INVESCO DB US DOLLAR INDEX BEARISH FUND

For the period ended Sep 30, 2026. Filed Nov 6, 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.

Sep 30, 2026 · Filed Nov 6, 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

September 30, 2026 and December 31, 2025

	September 30,	December 31,
	2026	2025
Assets
Affiliated investments, at value and cost	$100,431,387	$131,445,615
Deposit with Commodity Broker	2,315,807	6,790,919
Receivable for:
Dividends from affiliates	312,134	421,527
Total assets	$103,059,328	$138,658,061
Liabilities
Other investments:
Variation margin payable- Currency Futures Contracts	$79,950	$—
Payable for:
Management fees	55,884	77,617
Total liabilities	$135,834	$77,617
Commitments and Contingencies (Note 10)
Equity
Shareholders' equity—General Shares	716	729
Shareholders' equity—Shares	102,922,778	138,579,715
Total shareholders' equity	102,923,494	138,580,444
Total liabilities and equity	$103,059,328	$138,658,061
General Shares outstanding	40	40
Shares outstanding	5,750,000	7,600,000
Net asset value per share	$17.90	$18.23
Market value per share	$17.90	$18.25

Schedule of Investments

September 30, 2026

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 3.81% (cost $100,431,387)(a)(b)	97.58%	$100,431,387	100,431,387
Total Affiliated Investments (cost $100,431,387)	97.58%	$100,431,387

(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 September 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	1,066	December - 2026	(107,869,606)	$(2,747,074)	$(2,747,074)

(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 Nine Months Ended September 30, 2026 and 2025

Three Months Ended · Nine Months Ended
	September 30,		September 30,
	2026	2025	2026	2025
Income
Interest Income	$20,140	$87,355	$108,089	$291,357
Dividends from Affiliates	945,028	1,492,967	3,245,097	3,194,468
Total Income	965,168	1,580,322	3,353,186	3,485,825
Expenses
Management Fees	198,385	282,805	697,867	621,140
Brokerage Commissions and Fees	4,962	8,100	19,449	19,210
Interest Expense	1,910	—	4,512	1,410
Total Expenses	205,257	290,905	721,828	641,760
Less: Waivers	(25,526)	(35,515)	(89,238)	(74,444)
Net Expenses	179,731	255,390	632,590	567,316
Net Investment Income (Loss)	785,437	1,324,932	2,720,596	2,918,509
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	759,748	551,717	(1,987,963)	5,929,685
Net Realized Gain (Loss)	759,748	551,717	(1,987,963)	5,929,685
Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations	—	—	—	(7,554)
Currency Futures Contracts	(1,298,427)	(2,622,253)	(3,250,671)	671,935
Net Change in Unrealized Gain (Loss)	(1,298,427)	(2,622,253)	(3,250,671)	664,381
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	(538,679)	(2,070,536)	(5,238,634)	6,594,066
Net Income (Loss)	$246,758	$(745,604)	$(2,518,038)	$9,512,575

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2026 and 2025

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2026	40		$714		6,000,000		$107,177,449		$107,178,163
Purchases of Shares				200,000		3,657,759		3,657,759
Redemption of Shares				(450,000)		(8,159,186)		(8,159,186)
Net Increase (Decrease) due to Share Transactions				(250,000)		(4,501,427)		(4,501,427)
Net Income (Loss)
Net Investment Income (Loss)		3				785,434		785,437
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		5				759,743		759,748
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(6)				(1,298,421)		(1,298,427)
Net Income (Loss)		2				246,756		246,758
Net Change in Shareholders' Equity	—		2		(250,000)		(4,254,671)		(4,254,669)
Balance at September 30, 2026	40		$716		5,750,000		$102,922,778		$102,923,494

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2025	40		$756		7,850,000		$148,336,321		$148,337,077
Purchases of Shares				800,000		14,998,740		14,998,740
Redemption of Shares				(350,000)		(6,511,028)		(6,511,028)
Net Increase (Decrease) due to Share Transactions				450,000		8,487,712		8,487,712
Net Income (Loss)
Net Investment Income (Loss)		12				1,324,920		1,324,932
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		6				551,711		551,717
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(22)				(2,622,231)		(2,622,253)
Net Income (Loss)		(4)				(745,600)		(745,604)
Net Change in Shareholders' Equity	—		(4)		450,000		7,742,112		7,742,108
Balance at September 30, 2025	40		$752		8,300,000		$156,078,433		$156,079,185

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

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 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						2,050,000			37,730,502			37,730,502
Redemption of Shares						(3,900,000)		(70,869,414)		(70,869,414)
Net Increase (Decrease) due to Share Transactions						(1,850,000)		(33,138,912)		(33,138,912)
Net Income (Loss)
Net Investment Income (Loss)				14					2,720,582			2,720,596
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(10)				(1,987,953)		(1,987,963)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(17)				(3,250,654)		(3,250,671)
Net Income (Loss)				(13)				(2,518,025)		(2,518,038)
Net Change in Shareholders' Equity		—			(13)		(1,850,000)		(35,656,937)		(35,656,950)
Balance at September 30, 2026		40		$716			5,750,000		$102,922,778		$102,923,494

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				5,950,000		107,957,209		107,957,209
Redemption of Shares				(700,000)		(12,424,220)		(12,424,220)
Net Increase (Decrease) due to Share Transactions				5,250,000		95,532,989		95,532,989
Net Income (Loss)
Net Investment Income (Loss)		25				2,918,484		2,918,509
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		52				5,929,633		5,929,685
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		6				664,375		664,381
Net Income (Loss)		83				9,512,492		9,512,575
Net Change in Shareholders' Equity	—		83		5,250,000		105,045,481		105,045,564
Balance at September 30, 2025	40		$752		8,300,000		$156,078,433		$156,079,185

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

Statements of Cash Flows

For the Nine Months Ended September 30, 2026 and 2025

	2026	2025
Cash flows from operating activities:
Net Income (Loss)	$(2,518,038)	$9,512,575
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	(56,061,952)	(127,376,530)
Proceeds from affiliated investments sold	87,076,180	16,455,210
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	79,950	(176,055)
Deposit with Commodity Broker	4,475,112	(8,448,710)
Dividends from affiliates	109,393	(337,911)
Management fees	(21,733)	50,093
Brokerage commissions and fees	—	(39)
Net cash provided by (used in) operating activities	33,138,912	(95,464,604)
Cash flows from financing activities:
Proceeds from purchases of Shares	37,730,502	107,957,209
Redemption of Shares	(70,869,414)	(12,424,220)
Increase (decrease) in payable for amount due to custodian	—	(68,385)
Net cash provided by (used in) financing activities	(33,138,912)	95,464,604
Net change in cash	—	—
Cash at beginning of period	—	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$4,512	$1,410

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