INVESCO DB US DOLLAR INDEX BEARISH FUND

For the period ended Mar 31, 2026. Filed May 7, 2026.

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, 2026 · Filed May 7, 2026

UDN$17.77-0.7%Stored close · as of Nov 6, 2026

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Contents

Item 1. Financial Statements

Statements of Financial Condition

March 31, 2026 and December 31, 2025

	March 31,	December 31,
	2026	2025
Assets
Affiliated investments, at value and cost	$138,814,329	$131,445,615
Other investments:
Variation margin receivable- Commodity Futures Contracts	845,856	—
Deposit with Commodity Broker	3,092,074	6,790,919
Receivable for:
Dividends from affiliates	421,655	421,527
Total assets	$143,173,914	$138,658,061
Liabilities
Payable for:
Management fees	$79,597	$77,617
Total liabilities	$79,597	$77,617
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	720	729
Shareholders' equity—Shares	143,093,597	138,579,715
Total shareholders' equity	143,094,317	138,580,444
Total liabilities and equity	$143,173,914	$138,658,061
General Shares outstanding	40	40
Shares outstanding	7,950,000	7,600,000
Net asset value per share	$18.00	$18.23
Market value per share	$18.02	$18.25

Schedule of Investments

March 31, 2026

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 3.58% (cost $138,814,329)(a)(b)	97.01%	$138,814,329	138,814,329
Total Investments in Securities (cost $138,814,329)	97.01%	$138,814,329

(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 March 31, 2026.

Open Currency Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(c)	UnrealizedAppreciation(Depreciation)(c)
Short Futures Contracts
ICE U.S. Dollar Index	1,424	June - 2026	(142,056,816)	$(1,075,051)	$(1,075,051)

(c)

Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

Schedule of Investments

December 31, 2025

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 3.68% (cost $131,445,615)(a)(b)	94.85%	$131,445,615	131,445,615
Total Investments in Securities (cost $131,445,615)	94.85%	$131,445,615

(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 December 31,2025.

Open Currency Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(c)	UnrealizedAppreciation(Depreciation)(c)
Short Futures Contracts
ICE U.S. Dollar Index	1,412	March - 2026	(138,442,364)	$503,597	$503,597

(c)

Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

Statements of Income and Expenses

	Three Months Ended
	March 31,
	2026	2025
Income
Interest Income	$59,645	$149,682
Dividends from Affiliates	1,194,469	417,623
Total Income	1,254,114	567,305
Expenses
Management Fees	260,505	99,377
Brokerage Commissions and Fees	8,044	3,212
Interest Expense	—	1,321
Total Expenses	268,549	103,910
Less: Waivers	(32,861)	(8,878)
Net Expenses	235,688	95,032
Net Investment Income (Loss)	1,018,426	472,273
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts
Net Realized Gain (Loss) on
Currency Futures Contracts	(1,771,292)	1,350,485
Net Realized Gain (Loss)	(1,771,292)	1,350,485
Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations	—	(7,517)
Currency Futures Contracts	(1,578,648)	508,509
Net Change in Unrealized Gain (Loss)	(1,578,648)	500,992
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	(3,349,940)	1,851,477
Net Income (Loss)	$(2,331,514)	$2,323,750

Statements of Changes in Shareholders’ Equity

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2025	40		$729		7,600,000		$138,579,715		$138,580,444
Purchases of Shares				1,300,000		24,016,381		24,016,381
Redemption of Shares				(950,000)		(17,170,994)		(17,170,994)
Net Increase (Decrease) due to Share Transactions				350,000		6,845,387		6,845,387
Net Income (Loss)
Net Investment Income (Loss)		4				1,018,422		1,018,426
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(7)				(1,771,285)		(1,771,292)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(6)				(1,578,642)		(1,578,648)
Net Income (Loss)		(9)				(2,331,505)		(2,331,514)
Net Change in Shareholders' Equity	—		(9)		350,000		4,513,882		4,513,873
Balance at March 31, 2026	40		$720		7,950,000		$143,093,597		$143,094,317

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				1,200,000		20,869,106		20,869,106
Redemption of Shares				(300,000)		(4,997,716)		(4,997,716)
Net Increase (Decrease) due to Share Transactions				900,000		15,871,390		15,871,390
Net Income (Loss)
Net Investment Income (Loss)		6				472,267		472,273
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		19				1,350,466		1,350,485
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		7				500,985		500,992
Net Income (Loss)		32				2,323,718		2,323,750
Net Change in Shareholders' Equity	—		32		900,000		18,195,108		18,195,140
Balance at March 31, 2025	40		$701		3,950,000		$69,228,060		$69,228,761

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

Statements of Cash Flows

	2026	2025
Cash flows from operating activities:
Net Income (Loss)	$(2,331,514)	$2,323,750
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Proceeds from securities sold and matured	—	5,000,000
Cost of affiliated investments purchased	(26,186,027)	(28,845,709)
Proceeds from affiliated investments sold	18,817,313	8,653,638
Net accretion of discount on United States Treasury Obligations	—	(148,399)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	—	7,517
Change in operating assets and liabilities:
Variation margin - Currency Futures Contracts	(845,856)	(176,055)
Deposit with Commodity Broker	3,698,845	(2,582,928)
Dividends from affiliates	(128)	(40,674)
Management fees	1,980	5,856
Brokerage commissions and fees	—	(1)
Net cash provided by (used in) operating activities	(6,845,387)	(15,803,005)
Cash flows from financing activities:
Proceeds from purchases of Shares	24,016,381	20,869,106
Redemption of Shares	(17,170,994)	(4,997,716)
Increase (decrease) in payable for amount due to custodian	—	(68,385)
Net cash provided by (used in) financing activities	6,845,387	15,803,005
Net change in cash	—	—
Cash at beginning of period	—	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$—	$1,321

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