three months ended June 30, 2024 and related change from the Share price on March 31, 2024 was as follows: Shares traded at a low of $28.30 per Share (-0.21%) on April 08, 2024 and a high of $29.17 per Share (+2.86%) on June 26, 2024. The total return for the Fund on a market value basis was +2.75%.
Previous report
While not following a smooth path, the U.S. dollar moved higher in the second quarter of 2024, leading to gains for the Fund. The key driver was the Federal Reserve’s more hawkish stance amid persistent U.S. inflation. While the markets had expected for the central bank to start cutting rates imminently, those hopes were repeatedly dashed through the quarter. In comparison, many global economies including Switzerland, Sweden, Canada, and the European Central Bank (ECB) had kicked off their easing (i.e., lowering interest rates) cycles. Higher interest rates generally make a country’s currency more attractive to hold.
Previous report
Net income (loss) for the three months ended June 30, 2025 was $(15.7) million, primarily resulting from $2.8 million of income, net realized gain (loss) of $(12.7) million, net change in unrealized gain (loss) of $(5.3) million and net operating expenses of $0.5 million.
Previous report
Net income (loss) for the three months ended June 30, 2024 was $10.7 million, primarily resulting from $5.6 million of income, net realized gain (loss) of $7.2 million, net change in unrealized gain (loss) of $(1.3) million and net operating expenses of $0.8 million.
Previous report
The U.S. dollar declined sharply in the first half of 2025, resulting in negative performance for the Fund. This marks a sharp reversal from the strong rally that closed out 2024, when President Trump’s tariff policy was expected to disproportionately impact trading partners’ currencies and support the greenback. However, those same policies have since undermined U.S. investor and business confidence, with stagflation and domestic growth concerns becoming top of mind. This, coupled with geopolitical instability in the second quarter, pushed investors further away from the U.S. dollar and towards safe havens like the Swiss franc and Japanese yen. The euro was also buoyed by defense and infrastructure stimulus, and the Japanese yen strengthened on expected Bank of Japan rate hikes, which added pressure to the U.S. dollar. Finally, the Federal Reserve’s dovish stance, maintaining 50 basis points of expected interest rate cuts, also eroded yield support for the U.S. dollar.
Previous report
Net income (loss) for the six months ended June 30, 2025 was $(28.6) million, primarily resulting from $7.3 million of income, net realized gain (loss) of $(24.1) million, net change in unrealized gain (loss) of $(10.7) million and net operating expenses of $1.2 million.
Reworded paragraphs (17)
Previous wording
Net cash flow provided by (used in) operating activities was $192.0 million and $(6.2) million for the six months ended June 30, 2025 and 2024, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations, affiliated investments and net deposits to/from the Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, for margin and/or cash management purposes. While the Fund’s performance reflects the appreciation and depreciation of those holdings, the Fund’s performance, whether positive or negative, is driven primarily by its strategy of trading DX Contracts with the aim of seeking to track the Index.
Current wording
Net cash flow provided by (used in) operating activities was $251.9 million and $102.6 million for the nine months ended September 30, 2025 and 2024, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations, affiliated investments and net deposits to/from the Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, for margin and/or cash management purposes. While the Fund’s performance reflects the appreciation and depreciation of those holdings, the Fund’s performance, whether positive or negative, is driven primarily by its strategy of trading DX Contracts with the aim of seeking to track the Index.
Previous wording
During the six months ended June 30, 2025, there were no purchases of United States Treasury Obligations and $150.0 million was received from sales and maturing United States Treasury Obligations. During the six months ended June 30, 2024, $194.8 million was paid to purchase United States Treasury Obligations and $297.9 million was received from sales and maturing United States Treasury Obligations. $649.3 million was received from sales of affiliated investments and $573.5 million was paid to purchase affiliated investments during the six months ended June 30, 2025. $357.3 million was received from sales of affiliated investments and $489.1 million was paid to purchase affiliated investments during the six months ended June 30, 2024. During the six months ended June 30, 2025, net deposits to/from the Commodity Broker was $4.5 million. There were no net deposits to/from the Commodity Broker during the six months ended June 30, 2024.
Current wording
During the nine months ended September 30, 2025, there were no purchases of United States Treasury Obligations and $150.0 million was received from sales and maturing United States Treasury Obligations. During the nine months ended September 30, 2024, $219.2 million was paid to purchase United States Treasury Obligations and $322.9 million was received from sales and maturing United States Treasury Obligations. $774.1 million was received from sales of affiliated investments and $639.9 million was paid to purchase affiliated investments during the nine months ended September 30, 2025. $677.6 million was received from sales of affiliated investments and $686.0 million was paid to purchase affiliated investments during the nine months ended September 30, 2024. During the nine months ended September 30, 2025, net deposits to/from the Commodity Broker was $7.2 million. There were no net deposits to/from the Commodity Broker during the nine months ended September 30, 2024.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $(192.5) million and $5.1 million during the six months ended June 30, 2025 and 2024, respectively. This included $427.8 million and $456.5 million from Shares purchased by Authorized Participants and $620.3 million and $451.3 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2025 and 2024, respectively. No distributions were paid to Shareholders during the six months ended June 30, 2025 and 2024, respectively.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $(252.5) million and $(103.7) million during the nine months ended September 30, 2025 and 2024, respectively. This included $510.2 million and $658.0 million from Shares purchased by Authorized Participants and $762.7 million and $761.7 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2025 and 2024, respectively. No distributions were paid to Shareholders during the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
COMPARISON OF MARKET, NAV AND DEUTSCHE BANK LONG USD CURRENCY PORTFOLIO INDEX-EXCESS RETURNTM FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Current wording
COMPARISON OF MARKET, NAV AND DEUTSCHE BANK LONG USD CURRENCY PORTFOLIO INDEX-EXCESS RETURNTM FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Previous wording
This Report covers the three and six months ended June 30, 2025 and 2024. Past performance of the Fund is not necessarily indicative of future performance.
Current wording
This Report covers the three and nine months ended September 30, 2025 and 2024. Past performance of the Fund is not necessarily indicative of future performance.
Previous wording
The section “Summary of the Deutsche Bank Long USD Currency Portfolio Index–Total Return TM and Underlying DX Contract Returns for the Three and Six Months Ended June 30, 2025 and 2024” below provides an overview of the changes in the closing levels of the Deutsche Bank Long USD Currency Portfolio Index–Total Return TM(the “Long Index–TRTM”) by disclosing the change in closing levels of the underlying DX Contracts of the Index through a “surrogate” (and analogous) index that also reflects the return of 3-month United States Treasury Bills. Please note also that the Fund’s objective is to track the Index (not the Long Index–TR™) and the Fund does not attempt to outperform or underperform the Index.
Current wording
The section “Summary of the Deutsche Bank Long USD Currency Portfolio Index–Total Return TM and Underlying DX Contract Returns for the Three and Nine Months Ended September 30, 2025 and 2024” below provides an overview of the changes in the closing levels of the Deutsche Bank Long USD Currency Portfolio Index–Total Return TM(the “Long Index–TRTM”) by disclosing the change in closing levels of the underlying DX Contracts of the Index through a “surrogate” (and analogous) index that also reflects the return of 3-month United States Treasury Bills. Please note also that the Fund’s objective is to track the Index (not the Long Index–TR™) and the Fund does not attempt to outperform or underperform the Index.
Previous wording
Summary of the Deutsche Bank Long USD Currency Portfolio Index–TRTM and Underlying DX Contract Returns for the Three and Six Months Ended June 30, 2025 and 2024
Current wording
Summary of the Deutsche Bank Long USD Currency Portfolio Index–TRTM and Underlying DX Contract Returns for the Three and Nine Months Ended September 30, 2025 and 2024
Previous wording
For the three months ended June 30, 2024, the NAV of each Share increased from $28.35 per Share to $29.14 per Share. Rising currency futures contract prices for long DX Contracts during the three months ended June 30, 2024 contributed to a 1.60% increase in the level of the Index and to a 2.98% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +2.79%.
Current wording
For the three months ended September 30, 2025, the NAV of each Share increased from $26.88 per Share to $27.50 per Share. Rising currency futures contract prices for long DX Contracts during the three months ended September 30, 2025, contributed to a 1.40% increase in the level of the Index and to a 2.47% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +2.31%.
Previous wording
For the three months ended June 30, 2025, the NAV of each Share decreased from $28.56 per Share to $26.88 per Share. Falling currency futures contract prices for long DX Contracts during the three months ended June 30, 2025, contributed to a 6.69% decrease in the level of the Index and to a 5.68% decrease in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was -5.88%.
Current wording
For the three months ended September 30, 2024, the NAV of each Share decreased from $29.14 per Share to $28.18 per Share. Falling currency futures contract prices for long DX Contracts during the three months ended September 30, 2024 contributed to a 4.44% decrease in the level of the Index and to a 3.17% decrease in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was -3.29%.
Previous wording
FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2024
Current wording
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2024
Previous wording
For the six months ended June 30, 2025, the NYSE Arca market value of each Share decreased from $29.42 per Share to $26.88 per Share. The Share price low and high for the six months ended June 30, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $26.88 per Share (-8.63%) on June 30, 2025 and a high of $29.85 per Share (+1.46%) on January 13, 2025. The total return for the Fund on a market value basis was -8.63%.
Current wording
For the nine months ended September 30, 2025, the NYSE Arca market value of each Share decreased from $29.42 per Share to $27.51 per Share. The Share price low and high for the nine months ended September 30, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $26.86 per Share (-8.70%) on July 01, 2025 and a high of $29.85 per Share (+1.46%) on January 13, 2025. The total return for the Fund on a market value basis was -6.49%.
Previous wording
For the six months ended June 30, 2024, the NYSE Arca market value of each Share increased from $27.09 per Share to $29.14 per Share. The Share price low and high for the six months ended June 30, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $27.33 per Share (+0.89%) on January 02, 2024 and a high of $29.17 per Share (+7.68%) on June 26, 2024. The total return for the Fund on a market value basis was +7.57%.
Current wording
For the nine months ended September 30, 2024, the NYSE Arca market value of each Share increased from $27.09 per Share to $28.18 per Share. The Share price low and high for the nine months ended September 30, 2024 and related change from the Share price on December 31, 2023 was as follows: Shares traded at a low of $27.33 per Share (+0.89%) on January 02, 2024 and a high of $29.17 per Share (+7.68%) on June 26, 2024. The total return for the Fund on a market value basis was +4.02%.
Previous wording
The U.S. dollar performed positively in the first half of 2024, leading to gains for the Fund. While the dollar had fallen to end 2023 on expectations for imminent rate cuts, the Federal Reserve stuck to its higher-for-longer rhetoric as U.S. inflation proved more persistent than expected, forcing the market to repeatedly delay easing expectations. In comparison, many global economies including Switzerland, Sweden, Canada, and the European Central Bank (ECB) had kicked off their easing (i.e., lowering interest rates) cycles; higher interest rates tend to make holding the currency more attractive. A resilient U.S. economy and heightened geopolitical tensions also provided some support.
Current wording
The U.S. dollar performed positively in the first three quarters of 2024, leading to positive performance for the Fund. While the dollar had fallen to end 2023 on expectations for imminent rate cuts, the Federal Reserve stuck to its higher-for-longer rhetoric through the first two quarters of the year as U.S. inflation proved stickier than expected. This forced the market to repeatedly delay Federal Reserve easing expectations at the same time that many global economies including Switzerland, Sweden, Canada, and the European Central Bank (ECB) kicked off their rate-cutting cycles. However, the greenback moved lower in the third quarter with the Federal Reserve joining the others, announcing its first interest rate cut in September. Furthermore, the Bank of Japan surprised the market with a rate hike in August, sending the Japanese yen higher.
Previous wording
For the six months ended June 30, 2025, the NAV of each Share decreased from $29.42 per Share to $26.88 per Share. Falling currency futures contract prices for long DX Contracts during the six months ended June 30, 2025, contributed to a 10.20% decrease in the level of the Index and to a 8.27% decrease in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was -8.63%.
Current wording
For the nine months ended September 30, 2025, the NAV of each Share decreased from $29.42 per Share to $27.50 per Share. Falling currency futures contract prices for long DX Contracts during the nine months ended September 30, 2025, contributed to a
Previous wording
Net income (loss) for the six months ended June 30, 2024 was $27.2 million, primarily resulting from $10.5 million of income, net realized gain (loss) of $10.2 million, net change in unrealized gain (loss) of $7.9 million and net operating expenses of $1.5 million.
Current wording
Net income (loss) for the nine months ended September 30, 2025 was $(24.5) million, primarily resulting from $9.3 million of income, net realized gain (loss) of $(25.0) million, net change in unrealized gain (loss) of $(7.2) million and net operating expenses of $1.5 million.
Previous wording
For the six months ended June 30, 2024, the NAV of each Share increased from $27.08 per Share to $29.14 per Share. Rising currency futures contract prices for long DX Contracts during the six months ended June 30, 2024 contributed to a 5.22% increase in the level of the Index and to a 8.06% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +7.61%.
Current wording
For the nine months ended September 30, 2024, the NAV of each Share increased from $27.08 per Share to $28.18 per Share. Rising currency futures contract prices for long DX Contracts during the nine months ended September 30, 2024 contributed to a 0.55% increase in the level of the Index and to a 4.64% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +4.06%.
Previous wording
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s financial position and results of operations. These estimates and assumptions affect the Fund’s application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2024.
Current wording
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s financial position and results of operations. These estimates and assumptions affect the Fund’s application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025.