Invesco DB US Dollar Index Bullish Fund
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-07.
0001193125-26-338699
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-450250
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 100 previous paragraphs and 99 current paragraphs.
69 unchanged; 18 reworded; 12 added; 12 removed; 1 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 (12)
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Current report
For the three months ended September 30, 2026, the NYSE Arca market value of each Share increased from $28.41 per Share to $28.78 per Share. The Share price low and high for the three months ended September 30, 2026 and related change from the Share price on June 30, 2026 was as follows: Shares traded at a low of $27.89 per Share (-1.83%) on August 19, 2026 and a high of $28.78 per Share (+1.30%) on September 30, 2026. The total return for the Fund on a market value basis was +1.30%.
Current report
The U.S. dollar strengthened modestly during the third quarter, leading to a small gain for the Fund. The dollar softened in July and August before reversing sharply in September as persistent inflation, elevated energy prices and the Federal Reserve’s rate hike reinforced expectations that US interest rates would remain higher for longer. Support for the euro from the European Central Bank’s September rate increase and resilient euro-area activity weighed on the U.S. dollar, though Europe's energy shock and weaker growth outlook capped the upside for the euro. The Bank of Japan’s gradual policy normalization and narrowing rate differentials strengthened the yen, creating a headwind for the dollar, while persistent inflation in the United Kingdom and the Bank of England’s decision to keep rates elevated supported the pound and also weighed on the U.S. dollar. These offsets limited, but did not reverse, the U.S. dollar’s late-quarter rebound.
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, 2026, the NAV of each Share increased from $28.41 per Share to $28.77 per Share. Rising currency futures contract prices for long DX Contracts during the three months ended September 30, 2026, contributed to a 0.50% increase in the level of the Index and to a 1.48% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +1.27%.
Current report
Net income (loss) for the three months ended September 30, 2026 was $4.6 million, primarily resulting from $3.5 million of income, net realized gain (loss) of $(2.3) million, net change in unrealized gain (loss) of $4.1 million and net operating expenses of $0.7 million.
Current report
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%.
Current report
The U.S. dollar advanced year to date through the third quarter, leading to positive performance for the Fund. Performance was shaped primarily by the U.S. dollar’s movement against the euro, with the Japanese yen and British pound also having a meaningful impact. Geopolitical uncertainty, U.S. economic resilience, persistent inflation and the Federal Reserve’s September rate hike supported the U.S. dollar. Euro weakness stemming from the Middle East-driven energy shock and softer regional growth was also favorable, though resilient activity and the European Central Bank’s September tightening provided an offset. The wide U.S.-Japan rate differential pressured the yen and benefited the dollar, while the Bank of Japan’s gradual policy normalization occasionally worked in the opposite direction. Meanwhile, sticky UK inflation and restrictive Bank of England policy supported sterling, creating a headwind for the U.S. dollar.
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
Net income (loss) for the nine months ended September 30, 2026 was $17.6 million, primarily resulting from $9.7 million of income, net realized gain (loss) of $(0.3) million, net change in unrealized gain (loss) of $10.0 million and net operating expenses of $1.9 million.
Current report
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.
Removed paragraphs (12)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous 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%.
Previous 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.
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, 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 report
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 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
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.
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, 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.
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 (18)
Previous wording
if, in the commercially reasonable judgment of the Managing Owner, such an instrument tends to exhibit trading prices that correlate with the DX Contract.
Current wording
a forward agreement, swap, or other OTC derivative referencing the Index Currencies, if, in the commercially reasonable judgment of the Managing Owner, such an instrument tends to exhibit trading prices that correlate with the DX Contract.
Previous wording
NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.
Current wording
NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE
Previous wording
NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO CAPITAL MANAGEMENT LLC FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO CAPITAL MANAGEMENT LLC.
Current wording
INDEX, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO CAPITAL MANAGEMENT LLC FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO CAPITAL MANAGEMENT LLC.
Previous wording
The Index is calculated to reflect the changes in market value over time, whether positive or negative, of long positions in DX Contracts. The changes in market value over time, whether positive or negative, of DX Contracts is tied to the USDX®. The USDX® is composed of notional amounts of the Index Currencies. The notional amounts of the Index Currencies included in the USDX® reflect a geometric weighted average of the change in the Index Currencies’ exchange rates against the U.S. dollar relative to March 1973. March 1973 was chosen as a base period of the USDX® because it represents a significant milestone in foreign exchange history when the world’s major trading nations allowed their currencies to float freely against each other.
Current wording
The Index is calculated to reflect the changes in market value over time, whether positive or negative, of long positions in DX Contracts. The changes in market value over time, whether positive or negative, of DX Contracts are tied to the USDX®. The USDX® is composed of notional amounts of the Index Currencies. The notional amounts of the Index Currencies included in the USDX® reflect a geometric weighted average of the change in the Index Currencies’ exchange rates against the U.S. dollar relative to March 1973. March 1973 was chosen as a base period of the USDX® because it represents a significant milestone in foreign exchange history when the world’s major trading nations allowed their currencies to float freely against each other.
Previous wording
As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, Bank of America Securities, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, UBS Securities LLC, and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.
Current wording
As of the date of this Report, each of ABN AMRO Clearing USA LLC, Bank of America Securities, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, UBS Securities LLC, and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.
Previous 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.
Current wording
Net cash flow provided by (used in) operating activities was $(189.6) million and $251.9 million for the nine months ended September 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 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.
Current wording
During the nine months ended September 30, 2026, there were no purchases and no sales of United States Treasury Obligations. 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. $692.4 million was received from sales of affiliated investments and $897.6 million was paid to purchase affiliated investments during the nine months ended September 30, 2026. $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. During the nine months ended September 30, 2026, net deposits to/from the Commodity Broker was $1.4 million. There were $7.2 million net deposits to/from the Commodity Broker during the nine months ended September 30, 2025.
Previous 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.
Current wording
The Fund’s net cash flow provided by (used in) financing activities was $189.6 million and $(252.5) million during the nine months ended September 30, 2026 and 2025, respectively. This included $924.9 million and $510.2 million from Shares purchased by Authorized Participants and $735.2 million and $762.7 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2026 and 2025, respectively. No distributions were paid to Shareholders during the nine months ended September 30, 2026 and 2025, 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, 2026 AND 2025
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, 2026 AND 2025
Previous 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.
Current wording
This Report covers the three and nine months ended September 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 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.
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, 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 and Six Months Ended June 30, 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 Nine Months Ended September 30, 2026 and 2025
Previous wording
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 wording
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.
Previous wording
FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025
Current wording
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2025
Previous 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%.
Current wording
For the nine months ended September 30, 2026, the NYSE Arca market value of each Share increased from $27.04 per Share to $28.78 per Share. The Share price low and high for the nine months ended September 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 $28.78 per Share (+6.43%) on September 30, 2026. The total return for the Fund on a market value basis was +6.43%.
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, 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 wording
For the nine months ended September 30, 2026, the NAV of each Share increased from $27.07 per Share to $28.77 per Share. Rising currency futures contract prices for long DX Contracts during the nine months ended September 30, 2026, contributed to a 4.01% increase in the level of the Index and to a 6.95% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +6.28%.
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 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%.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
a forward agreement, swap, or other OTC derivative referencing the Index Currencies,