Company Quick10K Filing
Invesco DB US Dollar Index Bearish Fund
Price20.23 EPS-1
Shares2 P/E-25
MCap36 P/FCF-4
Net Debt-0 EBIT-1
TEV36 TEV/EBIT-25
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-08
S-1 2019-08-13 Public Filing
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-09
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-02-24
8-K 2020-04-02
8-K 2019-10-01
8-K 2019-05-07
8-K 2018-03-08

UDN 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Note 1 - Organization
Note 2 - Summary of Significant Accounting Policies
Note 3 - Financial Instrument Risk
Note 4 - Service Providers and Related Party Agreements
Note 5 - Deposits with Commodity Broker and Custodian
Note 6 - Additional Valuation Information
Note 7 - Derivative Instruments
Note 8 - Investments in Affiliates
Note 9 - Share Purchases and Redemptions
Note 10 - Commitments and Contingencies
Note 11 - Financial Highlights
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4.Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6.Exhibits.
EX-31.1 udn-ex311_13.htm
EX-31.2 udn-ex312_8.htm
EX-31.3 udn-ex313_10.htm
EX-31.4 udn-ex314_9.htm
EX-32.1 udn-ex321_7.htm
EX-32.2 udn-ex322_11.htm
EX-32.3 udn-ex323_6.htm
EX-32.4 udn-ex324_12.htm

Invesco DB US Dollar Index Bearish Fund Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

udn-10q_20200630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2020   

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

Commission File Number:                    001-33318

 

INVESCO DB US DOLLAR INDEX BEARISH FUND

(A Series of Invesco DB US Dollar Index Trust)

(Exact name of registrant as specified in its charter)

 

 

Delaware

87-0778084

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, Illinois

60515

(Address of Principal Executive Offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (800983-0903

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Units of Beneficial Interest

UDN

NYSE Arca, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

Accelerated Filer

 

 

 

 

Non-Accelerated Filer

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.              

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

          Indicate the number of outstanding Shares as of June 30, 2020: 2,600,000

 

 

 

 


INVESCO DB US DOLLAR INDEX BEARISH FUND

(A SERIES OF INVESCO DB US DOLLAR INDEX TRUST)

QUARTER ENDED JUNE 30, 2020

TABLE OF CONTENTS

 

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

 

 

 

ITEM 1.

Financial Statements

1

 

Notes to Unaudited Financial Statements

10

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

19

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

28

ITEM 4.

Controls and Procedures

29

 

 

 

PART II.

OTHER INFORMATION

31

 

 

 

Item 1.

Legal Proceedings

31

Item 1A.

Risk Factors

31

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

32

Item 3.

Defaults Upon Senior Securities

32

Item 4.

Mine Safety Disclosures

33

Item 5.

Other Information

33

Item 6.

Exhibits

33

 

 

SIGNATURES

34

 

 

i


PART I. FINANCIAL INFORMATION

ITEM  1.

FINANCIAL STATEMENTS.

Invesco DB US Dollar Index Bearish Fund

Statements of Financial Condition

June 30, 2020 and December 31, 2019

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

United States Treasury Obligations, at value (cost $17,996,788 and

   $28,905,850, respectively)

 

$

17,996,535

 

 

$

28,910,162

 

Affiliated investments, at value and cost

 

 

30,524,380

 

 

 

21,851,133

 

Other investments:

 

 

 

 

 

 

 

 

Variation margin receivable- Currency Futures Contracts

 

 

75,744

 

 

 

146,929

 

Cash held by custodian

 

 

 

 

 

74,484

 

Receivable for:

 

 

 

 

 

 

 

 

Dividends from affiliates

 

 

1,646

 

 

 

12,587

 

Fund shares sold

 

 

4,047,675

 

 

 

105

 

Total assets

 

$

52,645,980

 

 

$

50,995,400

 

Liabilities

 

 

 

 

 

 

 

 

Payable for:

 

 

 

 

 

 

 

 

Securities purchased

 

$

 

 

$

9,961,906

 

Management fees

 

 

20,583

 

 

 

22,843

 

Brokerage commissions and fees

 

 

4,810

 

 

 

4,895

 

Total liabilities

 

 

25,393

 

 

 

9,989,644

 

Commitments and Contingencies (Note 10)

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Shareholder's equity—General Shares

 

 

810

 

 

 

820

 

Shareholders' equity—Shares

 

 

52,619,777

 

 

 

41,004,936

 

Total shareholders' equity

 

 

52,620,587

 

 

 

41,005,756

 

Total liabilities and equity

 

$

52,645,980

 

 

$

50,995,400

 

General Shares outstanding

 

 

40

 

 

 

40

 

Shares outstanding

 

 

2,600,000

 

 

 

2,000,000

 

Net asset value per share

 

$

20.24

 

 

$

20.50

 

Market value per share

 

$

20.23

 

 

$

20.49

 

 

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

 

 

1


Invesco DB US Dollar Index Bearish Fund

Schedule of Investments

June 30, 2020

(Unaudited)

 

Description

 

Percentage of

Shareholders'

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 0.130% due August 13, 2020 (b)

 

 

19.00

%

 

$

9,998,507

 

 

$

10,000,000

 

U.S. Treasury Bills, 0.170% due September 10, 2020

 

 

15.20

 

 

 

7,998,028

 

 

 

8,000,000

 

Total United States Treasury Obligations (cost $17,996,788)

 

 

34.20

%

 

$

17,996,535

 

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

 

 

Shares

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Premier U.S. Government Money Portfolio, Institutional

   Class, 0.08% (cost $30,524,380) (c) (d)

 

 

58.01

%

 

$

30,524,380

 

 

 

30,524,380

 

Total Investments in Securities (cost $48,521,168)

 

 

92.21

%

 

$

48,520,915

 

 

 

 

 

 

(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 $3,999,200 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

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. See Note 8.

(d)

The rate shown is the 7-day SEC standardized yield as of June 30, 2020.

Open Currency Futures Contracts

 

Number of Contracts

 

 

Expiration Date

 

Notional

Value

 

 

Value(e)

 

 

Unrealized

Appreciation

(Depreciation)(e)

 

Short Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ICE U.S. Dollar Index

 

 

541

 

 

September - 2020

 

$

(52,665,809

)

 

$

(413,878

)

 

$

(413,878

)

 

(e)

Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

 

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

 

2


Invesco DB US Dollar Index Bearish Fund

Schedule of Investments

December 31, 2019

(Unaudited)

 

 

Description

 

Percentage of

Shareholders'

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 1.520% due February 6, 2020

 

 

21.92

%

 

$

8,987,006

 

 

$

9,000,000

 

U.S. Treasury Bills, 1.520% due April 2, 2020 (b)

 

 

48.58

 

 

 

19,923,156

 

 

 

20,000,000

 

Total United States Treasury Obligations (cost $28,905,850)

 

 

70.50

%

 

$

28,910,162

 

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

 

 

Shares

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Premier U.S. Government Money Portfolio, Institutional

   Class, 1.47% (cost $21,851,133) (c) (d)

 

 

53.29

%

 

$

21,851,133

 

 

 

21,851,133

 

Total Investments in Securities (cost $50,756,983)

 

 

123.79

%

 

$

50,761,295

 

 

 

 

 

 

(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 $1,105,671 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

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. See Note 8.

(d)

The rate shown is the 7-day SEC standardized yield as of December 31, 2019.

 

Open Currency Futures Contracts

 

Number of Contracts

 

 

Expiration Date

 

Notional

Value

 

 

Value (e)

 

 

Unrealized

Appreciation

(Depreciation)(e)

 

Short Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ICE U.S. Dollar Index

 

 

421

 

 

March - 2020

 

$

(40,440,418

)

 

$

315,919

 

 

$

315,919

 

 

(e)

Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

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

 

 

3


Invesco DB US Dollar Index Bearish Fund

Statements of Income and Expenses

For the Three and Six Months Ended June 30, 2020 and 2019

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

12,919

 

 

$

188,777

 

 

$

115,537

 

 

$

373,549

 

Dividends from Affiliates

 

 

11,019

 

 

 

11,054

 

 

 

53,797

 

 

 

23,168

 

Total Income

 

 

23,938

 

 

 

199,831

 

 

 

169,334

 

 

 

396,717

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management Fees

 

 

68,202

 

 

 

61,878

 

 

 

140,444

 

 

 

123,584

 

Brokerage Commissions and Fees

 

 

1,842

 

 

 

1,546

 

 

 

3,936

 

 

 

3,369

 

Interest Expense

 

 

149

 

 

 

316

 

 

 

335

 

 

 

564

 

Total Expenses

 

 

70,193

 

 

 

63,740

 

 

 

144,715

 

 

 

127,517

 

Less: Waivers

 

 

(11,048

)

 

 

(814

)

 

 

(16,973

)

 

 

(2,003

)

Net Expenses

 

 

59,145

 

 

 

62,926

 

 

 

127,742

 

 

 

125,514

 

Net Investment Income (Loss)

 

 

(35,207

)

 

 

136,905

 

 

 

41,592

 

 

 

271,203

 

Net Realized and Net Change in Unrealized Gain (Loss)

   on United States Treasury Obligations, Affiliated

   Investments and Currency Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Realized Gain (Loss) on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury Obligations

 

 

 

 

 

 

 

 

 

 

 

(56

)

Currency Futures Contracts

 

 

182,633

 

 

 

(243,363

)

 

 

55,339

 

 

 

(361,761

)

Net Realized Gain (Loss)

 

 

182,633

 

 

 

(243,363

)

 

 

55,339

 

 

 

(361,817

)

Net Change in Unrealized Gain (Loss) on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury Obligations

 

 

(10,282

)

 

 

8,941

 

 

 

(4,565

)

 

 

9,579

 

Currency Futures Contracts

 

 

399,787

 

 

 

470,684

 

 

 

(729,797

)

 

 

(60,750

)

Net Change in Unrealized Gain (Loss)

 

 

389,505

 

 

 

479,625

 

 

 

(734,362

)

 

 

(51,171

)

Net Realized and Net Change in Unrealized

    Gain (Loss) on United States Treasury

    Obligations, Affiliated Investments and

    Currency Futures Contracts

 

 

572,138

 

 

 

236,262

 

 

 

(679,023

)

 

 

(412,988

)

Net Income (Loss)

 

$

536,931

 

 

$

373,167

 

 

$

(637,431

)

 

$

(141,785

)

 

 

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

 

 

4


Invesco DB US Dollar Index Bearish Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2020

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at March 31, 2020

 

 

40

 

 

$

797

 

 

 

1,800,000

 

 

$

35,863,017

 

 

$

35,863,814

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

800,000

 

 

 

16,219,842

 

 

 

16,219,842

 

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

800,000

 

 

 

16,219,842

 

 

 

16,219,842

 

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

(35,206

)

 

 

(35,207

)

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and

   Currency Futures Contracts

 

 

 

 

 

 

4

 

 

 

 

 

 

 

182,629

 

 

 

182,633

 

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and

   Currency Futures Contracts

 

 

 

 

 

 

10

 

 

 

 

 

 

 

389,495

 

 

 

389,505

 

Net Income (Loss)

 

 

 

 

 

 

13

 

 

 

 

 

 

 

536,918

 

 

 

536,931

 

Net Change in Shareholders' Equity

 

 

 

 

 

13

 

 

 

800,000

 

 

 

16,756,760

 

 

 

16,756,773

 

Balance at June 30, 2020

 

 

40

 

 

$

810

 

 

 

2,600,000

 

 

$

52,619,777

 

 

$

52,620,587

 

 

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


5


Invesco DB US Dollar Index Bearish Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2019

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at March 31, 2019

 

 

40

 

 

$

828

 

 

 

1,600,000

 

 

$

33,129,860

 

 

$

33,130,688

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

200,000

 

 

 

4,183,663

 

 

 

4,183,663

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

200,000

 

 

 

4,183,663

 

 

 

4,183,663

 

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

136,906

 

 

 

136,905

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and

   Currency Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

(243,363

)

 

 

(243,363

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and

   Currency Futures Contracts

 

 

 

 

 

 

11

 

 

 

 

 

 

 

479,614

 

 

 

479,625

 

Net Income (Loss)

 

 

 

 

 

 

10

 

 

 

 

 

 

 

373,157

 

 

 

373,167

 

Net Change in Shareholders' Equity

 

 

 

 

 

10

 

 

 

200,000

 

 

 

4,556,820

 

 

 

4,556,830

 

Balance at June 30, 2019

 

 

40

 

 

$

838

 

 

 

1,800,000

 

 

$

37,686,680

 

 

$

37,687,518

 

 

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

 

6


Invesco DB US Dollar Index Bearish Fund

Statement of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2020

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at December 31, 2019

 

 

40

 

 

$

820

 

 

 

2,000,000

 

 

$

41,004,936

 

 

$

41,005,756

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

20,279,387

 

 

 

20,279,387

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(400,000

)

 

 

(8,027,125

)

 

 

(8,027,125

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

600,000

 

 

 

12,252,262

 

 

 

12,252,262

 

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

1

 

 

 

 

 

 

 

41,591

 

 

 

41,592

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and

   Currency Futures Contracts

 

 

 

 

 

 

1

 

 

 

 

 

 

 

55,338

 

 

 

55,339

 

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and

   Currency Futures Contracts

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

(734,350

)

 

 

(734,362

)

Net Income (Loss)

 

 

 

 

 

 

(10

)

 

 

 

 

 

 

(637,421

)

 

 

(637,431

)

Net Change in Shareholders' Equity

 

 

 

 

 

(10

)

 

 

600,000

 

 

 

11,614,841

 

 

 

11,614,831

 

Balance at June 30, 2020

 

 

40

 

 

$

810

 

 

 

2,600,000

 

 

$

52,619,777

 

 

$

52,620,587

 

 

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

 

7


Invesco DB US Dollar Index Bearish Fund

Statement of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2019

(Unaudited)

 

 

 

General Shares