Invesco DB US Dollar Index Bearish Fund (NYSE Arca: UDN) is an exchange-traded fund, organized as a series of Invesco DB US Dollar Index Trust, that seeks to track the performance of a short position in the U.S. dollar against a basket of currencies via ICE U.S. Dollar Index futures contracts. The Fund generates returns through short currency futures positions and holds U.S. Treasury Bills and money market mutual fund shares as collateral. Invesco Capital Management LLC, an affiliate of Invesco Ltd., serves as the Managing Owner, commodity pool operator, and commodity trading advisor, and was formed on February 7, 2003. Net assets stood at $138,580,444 as of December 31, 2025, up from $51,033,621 as of December 31, 2024. The Fund incurred management fees of $446,202 for the year ended December 31, 2024, with $31,035 unpaid at that date. Shares are created and redeemed through Authorized Participants via DTC book-entry settlement. The Fund has no officers or directors of its own; governance rests entirely with the Managing Owner.

Revenue model

The Fund does not generate operating revenue in the traditional sense. Investor returns come from gains or losses on short ICE U.S. Dollar Index futures contracts plus interest income from U.S. Treasury Bills and dividends from affiliated money market funds (Invesco Government & Agency Portfolio, Institutional Class). The Managing Owner earns management fees charged to the Fund, totaling $446,202 for the year ended December 31, 2024 and $583,469 for the year ended December 31, 2023.

Products and services

Single exchange-traded fund holding short ICE U.S. Dollar Index futures contracts (March 2026 expiration as of the most recent schedule of investments), U.S. Treasury Bills, and shares of Invesco Government & Agency Portfolio, Institutional Class money market fund as collateral.

Customers and end markets

Shares are distributed through Authorized Participants who create and redeem Creation Units via DTC or NSCC CNS Clearing Process. End investors are institutional and retail market participants seeking short U.S. dollar currency exposure.

Value-chain role

Invesco Capital Management LLC (Managing Owner) has exclusive management and control of the Fund. Wilmington Trust Company serves as Delaware trustee, with authority limited to executing statutory filings and accepting service of process. The Managing Owner is registered as a commodity pool operator and commodity trading advisor with the CFTC and is a member of the National Futures Association.

Geographic exposure

The Fund's exposure is to U.S. dollar currency futures markets. The filing notes material risk from U.S. economic conditions, U.S. trade policy, tariffs, and U.S. government debt levels as factors that can affect currency futures markets.

Source: SEC 10-K, filed 2026-03-02

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