What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-07 compared with 2025-11-07 · 73 added, 108 removed, 242 unchanged (43% of the section changed)

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Future economic and industry trends that could potentially impact the Fund and its performance are difficult to predict.

Conditions and important factors, risks and uncertainties in the markets for financial instruments that the Fund trades, in the markets for related currencies, in the legal and regulatory regimes applicable to the Managing Owner, the Fund, and the Fund’s service providers, in the broader economy and in global politics may cause the actual results to differ materially from those expressed by such forward-looking statements.

Conditions and important factors, risks and uncertainties in the markets for financial instruments that the Fund trades, in the markets for related currencies, in the legal and regulatory regimes applicable to the Managing Owner, the Fund, and the Fund’s service providers, in the broader economy and in global politics may cause actual results to differ materially from those expressed by such forward-looking statements.

There can be no assurance that the forward-looking statements included in this Report will prove to be accurate.

Factors that could cause results to differ from those expressed in the forward-looking statements are subject to a number of risks, uncertainties and other factors, including those described in the “Risk Factors” section of the Fund’s Prospectus and elsewhere in the Prospectus and in other SEC filings by the Fund, such as its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, together with the modified risk factor included in Item 1A of this Report, as well as the following:

Factors that could cause results to differ from those expressed in the forward-looking statements are subject to a number of risks, uncertainties and other factors, including those described in the “Risk Factors” section of the Fund’s Prospectus and elsewhere in the Prospectus and in other Securities and Exchange Commission (the "SEC") filings by the Fund, such as its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as the following:

• Risks related to market volatility and fluctuations in the price of assets held by the Fund, including as a result of global trade, macroeconomic events, the imposition of trading limitations or trading halts, and the potential loss of investment;

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• Risks related to the impact of regulatory actions, such as position limits, accountability levels and daily limits;

• Risks and uncertainty related to public health emergencies and other adverse public health developments, geopolitical conflict, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience.

• Risks and uncertainty related to public health emergencies and other adverse public health developments, geopolitical conflicts, including armed conflicts, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience.

You should not place undue reliance on any forward-looking statements.

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Overview/Introduction

Invesco DB U.S.

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 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 common units of beneficial interest (the "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 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 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.

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.

The Fund may invest directly in United States Treasury Obligations.

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 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.

The Fund may also gain exposure to United States Treasury Obligations through investments in 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 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 DX Contracts with the aim of seeking to track the Index.

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• the futures contracts referencing the Index Currencies, or

• a forward agreement, swap, or other OTC derivative referencing the Index Currencies,

if, in the commercially reasonable judgment of the Managing Owner, such an instrument tends to exhibit trading prices that correlate with the DX Contract.

• a forward agreement, swap, or other OTC derivative referencing the Index Currencies, if, in the commercially reasonable judgment of the Managing Owner, such an instrument tends to exhibit trading prices that correlate with the DX Contract.

The Index is calculated to reflect the changes in market value over time, whether positive or negative, of short positions in DX Contracts.

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March 1973 was chosen as a base period of the USDX ® because it represents a significant milestone in foreign exchange history when the world’s major trading nations allowed their currencies to float freely against each other.

The Fund offers common units of beneficial interest (the “Shares”) only to certain eligible financial institutions (the “Authorized Participants”) in one or more blocks of 50,000 Shares (“Creation Units”).

The Fund commenced investment operations on February 15, 2007.

The Fund commenced trading on the American Stock Exchange (which became the NYSE Alternext US LLC) on February 20, 2007 and, since November 25, 2008, has been listed on the NYSE Arca, Inc.

(the “NYSE Arca”).

The USDX ® mark is a registered service mark owned by ICE Futures U.S., Inc.

Index Description

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Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation to take the needs of the Managing Owner or its clients into consideration in determining, composing or calculating the Index.

Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Fund.

Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation or liability in connection with the administration or trading of the Fund.

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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 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.

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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 futures change.

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.

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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 $(95.5) million and $3.2 million for the nine months ended September 30, 2025 and 2024, respectively.

Net cash flow provided by (used in) operating activities was $(6.8) million and $(15.8) million for the three months ended March 31, 2026 and 2025, 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, affiliated investments and net deposits to/from the Commodity Broker.

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

The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, or maintains excess deposits with brokers 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 DX Contracts with the aim of seeking to track the Index.

During the nine months ended September 30, 2025, there were no purchases of United States Treasury Obligations and $15.0 million was received from sales and maturing United States Treasury Obligations.

During the nine months ended September 30, 2024, $34.1 million was paid to purchase United States Treasury Obligations and $35.0 million was received from sales and maturing United States Treasury Obligations.

$16.5 million was received from sales of affiliated investments and $127.4 million was paid to purchase affiliated investments during the nine months ended September 30, 2025.

$29.1 million was received from sales of affiliated investments and $27.0 million was paid to purchase affiliated investments during the nine months ended September 30, 2024.

During the nine months ended September 30, 2025, net deposits to/from the Commodity Broker was $8.4 million.

There were no net deposits to/from the Commodity Broker during the nine months ended September 30, 2024.

During the three months ended March 31, 2026 and 2025, there were no purchases of United States Treasury Obligations.

$5.0 million was received from sales and maturing United States Treasury Obligations during the three months ended March 31, 2025.

$18.8 million was received from sales of affiliated investments and $26.2 million was paid to purchase affiliated investments during the three months ended March 31, 2026.

$8.7 million was received from sales of affiliated investments and $28.8 million was paid to purchase affiliated investments during the three months ended March 31, 2025.

During the three months ended March 31, 2026 and 2025, net deposits to/from the Commodity Broker was $3.7 million and $2.6 million, respectively.

Financing Activities

The Fund’s net cash flow provided by (used in) financing activities was $95.5 million and $(3.2) million during the nine months ended September 30, 2025 and 2024, respectively.

This included $108.0 million and $13.0 million from Shares purchased by Authorized Participants and $12.4 million and $16.2 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2025 and 2024, respectively.

No distributions were paid to Shareholders during the nine months ended September 30, 2025 and 2024, respectively.

The Fund’s net cash flow provided by (used in) financing activities was $6.8 million and $15.8 million during the three months ended March 31, 2026 and 2025, respectively.

This included $24.0 million and $20.9 million from Shares purchased by Authorized Participants and $17.2 million and $5.0 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2026 and 2025, respectively.

No distributions were paid to Shareholders during the three months ended March 31, 2026 and 2025, respectively.

Results of Operations

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

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 ”).

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Similarly, no representation is being made that the Fund will generate profits or losses similar to the Fund’s past performance or changes in the Index closing levels.

COMPARISON OF MARKET, NAV AND DEUTSCHE BANK SHORT USD CURRENCY PORTFOLIO INDEX EXCESS RETURN TM FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

COMPARISON OF MARKET, NAV AND DEUTSCHE BANK SHORT USD CURRENCY PORTFOLIO INDEX EXCESS RETURN TM FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

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Performance Summary

This Report covers the three and nine months ended September 30, 2025 and 2024.

This Report covers the three months ended March 31, 2026 and 2025.

Past performance of the Fund is not necessarily indicative of future performance.

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 of the U.S.

dollar relative to the Index Currencies.

Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels.

Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing level.

The Index provides a general indication of the international value of the U.S.

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The Deutsche Bank Short USD Currency Portfolio Index–Total Return TM (the “Short Index–TR TM ”) consists of the Index plus 3-month United States Treasury Obligations returns.

Past results of the Index and the Short Index–TR TM are not necessarily indicative of future changes, positive or negative, in the Index closing levels.

The section “Summary of the Deutsche Bank Short USD Currency Portfolio Index–Total Return TM and Underlying DX Contract Returns for the Three and Nine Months Ended September 30, 2025 and 2024” below provides an overview of the changes in the closing levels of the Short Index–TR TM by disclosing the change in closing levels of the underlying DX Contracts of the Index through a “surrogate” (and analogous) index that also reflects the return of 3-month United States Treasury Bills.

Past results of the Index and the Short Index–TR TM are not necessarily indicative of future changes, positive or negative, in the Index closing level.

The section “Summary of the Deutsche Bank Short USD Currency Portfolio Index–Total Return TM and Underlying DX Contract Returns for the Three Months Ended March 31, 2026 and 2025” below provides an overview of the changes in the closing levels of the Short Index–TR TM by disclosing the change in closing levels of the underlying DX Contracts of the Index through a “surrogate” (and analogous) index that also reflects the return of 3-month United States Treasury Bills.

Please note also that the Fund’s objective is to track the Index (not the Short Index–TR) and the Fund does not attempt to outperform or underperform the Index.

Summary of the Deutsche Bank Short USD Currency Portfolio Index–Total Return TM and Underlying DX Contract Returns for the Three and Nine Months Ended September 30, 2025 and 2024

Summary of the Deutsche Bank Short USD Currency Portfolio Index–Total Return TM and Underlying DX Contract Returns for the Three Months Ended March 31, 2026 and 2025

Three Months Ended

Nine Months Ended

September 30,

Underlying Index

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If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2024

Fund Share Price Performance

For the three months ended September 30, 2025, the NYSE Arca market value of each Share decreased from $18.92 per Share to $18.81 per Share.

The Share price low and high for the three months ended September 30, 2025 and related change from the Share price on June 30, 2025 was as follows:

Shares traded at a low of $18.31 per Share (-3.22%) on July 31, 2025, and a high of $19.02 per Share (+0.53%) on September 16, 2025.

The total return for the Fund on a market value basis was -0.58%.

The Fund delivered a loss in the third quarter of 2025 with the U.S.

dollar ending higher.

Despite the downtrend in the first half of the year, U.S.

dollar rebounded, benefitting from positive economic data which brought central bank policy divergence into focus.

Trade agreements also provided some relief as gyrating tariffs heavily pressured investor sentiment on the US economy.

However, resurging concerns around the Federal Reserve’s credibility, weaker labor market data, the Federal Reserve’s tilt to dovishness, and September’s rate cut all led to the dollar paring some of these gains.

The growth of U.S.

dollar debasement trades was also a headwind to Fund performance.

For the three months ended September 30, 2024, the NYSE Arca market value of each Share increased from $17.90 per Share to $18.93 per Share.

The Share price low and high for the three months ended September 30, 2024 and related change from the Share price on June 30, 2024 was as follows:

Shares traded at a low of $17.90 per Share (0.00%) on July 01, 2024, and a high of $19.01 per Share (+6.23%) on September 27, 2024.

The total return for the Fund on a market value basis was +5.75%.

dollar was heavily pressured in the third quarter of 2024, leading to gains for the Fund.

In addition to the highly anticipated Federal Reserve easing cycle which officially kicked off in September – the central bank announced a larger-than-expected interest rate cut of 0.50% – the Bank of Japan also surprised the market with a rate hike in August.

Higher interest rates generally boost a country’s currency and vice versa;

in this case, the events boosted the Japanese yen and pressured the U.S.

Fund Share Net Asset Performance

For the three months ended September 30, 2025, the NAV of each Share decreased from $18.90 per Share to $18.80 per Share.

Falling currency futures contracts prices for short DX Contracts during the three months ended September 30, 2025 contributed to a 1.37% decrease in the level of the Index and to a 0.32% decrease in the level of the Short Index–TR TM .

The total return for the Fund on a NAV basis was -0.53%.

Net income (loss) for the September 30, 2025 was $(0.7) million, primarily resulting from $1.6 million of income, net realized gain (loss) of $0.6 million, net change in unrealized gain (loss) of ($2.6) million and net operating expenses of $0.3 million.

For the three months ended September 30, 2024, the NAV of each Share increased from $17.90 per Share to $18.92 per Share.

Rising currency futures contracts prices for short DX Contracts during the September 30, 2024 contributed to a 4.51% increase in the level of the Index and to a 5.89% increase in the level of the Short Index–TR TM .

The total return for the Fund on a NAV basis was +5.70%.

Net income (loss) for the three months ended September 30, 2024 was $3.0 million, primarily resulting from $0.7 million of income, net realized gain (loss) of $1.5 million, net change in unrealized gain (loss) of $0.8 million and net operating expenses of $0.1 million.

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2024

FOR THE THREE MONTHS ENDED MARCH 31, 2026 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2025

Fund Share Price Performance

For the nine months ended September 30, 2025, the NYSE Arca market value of each Share increased from $16.71 per Share to $18.81 per Share.

The Share price low and high for the nine months ended September 30, 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.

For the three months ended March 31, 2026, the NYSE Arca market value of each Share decreased from $18.25 per Share to $18.02 per Share.

The Share price low and high for the three months ended March 31, 2026 and related change from the Share price on December 31, 2025 was as follows:

Shares traded at a low of $17.89 per Share (-1.97%) on March 30, 2026, and a high of $18.73 per Share (+2.63%) on January 27, 2026.

The total return for the Fund on a market value basis was -1.26%.

The Fund experienced a gain in the first three quarters of 2025 as the U.S.

dollar moved sharply lower.

dollar downtrend theme has been persistent due to the Federal Reserve’s plans to deliver rate cuts, waning confidence in the U.S.

economy due to tariffs and stagflation concerns, softening economic data, and concerns about the Federal Reserve's credibility adding momentum to the U.S.

dollar debasement trade.

Despite some bounces and a rebound in the third quarter, the U.S.

dollar continued its broader downtrend on these structural performance headwinds.

For nine months ended September 30, 2024, the NYSE Arca market value of each Share increased from $18.43 per Share to $18.93 per Share.

The Share price low and high for the nine months ended September 30, 2024 and related change from the Share price on December 31, 2023 was as follows:

Shares traded at a low of $17.67 per Share (-4.10%) on April 16, 2024, and a high of $19.01 per Share (+3.18%) on September 27, 2024.

dollar strengthened modestly in the first quarter of 2026, resulting in negative performance for the Fund.

Heightened geopolitical uncertainty stemming from escalating tensions between Iran and the United States, including the effective closure of the Strait of Hormuz, raised concerns around energy supply disruptions and renewed inflationary pressures.

These risks contributed to fears of energy shocks, food price inflation, and broader ripple effects across the global economy, prompting markets to push out expectations for Federal Reserve rate cuts.

Demand for the U.S.

dollar was supported by safe‑haven flows, defensive positioning, and a preference for liquidity amid uncertain global growth and financial conditions.

While intermittent improvements in risk sentiment

led to brief pullbacks, risk-off dynamics ultimately supported the U.S.

dollar over the quarter, weighing on the Fund's bearish exposure.

For the three months ended March 31, 2025, the NYSE Arca market value of each Share increased from $16.71 per Share to $17.55 per Share.

The Share price low and high for the three months ended March 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 $17.69 per Share (+5.87) on March 18, 2025.

The total return for the Fund on a market value basis was +5.03.

dollar performed positively in the first three quarters of 2024.

While the dollar had fallen to end 2023 on expectations for 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 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.

However, the greenback moved lower in the third quarter with the Federal Reserve joining the others, announcing its first interest rate cut in September.

Furthermore, the Bank of Japan surprised the market with a rate hike in August, sending the Japanese yen higher.

dollar moved lower in the first quarter of 2025 leading to strong gains for the Fund.

This marked a sharp reversal from the strong rally to end 2024, when the incoming U.S.

administration's tariff policy was expected to have a disproportionate adverse effect on the currency of the United States' trading partners, in turn boosting the U.S.

Inflation predictions also led the markets to re-evaluate the Federal Reserve’s easing plans, with the potential to leave interest rates higher for longer.

However, those factors are now hurting the U.S.

tariffs and stagflation fears have upended market confidence in the U.S., while the Federal Reserve may still reduce interest rates by 0.50% in 2025 (lower interest rates reduce demand for the U.S.

In contrast, the euro and other European currencies are being propped up by major defense and infrastructure spending plans, and the outlook looks brighter for the Japanese yen, with the Bank of Japan in a rate hiking cycle as the rest of the world’s major economies pulled back.

Fund Share Net Asset Performance

For the nine months ended September 30, 2025, the NAV of each Share increased from $16.73 per Share to $18.80 per Share.

Rising currency futures contracts prices for short DX Contracts during the nine months ended September 30, 2025 contributed to a 9.49% increase in the level of the Index and to a 13.03% increase in the level of the Short Index–TR TM .

For the three months ended March 31, 2026, the NAV of each Share decreased from $18.23 per Share to $18.00 per Share.

Falling currency futures contracts prices for short DX Contracts during the three months ended March 31, 2026 contributed to a 2.00% decrease in the level of the Index and to a 1.11% decrease in the level of the Short Index–TR TM .

The total return for the Fund on a NAV basis was -1.26%.

Net income (loss) for the nine months ended September 30, 2025 was $9.5 million, primarily resulting from $3.5 million of income, net realized gain (loss) of $5.9 million, net change in unrealized gain (loss) of $0.7 million and net operating expenses of $0.6 million.

For the nine months ended September 30, 2024, the NAV of each Share increased from $18.42 per Share to $18.92 per Share.

Rising currency futures contracts prices for short DX Contracts during the nine months ended September 30, 2024 contributed to a 0.72% decrease in the level of the Index and to a 3.31% increase in the level of the Short Index–TR TM .

Net income (loss) for the three months ended March 31, 2026 was $(2.3) million, primarily resulting from $1.3 million of income, net realized gain (loss) of $(1.8) million, net change in unrealized gain (loss) of $(1.6) million and net operating expenses of $0.2 million.

For the three months ended March 31, 2025, the NAV of each Share increased from $16.73 per Share to $17.53 per Share.

Rising currency futures contracts prices for short DX Contracts during the three months ended March 31, 2025 contributed to a 3.85% increase in the level of the Index and to a 4.96% increase in the level of the Short Index–TR TM .

The total return for the Fund on a NAV basis was +4.78.

Net income (loss) for the nine months ended September 30, 2024 was $1.2 million, primarily resulting from $2.3 million of income, net realized gain (loss) of $(0.2) million, net change in unrealized gain (loss) of $(0.6) million and net operating expenses of $0.3 million.

Net income (loss) for the three months ended March 31, 2025 was $2.3 million, primarily resulting from $0.6 million of income, net realized gain (loss) of $1.4 million, net change in unrealized gain (loss) of $0.5 million and net operating expenses of $0.1 million.

Critical Accounting Estimates

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These estimates and assumptions affect the Fund’s application of accounting policies.

In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025.

In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 2, 2026.

There were no material estimates, which involve a significant level of estimation uncertainty and had or are reasonably likely to have had a material impact on the Fund's financial condition, used in the preparation of these financial statements.

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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 U.S.

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).

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The Fund calculates VaR using the actual historical market movements of the Fund’s net assets.

The following table indicates the trading VaR associated with the Fund’s net assets as of September 30, 2025.

For the Nine Months Ended

September 30, 2025

The following table indicates the trading VaR associated with the Fund’s net assets as of March 31, 2026.

For the Three Months Ended

March 31, 2026

Daily Volatility

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Changes in Internal Control Over Financial Reporting

There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Fund’s quarter ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Fund’s quarter ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

OTHER INFORMATION

Legal Proceedings.

Ri sk Factors.

There are no material changes from risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 2, 2026.

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 2. Management’s Discussion and Analysis