UDNMEDIUM SIGNALFINANCIAL10-K

UDN reported substantially higher operating income and net interest income alongside a significant reduction in total liabilities.

The meaningful expansion in both operating income and net interest income suggests improved operational performance, likely driven by higher interest rates benefiting this currency ETF's Treasury holdings. The substantial decline in total liabilities indicates improved balance sheet positioning and reduced financial obligations.

Comparing 2026-03-02 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

UDN's financial position strengthened notably with operating income and net interest income both growing substantially year-over-year, reflecting the fund's ability to generate higher returns from its Treasury bill investments in the current interest rate environment. Total liabilities declined meaningfully from $280K to $78K, improving the fund's balance sheet profile. The increased dividend payments of $4.1M (up from $2.7M) demonstrate the fund's enhanced cash generation capacity, with management passing through improved earnings to shareholders.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
-72.3%
$280K$78K

Liabilities reduced 72.3% — deleveraging improves balance sheet strength and financial flexibility.

Net Interest Income
P&L
+61.5%
$3.1M$4.9M

Net interest income grew 61.5% — benefiting from rate environment or loan book expansion.

Operating Income
P&L
+57.4%
$2.6M$4.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Dividends Paid
Cash Flow
+49.9%
$2.7M$4.1M

Dividend payments increased 49.9% — management confidence in sustained cash generation.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-02-26
ADDED
10-K FY false 0001383149 2026-03-31 2025-03-31 1 http://www.dbxus.com/20251231#ManagingOwnerMember 0001383149 us-gaap:GeneralPartnerMember 2023-01-01 2023-12-31 0001383149 Open Currency Futures Contracts Short Futures Contracts ICE U.S.
Treasury Bills, 4.400% due March 06, 2025 2024-12-31 0001383149 udn:CurrencyContractMember us-gaap:NondesignatedMember 2023-01-01 2023-12-31 0001383149 udn:CurrencyContractMember us-gaap:NondesignatedMember 2025-12-31 0001383149 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001383149 Open Currency Futures Contracts Short Futures Contracts ICE U.S.
Dollar Index Expiration Date March - 2026 2025-12-31 0001383149 United States Treasury Obligations U.S.
Treasury Bill, 4.230% due April 03, 2025 2024-12-31 0001383149 2025-06-30 0001383149 2024-01-01 2024-12-31 0001383149 Open Currency Futures Contracts Short Futures Contracts ICE U.S.
Without any other adjustments, the combination of components and their respective weightings in the USDX have yielded performance results similar to other commonly used U.S.
dollar indexes, whether those index methodologies are based on trade weights or capital flow weights.
On average, total charges paid to the Commodity Broker were less than $5.00, $5.00 and $5.00 per round-turn trade 1 for the years ended December 31, 2025, 2024 and 2023, respectively.
As a result of increasingly interconnected global economies and financial markets, political turmoil in the U.S.
or in other countries, or armed conflict between countries or in a geographic region, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, may impact the Fund's investments.
The futures market may be subject to temporary distortions due to various factors, including, among others, lack of liquidity, congestion, disorderly closing periods, manipulation and disruptive conduct, limitations on deliverable supplies, excessive speculation, changes in trade regulation or economic sanctions (actual or threatened), government regulation and intervention, technical and operational or system failures, nuclear accidents, terrorism, riots and acts of God.
REMOVED
Without any other adjustments, the combination of components and their respective weightings in the USDX have yielded performance results similar to other commonly used US dollar indexes, whether those index methodologies are based on trade weights or capital flow weights.
On average, total charges paid to the Commodity Broker were less than $5.00, $5.00 and $5.00 per round-turn trade 1 for the years ended December 31, 2024, 2023 and 2022, respectively.
As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, may impact the Fund's investments.
The Index s average annual volatility since inception is 7.93%.
International Armed Conflicts May Result in Market Volatility that Could Adversely Affect the Fund's Performance.
As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, may impact the Fund's investments.
For example, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea.
The Red Sea is an important maritime route for international trade.
As a result of these disruptions, companies have re-routed vessels around the Cape of Good Hope rather than transiting through the Suez Canal and/or the Red Sea.
While a ceasefire agreement has been reached, there is no guarantee that the parties will continue to comply with the terms of the agreement and the agreement does not mean the conflict will be resolved.
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