INVESCO DB US DOLLAR INDEX BEARISH FUND

For the period ended Jun 30, 2026. Filed Aug 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.

Jun 30, 2026 · Filed Aug 7, 2026

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

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Contents

Item 1. Unaudited Financial Statements

ITEM 1. FINANCIAL STATEMENTS.

Statements of Financial Condition

June 30, 2026 and December 31, 2025

	June 30,	December 31,
	2026	2025
Assets
Affiliated investments, at value and cost	$109,866,542	$131,445,615
Other investments:
Variation margin receivable- Currency Futures Contracts	27,465	—
Deposit with Commodity Broker	2,373,928	6,790,919
Receivable for:
Dividends from affiliates	331,397	421,527
Total assets	$112,599,332	$138,658,061
Liabilities
Payable for:
Fund shares reacquired	$5,358,879	$—
Management fees	62,290	77,617
Total liabilities	$5,421,169	$77,617
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	714	729
Shareholders' equity—Shares	107,177,449	138,579,715
Total shareholders' equity	107,178,163	138,580,444
Total liabilities and equity	$112,599,332	$138,658,061
General Shares outstanding	40	40
Shares outstanding	6,000,000	7,600,000
Net asset value per share	$17.86	$18.23
Market value per share	$17.87	$18.25

Schedule of Investments

June 30, 2026

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 3.57% (cost $109,866,542)(a)(b)	102.51%	$109,866,542	109,866,542
Total Affiliated Investments (cost $109,866,542)	102.51%	$109,866,542

(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, 2026.

Open Currency Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(c)	UnrealizedAppreciation(Depreciation)(c)
Short Futures Contracts
ICE U.S. Dollar Index	1,093	September - 2026	(110,346,001)	$(1,448,647)	$(1,448,647)

(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 Affiliated Investments (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

For the Three and Six Months Ended June 30, 2026 and 2025

Three Months Ended · Six Months Ended
	June 30,		June 30,
	2026	2025	2026	2025
Income
Interest Income	$28,304	$54,320	$87,949	$204,002
Dividends from Affiliates	1,105,600	1,283,878	2,300,069	1,701,501
Total Income	1,133,904	1,338,198	2,388,018	1,905,503
Expenses
Management Fees	238,977	238,958	499,482	338,335
Brokerage Commissions and Fees	6,443	7,898	14,487	11,110
Interest Expense	2,602	89	2,602	1,410
Total Expenses	248,022	246,945	516,571	350,855
Less: Waivers	(30,851)	(30,051)	(63,712)	(38,929)
Net Expenses	217,171	216,894	452,859	311,926
Net Investment Income (Loss)	916,733	1,121,304	1,935,159	1,593,577
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	(976,419)	4,027,483	(2,747,711)	5,377,968
Net Realized Gain (Loss)	(976,419)	4,027,483	(2,747,711)	5,377,968
Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations	—	(37)	—	(7,554)
Currency Futures Contracts	(373,596)	2,785,679	(1,952,244)	3,294,188
Net Change in Unrealized Gain (Loss)	(373,596)	2,785,642	(1,952,244)	3,286,634
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	(1,350,015)	6,813,125	(4,699,955)	8,664,602
Net Income (Loss)	$(433,282)	$7,934,429	$(2,764,796)	$10,258,179

Statements of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2026 and 2025

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2026	40		$720		7,950,000		$143,093,597		$143,094,317
Purchases of Shares				550,000		10,056,362		10,056,362
Redemption of Shares				(2,500,000)		(45,539,234)		(45,539,234)
Net Increase (Decrease) due to Share Transactions				(1,950,000)		(35,482,872)		(35,482,872)
Net Income (Loss)
Net Investment Income (Loss)		7				916,726		916,733
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(8)				(976,411)		(976,419)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(5)				(373,591)		(373,596)
Net Income (Loss)		(6)				(433,276)		(433,282)
Net Change in Shareholders' Equity	—		(6)		(1,950,000)		(35,916,148)		(35,916,154)
Balance at June 30, 2026	40		$714		6,000,000		$107,177,449		$107,178,163

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

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, 2026 and 2025

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						1,850,000			34,072,743			34,072,743
Redemption of Shares						(3,450,000)		(62,710,228)		(62,710,228)
Net Increase (Decrease) due to Share Transactions						(1,600,000)		(28,637,485)		(28,637,485)
Net Income (Loss)
Net Investment Income (Loss)				11					1,935,148			1,935,159
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(15)				(2,747,696)		(2,747,711)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(11)				(1,952,233)		(1,952,244)
Net Income (Loss)				(15)				(2,764,781)		(2,764,796)
Net Change in Shareholders' Equity		—			(15)		(1,600,000)		(31,402,266)		(31,402,281)
Balance at June 30, 2026		40		$714			6,000,000		$107,177,449		$107,178,163

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

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, 2026 and 2025

	2026	2025
Cash flows from operating activities:
Net Income (Loss)	$(2,764,796)	$10,258,179
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Proceeds from securities sold and matured	—	15,000,000
Cost of affiliated investments purchased	(44,556,744)	(110,894,945)
Proceeds from affiliated investments sold	66,135,817	9,645,721
Net accretion of discount on United States Treasury Obligations	—	(150,791)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	—	7,554
Change in operating assets and liabilities:
Variation margin - Currency Futures Contracts	(27,465)	(176,055)
Deposit with Commodity Broker	4,416,991	(10,440,021)
Dividends from affiliates	90,130	(327,789)
Management fees	(15,327)	101,264
Brokerage commissions and fees	—	(9)
Net cash provided by (used in) operating activities	23,278,606	(86,976,892)
Cash flows from financing activities:
Proceeds from purchases of Shares	34,072,743	92,958,469
Redemption of Shares	(57,351,349)	(5,913,192)
Increase (decrease) in payable for amount due to custodian	—	(68,385)
Net cash provided by (used in) financing activities	(23,278,606)	86,976,892
Net change in cash	—	—
Cash at beginning of period	—	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$2,602	$1,410

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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.