What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-11-07 · 52 added, 149 removed, 438 unchanged (31% of the section changed)

2 unchanged sentences

Statements of Financial Condition

September 30, 2025 and December 31, 2024

September 30,

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

March 31, 2026 and December 31, 2025

Affiliated investments, at value and cost

Other investments:

Variation margin receivable- Commodity Futures Contracts

Deposit with Commodity Broker

1 unchanged sentence

Dividends from affiliates

Other investments:

Variation margin payable- Currency Futures Contracts

Due to custodian

Management fees

Brokerage commissions and fees

Total liabilities

11 unchanged sentences

Schedule of Investments

September 30, 2025

March 31, 2026

Percentage of

6 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.

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

(b) The rate shown is the 7-day SEC standardized yield as of March 31, 2026 .

Open Currency Futures Contracts

3 unchanged sentences

Short Futures Contracts

December - 2025

( 142,056,816

6 unchanged sentences

Shareholders'

Principal Value

United States Treasury Obligations (a)

Treasury Bills, 4.400 % due March 06, 2025

Treasury Bills, 4.230 % due April 03, 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 Unaudited Financial Statements which are an integral part of the financial statements.

1 unchanged sentence

Statements of Income and Expenses

For the Three and Nine Months Ended September 30, 2025 and 2024

For the Three Months Ended March 31, 2026 and 2025

Three Months Ended

Nine Months Ended

September 30,

Interest Income

8 unchanged sentences

and Currency Futures Contracts

Net Realized Gain (Loss) from

Net Realized Gain (Loss) on

Currency Futures Contracts

Net Realized Gain (Loss)

Net Change in Unrealized Gain (Loss) from

Net Change in Unrealized Gain (Loss) on

United States Treasury Obligations

8 unchanged sentences

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2025 and 2024

General Shares

Shareholders'

Balance at June 30, 2025

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, 2025

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

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, 2025 and 2024

For the Three Months Ended March 31, 2026 and 2025

General Shares

10 unchanged sentences

Net Change in Shareholders' Equity

Balance at September 30, 2025

Balance at March 31, 2026

General Shares

10 unchanged sentences

Net Change in Shareholders' Equity

Balance at September 30, 2024

Balance at March 31, 2025

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, 2025 and 2024

Nine Months Ended

September 30,

For the Three Months Ended March 31, 2026 and 2025

Cash flows from operating activities:

1 unchanged sentence

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating

Cost of securities purchased

Proceeds from securities sold and matured

Cost of affiliated investments purchased

( 127,376,530

Proceeds from affiliated investments sold

4 unchanged sentences

Variation margin - Currency Futures Contracts

Deposit with Commodity Broker

Dividends from affiliates

1 unchanged sentence

Brokerage commissions and fees

Deposit with Commodity Broker

Net cash provided by (used in) operating activities

12 unchanged sentences

Notes to Unaudited F inancial Statements

September 30, 2025

March 31, 2026

Note 1 – Organization

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

5 unchanged sentences

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.

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.

If the Managing Owner determines in its commercially reasonable judgment that it has become impracticable, including in scenarios wherein the futures market for a DX Contract is thinly traded, or inefficient for any reason for the Fund to gain full or partial exposure to a DX Contract, the Fund may invest in:

18 unchanged sentences

(the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three and nine months ended September 30, 2025 and 2024.

This Quarterly Report (the “Report”) covers the three months ended March 31, 2026 and 2025.

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.

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 .

Interim period

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

Note 2 – Summary of Significant Accounting Policies

9 unchanged sentences

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 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.

20 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, 2025 and 2024 .

No distributions were declared for the three months ended March 31, 2026 and 2025 .

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, 2025 and 2024 , the Fund did not incur such expenses.

For the three months ended March 31, 2026 and 2025 , 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, 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 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 months ended March 31, 2026 and 2025 , respectively.

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

4 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:

14 unchanged sentences

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.

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.

The financial instruments are traded on an exchange and are standardized contracts.

3 unchanged sentences

Credit risk is the possibility that a loss may occur due to the failure of the Commodity Broker and/or clearing house to perform according to the terms of a futures contract.

Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as counterparty to the transactions.

Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions.

The Commodity Broker, when acting as the Fund’s futures commission merchant (“FCM”) in accepting orders for the purchase or sale of domestic futures contracts, is required by Commodity Futures Trading Commission (the “CFTC”) regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading.

4 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.

7 unchanged sentences

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

The Managing Owner waived fees of $ 35,515 and $ 74,444 for the three and nine months ended September 30, 2025, respectively.

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 $ 32,861 and $ 8,878 for the three months ended March 31, 2026 and 2025, respectively.

The Distributor

10 unchanged sentences

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.

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.

The Administrator, Custodian and Transfer Agent

18 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 September 30, 2025 and December 31, 2024.

There were no cash equivalents held by the Fund as of March 31, 2026 and December 31, 2025.

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 September 30, 2025:

The following is a summary of the tiered valuation input levels as of March 31, 2026:

Investments in Securities

6 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

3 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

September 30, 2025

March 31, 2026

December 31, 2025

7 unchanged sentences

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

( 139,934,484

( 108,224,176

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 and nine months ended September 30, 2025.

Value 06/30/2025

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 09/30/2025

Dividend Income

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

Value 12/31/2024

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 09/30/2025

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, 2024.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 2026.

Value 12/31/2025

5 unchanged sentences

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 months ended March 31, 2025.

Value 12/31/2024

35 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 and nine months ended September 30, 2025 and 2024.

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, 2026 and 2025.

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