What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-07 · 101 added, 39 removed, 451 unchanged (24% of the section changed)

2 unchanged sentences

Statements of Financial Condition

March 31, 2026 and December 31, 2025

June 30, 2026 and December 31, 2025

Affiliated investments, at value and cost

Other investments:

Variation margin receivable- Commodity Futures Contracts

Variation margin receivable- Currency Futures Contracts

Deposit with Commodity Broker

1 unchanged sentence

Dividends from affiliates

Fund shares reacquired

Management fees

12 unchanged sentences

Schedule of Investments

March 31, 2026

June 30, 2026

Percentage of

3 unchanged sentences

Invesco Government & Agency Portfolio, Institutional Class, 3.57 % (cost $ 109,866,542 ) (a)(b)

Total Investments in Securities (cost $ 138,814,329 )

Total Affiliated Investments (cost $109,866,542)

(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.

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

(b) The rate shown is the 7-day SEC standardized yield as of June 30, 2026 .

Open Currency Futures Contracts

3 unchanged sentences

Short Futures Contracts

September - 2026

( 110,346,001

9 unchanged sentences

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

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

Total Affiliated Investments (cost $131,445,615)

(a) Affiliated issuer.

11 unchanged sentences

Statements of Income and Expenses

For the Three Months Ended March 31, 2026 and 2025

For the Three and Six Months Ended June 30, 2026 and 2025

Three Months Ended

Six Months Ended

Interest Income

22 unchanged sentences

Statements of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2026 and 2025

For the Three Months Ended June 30, 2026 and 2025

General Shares

Shareholders'

Balance at December 31, 2025

Balance at March 31, 2026

Purchases of Shares

7 unchanged sentences

Net Change in Shareholders' Equity

Balance at June 30, 2026

General Shares

Shareholders'

Balance at March 31, 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 June 30, 2025

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

Invesco DB US Dollar Index Bearish Fund

Statements of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2026 and 2025

General Shares

10 unchanged sentences

Net Change in Shareholders' Equity

Balance at March 31, 2025

Balance at June 30, 2026

General Shares

Shareholders'

Balance at December 31, 2024

Purchases of Shares

Redemption of Shares

Net Increase (Decrease) due to Share Transactions

Net Income (Loss)

Net Investment Income (Loss)

Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts

Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at June 30, 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 Three Months Ended March 31, 2026 and 2025

For the Six Months Ended June 30, 2026 and 2025

Cash flows from operating activities:

3 unchanged sentences

Cost of affiliated investments purchased

( 110,894,945

Proceeds from affiliated investments sold

22 unchanged sentences

Notes to Unaudited F inancial Statements

March 31, 2026

June 30, 2026

Note 1 – Organization

31 unchanged sentences

(the “NYSE Arca”).

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

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

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, 2025, as filed with the SEC on March 2, 2026 .

34 unchanged sentences

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

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

No distributions were declared for the three and six months ended June 30, 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 months ended March 31, 2026 and 2025 , the Fund did not incur such expenses.

For the three and six months ended June 30, 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 months ended March 31, 2026 and 2025 , respectively.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 5.00 and $ 4.00 per round-turn trade during the three and six months ended June 30, 2026, respectively.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 5.00 and $ 5.00 per round-turn trade during the three and six months ended June 30, 2025 , respectively.

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

20 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.

21 unchanged sentences

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

The Managing Owner waived fees of $ 32,861 and $ 8,878 for the three months ended March 31, 2026 and 2025, respectively.

The Managing Owner waived fees of $ 30,851 and $ 63,712 for the three and six months ended June 30, 2026, respectively.

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

The Distributor

9 unchanged sentences

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

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

The Commodity Broker is responsible, among other things, for providing periodic accountings of all dealings and actions taken

by the Trust on behalf of the Fund during the reporting period, together with an accounting of all securities, cash or other indebtedness or obligations held by it or its nominees for or on behalf of the Fund.

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 March 31, 2026 and December 31, 2025.

There were no cash equivalents held by the Fund as of June 30, 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 March 31, 2026:

The following is a summary of the tiered valuation input levels as of June 30, 2026:

Investments in Securities

13 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

March 31, 2026

June 30, 2026

December 31, 2025

13 unchanged sentences

Net Change in Unrealized Gain (Loss)

For the Six Months Ended

Location of Gain (Loss) on Derivatives

Risk Exposure/Derivative Type

Recognized in Income

Currency risk

Currency Futures Contracts

Net Realized Gain (Loss)

Net Change in Unrealized Gain (Loss)

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

For the Three Months Ended

For the Six Months Ended

Average Notional Value

( 124,744,340

( 117,364,760

( 130,951,211

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.

In seeking its investment objective, the Invesco Government & Agency Portfolio primarily invests in cash, Government Securities, and repurchase 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 three months ended March 31, 2026.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2026.

Value 03/31/2026

7 unchanged sentences

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.

Invesco Government & Agency Portfolio, Institutional Class

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 and six months ended June 30, 2025.

Value 03/31/2025

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2025

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 06/30/2025

Dividend Income

Investments in Affiliated

Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class

Note 9 – Share Purchases and Redemptions

39 unchanged sentences

Note 11 – Financial Highlights

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three months ended March 31, 2026 and 2025.

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

Six Months Ended

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