UDN on NYSE

INVESCO DB US DOLLAR INDEX BEARISH FUND

INVESCO DB US DOLLAR INDEX BEARISH FUND is an American commodity contracts brokers and dealers company based in Atlanta.2 Its shares trade on NYSE under the symbol UDN.2

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Last updated Oct 20, 2026.

Overview

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  • TickerUDN on NYSE2
  • IndustryCommodity Contracts Brokers & Dealers2
  • HeadquartersAtlanta, United States2
  • Incorporated inDE3
  • Business address3500 Lacey Road, Suite 700, Downers Grove, Il 605153
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formSUB FUND2
  • Kind of organizationFund2
  • LEI54930011VGOJYW7GPM522
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O WILMINGTON TRUST COMPANY, 19890 Wilmington, United States2
  • Registered withSecurities and Exchange Commission, 00013831492

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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 Fund, as amended (the “Trust Agreement”). The Fund has an unlimited number of shares authorized for issuance.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income56789$4.1M in 2025+718% since 2019
-$2.0M0$2.0M$4.0M$6.0M2019: $503.7K$503.7K20192020: -$202.6K-$202.6K20202021: -$539.6K-$539.6K2021+166%2022: $674.5K$674.5K20222023: $3.3M$3.3M2023+385%2024: $2.6M$2.6M2024−20%2025: $4.1M$4.1M2025+57%
Net income56789$9.0M in 2025
-$10.0M-$5.0M0$5.0M$10.0M2019: -$438.7K-$438.7K20192020: $4.1M$4.1M20202021: -$5.5M-$5.5M20212022: -$2.0M-$2.0M2022−64%2023: $2.4M$2.4M20232024: -$3.4M-$3.4M20242025: $9.0M$9.0M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.9

Period ending2025-12-312024-12-312023-12-31
Interest Income$359.5K$1.5M$1.9M
Dividends from Affiliates$4.6M$1.6M$1.9M
Total Income$4.9M$3.1M$3.8M
Management Fees$898.9K$446.2K$583.5K
Brokerage Commissions and Fees$21.0K$11.5K$15.0K
Interest Expense$1.4K$6.2K$7.9K
Total Expenses$921.3K$463.9K$606.4K
Less: Waivers-$109.7K-$29.1K-$38.1K
Net Expenses$811.5K$434.8K$568.4K
Net Investment Income (Loss)$4.1M$2.6M$3.3M
United States Treasury Obligations$0$68$0
Currency Futures Contracts$3.4M-$4.1M-$1.4M
Net Realized Gain (Loss)$3.4M-$4.1M-$1.4M
United States Treasury Obligations-$7.6K-$15.2K$12.0K
Currency Futures Contracts$1.4M-$1.9M$526.7K
Net Change in Unrealized Gain (Loss)$1.4M-$1.9M$538.7K
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts$4.9M-$6.1M-$871.6K
Net Income (Loss)$9.0M-$3.4M$2.4M

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What it owns

What INVESCO DB US DOLLAR INDEX BEARISH FUND reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

The Fund does not own or use physical properties in the conduct of its business. Its assets consist of futures contracts, cash, United States Treasury Obligations and may consist of money market mutual funds and/or T-Bill ETFs. The Managing Owner’s headquarters are located at 3500 Lacey Road, Suite 700, Downers Grove, Illinois 60515.

Item 2 of the 10-K filed Mar 2, 2026.4

Subsidiaries and ownership

Fund manager

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.

Former names

  • POWERSHARES DB US DOLLAR INDEX BEARISH FUNDJan 17, 2007 to Jun 4, 20183

Timeline

  1. Aug 3, 20268-K Executive or director change15
  2. Jun 8, 20268-K Executive or director change16
  3. Aug 2, 20248-K Executive or director change17
  4. Nov 28, 20238-K Executive or director change18
  5. Feb 20, 2007Founded INVESCO DB US DOLLAR INDEX BEARISH FUND is founded2

Filings

45 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 4 major events, 21 other. The latest 20:

  1. Aug 26, 2026424B3 EDGAR
  2. Aug 7, 202610-Q EDGAR
  3. Aug 3, 2026424B3 EDGAR
  4. Aug 3, 20268-K EDGAR
  5. Jun 8, 20268-K EDGAR
  6. May 7, 202610-Q EDGAR
  7. Mar 31, 2026424I EDGAR
  8. Mar 2, 202610-K EDGAR
  9. Nov 7, 202510-Q EDGAR
  10. Aug 26, 2025424B3 EDGAR
  11. Aug 7, 202510-Q EDGAR
  12. May 8, 202510-Q EDGAR
  13. Mar 26, 2025424I EDGAR
  14. Feb 26, 202510-K EDGAR
  15. Nov 12, 2024424B3 EDGAR
  16. Nov 7, 202410-Q EDGAR
  17. Aug 26, 2024EFFECT EDGAR
  18. Aug 26, 2024424B3 EDGAR
  19. Aug 22, 2024CORRESP EDGAR
  20. Aug 20, 2024S-1/A EDGAR

The 45 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 31. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
HighTower Advisors, LLC600,923$10.7M0.0%+9,483
GFS Advisors, LLC242,230$7.3M0.4%+30
Bank Of America Corp /de/131,884$2.4M0.0%−18,759
Jane Street Group, LLC126,319$2.3M0.0%−49,704
L1 Global Manager Pty Ltd110,000$2.0M1.6%No change
UBS Group AG85,462$1.5M0.0%−56,804
Bay Colony Advisory Group, Inc d/b/a Bay Colony Advisors76,428$1.4M0.2%+9,423
Bnp Paribas Financial Markets44,135$788.3K0.0%+38,768
Raymond James Financial Inc30,667$547.7K0.0%−26,740
Advisory Services Network, LLC25,390$453.5K0.0%No change
Bull Harbor Capital LLC23,827$425.6K0.1%+3,883
Lido Advisors, LLC21,518$384.3K0.0%−300
Morgan Stanley16,496$294.6K0.0%−3,452
LPL Financial LLC16,402$292.9K0.0%−16,483
Maltin Wealth Management, Inc.14,950$267.0K0.1%No change
Capstone Wealth Management Group, Inc.13,936$248.9K0.1%New
Group One Trading LLC13,106$234.1K0.0%New
Simplex Trading, LLC12,600$225.0K0.0%−17,881
Royal Bank Of Canada5,818$104.0K0.0%−250
Legacy Bridge, LLC4,250$75.9K0.0%No change
Delos Wealth Advisors, LLC3,140$56.1K0.0%No change
Osaic Holdings, Inc.2,811$50.2K0.0%−2,458
Strategic Investment Solutions, Inc. /IL2,750$49.1K0.0%+300
Integrated Wealth Concepts LLC1,088$19.4K0.0%New
Farther Finance Advisors, LLC525$9.4K0.0%−604

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How INVESCO DB US DOLLAR INDEX BEARISH FUND is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARINVESCO DB US DOLLAR INDEX BEARISH FUND1
  • CIK0001383149
  • Employer ID (EIN)87-07780844
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address3500 Lacey Road, Suite 700, Downers Grove, IL 605151
  • Phone800-983-09031
  • Shares outstanding6,000,000 as of Jun 30, 202610
  • Public float$148.5M as of Jun 30, 20254
  • AuditorPricewaterhouseCoopers LLP, Chicago, Illinois PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceJan 17, 20071
  • Filings304 in all: 8-K (62), 424B3 (61), 10-Q (59), 10-K (19), CORRESP (16), EFFECT (15), IRANNOTICE (13), UPLOAD (13)1
    All 26 form types

    POS AM (10), 424I (5), S-1 (5), S-1/A (5), S-3 (4), FWP (3), 10-K/A (2), 8-A12B (2), 10-Q/A (1), 25 (1), CERTAMX (1), CERTPAC (1), DEF 14A (1), PRE 14A (1), RW (1), S-3/A (1), SC 13G (1), SC 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 2, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Jan 23, 2015
    Latest 8-K (8-K) Aug 3, 2026

Securities registered for trading

ClassSymbolExchange
Common Units of Beneficial InterestUDNNYSE Arca, Inc.

From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks INVESCO DB US DOLLAR INDEX BEARISH FUND names in Item 1A of its 10-K filed Mar 2, 2026: 52 risks under these headings, as written.4

  • Market Risks
  • Fluctuations in the Price of Assets Held by the Fund Could Have a Materially Adverse Effect on the Value of an Investment in Shares.
  • NAV May Not Always Correspond to Market Price and, as a Result, Creation Units May Be Created or Redeemed at a Value that Differs from the Market Price of the Shares.
  • The NYSE Arca May Halt Trading in the Shares Which Would Adversely Impact Your Ability to Sell Shares.
  • The Lack of an Active Trading Market for the Shares May Result in Losses on Your Investment at the Time of Disposition of Your Shares.
  • Short Selling Theoretically Exposes the Fund to Unlimited Losses.
  • Volatility May Cause the Total Loss of Your Investment.
  • Other Market Participants’ Trading of DX Contracts May Adversely Affect the Price that the Fund Pays for DX Contracts.
  • Withdrawal from Participation by Authorized Participants May Affect the Liquidity of Shares.
  • Possible Illiquid Markets May Exacerbate Losses.
  • International Armed Conflicts or Political Turmoil May Result in Market Volatility that Could Adversely Affect the Fund's Performance.
  • The Effect of Market Disruptions and Government Interventions Are Unpredictable and May Have an Adverse Effect on the Value of Your Shares.
The other 41 risks
  • The NAV Calculation of the Fund May Be Overstated or Understated Due to the Valuation Method Employed When a Settlement Price is Not Available on the Date of NAV Calculation.
  • Exchange Rates on the Index Currencies Could Be Volatile and Could Materially and Adversely Affect the Performance of the Shares.
  • Substantial Sales of Index Currencies by the Official Sector Could Adversely Affect an Investment in the Shares.
  • Uncertainty Surrounding the United Kingdom’s Withdrawal from the European Union Could Adversely Affect an Investment in the Shares.
  • Futures Risks
  • Margin Requirements and Risk Limits for Futures Contracts May Limit the Fund’s Ability to Achieve Sufficient Exposure and Prevent the Fund from Achieving its Investment Objective.
  • Because the DX Contracts Have No Intrinsic Value, the Positive Performance of Your Investment Is Wholly Dependent Upon an Equal and Offsetting Loss.
  • The Fund May Not Provide a Diversification Benefit to Investments in Other Asset Classes and May Result in Additional Losses to Your Portfolio.
  • Over-the-Counter Trading Risks
  • Trading Forwards and Swaps May Subject the Fund to Risks that Differ from Risks Associated with Trading Futures Contracts.
  • The Fund’s Performance May Not Always Replicate the Changes in the Levels of its Index.
  • The Fund Is Not Actively Managed and Tracks the Index During Periods in Which the Index Is Flat or Declining as Well as When the Index Is Rising.
  • Fewer Representative Index Currencies May Result in Greater Index Volatility.
  • Investors Who Invest Only in the Fund May Not Be Able to Profit if the Market Value of the DX Contracts Moves Against Such Investment.
  • If You Sell Your Shares at a Time When the DX Contracts Are Being Traded at a Discount, You Would Receive an Amount that Would Be Lower than if the DX Contracts Were Trading at a Premium.
  • Unusually Long Peak-to-Valley Drawdown Periods with Respect to the Index May Be Reflected in Equally Long Peak-to-Valley Drawdown Periods with Respect to the Performance of the Shares.
  • Regulatory Risks
  • Position Limits and Other Potential Limitations on Futures Trading May Restrict the Creation of Creation Units and the Operation of the Fund.
  • Failure of FCMs or Commodity Brokers to Segregate Assets May Cause Losses for the Fund.
  • The Fund’s Performance Could Be Adversely Affected if the Commodity Broker Reduces its Internal Risk Limits for the Fund.
  • Failure of a Swap Dealer with which the Fund Trades Swaps May Adversely Affect the Fund.
  • Regulatory Changes or Actions May Alter the Operations and Profitability of the Fund.
  • The Fund and the Managing Owner Are Subject to Extensive Legal and Regulatory Requirements.
  • Shareholders Will Be Subject to Taxation on Their Allocable Share of the Fund’s Taxable Income, Whether or Not They Receive Cash Distributions.
  • Items of Income, Gain, Loss and Deduction with Respect to Shares Could Be Reallocated if the Internal Revenue Service Does Not Accept the Assumptions or Conventions Used by the Fund in Allocating Such Items.
  • No Deduction for Qualified Publicly Traded Partnership Income.
  • Regulated Investment Company Investors Will Be Treated as Owning a Proportionate Share of the Fund’s Assets and Will Take into Account Its Allocable Share of the Fund’s Items of Income, Gain, Loss and Deduction.
  • General Risks
  • An Insolvency Resulting from Another Series of the Trust or the Trust Itself May Have a Material Adverse Effect on the Fund.
  • Disruptions in the Ability to Create and Redeem Creation Units May Adversely Affect Investors.
  • The Shares Could Decrease in Value if Unanticipated Operational or Trading Problems Arise.
  • Historical Performance of the Fund and the Index is Not Indicative of Future Performance.
  • Fees and Expenses May Deplete the Fund’s Assets if the Fund’s Investment Performance is Not Favorable.
  • There May Be Circumstances That Could Prevent the Fund from Being Operated in a Manner Consistent With its Investment Objective.
  • Redemption Orders for Creation Units May Be Subject to Postponement, Suspension or Rejection Under Certain Circumstances.
  • Shareholders Do Not Have the Protections Associated With Ownership of Shares in an Investment Company Registered Under the Investment Company Act of 1940.
  • Shareholders Do Not Have the Rights Enjoyed by Investors in Certain Other Vehicles.
  • Various Actual and Potential Conflicts of Interest May Be Detrimental to Shareholders.
  • You May Be Adversely Impacted by the Lack of Independent Advisers Representing Investors.
  • Possibility of Termination of the Fund May Adversely Affect Your Portfolio.
  • Competing Claims Over Ownership of Intellectual Property Rights Related to the Fund Could Adversely Affect the Fund and an Investment in the Shares.
  • The Value of the Shares Will Be Adversely Affected if the Fund Is Required to Indemnify the Trustee or the Managing Owner.
  • Although the Shares Are Limited Liability Investments, Certain Circumstances such as Bankruptcy of the Fund or Indemnification of the Fund by the Shareholders Will Increase a Shareholder’s Liability.
  • The Fund May Lose Money on Its Holdings of Money Market Mutual Funds.
  • Due to the Increased Use of Technologies, Intentional and Unintentional Cyber Attacks Pose Operational and Information Security Risks.

Sources

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