$UDN
INVESCO DB US DOLLAR INDEX BEARISH FUND

2023 Q1 Form 10-K Financial Statement

#000156459023002369 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $990.7K $1.110M
YoY Change 8710.57% 2908.07%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $174.8K $460.8K
YoY Change 92.1% -21.62%
Operating Profit $825.2K $674.5K
YoY Change -1139.61% -224.99%
Interest Expense $2.361K $2.421K
YoY Change 2309.18% 342.6%
% of Operating Profit 0.29% 0.36%
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $781.6K -$2.014M
YoY Change -153.54% -63.69%
Net Earnings / Revenue 78.9% -181.38%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 5.800M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $0.00 $564.4K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $79.21M $99.94M
YoY Change 105.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $321.2K $61.63K
YoY Change 54.86%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $78.89M $99.88M
YoY Change
Total Liabilities & Shareholders Equity $79.21M $99.94M
YoY Change 105.31%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $781.6K -$2.014M
YoY Change -153.54% -63.69%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $21.21M -$52.69M
YoY Change 981.48% -234.5%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid $701.4K
YoY Change
Common Stock Issuance & Retirement, Net -$53.96M
YoY Change -236.78%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -21.77M 53.25M
YoY Change 1010.26% -235.0%
NET CHANGE
Cash From Operating Activities 21.21M -52.69M
Cash From Investing Activities
Cash From Financing Activities -21.77M 53.25M
Net Change In Cash -564.4K 564.4K
YoY Change -128.78% -306.11%
FREE CASH FLOW
Cash From Operating Activities $21.21M -$52.69M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">B.  Accounting Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued.</p>
CY2020 us-gaap Distributed Earnings
DistributedEarnings
0
CY2021 us-gaap Distributed Earnings
DistributedEarnings
0
CY2022 udn Average Charges Paid To Broker Per Round Turn Trade Maximum
AverageChargesPaidToBrokerPerRoundTurnTradeMaximum
5.00
CY2020 udn Average Charges Paid To Broker Per Round Turn Trade Maximum
AverageChargesPaidToBrokerPerRoundTurnTradeMaximum
5.00
CY2022 us-gaap Investment Company Contractual Fee Waived
InvestmentCompanyContractualFeeWaived
24833
CY2021 us-gaap Investment Company Contractual Fee Waived
InvestmentCompanyContractualFeeWaived
11379
CY2020 us-gaap Investment Company Contractual Fee Waived
InvestmentCompanyContractualFeeWaived
43195
CY2022 us-gaap Due To And From Broker Dealers And Clearing Organizations Disclosure
DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 5 – Deposits with Commodity Broker and Custodian</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Fund defines cash as cash held by the Custodian. There were no cash equivalents held by the Fund as of December 31, 2022 and 2021. </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Fund may deposit cash, United States Treasury Obligations, T-Bill ETFs and money market mutual funds with the Commodity Broker as margin, to the extent permissible under CFTC rules. The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open futures contracts represents the Fund’s overall equity in its broker trading account. To meet the Fund’s maintenance margin requirements, the Fund holds United States Treasury Obligations with the Commodity Broker. The Fund transfers cash to the Commodity Broker to satisfy variation margin requirements. The Fund earns interest on any excess cash deposited with the Commodity Broker and incurs interest expense on any deficit balance with the Commodity Broker. </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The brokerage agreement with the Commodity Broker provides for the net settlement of all financial instruments covered by the agreement in the event of default or termination of any one contract. The Managing Owner will utilize any excess cash held at the Commodity Broker to offset any realized losses incurred in the currency futures contracts, if available. To the extent that any excess cash held at the Commodity Broker is not adequate to cover any realized losses, a portion of the United States Treasury Obligations and T-Bill ETFs, if any, on deposit with the Commodity Broker will be sold to make additional cash available. For financial reporting purposes, the Fund offsets financial assets and financial liabilities that are subject to legally enforceable netting arrangements. </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Fund’s remaining cash, United States Treasury Obligations, T-Bill ETFs and money market mutual fund holdings are on deposit with the Custodian. The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with the Custodian. The Fund incurs interest expense on any overdraft balance with the Custodian. Such balances, if any at period-end, are shown on the Statements of Financial Condition under the payable caption </span><span style="font-style:italic;">Due to custodian</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p>
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Financial Instruments Owned Us Government And Agency Obligations At Fair Value
FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue
30797944
CY2022Q4 udn Financial Instruments Owned Money Market Mutual Fund At Fair Value
FinancialInstrumentsOwnedMoneyMarketMutualFundAtFairValue
68087284
CY2022Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
98885228
CY2022Q4 us-gaap Investment Owned Unrecognized Unrealized Appreciation Depreciation Net
InvestmentOwnedUnrecognizedUnrealizedAppreciationDepreciationNet
456208
CY2022Q4 us-gaap Financial Instruments Owned At Fair Value
FinancialInstrumentsOwnedAtFairValue
99341436
CY2021Q4 us-gaap Financial Instruments Owned Us Government And Agency Obligations At Fair Value
FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue
17000743
CY2021Q4 udn Financial Instruments Owned Money Market Mutual Fund At Fair Value
FinancialInstrumentsOwnedMoneyMarketMutualFundAtFairValue
31507548
CY2021Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
48508291
CY2021Q4 us-gaap Investment Owned Unrecognized Unrealized Appreciation Depreciation Net
InvestmentOwnedUnrecognizedUnrealizedAppreciationDepreciationNet
288029
CY2021Q4 us-gaap Financial Instruments Owned At Fair Value
FinancialInstrumentsOwnedAtFairValue
48796320
CY2022 udn Minimum Number Of Creation Units Of Shares That Can Be Purchased
MinimumNumberOfCreationUnitsOfSharesThatCanBePurchased
1
CY2022 udn Number Of Shares Issued Per Creation Unit
NumberOfSharesIssuedPerCreationUnit
100000
CY2022 udn Minimum Number Of Creation Units Of Shares That Can Be Redeemed
MinimumNumberOfCreationUnitsOfSharesThatCanBeRedeemed
1
CY2022 udn Number Of Shares Redeemable Per Creation Unit
NumberOfSharesRedeemablePerCreationUnit
100000
CY2021Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
20.27
CY2020Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
21.77
CY2019Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
20.50
CY2022 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
-1.85
CY2021 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
-1.35
CY2020 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
1.34
CY2022 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
0.21
CY2021 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
-0.15
CY2020 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
-0.07
CY2022 us-gaap Investment Company Investment Income Loss From Operations Per Share
InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare
-1.64
CY2021 us-gaap Investment Company Investment Income Loss From Operations Per Share
InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare
-1.50
CY2020 us-gaap Investment Company Investment Income Loss From Operations Per Share
InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare
1.27
CY2022 us-gaap Investment Company Tax Return Of Capital Distribution Per Share
InvestmentCompanyTaxReturnOfCapitalDistributionPerShare
-0.13
CY2022Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
18.50
CY2021Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
20.27
CY2021Q4 udn Market Value Per Share
MarketValuePerShare
20.25
CY2020Q4 udn Market Value Per Share
MarketValuePerShare
21.78
CY2019Q4 udn Market Value Per Share
MarketValuePerShare
20.49
CY2021Q4 udn Market Value Per Share
MarketValuePerShare
20.25
CY2020Q4 udn Market Value Per Share
MarketValuePerShare
21.78
CY2022 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.0113
CY2021 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
-0.0071
CY2020 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
-0.0036
CY2022 us-gaap Investment Company Expense Ratio Including Voluntary Fee Waiver
InvestmentCompanyExpenseRatioIncludingVoluntaryFeeWaiver
0.0073
CY2021 us-gaap Investment Company Expense Ratio Including Voluntary Fee Waiver
InvestmentCompanyExpenseRatioIncludingVoluntaryFeeWaiver
0.0076
CY2020 us-gaap Investment Company Expense Ratio Including Voluntary Fee Waiver
InvestmentCompanyExpenseRatioIncludingVoluntaryFeeWaiver
0.0070
CY2022 udn Average Net Assets To Expenses Prior To Waivers
AverageNetAssetsToExpensesPriorToWaivers
0.0077
CY2021 udn Average Net Assets To Expenses Prior To Waivers
AverageNetAssetsToExpensesPriorToWaivers
0.0077
CY2020 udn Average Net Assets To Expenses Prior To Waivers
AverageNetAssetsToExpensesPriorToWaivers
0.0077
CY2022 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
-0.0810
CY2021 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
-0.0689
CY2020 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.0619
CY2022 udn Return At Market Value
ReturnAtMarketValue
-0.0801
CY2021 udn Return At Market Value
ReturnAtMarketValue
-0.0702
CY2020 udn Return At Market Value
ReturnAtMarketValue
0.0630

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