UUPMEDIUM SIGNALFINANCIAL10-K

UUP experienced a substantial reduction in fund assets and corresponding decline in income generation, likely reflecting significant investor outflows from the dollar-focused ETF.

The nearly 50% decline in total assets suggests meaningful investor redemptions, which is concerning for an ETF as it indicates reduced investor confidence in dollar strength or shifts in currency hedging strategies. The proportional decline in operating income and net interest income aligns with the smaller asset base, but the magnitude suggests this was not merely a market valuation adjustment.

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

UUP's financial profile contracted meaningfully across key metrics, with total assets declining 46% to $230.2M and stockholders' equity falling proportionally. Operating income and net interest income both declined by approximately 40%, consistent with the reduced asset base generating lower fee income and interest earnings. Dividend payments to shareholders were substantially reduced from $18.8M to $7.7M, reflecting the fund's diminished cash generation capacity from its smaller asset base.

FINANCIAL STATEMENT CHANGES
Dividends Paid
Cash Flow
-59%
$18.8M→$7.7M

Dividends cut 59% — significant signal of cash flow stress or capital reallocation priorities.

Total Assets
Balance Sheet
-46.4%
$429.8M→$230.2M

Total assets contracted 46.4% — asset sales, write-downs, or balance sheet optimization underway.

Stockholders Equity
Balance Sheet
-46.4%
$429.5M→$230.1M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Operating Income
P&L
-41.7%
$16.6M→$9.7M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Total Liabilities
Balance Sheet
-40.8%
$241K→$143K

Liabilities reduced 40.8% — deleveraging improves balance sheet strength and financial flexibility.

Net Interest Income
P&L
-40%
$19.3M→$11.6M

Net interest income declined 40% — margin compression from rate changes or funding cost increases.

Total Deposits
Balance Sheet
-37.8%
$932K→$580K

Deposits declined 37.8% — significant outflows warrant immediate investigation into funding stability.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-02-26
ADDED
Dollar Index Expiration Date 2025-12-31 0001383151 uup:InvescoGovernmentAndAgencyPortfolioInstitutionalClassMember srt:AffiliatedEntityMember 2025-01-01 2025-12-31 0001383151 United States Treasury Obligations U.S.
Treasury Bills, 4.340% due May 29, 2025 2024-12-31 0001383151 2025-06-30 0001383151 us-gaap:GeneralPartnerMember 2025-12-31 0001383151 srt:AffiliatedEntityMember 2023-12-31 0001383151 Open Currency Futures Contracts Long Futures Contracts ICE U.S.
Dollar Index Expiration Date 2025-01-01 2025-12-31 0001383151 us-gaap:GeneralPartnerMember 2024-01-01 2024-12-31 0001383151 uup:InvescoGovernmentAndAgencyPortfolioInstitutionalClassMember srt:AffiliatedEntityMember 2024-12-31 0001383151 uup:InvescoShortTermTreasuryEtfMember 2022-12-31 0001383151 Open Currency Futures Contracts Long Futures Contracts ICE U.S.
Dollar Index Expiration Date March-2025 2024-01-01 2024-12-31 uup:CreationUnit iso4217:USD xbrli:shares xbrli:pure xbrli:shares uup:Contract uup:Segment iso4217:USD UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C.
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
Dollar Index Expiration Date March-2025 2024-01-01 2024-12-31 0001383151 Open Currency Futures Contracts Long Futures Contracts ICE U.S.
Dollar Index Expiration Date March-2024 2023-12-31 0001383151 uup:O2024ADividendsMember 2024-01-01 2024-12-31 0001383151 United States Treasury Obligations U.S.
Treasury Bills, 5.190% Due June 6, 2024 2023-12-31 0001383151 uup:InvescoGovernmentAndAgencyPortfolioInstitutionalClassMember srt:AffiliatedEntityMember 2024-01-01 2024-12-31 0001383151 Open Currency Futures Contracts Long Futures Contracts ICE U.S.
Dollar Index Expiration Date March-2025 2024-12-31 0001383151 2024-01-01 2024-12-31 0001383151 us-gaap:GeneralPartnerMember 2022-12-31 0001383151 us-gaap:LimitedPartnerMember 2022-01-01 2022-12-31 0001383151 United States Treasury Obligations U.S.
Dollar Index Expiration Date March-2024 2023-01-01 2023-12-31 0001383151 uup:InvescoGovernmentAndAgencyPortfolioInstitutionalClassMember srt:AffiliatedEntityMember 2024-12-31 0001383151 United States Treasury Obligations 2023-12-31 0001383151 uup:TheManagingOwnerMember 2024-01-01 2024-12-31 0001383151 United States Treasury Obligations U.S.
Treasury Bills, 5.250% Due March 7, 2024 2023-12-31 0001383151 us-gaap:USTreasuryBillSecuritiesMember 2023-12-31 0001383151 srt:AffiliatedEntityMember 2021-12-31 0001383151 2022-12-31 0001383151 us-gaap:LimitedPartnerMember 2024-12-31 0001383151 United States Treasury Obligations U.S.
Treasury Bills, 4.400% Due March 6, 2025 2024-12-31 0001383151 United States Treasury Obligations 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 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.
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