INVESCO DB US DOLLAR INDEX BEARISH FUND

# INVESCO DB US DOLLAR INDEX BEARISH FUND (UDN)

This exchange-traded fund is structured as a commodity contracts broker and dealer registered in Delaware and listed on the NYSE. The fund provides investors with leveraged short exposure to the U.S. Dollar Index (USDX) through a passive tracking strategy. It establishes short positions in DX Contracts—futures instruments linked to the USDX—which track the value of the U.S. dollar against a basket of six major foreign currencies: the Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona, and Swiss Franc. The fund's index reflects changes in the market value of these short positions, capturing both gains when the dollar depreciates and losses when it appreciates.

The fund maintains positions in DX Contracts that expire quarterly in March, June, September, and December, rolling positions forward to maintain continuous short exposure to the index. This structure allows investors to gain inverse dollar exposure without directly holding foreign currency or managing individual currency positions. As a passively managed ETF, the fund's primary function is to track the performance of its designated index methodology rather than to generate active returns.

Specific details regarding employee count, assets under management, or geographic revenue distribution are not disclosed for this fund structure.