What changed in this filing

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Item 1. Financial Statements

2025-05-08 compared with 2024-11-07 · 48 added, 125 removed, 467 unchanged (27% of the section changed)

2 unchanged sentences

Statements of Financial Condition

September 30, 2024 and December 31, 2023

September 30,

March 31, 2025 and December 31, 2024

United States Treasury Obligations, at value (cost $ 9,997,608 and $ 14,849,209 , respectively)

Affiliated investments, at value and cost

Deposit with Commodity Broker

Receivable for:

2 unchanged sentences

Variation margin payable - Currency Futures Contracts

Investments Purchased

Due to custodian

Management fees

13 unchanged sentences

Schedule of Investments

September 30, 2024

March 31, 2025

Percentage of

2 unchanged sentences

United States Treasury Obligations (a)

Treasury Bills, 5.185 % due October 3, 2024

Treasury Bills, 4.750 % due November 14, 2024 (b)

Treasury Bills, 4.970 % due December 5, 2024

Treasury Bills, 4.645 % due March 6, 2025

Treasury Bills, 4.215 % due April 3, 2025

Treasury Bills, 4.270 % due April 3, 2025 (b)

Total United States Treasury Obligations (cost $ 9,997,608 )

9 unchanged sentences

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.

(d) The rate shown is the 7-day SEC standardized yield as of September 30, 2024 .

(d) The rate shown is the 7-day SEC standardized yield as of March 31, 2025 .

Open Currency Futures Contracts

3 unchanged sentences

Short Futures Contracts

December-2024

(e) Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

8 unchanged sentences

Treasury Bills, 4.400 % due March 6, 2025

Treasury Bills, 5.245 % due April 4, 2024

Treasury Bills, 5.270 % due May 16, 2024 (b)

Treasury Bills, 5.190 % due June 6, 2024

Treasury Bills, 4.230 % due April 3, 2025 (b)

Total United States Treasury Obligations (cost $ 14,849,209 )

19 unchanged sentences

Statements of Income and Expenses

For the Three and Nine Months Ended September 30, 2024 and 2023

For the Three Months Ended March 31, 2025 and 2024

Three Months Ended

Nine Months Ended

September 30,

Interest Income

23 unchanged sentences

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2024 and 2023

General Shares

Shareholders'

Balance at June 30, 2024

Purchases of Shares

Redemption of Shares

Net Increase (Decrease) due to Share Transactions

Net Income (Loss)

Net Investment Income (Loss)

Net Realized Gain (Loss) on United States Treasury

Obligations, Affiliated Investments and

Currency Futures Contracts

Net Change in Unrealized Gain (Loss) on United States

Treasury Obligations, Affiliated Investments and

Currency Futures Contracts

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at September 30, 2024

General Shares

Shareholders'

Balance at June 30, 2023

Purchases of Shares

Redemption of Shares

Net Increase (Decrease) due to Share Transactions

Net Income (Loss)

Net Investment Income (Loss)

Net Realized Gain (Loss) on United States Treasury

Obligations, Affiliated Investments and

Currency Futures Contracts

Net Change in Unrealized Gain (Loss) on United States

Treasury Obligations, Affiliated Investments and

Currency Futures Contracts

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at September 30, 2023

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

Invesco DB US Dollar Index Bearish Fund

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2024 and 2023

For the Three Months Ended March 31, 2025 and 2024

General Shares

14 unchanged sentences

Net Change in Shareholders' Equity

Balance at September 30, 2024

Balance at March 31, 2025

General Shares

14 unchanged sentences

Net Change in Shareholders' Equity

Balance at September 30, 2023

Balance at March 31, 2024

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

1 unchanged sentence

Statements of Cash Flows

For the Nine Months Ended September 30, 2024 and 2023

Nine Months Ended

September 30,

For the Three Months Ended March 31, 2025 and 2024

Three Months Ended

Cash flows from operating activities:

2 unchanged sentences

Cost of securities purchased

( 105,488,236

Proceeds from securities sold and matured

2 unchanged sentences

Net accretion of discount on United States Treasury Obligations

Net change in unrealized (gain) loss on United States Treasury Obligations and

Net change in unrealized (gain) loss from United States Treasury Obligations and

Affiliated Investments

1 unchanged sentence

Variation margin - Currency Futures Contracts

Deposit with Commodity Broker

Dividends from affiliates

5 unchanged sentences

Redemption of Shares

Increase (Decrease) in payable for amount due to custodian

Net cash provided by (used in) financing activities

7 unchanged sentences

Notes to Unaudited F inancial Statements

September 30, 2024

March 31, 2025

Note 1 – Organization

31 unchanged sentences

(the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three and nine months ended September 30, 2024 and 2023.

This Quarterly Report (the “Report”) covers the three months ended March 31, 2025 and 2024.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

2 unchanged sentences

In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made.

Interim period results are not necessarily indicative of results for a full-year period.

Interim period

results are not necessarily indicative of results for a full-year period.

These financial statements and the notes thereto should be read in conjunction with the Fund’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025 .

9 unchanged sentences

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.

Segment Reporting

The Fund represents a single operating segment.

Subject to the oversight and, when applicable, approval of the Board of Managers, the Fund's Managing Owner acts as the Fund's chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund.

The CODM monitors the operating results as a whole and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy.

The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

Investment Valuations

18 unchanged sentences

Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the Shareholders.

No distributions were declared for the three and nine months ended September 30, 2024 and 2023 .

No distributions were declared for the three months ended March 31, 2025 and 2024 .

Routine Operational, Administrative and Other Ordinary Expenses

6 unchanged sentences

Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount.

For the three and nine months ended September 30, 2024 and 2023 , the Fund did not incur such expenses.

For the three months ended March 31, 2025 and 2024 , the Fund did not incur such expenses.

Brokerage Commissions and Fees

2 unchanged sentences

The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 5.00 and $ 5.00 per round-turn trade during the three and nine months ended September 30, 2024 , respectively.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 5.00 and $ 5.00 per round-turn trade during the three and nine months ended September 30, 2023 , respectively.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 5.00 and $ 5.00 per round-turn trade during the three months ended March 31, 2025 and 2024 , respectively.

The Fund is classified as a partnership for U.S.

12 unchanged sentences

During the period that the currency futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis.

Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred.

These amounts are reflected as a receivable or payable on the Statements of Financial Condition.

Subsequent or variation margin payments can be received or made depending upon whether unrealized gains or losses are incurred.

These amounts, if any, are reflected as a receivable or payable on the Statements of Financial Condition.

Otherwise, the variation margin excess or deficit can be netted with cash held at the Commodity Broker.

These amounts, if any, are reflected as Deposit with Commodity Broker on the Statements of Financial Condition.

When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract.

2 unchanged sentences

In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk.

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss in excess of the amounts shown on the Statements of Financial Condition.

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a

future obligation or loss in excess of the amounts shown on the Statements of Financial Condition.

The financial instruments used by the Fund are currency futures contracts, the values of which are based upon an underlying asset and generally represent future commitments that have a reasonable possibility of being settled in cash or through physical delivery.

1 unchanged sentence

Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including fluctuations in currency prices.

In entering into these futures contracts, there exists a market risk that such futures contracts

may be significantly influenced by adverse market conditions, resulting in such futures contracts being less valuable.

In entering into these futures contracts, there exists a market risk that such futures contracts may be significantly influenced by adverse market conditions, resulting in such futures contracts being less valuable.

If the markets should move against all of the futures contracts at the same time, the Fund could experience substantial losses.

18 unchanged sentences

The Managing Owner may terminate this fee waiver on 60 days’ notice .

The Managing Owner waived fees of $ 5,734 and $ 20,480 for the three and nine months ended September 30, 2024, respectively.

The Managing Owner waived fees of $ 9,221 and $ 29,423 for the three and nine months ended September 30, 2023, respectively.

The Managing Owner waived fees of $ 8,878 and $ 8,625 for the three months ended March 31, 2025 and 2024, respectively.

The Distributor

9 unchanged sentences

Such executing brokers give-up all such transactions to the Commodity Broker.

In its capacity as clearing broker, the Commodity Broker may execute or receive transactions executed by others and clears all of the Fund’s futures transactions and performs certain administrative and custodial services for the Fund.

The Commodity Broker is responsible, among other things, for providing periodic accountings of all dealings and actions taken by the Trust on behalf of the Fund during the reporting period, together with an accounting of all securities, cash or other indebtedness or obligations held by it or its nominees for or on behalf of the Fund.

18 unchanged sentences

The Fund defines cash as cash held by the Custodian.

There were no cash equivalents held by the Fund as of September 30, 2024 and December 31, 2023.

Cash deposits held by the Commodity Broker are reflected as Deposit with Commodity Broker on the Statements of Financial Condition.

There were no cash equivalents held by the Fund as of March 31, 2025 and December 31, 2024.

The Fund considers investments in money market funds to be investments in securities and, accordingly, includes them in its Schedule of Investments.

1 unchanged sentence

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.

To meet the Fund’s maintenance margin requirements, the Fund holds United States Treasury Obligations and/or cash with the Commodity Broker.

The Fund may utilize excess cash or otherwise transfer 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.

22 unchanged sentences

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The following is a summary of the tiered valuation input levels as of September 30, 2024:

The following is a summary of the tiered valuation input levels as of March 31, 2025:

Investments in Securities

2 unchanged sentences

Total Investments in Securities

Other Investments—Assets (a)

Other Investments—Liabilities (a)

Currency Futures Contracts

6 unchanged sentences

Total Investments in Securities

Other Investments—Assets (a)

Other Investments—Liabilities (a)

Currency Futures Contracts

3 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

September 30, 2024

March 31, 2025

December 31, 2024

3 unchanged sentences

(a) Includes cumulative appreciation (depreciation) of currency futures contracts.

Only the current day’s variation margin receivable (payable) is reported in the September 30, 2024 and December 31, 2023 Statements of Financial Condition.

Only the current day’s variation margin receivable (payable) is reported in the Statements of Financial Condition, if any.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:

1 unchanged sentence

Location of Gain (Loss) on Derivatives

September 30,

Risk Exposure/Derivative Type

4 unchanged sentences

Net Change in Unrealized Gain (Loss)

For the Nine Months Ended

Location of Gain (Loss) on Derivatives

September 30,

Risk Exposure/Derivative Type

Recognized in Income

Currency risk

Currency Futures Contracts

Net Realized Gain (Loss)

Net Change in Unrealized Gain (Loss)

The table below summarizes the average monthly notional value of futures contracts held during the period:

For the Three Months Ended

For the Nine Months Ended

September 30,

Average Notional Value - Short

3 unchanged sentences

The Invesco Government & Agency Portfolio and the Fund are advised by investment advisers under common control of Invesco Ltd., and therefore the Invesco Government & Agency Portfolio is considered to be affiliated with the Fund.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and nine months ended September 30, 2024.

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Dividend Income

Investments in Affiliated

Money Market Funds:

Invesco Government & Agency

Portfolio, Institutional Class

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Dividend Income

Investments in Affiliated

Money Market Funds:

Invesco Government & Agency

Portfolio, Institutional Class

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and nine months ended September 30, 2023.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 2025 and 2024.

Purchases at Cost

16 unchanged sentences

Portfolio, Institutional Class

( 123,815,423

Note 9 – Share Purchases and Redemptions

39 unchanged sentences

Note 11 – Financial Highlights

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and nine months ended September 30, 2024 and 2023.

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three months ended March 31, 2025 and 2024.

An individual investor’s return and ratios may vary based on the timing of capital transactions.

1 unchanged sentence

Three Months Ended

Nine Months Ended

September 30,

Net Asset Value

24 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements