Invesco DB US Dollar Index Bullish Fund
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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.
Jun 30, 2026 · Filed Aug 7, 2026
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 2026-03-31; filed 2026-05-07.
0001193125-26-209729
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-338699
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 91 previous paragraphs and 100 current paragraphs.
73 unchanged; 13 reworded; 14 added; 5 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 (14)
Current report
For the three months ended June 30, 2026, the NYSE Arca market value of each Share increased from $27.79 per Share to $28.41 per Share. The Share price low and high for the three months ended June 30, 2026 and related change from the Share price on March 31, 2026 was as follows: Shares traded at a low of $27.30 per Share (-1.76%) on April 15, 2026 and a high of $28.53 per Share (+2.66%) on June 24, 2026. The total return for the Fund on a market value basis was +2.23%.
Current report
The U.S. dollar strengthened during the second quarter of 2026 leading to gains for the Fund, as rising inflation concerns tied to higher energy prices led markets to scale back expectations for Federal Reserve rate cuts. As the U.S.-Iran conflict raised concerns that energy-driven inflation could become more persistent, some market participants even began discussing the possibility of rate hikes, supporting U.S. yields and the dollar. The shift in policy expectations pressured several major currencies, including the euro, which faced headwinds from soft economic growth and a more accommodative European Central Bank, and the Japanese yen, which remained weighed down by the Bank of Japan's gradual approach to policy normalization. Sterling also weakened against the dollar as investors favored U.S. assets amid elevated global uncertainty. Overall, widening interest rate differentials and continued demand for dollar liquidity supported gains in the U.S. dollar during the quarter.
Current 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%.
Current 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.
Current report
Net income (loss) for the three months ended June 30, 2026 was $4.2 million, primarily resulting from $3.6 million of income, net realized gain (loss) of $(0.9) million, net change in unrealized gain (loss) of $2.2 million and net operating expenses of $0.7 million.
Current report
FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025
Current report
Fund Share Price Performance
Current report
The U.S. dollar strengthened in the first half of 2026, supported by its role as a global safe-haven asset amid heightened geopolitical uncertainty and shifting monetary policy expectations. This led to gains for the Fund. Escalating tensions between the United States and Iran, the closure of the Strait of Hormuz, and broader market volatility increased demand for dollar-denominated assets during the first half of the year. Rising energy prices also fueled inflation concerns, prompting markets to scale back expectations for Federal Reserve rate cuts, with some investors even discussing the possibility of rate hikes. The resulting increase in U.S. yields supported the dollar against most major currencies, particularly the euro and Japanese yen. The euro faced headwinds from weak economic growth and a relatively accommodative European Central Bank, while the yen remained pressured by the Bank of Japan's gradual approach to policy normalization. Despite periods of volatility tied to ceasefire negotiations and changing geopolitical developments, safe-haven demand and widening interest rate differentials helped support the U.S. dollar during the first half of 2026.
Current 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.
Current report
Fund Share Net Asset Performance
Current report
For the six months ended June 30, 2026, the NAV of each Share increased from $27.07 per Share to $28.41 per Share. Rising currency futures contract prices for long DX Contracts during the six months ended June 30, 2026, contributed to a 3.49% increase in the level of the Index and to a 5.39% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +4.95%.
Current report
Net income (loss) for the six months ended June 30, 2026 was $13.0 million, primarily resulting from $6.2 million of income, net realized gain (loss) of $2.0 million, net change in unrealized gain (loss) of $6.0 million and net operating expenses of $1.2 million.
Current report
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 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.
Removed paragraphs (5)
Previous report
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
Previous report
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
Previous report
The U.S. dollar strengthened modestly in the first quarter of 2026, resulting in positive performance for the Fund. Heightened geopolitical uncertainty stemming from escalating tensions between Iran and the United States, including the effective closure of the Strait of Hormuz, raised concerns around energy supply disruptions and renewed inflationary pressures. These risks contributed to fears of energy shocks, food price inflation, and broader ripple effects across the global economy, prompting markets to push out expectations for Federal Reserve rate cuts. Demand for the U.S. dollar was supported by safe‑haven flows, defensive positioning, and a preference for liquidity amid uncertain global growth and financial conditions. While intermittent improvements in risk sentiment led to brief pullbacks, risk-off dynamics ultimately supported the U.S. dollar over the quarter.
Previous report
The U.S. dollar moved lower in the first quarter of 2025 leading to losses for the Fund. This marked a sharp reversal from the strong rally to end 2024, when the incoming U.S. administration's tariff policy was expected to have a disproportionate adverse effect on the currency of the United States' trading partners, in turn boosting the U.S. dollar. Inflation predictions also led the markets to reevaluate the Federal Reserve’s easing plans, with the potential to leave rates higher for longer. However, those factors are now hurting the U.S. dollar; tariffs and stagflation fears have upended market confidence in the U.S., while the Federal Reserve may still reduce interest rates by 0.50% in 2025 (lower interest rates reduce demand for the U.S. dollar). In contrast, the euro and other European currencies are being propped up by major defense and infrastructure spending plans, and the outlook looks brighter for the Japanese yen, with the Bank of Japan in a rate hiking cycle as the rest of the world’s major economies pulled back.
Previous report
Net income (loss) for the three months ended March 31, 2025 was $(13.0) million, primarily resulting from $4.6 million of income, net realized gain (loss) of $(11.4) million, net change in unrealized gain (loss) of $(5.4) million and net operating expenses of $0.8 million.
Reworded paragraphs (13)
Previous wording
Net cash flow provided by (used in) operating activities was $(334.0) million and $87.6 million for the three months ended March 31, 2026 and 2025, 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, or maintains excess deposits with brokers 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 $(204.5) million and $192.0 million for the six months ended June 30, 2026 and 2025, 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, or maintains excess deposits with brokers 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 three months ended March 31, 2026, there were no purchases and no sales of United States Treasury Obligations. During the three months ended March 31, 2025, there were no purchases of United States Treasury Obligations and $25.0 million was received from sales and maturing United States Treasury Obligations. $75.9 million was received from sales of affiliated investments and $417.1 million was paid to purchase affiliated investments during the three months ended March 31, 2026. $385.5 million was received from sales of affiliated investments and $297.1 million was paid to purchase affiliated investments during the three months ended March 31, 2025. During the three months ended March 31, 2026, net deposits to/from the Commodity Broker was $4.5 million. There were $13.0 million net deposits to/from the Commodity Broker during the three months ended March 31, 2025.
Current wording
During the six months ended June 30, 2026, there were no purchases and no sales of United States Treasury Obligations. 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. $462.9 million was received from sales of affiliated investments and $678.1 million was paid to purchase affiliated investments during the six months ended June 30, 2026. $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. During the six months ended June 30, 2026, net deposits to/from the Commodity Broker was $1.6 million. There were $4.5 million net deposits to/from the Commodity Broker during the six months ended June 30, 2025.
Previous wording
The Fund’s net cash flow provided by (used in) financing activities was $334.0 million and $(88.2) million during the three months ended March 31, 2026 and 2025, respectively. This included $417.0 million and $267.7 million from Shares purchased by Authorized Participants and $83.0 million and $355.8 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2026 and 2025, respectively. No distributions were paid to Shareholders during the three months ended March 31, 2026 and 2025, respectively.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $204.5 million and $(192.5) million during the six months ended June 30, 2026 and 2025, respectively. This included $708.0 million and $427.8 million from Shares purchased by Authorized Participants and $503.6 million and $620.3 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2026 and 2025, respectively. No distributions were paid to Shareholders during the six months ended June 30, 2026 and 2025, respectively.
Previous wording
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Current wording
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous wording
COMPARISON OF MARKET, NAV AND DEUTSCHE BANK LONG USD CURRENCY PORTFOLIO INDEX-EXCESS RETURNTM FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Current wording
COMPARISON OF MARKET, NAV AND DEUTSCHE BANK LONG USD CURRENCY PORTFOLIO INDEX-EXCESS RETURNTM FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous wording
This Report covers the three months ended March 31, 2026 and 2025. Past performance of the Fund is not necessarily indicative of future performance.
Current wording
This Report covers the three and six months ended June 30, 2026 and 2025. 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 Months Ended March 31, 2026 and 2025” below provides an overview of the changes in the closing levels of 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 Six Months Ended June 30, 2026 and 2025” below provides an overview of the changes in the closing levels of 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 Months Ended March 31, 2026 and 2025
Current 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, 2026 and 2025
Previous wording
For the three months ended March 31, 2026, the NAV of each Share increased from $27.07 per Share to $27.81 per Share. Rising currency futures contract prices for long DX Contracts during the three months ended March 31, 2026, contributed to a 2.00% increase in the level of the Index and to a 2.92% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +2.73%.
Current wording
For the three months ended June 30, 2026, the NAV of each Share increased from $27.81 per Share to $28.41 per Share. Rising currency futures contract prices for long DX Contracts during the three months ended June 30, 2026, contributed to a 1.46% increase in the level of the Index and to a 2.40% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +2.16%.
Previous wording
For the three months ended March 31, 2025, the NAV of each Share decreased from $29.42 per Share to $28.56 per Share. Rising currency futures contract prices for long DX Contracts during the three months ended March 31, 2025 contributed to a 3.77% decrease in the level of the Index and to a 2.74% decrease in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was -2.92%.
Current 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%.
Previous wording
Net income (loss) for the three months ended March 31, 2026 was $8.7 million, primarily resulting from $2.6 million of income, net realized gain (loss) of $2.9 million, net change in unrealized gain (loss) of $3.7 million and net operating expenses of $0.5 million.
Current wording
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 wording
For the three months ended March 31, 2026, the NYSE Arca market value of each Share increased from $27.04 per Share to $27.79 per Share. The Share price low and high for the three months ended March 31, 2026 and related change from the Share price on December 31, 2025 was as follows: Shares traded at a low of $26.48 per Share (-2.07%) on January 27, 2026 and a high of $27.98 per Share (+3.48%) on March 30, 2026. The total return for the Fund on a market value basis was +2.77%.
Current wording
For the six months ended June 30, 2026, the NYSE Arca market value of each Share increased from $27.04 per Share to $28.41 per Share. The Share price low and high for the six months ended June 30, 2026 and related change from the Share price on December 31, 2025 was as follows: Shares traded at a low of $26.48 per Share (-2.07%) on January 27, 2026 and a high of $28.53 per Share (+5.51%) on June 24, 2026. The total return for the Fund on a market value basis was +5.07%.
Previous wording
For the three months ended March 31, 2025, the NYSE Arca market value of each Share decreased from $29.42 per Share to $28.55 per Share. The Share price low and high for the three months ended March 31, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $28.26 per Share (-3.94%) on March 11, 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 -2.96%.
Current 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%.