What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-08-07 compared with 2025-05-08 · 138 added, 77 removed, 438 unchanged (33% of the section changed)

2 unchanged sentences

Statements of Financial Condition

March 31, 2025 and December 31, 2024

June 30, 2025 and December 31, 2024

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

21 unchanged sentences

Schedule of Investments

March 31, 2025

June 30, 2025

Percentage of

Shareholders'

Principal Value

United States Treasury Obligations (a)

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

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

Affiliated Investments

Money Market Mutual Fund

Invesco Government & Agency Portfolio, Institutional

Class, 4.29 % (cost $ 56,503,807 ) (c)(d)

Total Investments in Securities (cost $ 66,501,415 )

(a) Security may be traded on a discount basis.

The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

(b) United States Treasury Obligations of $ 999,700 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

Invesco Government & Agency Portfolio, Institutional Class, 4.26 % (cost $ 137,560,960 ) (a)(b)

(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.

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

(b) The rate shown is the 7-day SEC standardized yield as of June 30, 2025 .

Open Currency Futures Contracts

1 unchanged sentence

Expiration Date

(Depreciation) (e)

(Depreciation) (c)

Short Futures Contracts

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

September - 2025

( 144,450,021

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

29 unchanged sentences

Statements of Income and Expenses

For the Three Months Ended March 31, 2025 and 2024

For the Three and Six Months Ended June 30, 2025 and 2024

Three Months Ended

Six Months Ended

Interest Income

5 unchanged sentences

Net Investment Income (Loss)

Net Realized and Net Change in Unrealized Gain (Loss)

on United States Treasury Obligations, Affiliated

Investments and Currency Futures Contracts

Net Realized and Net Change in Unrealized Gain (Loss) on

United States Treasury Obligations, Affiliated Investments

and Currency Futures Contracts

Net Realized Gain (Loss) from

5 unchanged sentences

Net Change in Unrealized Gain (Loss)

Net Realized and Net Change in Unrealized

Gain (Loss) on United States Treasury

Obligations, Affiliated Investments and

Currency Futures Contracts

Net Realized and Net Change in Unrealized Gain (Loss) on

United States Treasury Obligations, Affiliated Investments

and Currency Futures Contracts

Net Income (Loss)

2 unchanged sentences

Statements of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2025 and 2024

For the Three Months Ended June 30, 2025 and 2024

General Shares

Shareholders'

Balance at December 31, 2024

Balance at March 31, 2025

Purchases of Shares

3 unchanged sentences

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 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 June 30, 2025

General Shares

Shareholders'

Balance at March 31, 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 June 30, 2024

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 Six Months Ended June 30, 2025 and 2024

General Shares

6 unchanged sentences

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 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 March 31, 2024

Balance at June 30, 2025

General Shares

Shareholders'

Balance at December 31, 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 June 30, 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 Three Months Ended March 31, 2025 and 2024

Three Months Ended

For the Six Months Ended June 30, 2025 and 2024

Six Months Ended

Cash flows from operating activities:

4 unchanged sentences

Cost of affiliated investments purchased

( 110,894,945

Proceeds from affiliated investments sold

Net accretion of discount on United States Treasury Obligations

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

Affiliated Investments

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

and Affiliated Investments

Change in operating assets and liabilities:

18 unchanged sentences

Notes to Unaudited F inancial Statements

March 31, 2025

June 30, 2025

Note 1 – Organization

9 unchanged sentences

The Fund may also gain exposure to United States Treasury Obligations through investments in exchange-traded funds (“ETFs”) (affiliated or otherwise) that track indexes that measure the performance of United States Treasury Obligations with a maximum remaining maturity of up to 12 months (“T-Bill ETFs”).

The Fund holds as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes.

The Fund may hold as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, 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 futures contracts with the aim of seeking to track the Index.

19 unchanged sentences

(the “NYSE Arca”).

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

This Quarterly Report (the “Report”) covers the three and six months ended June 30, 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 .

23 unchanged sentences

Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity.

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.

8 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 months ended March 31, 2025 and 2024 .

No distributions were declared for the three and six months ended June 30, 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 months ended March 31, 2025 and 2024 , the Fund did not incur such expenses.

For the three and six months ended June 30, 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 months ended March 31, 2025 and 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 six months ended June 30, 2025 , 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 six months ended June 30, 2024 , respectively.

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

20 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.

22 unchanged sentences

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

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

The Managing Owner waived fees of $ 30,051 and $ 38,929 for the three and six months ended June 30, 2025, respectively.

The Managing Owner waived fees of $ 6,121 and $ 14,746 for the three and six months ended June 3, 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

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.

19 unchanged sentences

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.

There were no cash equivalents held by the Fund as of June 30, 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.

27 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 March 31, 2025:

The following is a summary of the tiered valuation input levels as of June 30, 2025:

Investments in Securities

United States Treasury Obligations

Money Market Mutual Fund

Total Investments in Securities

Other Investments—Liabilities (a)

Other Investments - Assets (a)

Currency Futures Contracts

12 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

March 31, 2025

June 30, 2025

December 31, 2024

13 unchanged sentences

Net Change in Unrealized Gain (Loss)

For the Six Months Ended

Location of Gain (Loss) on Derivatives

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

Average Notional Value - Short

For the Six Months Ended

Average Notional Value

( 117,364,760

Note 8 – Investments in Affiliates

2 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 months ended March 31, 2025 and 2024.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2025.

Value 03/31/2025

Purchases at Cost

2 unchanged sentences

Realized Gain (Loss)

Value 06/30/2025

Dividend Income

Investments in Affiliated

Money Market Funds:

Invesco Government & Agency

Portfolio, Institutional Class

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

Value 12/31/2024

Purchases at Cost

2 unchanged sentences

Realized Gain (Loss)

Value 06/30/2025

Dividend Income

Investments in Affiliated

Money Market Funds:

Invesco Government & Agency

Portfolio, Institutional Class

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 six months ended June 30, 2024.

Value 03/31/2024

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2024

Dividend Income

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

Value 12/31/23

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2024

Dividend Income

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

Note 9 – Share Purchases and Redemptions

22 unchanged sentences

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the Fund no later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date.

Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to one business day after the redemption order date.

Upon submission of a redemption order, the Authorized Participant may request the Managing

Owner to agree to a redemption order settlement date up to one business day after the redemption order date.

By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.

14 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 months ended March 31, 2025 and 2024.

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and six months ended June 30, 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

Six Months Ended

Net Asset Value

Net asset value per Share, beginning of period

Net realized and change in unrealized gain (loss) on United

States Treasury Obligations, Affiliated Investments and

Currency Futures Contracts (a)

Net realized and change in unrealized gain (loss) on

United States Treasury Obligations, Affiliated

Investments and Currency Futures Contracts (a)

Net investment income (loss) (b)

19 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