What changed in this filing

/stocks — the workspaceLOADING

Item 7. Management’s Discussion and Analysis

2026-03-02 compared with 2025-02-26 · 114 added, 141 removed, 777 unchanged (25% of the section changed)

7 unchanged sentences

Invesco DB US Dollar Index Bearish Fund (the “Fund”), a separate series of Invesco DB US Dollar Index Trust (the “Trust”) was formed as a Delaware statutory trust on August 3, 2006.

The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended (the “Trust Agreement”).

The Fund has an unlimited number of shares authorized for issuance.

Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Trust and the Fund since February 23, 2015.

Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Fund since February 23, 2015.

The Managing Owner is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).

The Fund establishes short positions in certain futures contracts (the “DX Contracts”) with a view to tracking the changes, whether positive or negative, in the level of the Deutsche Bank Short USD Currency Portfolio Index–Excess Return TM (the “Index”) over time.

The Index was renamed effective January 17, 2017.

Prior to January 17, 2017, the Index was known as the Deutsche Bank Short US Dollar Index (USDX®) Futures Index–Excess Return TM .

The Index, as renamed, is identical to the Index prior to its name change on January 17, 2017.

The performance of the Fund also is intended to reflect the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (“T-Bill ETF Income”) over the expenses of the Fund.

49 unchanged sentences

The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange.

In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any one member.

In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions.

2 unchanged sentences

The Commodity Broker is not allowed to commingle such assets with other assets of the Commodity Broker.

In addition, CFTC regulations also require the Commodity Broker to hold in a secure account assets of the Fund related to foreign futures trading.

In addition, CFTC regulations also require the Commodity Broker to hold in a secure account assets of the Fund related to foreign

futures trading.

While these legal requirements are designed to protect the customers of FCMs, a failure by the Commodity Broker to comply with those requirements would be likely to have a material adverse effect on the Fund in the event that the Commodity Broker became insolvent or suffered other financial distress.

1 unchanged sentence

The Fund in turn allocates its net assets to currency futures trading.

A significant portion of the NAV is held in United States Treasury Obligations, which may be used as margin for the Fund’s trading in currency futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes.

The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s currency futures change.

A portion of the Fund’s United States Treasury Obligations is held for deposit with the Commodity Broker to meet margin requirements.

A significant portion of the NAV may be held in United States Treasury Obligations or cash, which may be used as margin for the Fund’s trading in currency futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes.

The amount of cash and/or United States Treasury Obligations on deposit with the Commodity Broker may exceed the amount of margin required to be on deposit, depending on market conditions and comparative yields available from United States Treasury Obligations, money market funds, T-Bill ETFs and cash held on deposit with Commodity Broker.

The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s currency interests change.

All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian.

43 unchanged sentences

As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, Bank of America Securities, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Morgan Stanley & Co.

LLC, Nomura Securities International Inc., RBC Capital Markets LLC, UBS Securities LLC, Virtu Americas LLC and Virtu Financial Capital Markets LLC has executed a Participant Agreement and are the only Authorized Participants.

LLC, Nomura Securities International Inc., RBC Capital Markets LLC, UBS Securities LLC, and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.

Operating Activities

Net cash flow provided by (used in) operating activities was $(78.5) million and $10.9 million for the years ended December 31, 2025 and 2024, respectively.

These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations which are held at fair value on the Statements of Financial Condition.

The Fund may hold United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), for margin and/or cash management purposes only.

These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations.

The Fund may hold United States Treasury Obligations, affiliated investments and net deposits to/from Commodity Broker.

The Fund invests in futures contracts in an attempt to track its Index.

The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) if any, or maintains excess deposits with brokers for margin and/or cash management purposes only.

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 DX Contracts with the aim of seeking to track the Index.

During the year ended December 31, 2024, $43.9 million was paid to purchase United States Treasury Obligations and $60.0 million was received from sales and maturing United States Treasury Obligations.

During the year ended December 31, 2025, there were no purchases of United States Treasury Obligations and $15.0 million was received from sales and maturing United States Treasury Obligations.

1 unchanged sentence

$49.6 million was received from sales of affiliated investments and $50.1 million was paid to purchase affiliated investments during the year ended December 31, 2024.

During the year ended December 31, 2025, net deposits to/from Commodity Broker was $6.8 million.

There were no net deposits to/from Commodity Broker during the year ended December 31, 2024.

Financing Activities

5 unchanged sentences

The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “Deutsche Bank Short USD Currency Portfolio Index-Excess Return TM ”).

Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the level of the Index at that time primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income from the Fund's collateral holdings whereas the Index does not consider such income.

Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the level of the Index at that time primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income, if any, from the Fund's collateral holdings whereas the Index does not consider such income.

There can be no assurance that the price of the Shares or the Fund’s NAV will exceed the Index levels.

7 unchanged sentences

For performance discussion related to the year ended December 31, 2023, see the annual report for the year ended December 31, 2023 available at http://www.invesco.com/ETFs.

The Index is intended to reflect the change in market value of the U.S.

The Index is intended to reflect the changes in market value, positive or negative, of the U.S.

dollar relative to the Index Currencies.

4 unchanged sentences

Returns for the Years Ended December 31, 2025 and 2024

AGGREGATE RETURNS FOR THE

SHORT INDEX-TR

For the Years Ended

Underlying Index

11 unchanged sentences

Fund Share Price Performance

For the year ended December 31, 2025, the NYSE Arca market value of each Share increased from $16.71 per Share to $18.25 per Share.

The Share price low and high for the year ended December 31, 2025 and related change from the Share price on December 31, 2024 was as follows:

Shares traded at a low of $16.53 per Share (-1.08%) on January 13, 2025, and a high of $19.02 per Share (+13.82%) on September 16, 2025.

On December 26, 2025, the Fund paid a distribution of $0.53553 for each General Share and Share to holders of record as of December 22, 2025.

Therefore, the total return for the Fund on a market value basis was +12.42%.

The Fund delivered a positive return in 2025, supported by the sharp weakening of the U.S.

dollar’s downtrend persisted throughout the year, driven by expectations of Federal Reserve rate cuts, waning confidence in the U.S.

economy amid tariff‑related pressures and stagflation concerns, softening macroeconomic data, and rising skepticism around the Federal Reserve’s policy credibility—all of which added momentum to the broader U.S.

dollar debasement trade.

Although the U.S.

dollar saw intermittent rebounds, including modest strength in the third and fourth quarters, these moves proved temporary as structural headwinds continued to push the U.S.

dollar lower.

For the year ended December 31, 2024, the NYSE Arca market value of each Share decreased from $18.43 per Share to $16.71 per Share.

5 unchanged sentences

While the U.S.

dollar had fallen to end 2023 on expectations of imminent interest rate cuts, the Federal Reserve stuck to its higher-for-longer rhetoric through the first two quarters of the year as US inflation proved stickier than expected.

dollar had fallen to end 2023 on expectations of imminent interest rate cuts, the Federal Reserve stuck to its higher-for-longer rhetoric through the first two quarters of the year as U.S.

inflation proved stickier than expected.

This forced the market to repeatedly delay Federal Reserve interest rate easing expectations at the same time that many global economies including Switzerland, Sweden, Canada, and the European Central Bank (ECB), kicked off their rate-cutting cycles.

4 unchanged sentences

In addition, tariffs generally weigh on foreign currencies, further boosting the U.S.

For the year ended December 31, 2023, the NYSE Arca market value of each Share decreased from $18.50 per Share to $18.43 per Share.

The Share price low and high for the year ended December 31, 2023 and related change from the Share price on December 31, 2022 was as follows:

Shares traded at a low of $18.20 per Share (-1.62%) on March 8, 2023, and a high of $19.45 per Share (+5.14%) on July 13, 2023 .

On December 23, 2023, the Fund paid a distribution of $0.960780 for each General Share and Share to holders of record as of December 22, 2023.

Therefore, the total return for the Fund on a market value basis was +4.88%.

dollar ended 2023 largely flat – while it moved lower in the first quarter, prices rebounded in the second quarter and third quarter before falling again in the fourth quarter.

To start the year, the U.S.

dollar retreated rapidly on anticipation for a dovish pivot in the Federal Reserve’s rate hike plans.

However, in February, expectations for the Federal Reserve turned more hawkish amid stickier than-expected US inflation and a strong US labor market.

In March, while the U.S.

dollar initially continued higher on the financial sector turmoil, returning speculation for a softer Federal Reserve stance amid the heightened uncertainty sent prices lower to end the quarter.

Despite continued talks for a pause in US rate hikes, which actually happened in June, the U.S.

dollar remained relatively well supported in the second quarter on hawkish Federal Reserve comments.

In the third quarter, the U.S.

dollar experienced renewed strength amid US economic resilience and the Federal Reserve’s more hawkish, higher-for-longer rhetoric.

However, U.S.

dollar weakness returned to end the year as Federal Reserve rate cut expectations grew.

Fund Share Net Asset Performance

For the year ended December 31, 2024, the NAV of each Share decreased from $18.42 per Share to $16.73 per Share.

Falling currency futures contract prices for short DX Contracts during the year ended December 31, 2024 contributed to an overall 8.47% decrease in the level of the Index and to a 3.67% decrease in the level of the Short Index-TR TM .

For the year ended December 31, 2025, the NAV of each Share increased from $16.73 per Share to $18.23 per Share.

Rising currency futures contract prices for short DX Contracts during the year ended December 31, 2025 contributed to an overall 8.41% increase in the level of the Index and to a 12.99% increase in the level of the Short Index-TR TM .

On December 26, 2025, the Fund paid a distribution of $0.53553 for each General Share and Share to holders of record as of December 22, 2025.

2 unchanged sentences

For the year ended December 31, 2024, the NAV of each Share decreased from $18.42 per Share to $16.73 per Share.

Falling currency futures contract prices for short DX Contracts during the year ended December 31, 2023 contributed to an overall 0.52% increase in the level of the Index and to a 5.82% increase in the level of the Short Index-TR TM .

On December 27, 2024, the Fund paid a distribution of $0.89039 for each General Share and Share to holders of record as of December 23, 2024.

17 unchanged sentences

The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Exchange Act).

All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the U.S.

dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

Value at Risk (“VaR”) is a statistical measure of the value of losses that would not be expected to be exceeded over a given time horizon and at a given probability level arising from movement of underlying risk factors.

82 unchanged sentences

Report of Independent Regist ered Public Accounting Firm

To the Board of Managers of Invesco Capital Management LLC (as Managing Owner

of Invesco DB US Dollar Index Trust) and Shareholders of Invesco DB US Dollar Index Bearish Fund

To the Board of Managers of Invesco Capital Management LLC (as Managing Owner of Invesco DB US Dollar Index Trust) and Shareholders of Invesco DB US Dollar Index Bearish Fund

Opinions on the Financial Statements and Internal Control over Financial Reporting

35 unchanged sentences

Affiliated investments, at value and cost

Deposit with Commodity Broker

Receivable for:

21 unchanged sentences

Shareholders'

Principal Value

United States Treasury Obligations (a)

Treasury Bills, 4.400 % due March 6, 2025

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

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

Affiliated Investments

Money Market Mutual Fund

Invesco Government & Agency Portfolio, Institutional

Class, 4.43 % (cost $ 36,311,736 ) (c)(d)

Invesco Government & Agency Portfolio, Institutional Class, 3.68 % (cost $ 131,445,615 ) (a)(b)

Total Investments in Securities (cost $ 131,445,615 )

(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 $ 4,946,500 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(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 December 31, 2024 .

(b) The rate shown is the 7-day SEC standardized yield as of December 31, 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.

( 138,442,364

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

7 unchanged sentences

Treasury Bills, 4.400 % due March 06, 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 03, 2025 (b)

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

1 unchanged sentence

Money Market Mutual Fund

Invesco Government & Agency Portfolio, Institutional

Class, 4.22 % (cost $ 35,846,173 ) (c)(d)

Invesco Government & Agency Portfolio, Institutional Class, 4.43 % (cost $ 36,311,736 ) (c)(d)

Total Investments in Securities (cost $ 51,160,945 )

22 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 Gain (Loss) from

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

United States Treasury Obligations

1 unchanged sentence

Net Realized Gain (Loss)

Net Change in Unrealized Gain (Loss) from

Net Change in Unrealized Gain (Loss) on

United States Treasury Obligations

1 unchanged sentence

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)

12 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)

14 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)

14 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)

16 unchanged sentences

Net accretion of discount on United States Treasury Obligations

Net realized (gain) loss from United States Treasury Obligations and Affiliated Investments

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

Net realized (gain) loss on 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:

Variation margin - Currency Futures Contracts

Deposit with Commodity Broker

Dividends from affiliates

19 unchanged sentences

Invesco DB US Dollar Index Bearish Fund (the “Fund”), a separate series of Invesco DB US Dollar Index Trust (the “Trust”) was formed as a Delaware statutory trust on August 3, 2006.

The Fund has an unlimited number of shares authorized for issuance.

Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Trust and the Fund since February 23, 2015 .

Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Fund since February 23, 2015 .

The Managing Owner holds 40 general shares (the “General Shares”) of the Fund.

1 unchanged sentence

The Index was renamed effective January 17, 2017.

Prior to January 17, 2017, the Index was known as the Deutsche Bank Short US Dollar Index (USDX®) Futures Index–Excess Return TM .

The Index, as renamed, is identical to the Index prior to its name change on January 17, 2017.

The performance of the Fund also is intended to reflect the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill ETF Income”) over the expenses of the Fund.

1 unchanged sentence

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.

32 unchanged sentences

Segment Reporting

In November 2023, the FASB issued Accounting Standards Update 2023-07 , Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance.

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 Fund represents a single operating segment in accordance with ASC 280, Segment Reporting.

Subject to the oversight and, when applicable, approval of the Board of Managers, portfolio managers and senior executives at the Managing Owner act 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.

Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

Investment Valuations

7 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.

2 unchanged sentences

Realized gains or losses from the sale or disposition of securities or derivatives are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the sale or disposition occurs, respectively.

Interest income on United States Treasury Obligations is

recognized on an accrual basis when earned.

Interest income on United States Treasury Obligations is recognized on an accrual basis when earned.

Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations.

31 unchanged sentences

The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions taken or expected to be taken in future tax returns.

The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The major tax jurisdiction for the Fund and the earliest tax year subject to examination:

4 unchanged sentences

Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker.

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.

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.

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 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.

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.

Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

15 unchanged sentences

Note 4 – Service Providers and Related Party Agreements

Under the Trust Agreement, Wilmington Trust Company, the trustee of the Trust and the Fund (the “Trustee”), has the power and authority to execute and file certificates as required by the Delaware Statutory Trust Act and to accept service of process on the Fund in the State of Delaware.

The Managing Owner has the exclusive management and control of all aspects of the business of the Trust and the Fund.

Under the Trust Agreement, Wilmington Trust Company, the trustee of the Fund (the “Trustee”), has the power and authority to execute and file certificates as required by the Delaware Statutory Trust Act and to accept service of process on the Fund in the State of Delaware.

The Managing Owner has the exclusive management and control of all aspects of the business of the Fund.

The Trustee will serve in that capacity until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor is appointed by the Managing Owner.

11 unchanged sentences

(the “Distributor”) provides certain distribution services to the Fund.

Pursuant to the Distribution Services Agreement among the Managing Owner, the Fund and the Distributor, the Distributor assists the Managing Owner and the Fund’s administrator, The Bank of New York Mellon, with certain functions and duties relating to distribution and marketing services to the Fund including reviewing and approving marketing materials.

Pursuant to the Distribution Services Agreement among the Managing Owner, the Fund and the Distributor, the Distributor assists the Managing Owner and the

Fund’s administrator, The Bank of New York Mellon, with certain functions and duties relating to distribution and marketing services to the Fund including reviewing and approving marketing materials.

The Managing Owner pays the Distributor a distribution fee out of the Management Fee.

26 unchanged sentences

The Fund defines cash as cash held by the Custodian.

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 December 31, 2025 and 2024.

2 unchanged sentences

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.

1 unchanged sentence

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.

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.

20 unchanged sentences

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

6 unchanged sentences

Total Investments in Securities

Other Investments—Assets (a)

Other Investments - Liabilities (a)

Currency Futures Contracts

9 unchanged sentences

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

Only the current day’s variation margin receivable (payable) is reported in the December 31, 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.

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

For the Years Ended

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

For the Year Ended

Location of Gain (Loss) on Derivatives

5 unchanged sentences

Net Change in Unrealized Gain (Loss)

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

For the Years Ended

Average Notional Value - Short

For the Year Ended

Average Notional Value

( 117,615,725

Note 8 – Investments in Affiliates

The Invesco Government & Agency Portfolio is a Government Money Market Fund, as defined by Rule 2a-7, under the Investment Company Act of 1940, as amended, whose shares are primarily purchased and sold through financial intermediaries.

In seeking its investment objective, the Invesco Government & Agency Portfolio primarily invests in cash, Government Securities, and repurchases agreements collateralized by cash or Government Securities.

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 year ended December 31, 2025.

Value 12/31/2024

Purchases at Cost

2 unchanged sentences

Realized Gain (Loss)

Value 12/31/2025

Dividend Income

4 unchanged sentences

The following is a summary of the transactions in, and earnings from, investments in affiliates for the year ended December 31, 2024.

Value 12/31/2023

Purchases at Cost

2 unchanged sentences

Realized Gain (Loss)

Value 12/31/2024

Dividend Income

Investments in Affiliated

Money Market Funds:

Invesco Government & Agency

Portfolio, Institutional Class

( 137,670,144

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 year ended December 31, 2023.

Value 12/31/2022

Purchases at Cost

2 unchanged sentences

Realized Gain (Loss)

Value 12/31/2023

Dividend Income

28 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.

5 unchanged sentences

Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole Creation Units received if the Transfer Agent receives the fee applicable to the extension of the redemption distribution date which the Managing Owner may, from time to time, determine and the remaining Creation Units to be redeemed are credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on such next business day.

further outstanding amount of the redemption order will be cancelled.

Any further outstanding amount of the redemption order will be cancelled.

The Managing Owner is also authorized to deliver the redemption distribution notwithstanding that the Creation Units to be redeemed are not credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on the redemption order settlement date if the Authorized Participant has collateralized its obligation to deliver the Creation Units through DTC’s book-entry system on such terms as the Managing Owner may determine from time to time.

9 unchanged sentences

NAV per Share is the NAV of the Fund divided by the number of outstanding Shares at the date of each respective period presented.

For the Years 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)

20 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-K

Item 7. Management’s Discussion and Analysis