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
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S-1 2019-08-13 Public Filing
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10-K 2017-12-31 Filed 2018-02-28
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10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
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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 2020-10-27
8-K 2020-10-20
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 - Share Purchases and Redemptions
Note 9 - Commitments and Contingencies
Note 10 - 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_8.htm
EX-31.2 udn-ex312_10.htm
EX-31.3 udn-ex313_9.htm
EX-31.4 udn-ex314_7.htm
EX-32.1 udn-ex321_11.htm
EX-32.2 udn-ex322_6.htm
EX-32.3 udn-ex323_12.htm
EX-32.4 udn-ex324_13.htm

Invesco DB US Dollar Index Bearish Fund Earnings 2019-09-30

Balance SheetIncome StatementCash Flow

udn-10q_20190930.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 September 30, 2019  

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 September 30, 2019: 1,800,000 Shares.

 

 

 

 


INVESCO DB US DOLLAR INDEX BEARISH FUND

(A SERIES OF INVESCO DB US DOLLAR INDEX TRUST)

QUARTER ENDED SEPTEMBER 30, 2019

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

27

ITEM 4.

Controls and Procedures

28

 

 

 

PART II.

OTHER INFORMATION

30

 

 

 

Item 1.

Legal Proceedings

30

Item 1A.

Risk Factors

30

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

30

Item 3.

Defaults Upon Senior Securities

30

Item 4.

Mine Safety Disclosures

30

Item 5.

Other Information

30

Item 6.

Exhibits

31

 

 

SIGNATURES

32

 

 

i


PART I. FINANCIAL INFORMATION

ITEM  1.

FINANCIAL STATEMENTS.

Invesco DB US Dollar Index Bearish Fund

Statements of Financial Condition

September 30, 2019 and December 31, 2018

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

United States Treasury Obligations, at value (cost $34,920,906 and

   $27,886,604, respectively)

 

$

34,931,836

 

 

$

27,887,293

 

Affiliated Investments, at value and cost

 

 

1,563,387

 

 

 

1,793,677

 

Other investments:

 

 

 

 

 

 

 

 

Variation margin receivable- Currency Futures Contracts

 

 

 

 

 

68,770

 

Receivable for:

 

 

 

 

 

 

 

 

Dividends from affiliates

 

 

2,994

 

 

 

4,533

 

Total assets

 

$

36,498,217

 

 

$

29,754,273

 

Liabilities

 

 

 

 

 

 

 

 

Other Investments:

 

 

 

 

 

 

 

 

Variation margin payable - Currency Futures Contracts

 

$

97,760

 

 

$

 

Payable for:

 

 

 

 

 

 

 

 

Due to custodian

 

 

 

 

 

360,877

 

Management fees

 

 

22,349

 

 

 

18,421

 

Brokerage commissions and fees

 

 

4,998

 

 

 

4,998

 

Total liabilities

 

 

125,107

 

 

 

384,296

 

Commitments and Contingencies (Note 9)

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Shareholder's equity—General Shares

 

 

808

 

 

 

839

 

Shareholders' equity—Shares

 

 

36,372,302

 

 

 

29,369,138

 

Total shareholders' equity

 

 

36,373,110

 

 

 

29,369,977

 

Total liabilities and equity

 

$

36,498,217

 

 

$

29,754,273

 

General Shares outstanding

 

 

40

 

 

 

40

 

Shares outstanding

 

 

1,800,000

 

 

 

1,400,000

 

 

 

 

 

 

 

 

 

 

Net asset value per share

 

$

20.21

 

 

$

20.98

 

 

 

 

 

 

 

 

 

 

Market value per share

 

$

20.21

 

 

$

20.99

 

 

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

September 30, 2019

(Unaudited)

 

Description

 

Percentage of

Shareholders'

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 2.025% due October 8, 2019

 

 

16.49

%

 

$

5,997,964

 

 

$

6,000,000

 

U.S. Treasury Bills, 2.210% due October 10, 2019

 

 

35.73

 

 

 

12,994,272

 

 

 

13,000,000

 

U.S. Treasury Bills, 1.945% due December 19, 2019 (b)

 

 

43.82

 

 

 

15,939,600

 

 

 

16,000,000

 

Total United States Treasury Obligations (cost $34,920,906)

 

 

96.04

%

 

$

34,931,836

 

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

 

 

Shares

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Premier U.S. Government Money Portfolio - Institutional

   Class, 1.81% (cost $1,563,387) (c)

 

 

4.30

%

 

$

1,563,387

 

 

 

1,563,387

 

Total Investments in Securities (cost $36,484,293)

 

 

100.34

%

 

$

36,495,223

 

 

 

 

 

 

(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 $1,603,882 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of September 30, 2019.

 

Open Currency Futures Contracts

 

Number of Contracts

 

 

Expiration Date

 

Notional

Value

 

 

Value(d)

 

 

Unrealized

Appreciation

(Depreciation)(d)

 

Short Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ICE U.S. Dollar Index

 

 

376

 

 

December - 2019

 

$

(37,231,896

)

 

$

(396,043

)

 

$

(396,043

)

 

(d)

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, 2018

(Unaudited)

 

Description

 

Percentage of

Shareholders'

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 2.175% due January 3, 2019

 

 

34.05

%

 

$

9,999,377

 

 

$

10,000,000

 

U.S. Treasury Bills, 2.370% due February 28, 2019

 

 

16.96

 

 

 

4,981,188

 

 

 

5,000,000

 

U.S. Treasury Bills, 2.465% due April 4, 2019

 

 

20.30

 

 

 

5,962,874

 

 

 

6,000,000

 

U.S. Treasury Bills, 2.430% due May 2, 2019 (b)

 

 

23.64

 

 

 

6,943,854

 

 

 

7,000,000

 

Total United States Treasury Obligations (cost $27,886,604)

 

 

94.95

%

 

$

27,887,293

 

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

 

 

Shares

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Premier U.S. Government Money Portfolio—Institutional

   Class, 2.30% (cost $1,793,677)(c)

 

 

6.11

%

 

$

1,793,677

 

 

 

1,793,677

 

Total Investments in Securities (cost $29,680,281)

 

 

101.06

%

 

$

29,680,970

 

 

 

 

 

 

(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 $605,120 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of December 31, 2018.

 

Open Currency Futures Contracts

 

Number of Contracts

 

 

Expiration Date

 

Notional

Value

 

 

Value(d)

 

 

Unrealized

Appreciation

(Depreciation)(d)

 

Short Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ICE U.S. Dollar Index

 

 

299

 

 

March - 2019

 

$

(28,624,765

)

 

$

301,786

 

 

$

301,786

 

 

(d)

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 Nine Months Ended September 30, 2019 and 2018

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

192,275

 

 

$

150,995

 

 

$

565,824

 

 

$

449,018

 

Dividends from Affiliates

 

 

15,189

 

 

 

15,409

 

 

 

38,357

 

 

 

33,103

 

Total Income

 

 

207,464

 

 

 

166,404

 

 

 

604,181

 

 

 

482,121

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management Fees

 

 

71,126

 

 

 

61,503

 

 

 

194,710

 

 

 

212,033

 

Brokerage Commissions and Fees

 

 

1,970

 

 

 

4,111

 

 

 

5,339

 

 

 

8,651

 

Interest Expense

 

 

300

 

 

 

577

 

 

 

864

 

 

 

837

 

Total Expenses

 

 

73,396

 

 

 

66,191

 

 

 

200,913

 

 

 

221,521

 

Less: Waivers

 

 

(1,450

)

 

 

(1,457

)

 

 

(3,453

)

 

 

(3,684

)

Net Expenses

 

 

71,946

 

 

 

64,734

 

 

 

197,460

 

 

 

217,837

 

Net Investment Income (Loss)

 

 

135,518

 

 

 

101,670

 

 

 

406,721

 

 

 

264,284

 

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

 

 

298

 

 

 

(108

)

 

 

242

 

 

 

(3,049

)

Currency Futures Contracts

 

 

(831,539

)

 

 

(353,769

)

 

 

(1,193,300

)

 

 

(1,353,017

)

Net Realized Gain (Loss)

 

 

(831,241

)

 

 

(353,877

)

 

 

(1,193,058

)

 

 

(1,356,066

)

Net Change in Unrealized Gain (Loss) on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury Obligations

 

 

662

 

 

 

(8,088

)

 

 

10,241

 

 

 

(1,392

)

Currency Futures Contracts

 

 

(637,079

)

 

 

15,635

 

 

 

(697,829

)

 

 

(688,821

)

Net Change in Unrealized Gain (Loss)

 

 

(636,417

)

 

 

7,547

 

 

 

(687,588

)

 

 

(690,213

)

Net Realized and Net Change in Unrealized

    Gain (Loss) on United States Treasury

    Obligations, Affiliated Investments and

    Currency Futures Contracts

 

 

(1,467,658

)

 

 

(346,330

)

 

 

(1,880,646

)

 

 

(2,046,279

)

Net Income (Loss)

 

$

(1,332,140

)

 

$

(244,660

)

 

$

(1,473,925

)

 

$

(1,781,995

)

 

 

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 September 30, 2019

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at June 30, 2019

 

 

40

 

 

$

838

 

 

 

1,800,000

 

 

$

37,686,680

 

 

$

37,687,518

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

200,000

 

 

 

4,136,842

 

 

 

4,136,842

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(200,000

)

 

 

(4,119,110

)

 

 

(4,119,110

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

17,732

 

 

 

17,732

 

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

7

 

 

 

 

 

 

 

135,511

 

 

 

135,518

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and

   Currency Futures Contracts

 

 

 

 

 

 

(22

)

 

 

 

 

 

 

(831,219

)

 

 

(831,241

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and

   Currency Futures Contracts

 

 

 

 

 

 

(15

)

 

 

 

 

 

 

(636,402

)

 

 

(636,417

)

Net Income (Loss)

 

 

 

 

 

 

(30

)

 

 

 

 

 

 

(1,332,110

)

 

 

(1,332,140

)

Net Change in Shareholders' Equity

 

 

 

 

 

(30

)

 

 

 

 

 

(1,314,378

)

 

 

(1,314,408

)

Balance at September 30, 2019

 

 

40

 

 

$

808

 

 

 

1,800,000

 

 

$

36,372,302

 

 

$

36,373,110

 

 

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 September 30, 2018

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at June 30, 2018

 

 

40

 

 

$

866

 

 

 

1,600,000

 

 

$

34,637,051

 

 

$

34,637,917

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

2,200,000

 

 

 

47,577,235

 

 

 

47,577,235

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(2,400,000

)

 

 

(51,835,782

)

 

 

(51,835,782

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

(200,000

)

 

 

(4,258,547

)

 

 

(4,258,547

)

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

2

 

 

 

 

 

 

 

101,668

 

 

 

101,670

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and

   Currency Futures Contracts

 

 

 

 

 

 

(7

)

 

 

 

 

 

 

(353,870

)

 

 

(353,877

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and

   Currency Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

7,547

 

 

 

7,547

 

Net Income (Loss)

 

 

 

 

 

 

(5

)

 

 

 

 

 

 

(244,655

)

 

 

(244,660

)

Net Change in Shareholders' Equity

 

 

 

 

 

(5

)

 

 

(200,000

)

 

 

(4,503,202

)

 

 

(4,503,207

)

Balance at September 30, 2018

 

 

40

 

 

$

861

 

 

 

1,400,000

 

 

$

30,133,849

 

 

$

30,134,710

 

 

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 Nine Months Ended September 30, 2019

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at December 31, 2018

 

 

40

 

 

$

839

 

 

 

1,400,000

 

 

$

29,369,138

 

 

$

29,369,977

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

800,000

 

 

 

16,738,833

 

 

 

16,738,833

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(400,000

)

 

 

(8,261,775

)

 

 

(8,261,775

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

400,000

 

 

 

8,477,058

 

 

 

8,477,058

 

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

9

 

 

 

 

 

 

 

406,712

 

 

 

406,721

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and

   Currency Futures Contracts

 

 

 

 

 

 

(25

)

 

 

 

 

 

 

(1,193,033

)

 

 

(1,193,058

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and

   Currency Futures Contracts

 

 

 

 

 

 

(15

)

 

 

 

 

 

 

(687,573

)

 

 

(687,588

)

Net Income (Loss)