udn-10q_20200630.htm

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.

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 ☒

	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.

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

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

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

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

	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.

	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

	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

	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

	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							600,000			12,601,991			12,601,991
Redemption of Shares							(200,000	)		(4,142,665	)		(4,142,665	)
Net Increase (Decrease) due to Share Transactions							400,000			8,459,326			8,459,326
Net Income (Loss)
Net Investment Income (Loss)				2						271,201			271,203
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(3	)					(361,814	)		(361,817	)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				—						(51,171	)		(51,171	)
Net Income (Loss)				(1	)					(141,784	)		(141,785	)
Net Change in Shareholders' Equity		—		(1	)		400,000			8,317,542			8,317,541
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

	Six Months Ended
	June 30,
	2020			2019
Cash flows from operating activities:
Net Income (Loss)	$	(637,431	)	$	(141,785	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased		(31,937,501	)		(50,260,369	)
Proceeds from securities sold and matured		33,000,000			46,994,492
Cost of affiliated investments purchased		(48,357,794	)		(38,465,435	)
Proceeds from affiliated investments sold		39,684,547			34,115,356
Net accretion of discount on United States Treasury Obligations		(115,343	)		(373,168	)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments		—			56
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments		4,565			(9,579	)
Change in operating assets and liabilities:
Variation margin - Currency Futures Contracts		71,185			39,663
Dividends from affiliates		10,941			602
Management fees		(2,260	)		1,812
Brokerage commissions and fees		(85	)		(94	)
Net cash provided by (used in) operating activities		(8,279,176	)		(8,098,449	)
Cash flows from financing activities:
Proceeds from purchases of Shares		16,231,817			12,601,991
Redemption of Shares		(8,027,125	)		(4,142,665	)
Increase (decrease) in payable for amount due to custodian		—			(360,877	)
Net cash provided by (used in) financing activities		8,204,692			8,098,449
Net change in cash		(74,484	)		—
Cash at beginning of period		74,484			—
Cash at end of period	$	—		$	—
Supplemental disclosure of cash flow information
Cash paid for interest	$	335		$	564

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

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report on Form 10-Q (the “Report”). This Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. The matters discussed throughout this Report that are not historical facts are forward-looking statements. These forward-looking statements are based on the Fund’s and Invesco Capital Management LLC’s (the “Managing Owner”) current expectations, estimates and projections about the future results, performance, prospects and opportunities of the Fund and the Fund’s business and industry and their beliefs and assumptions about future events and speak only as of the date on which they are made. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate,” as well as similar words and phrases, signify forward-looking statements Forward-looking statements are not guarantees of future results. Conditions and important factors, risks and uncertainties in the markets for financial instruments that the Fund trades, in the markets for related currencies, in the legal and regulatory regimes applicable to the Managing Owner, the Fund, and the Fund’s service providers, and in the broader economy may cause the actual results to differ materially from those expressed by such forward-looking statements.

You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, the Fund and the Managing Owner undertake no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.

Invesco Capital Management LLC (“Invesco”) has served as the managing owner (the “Managing Owner”), commodity pool operator and a commodity trading advisor of the Trust and the Fund since February 23, 2015. The Managing Owner is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).

The Fund establishes short positions in certain futures contracts (the “DX Contracts”) with a view to tracking the changes, whether positive or negative, in the level of the Deutsche Bank Short USD Currency Portfolio Index–Excess Return^TM (the “Index”) over time. The Index was renamed effective January 17, 2017. Prior to January 17, 2017, the Index was known as the Deutsche Bank Short US Dollar Index (USDX®) Futures Index–Excess Return^TM. The Index, as renamed, is identical to the index prior to its name change on January 17, 2017. The performance of the Fund also is intended to reflect the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill ETF Income”) over the expenses of the Fund.

The Fund may invest directly in United States Treasury Obligations. The Fund may also gain exposure to United States Treasury Obligations through investments in exchange-traded funds (“ETFs”) (affiliated or otherwise) that track indexes that measure the performance of United States Treasury Obligations with a maximum remaining maturity of up to 12 months (“T-Bill ETFs”). The Fund holds as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes. While the Fund’s performance will reflect the appreciation or depreciation of those holdings, the Fund’s performance, whether positive or negative, is driven by its strategy of trading futures contracts with the aim of seeking to track the Index.

The Index is calculated to reflect the changes in market value over time, whether positive or negative, of short positions in DX

Contracts. The Index reflects the changes in market value over time, whether positive or negative, of the DX Contracts which expires

during the months of March, June, September and December. The Fund seeks to track the Index by establishing short positions in DX

Contracts. DX Contracts are linked to the six underlying currencies (the “Index Currencies”) of the ICE U.S. Dollar Index (USDX®)

(the “USDX®”). The Index Currencies are the Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc.

The notional amounts of the Index Currencies included in the USDX® reflect a geometric weighted average of the change in the Index

Currencies’ exchange rates against the U.S. dollar relative to March 1973. March 1973 was chosen as a base period of the USDX®

because it represents a significant milestone in foreign exchange history when the world’s major trading nations allowed their currencies to float freely against each other.

The Fund offers common units of beneficial interest (the “Shares”) only to certain eligible financial institutions (the “Authorized Participants”) in one or more blocks of 200,000 Shares (“Creation Units”). The Fund commenced investment operations on February 15, 2007. The Fund commenced trading on the American Stock Exchange (which became the NYSE Alternext US LLC) on February 20, 2007 and, since November 25, 2008, has been listed on the NYSE Arca, Inc. (the “NYSE Arca”).

The Managing Owner pays DWS Investment Management Americas, Inc. (the “Index Sponsor”) a licensing fee and an index services fee for performing its duties.

These fees constitute a portion of the routine operational, administrative and other ordinary expenses which are paid out of the management fee paid to the Managing Owner (“Management Fee”) and are not charged to or reimbursed by the Fund.

Neither the Managing Owner nor any affiliate of the Managing Owner has any rights to influence the selection of the futures contracts underlying the Index. The Managing Owner has entered into a license agreement with the Index Sponsor to use the Index.

The Fund is not sponsored or endorsed by Deutsche Bank AG, DWS Investment Management Americas, Inc. or any subsidiary or affiliate of Deutsche Bank AG or DWS Investment Management Americas, Inc. (collectively, “Deutsche Bank”). The Deutsche Bank Short USD Currency Portfolio Index—Excess Return^TM (the “Index”) is the exclusive property of the DWS Investment Management Americas, Inc. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index makes any representation or warranty, express or implied, concerning the Index, the Fund or the advisability of investing in securities generally. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation to take the needs of the Managing Owner or its clients into consideration in determining, composing or calculating the Index. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Fund. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation or liability in connection with the administration or trading of the Fund.

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO CAPITAL MANAGEMENT LLC FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO CAPITAL MANAGEMENT LLC.

No purchaser, seller or holder of the Shares of this Fund, or any other person or entity, should use or refer to any Deutsche Bank trade name, trademark or service mark to sponsor, endorse, market or promote this Fund without first contacting Deutsche Bank to determine whether Deutsche Bank’s permission is required. Under no circumstances may any person or entity claim any affiliation with Deutsche Bank without the written permission of Deutsche Bank.

The Index Sponsor may from time-to-time subcontract the provision of the calculation and other services described below to one or more third parties.

The Index is calculated to reflect the changes in market value over time, whether positive or negative, of short positions in DX

Contracts. The changes in market value over time, whether positive or negative, of DX Contracts is tied to the USDX®. The USDX®

is composed of notional amounts of the Index Currencies. The notional amounts of the Index Currencies included in the USDX®

reflect a geometric weighted average of the change in the Index Currencies’ exchange rates against the U.S. dollar relative to March

1973. March 1973 was chosen as a base period of the USDX® because it represents a significant milestone in foreign exchange history when the world’s major trading nations allowed their currencies to float freely against each other.

The following table reflects the index base weights (the “Index Base Weights”) of each Index Currency as of March 1973 with respect to the USDX^®:

The Euro was included in the USDX^® in 1999 and replaced the following currencies that were originally included in the USDX^®: Belgian Franc, Dutch Guilder, German Mark, French Franc and Italian Lira.

Please see http://www.invesco.com/ETFs with respect to the most recently available weighted composition of the Fund and the composition of the Index.

Trading in futures contracts involves the Fund entering into contractual commitments to sell a particular currency at a specified date and price. The market risk associated with the Fund’s commitments to sell currencies is limited to the gross or face amount of the contracts held.

The Fund’s exposure to market risk is also influenced by a number of factors including the volatility of interest rates and foreign currency exchange rates, the liquidity of the markets in which the contracts are traded and the relationships among the contracts held. The inherent uncertainty of the Fund’s trading as well as the development of drastic market occurrences could ultimately lead to a loss of all or substantially all of the investors’ capital.

When the Fund enters into futures contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any one member. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.

The Commodity Broker, when acting as the Fund’s futures commission merchant in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading. The Commodity Broker is not allowed to commingle such assets with other assets of the Commodity Broker. In addition, CFTC regulations also require the Commodity Broker to hold in a secure account assets of the Fund related to foreign futures trading. While these legal requirements are designed to protect the customers of futures commission merchants, a failure by the Commodity Broker to comply with those requirements would be likely to have a material adverse effect on the Fund in the event that the Commodity Broker became insolvent or suffered other financial distress.

The Fund’s entire source of capital is derived from the Fund’s offering of Shares to Authorized Participants. The Fund in turn allocates its net assets to currency futures trading. A significant portion of the NAV is held in United States Treasury Obligations, which may be used as margin for the Fund’s trading in currency futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes. The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s currency futures change. A portion of the Fund’s United States Treasury Obligations is held for deposit with the Commodity Broker to meet margin requirements. All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian. Interest earned on the Fund’s interest-bearing funds and dividends from the Fund’s holdings of money market mutual funds are paid to the Fund. Any dividends or distributions of capital gains received from the Fund’s holdings of T-Bill ETFs, if any, are paid to the Fund.

The Fund’s currency futures contracts may be subject to periods of illiquidity because of market conditions, regulatory considerations or for other reasons. For example, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits” or “daily limits,” and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a “limit price.” Once a limit price has been reached in a particular contract, it is usually the case that no trades may be made at a different price than specified in the limit. The duration of limit prices generally varies. Limit prices may have the effect of precluding the Fund from trading in a particular contract or requiring the Fund to liquidate contracts at disadvantageous times or prices. Either of those outcomes could adversely affect the Fund’s ability to pursue its investment objective.

Because the Fund trades futures contracts, its capital is at risk due to changes in the value of futures contracts (market risk) or the inability of counterparties (including the Commodity Broker and/or exchange clearinghouses) to perform under the terms of the contracts (credit risk).

On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more blocks of 200,000 Shares (“Creation Units”). Redemption orders must be placed by 1:00 p.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. As provided below, the redemption order settlement date may occur up to two business days after the redemption order date. Redemption orders are irrevocable. The redemption procedures allow Authorized Participants to redeem Creation Units. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 200,000 and only through an Authorized Participant.

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the Fund no later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date. Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to two business days after the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.

Redemption orders may be placed either (i) through the Continuous Net Settlement (“CNS”) clearing processes of the National Securities Clearing Corporation (the “NSCC”) (the “CNS Clearing Process”) or (ii) if outside the CNS Clearing Process, only through the facilities of The Depository Trust Company (“DTC” or the “Depository”) (the “DTC Process”), or a successor depository, and only in exchange for cash. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order and such fee is not borne by the Fund.

The Fund does not have any material commitments for capital expenditures as of the end of the latest fiscal period.

The Fund is unaware of any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or uncertainties that will have a material effect on operations.

A primary cash flow activity of the Fund is to raise capital from Authorized Participants through the issuance of Shares. This cash is used to invest in United States Treasury Obligations, money market mutual funds and T-Bill ETFs, if any, and to meet margin requirements as a result of the positions taken in DX Contracts to match the fluctuations of the Index.

As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, Bank of America Merrill Lynch, BMO Capital Markets Corp., BNP Paribas Securities Corp., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jefferies LLC, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, UBS Securities LLC, Virtu Americas LLC and Virtu Financial Capital Markets LLC has executed a Participant Agreement and are the only Authorized Participants.

Net cash flow provided by (used in) operating activities was $(8.3) million and $(8.1) million for the six months ended June 30, 2020 and 2019, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations which are held at fair value on the Statements of Financial Condition. The Fund may hold United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise) for margin and/or cash management purposes. While the Fund’s performance reflects the appreciation and depreciation of those holdings, the Fund’s performance, whether positive or negative, is driven primarily by its strategy of trading DX Contracts with the aim of seeking to track the Index.

During the six months ended June 30, 2020, $31.9 million was paid to purchase United States Treasury Obligations and $33.0 million was received from sales and maturing United States Treasury Obligations. During the six months ended June 30, 2019, $50.3 million was paid to purchase United States Treasury Obligations and $47.0 million was received from sales and maturing United States Treasury Obligations. $39.7 million was received from sales of affiliated investments and $48.4 million was paid to purchase affiliated investments during the six months ended June 30, 2020. $34.1 million was received from sales of affiliated investments and $38.5 million was paid to purchase affiliated investments during the six months ended June 30, 2019.

The Fund’s net cash flow provided by (used in) financing activities was $8.2 million and $8.1 million during the six months ended June 30, 2020 and 2019, respectively. This included $16.2 million and $12.6 million from Shares purchased by Authorized Participants and $8.0 million and $4.1 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2020 and 2019, respectively. During the six months ended June 30, 2019, amounts due to the Custodian decreased by $0.4 million. There were no amounts due to the Custodian for the six months ended June 30, 2020.

The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “Deutsche Bank Short USD Currency Portfolio Index-Excess Return^TM”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the level of the Index at that time primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income from the Fund's collateral

holdings whereas the Index does not consider such income. There can be no assurance that the price of the Shares or the Fund’s NAV will exceed the Index levels.

No representation is being made that the Index will or is likely to achieve closing levels consistent with or similar to those set forth herein. Similarly, no representation is being made that the Fund will generate profits or losses similar to the Fund’s past performance or changes in the Index closing levels.

COMPARISON OF MARKET, NAV AND DEUTSCHE BANK SHORT USD CURRENCY PORTFOLIO INDEX EXCESS RETURN^TM FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

This Report covers the three and six months ended June 30, 2020 and 2019. Past performance of the Fund is not necessarily indicative of future performance.

The Index is intended to reflect the change in market value of the Index Currencies. Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels.

The Index provides a general indication of the international value of the U.S. dollar relative to the Index Currencies. The Deutsche Bank Short USD Currency Portfolio Index–Total Return^TM(the “Short Index–TR^TM”) consists of the Index plus 3-month United States Treasury Obligations returns. Past results of the Index and the Short Index–TR^TM are not necessarily indicative of future changes, positive or negative, in the Index closing levels.

The section “Summary of the Deutsche Bank Short USD Currency Portfolio Index–Total Return^TM and Underlying DX Contract Returns for the Three and Six Months Ended June 30, 2020 and 2019” below provides an overview of the changes in the closing levels of the Short Index–TR^TM by disclosing the change in closing levels of the underlying DX Contracts of the Index through a “surrogate” (and analogous) index that also reflects the return of 3-month United States Treasury Bills. Please note also that the Fund’s objective is to track the Index (not the Short Index–TR™) and the Fund does not attempt to outperform or underperform the Index.

Summary of the Deutsche Bank Short USD Currency Portfolio Index–Total Return^TM and Underlying DX Contract Returns for the Three and Six Months Ended June 30, 2020 and 2019

If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income were to exceed the Fund’s fees and expenses, the aggregate return on an investment in the Fund would be expected to outperform the Index and underperform the Short Index–TR^TM. The only difference between (i) the Index (the “Excess Return Index”) and (ii) the Short Index–TR^TM (the “Total Return Index”) is that the Excess Return Index does not include interest income from fixed income securities while the Total Return Index does include such a component. Thus, the difference between the Excess Return Index and the Total Return Index is attributable entirely to the interest income attributable to the fixed income securities reflected in the Total Return Index. The Total Return Index does not actually hold any fixed income securities. If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, exceeds the Fund’s fees and expenses, then the amount of such excess is expected to be distributed periodically. The market price of the Shares is expected to closely track the Excess Return Index. The aggregate return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. Consequently, the Fund’s aggregate return is expected to outperform the Excess Return Index by the amount of the excess, if any, of the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income over its fees and expenses. As a result of the Fund’s fees and expenses, however, the aggregate return on the Fund is expected to underperform the Total Return Index. If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.

FOR THE THREE MONTHS ENDED JUNE 30, 2020 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2019

For the three months ended June 30, 2020, the NYSE Arca market value of each Share increased from $19.91 per Share to $20.23 per Share. The Share price low and high for the three months ended June 30, 2020 and related change from the Share price on March 31, 2020 was as follows: Shares traded at a low of $19.56 per Share (-1.76%) on April 6, 2020, and a high of $20.56 per Share (+3.26%) on June 10, 2020. The total return for the Fund, on a market value basis, was +1.61%.

For the three months ended June 30, 2019, the NYSE Arca market value of each Share increased from $20.71 per Share to $20.95 per Share. The Share price low and high for the three months ended June 30, 2019 and related change from the Share price on March 31, 2019 was as follows: Shares traded at a low of $20.50 per Share (-1.01%) on April 25, 2019, and a high of $20.98 per Share (+1.33%) on June 24, 2019. The total return for the Fund, on a market value basis, was +1.16%.

For the three months ended June 30, 2020, the NAV of each Share increased from $19.92 per Share to $20.24 per Share. Rising currency futures contracts prices for short DX Contracts during the three months ended June 30, 2020 contributed to a 1.71% increase in the level of the Index and to a 1.75% increase in the level of the Short Index–TR^TM. The total return for the Fund, on a NAV basis, was +1.61%.

Net income (loss) for the three months ended June 30, 2020 was $0.5 million, primarily resulting from $0.0 million of income, net realized gain (loss) of $0.2 million, net change in unrealized gain (loss) of $0.4 million and net operating expenses of $0.1 million.

For the three months ended June 30, 2019, the NAV of each Share increased from $20.71 per Share to $20.94 per Share. Rising currency futures contracts prices for short DX Contracts during the three months ended June 30, 2019 contributed to an overall 0.68% increase in the level of the Index and to a 1.27% increase in the level of the Short Index–TR^TM. The total return for the Fund, on a NAV basis, was +1.11%.

Net income (loss) for the three months ended June 30, 2019 was $0.4 million, primarily resulting from $0.2 million of income, net realized gain (loss) of $(0.2) million, net change in unrealized gain (loss) of $0.5 million and net operating expenses of $0.1 million.

FOR THE SIX MONTHS ENDED JUNE 30, 2020 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2019

For the six months ended June 30, 2020, the NYSE Arca market value of each Share decreased from $20.49 per Share to $20.23 per Share. The Share price low and high for the six months ended June 30, 2020 and related change from the Share price on December 31, 2019 was as follows: Shares traded at a low of $19.00 per Share (-7.27%) on March 19, 2020, and a high of $20.77 per Share (+1.37%) on March 9, 2020. The total return for the Fund, on a market value basis, was -1.27%.

For the six months ended June 30, 2019, the NYSE Arca market value of each Share decreased from $20.99 per Share to $20.95 per Share. The Share price low and high for the six months ended June 30, 2019 and related change from the Share price on December 31, 2018 was as follows: Shares traded at a low of $20.50 per Share (-2.34%) on April 25, 2019, and a high of $21.22 per Share (+1.10%) on January 9, 2019. The total return for the Fund, on a market value basis, was -0.19%.

For the six months ended June 30, 2020, the NAV of each Share decreased from $20.50 per Share to $20.24 per Share. Falling currency futures contracts prices for short DX Contracts during the six months ended June 30, 2020 contributed to a 1.33% decrease in the level of the Index and to a 1.02% decrease in the level of the Short Index–TR^TM. The total return for the Fund, on a NAV basis, was -1.27%.

Net income (loss) for the six months ended June 30, 2020 was $(0.6) million, primarily resulting from $0.2 million of income, net realized gain (loss) of $0.0 million, net change in unrealized gain (loss) of $(0.7) million and net operating expenses of $0.1 million.

For the six months ended June 30, 2019, the NAV of each Share decreased from $20.98 per Share to $20.94 per Share. Falling currency futures contracts prices for short DX Contracts during the six months ended June 30, 2019 contributed to an overall 1.02% decrease in the level of the Index and to a 0.14% increase in the level of the Short Index–TR^TM. The total return for the Fund, on a NAV basis, was -0.19%.

Net income (loss) for the six months ended June 30, 2019 was $(0.1) million, primarily resulting from $0.4 million of income, net realized gain (loss) of $(0.4) million, net change in unrealized gain (loss) of $(0.0) million and net operating expenses of $0.1 million.

The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s financial position and results of operations. These estimates and assumptions affect the Fund’s application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies on Form 10-K for the year ended December 31, 2019.

In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. The financial instruments used by the Fund are currency futures, the values of which are based upon an underlying asset and generally represent future commitments which have a reasonable possibility to be settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts.

The Fund has not utilized, nor does it expect to utilize in the future, special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind, other than agreements entered into in the normal course of business noted above, which may include indemnification provisions related to certain risks service providers undertake in providing services to the Fund. While the Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Fund’s financial position. The Managing Owner expects the risk of loss relating to indemnification to be remote.

The Fund has financial obligations to the Managing Owner and the Commodity Broker under the Trust Agreement and its agreement with the Commodity Broker (the “Commodity Broker Agreement”), respectively. Management Fee payments made to the

Managing Owner, pursuant to the Trust Agreement, are calculated as a fixed percentage of the Fund’s NAV. Commission payments to the Commodity Broker, pursuant to the Commodity Broker Agreement are on a contract-by-contract, or round-turn, basis. As such, the Managing Owner cannot anticipate the amount of payments that will be required under these arrangements for future periods as NAVs and trading activity will not be known until a future date. The Fund’s agreement with the Commodity Broker may be terminated by either party for various reasons. All Management Fees and commission payments are paid to the Managing Owner and the Commodity Broker, respectively.

The Fund is designed to track the performance of the Index. The market sensitive instruments held by it are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Fund’s main line of business.

Market movements can produce frequent changes in the fair market value of the Fund’s open positions and, consequently, in its earnings and cash flow. The Fund’s market risk is primarily influenced by changes in the prices of currencies.

The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Exchange Act). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

Value at Risk (“VaR”) is a statistical measure of the value of losses that would not be expected to be exceeded over a given time horizon and at a given probability level arising from movement of underlying risk factors. Loss is measured as a decline in the fair value of the portfolio as a result of changes in any of the material variables by which fair values are determined. VaR is measured over a specified holding period (one day) and to a specified level of statistical confidence (99th percentile). However, the inherent uncertainty in the markets in which the Fund trades and the recurrence in the markets traded by the Fund of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated VaR or the Fund’s experience to date (i.e., “risk of ruin”). In light of these considerations, as well as the risks and uncertainties intrinsic to all future projections, the following VaR presentation does not constitute any assurance or representation that the Fund’s losses in any market sector will be limited to VaR.

The Fund calculates VaR using the actual historical market movements of the Fund’s net assets.

The following table indicates the trading VaR associated with the Fund’s net assets as of June 30, 2020.

The following table indicates the trading VaR associated with the Fund’s net assets as of December 31, 2019.

The Fund has non-trading market risk as a result of investing in short-term United States Treasury Obligations, T-Bill ETFs and money market mutual funds. The market risk represented by these investments is not expected to be material. Although the Fund purchases and sells shares of T-Bill ETFs on an exchange, it does not establish or liquidate those positions for trading purposes.

The following qualitative disclosures regarding the Fund’s market risk exposures—except for those disclosures that are statements of historical fact—constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The Fund’s primary market risk exposures are subject to numerous uncertainties, contingencies and risks. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures of the Fund. The Fund’s current market exposure may change materially. Investors may lose all or substantially all of their investment in the Fund.

Several factors may affect the price of the Index Currencies (which underlie the DX Contracts), including, but not limited to:

As noted above, the Fund has non-trading market risk as a result of investing in short-term United States Treasury Obligations, T-Bill ETFs and money market mutual funds. The market risk represented by these investments is not expected to be material.

Under ordinary circumstances, the Managing Owner’s exercise of discretionary power is limited to determining whether the Fund will make a distribution. Under emergency or extraordinary circumstances, the Managing Owner’s use of its discretionary powers may increase. These special circumstances, for example, include the unavailability of the Index or certain natural or manmade disasters. The Managing Owner does not actively manage the Fund to avoid losses. The Fund takes both long and short positions in investments and does not employ “stop-loss” techniques.

For purposes of this Item 4, all references to the “Fund” shall be read to specifically include the Fund and the Trust. Please note that the disclosure controls and procedures and internal control over financial reporting of the Trust are the aggregate disclosure controls and procedures and internal control over financial reporting of the Fund and that of Invesco DB US Dollar Index Bullish Fund, each a series of the Trust.

Under the supervision and with the participation of the management of the Managing Owner, including Anna Paglia, its Principal Executive Officer, and Kelli Gallegos, its Principal Financial and Accounting Officer, Investment Pools, the Fund carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report, and, based upon that evaluation, Anna Paglia, the Principal Executive Officer of the Managing Owner, and Kelli Gallegos, the Principal Financial and Accounting Officer, Investment Pools, of the Managing Owner, concluded that the Fund’s disclosure controls and procedures were effective to provide reasonable assurance that information the Fund is required to disclose in the reports that it files or submits with the Securities and Exchange Commission (the “SEC”) under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and to provide reasonable assurance that information required to be disclosed by the Fund in the reports that it files or submits under the Exchange Act is accumulated and communicated to management of the Managing Owner, including its Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Fund’s quarter ended June 30, 2020 that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

An outbreak of a novel and highly contagious form of coronavirus, COVID-19, has spread to many countries throughout the world including the United States. The World Health Organization has declared the outbreak to be a public health emergency of international concern, and the U.S. Health and Human Services Secretary has declared it a public health emergency in the United States.

The impact of the outbreak of COVID-19 has been extensive in many aspects of society. The outbreak has resulted in numerous deaths, adversely impacted global commercial activity, and led to significant uncertainty and disruptions in the global financial markets and the economies of nations where the coronavirus disease has arisen. Many countries have reacted by instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues. Businesses are also implementing similar precautionary measures. Such measures, as well as the general uncertainty surrounding the dangers and impact of COVID-19, are creating significant disruption in supply chains and economic activity. Consumer, corporate and financial confidence is being materially adversely affected by this outbreak. Such erosion of confidence may lead to or extend to a localized or global economic downturn. Such health crisis could exacerbate political, social, and economic risks and result in significant breakdowns, delays, and other disruptions to the economy, with potential corresponding results on the performance of the Fund and its investments.

This outbreak of COVID-19 (and any future outbreaks of any other epidemics or pandemics) has led (and may continue to lead) to significant uncertainty, breakdowns, delays and other disruptions in the global financial markets and the economies of nations where the COVID-19 has arisen and may in the future arise, and may result in adverse impacts on the global economy in general, with potential corresponding results on the performance of the Fund. The global impact of this outbreak is rapidly evolving, and it is impossible to predict the scope of this outbreak or the impact it may have on the global economy or the global financial markets. The COVID-19 outbreak has already led to certain governmental interventions that were implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions. No assurances can be made regarding the policies that may be adopted by the Federal Reserve, the federal government (including regulatory agencies), any state government, or any foreign government as a result of the outbreak or market volatility. In response to the COVID-19 outbreak, most of the Managing Owner’s personnel is working remotely and travel is restricted. Although the Managing Owner has implemented its business continuity plan to permit personnel to effectively work remotely, there is no assurance that this will work effectively at all times.

This outbreak of COVID-19, or any future epidemic or pandemic similar to COVID-19, SARS, H1N1/09 flu or MERS, could have a significant adverse impact on the Fund and its investments, could adversely affect the Fund’s ability to fulfill its investment objectives, and could result in significant losses to the Fund. The extent of the impact of any outbreak on the performance of the Fund and its investments depend on many factors, including the duration and scope of such outbreak, the development and distribution of treatments and vaccines for viruses such as COVID-19, the extent of its disruption to important global, regional and local supply chains and economic markets, and the impact of such outbreak on overall supply and demand, investor liquidity, consumer confidence and levels of economic activity, all of which are highly uncertain and cannot be predicted.

Margin Requirements and Risk Limits for Futures Contracts may Limit the Fund’s Ability to Achieve Sufficient Exposure and Prevent the Fund from Achieving its Investment Objective.

“Initial” or “original” margin is the minimum amount of funds that must be deposited by a futures trader with his commodity broker in order to initiate futures trading or to maintain an open position in futures contracts. “Maintenance” margin is the amount (generally less than initial margin) to which a trader’s account may decline before he must deliver additional margin. A margin deposit is like a cash performance bond. It helps assure the futures trader’s performance of the futures contract that the trader purchases or sells. Futures contracts are customarily bought and sold on margin that represents a very small percentage (ranging upward from less than 2%) of the purchase price of the underlying commodity being traded. Because of such low margins, price fluctuations occurring in the futures markets may create profits and losses that are greater, in relation to the amount invested, than are customary in other forms of investments. The minimum amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which such contract is traded, and may be modified from time to time by the exchange during the term of the contract. With respect to the Managing Owner’s trading, only the Managing Owner, and not the Fund or its Shareholders personally, will be subject to margin calls.

Brokerage firms carrying accounts for traders in futures contracts may not accept lower, and generally require higher, amounts of margin as a matter of policy in order to afford further protection for themselves.

An FCM may compute margin requirements multiple times per day and must do so at least once per day. When the Fund has an open futures contract position, it is subject to daily variation margin calls by an FCM that could be substantial in the event of adverse price movements. Because futures contracts require only a small initial investment in the form of a deposit or initial margin, they involve a high degree of leverage. A Fund with open positions is subject to maintenance or variation margin on its open positions. When the market value of a particular open futures contract position changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the FCM. If the margin call is not met within a reasonable time, the FCM may close out the Fund’s position, which may result in reduced returns to the Fund’s investors or impair the Fund from achieving its investment objective. If the Fund has insufficient cash to meet daily variation margin requirements, it may need to sell assets at a time when doing so is disadvantageous. Futures markets are highly volatile in general, and may become more volatile during periods of market or economic volatility, and the use of or exposure to futures contracts may increase volatility of the Fund’s NAV.

In addition, an FCM may impose margin requirements in addition to those imposed by the clearinghouse. Margin requirements are subject to change on any given day, and may be raised in the future on a single day or on multiple or successive days by either or both of the clearinghouse and the FCM. High margin requirements could prevent the Fund from obtaining sufficient exposure to futures contracts and may adversely affect the Fund’s ability to achieve its investment objective. An FCM’s failure to return required margin to the Fund on a timely basis may cause the Fund to delay redemption settlement dates or restrict, postpone, or limit the right of redemption.

Futures contracts are subject to liquidity risk. An FCM may impose risk limits on the Fund, which restrict the amount of exposure to futures contracts that the Fund can obtain through the FCM. If the risk limits imposed by an FCM do not provide sufficient exposure, the Fund may not be able to achieve its investment objective.

There May Be Circumstances That Could Prevent the Fund from Being Operated in a Manner Consistent With its Investment Objective.

There may be circumstances outside the control of the Managing Owner and/or the Fund that make it, for all practical purposes, impossible to re-position the Fund and/or to process a purchase or redemption order. Examples of such circumstances include: natural disasters; public service disruptions or utility problems such as those caused by fires, floods, extreme weather conditions, and power outages resulting in telephone, telecopy, and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the aforementioned parties, as well as DTC, or any other participant in the purchase process, and similar extraordinary events. While the Managing Owner has established and implemented a disaster recovery plan, circumstances such as those identified above may prevent the Fund from being operated in a manner consistent with its investment objective.

Additionally, natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and may be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the U.S. Any such events could have a significant adverse impact on the value of the Fund’s investments and could result in increased premiums or discounts to the Fund’s NAV. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

(a) There have been no unregistered sales of Shares. No Shares are authorized for issuance by the Fund under equity compensation plans.

(c) Although the Fund did not redeem Shares directly from its shareholders, the Fund redeemed Creation Units from Authorized Participants during the three months ended June 30, 2020 as follows:

31.1		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

31.2		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

31.3		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

31.4		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

32.3		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

32.4		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

101		Interactive data file pursuant to Rule 405 of Regulation S-T: (i) the Statements of Financial Condition of Invesco DB US Dollar Index Bearish Fund – June 30, 2020 and December 31, 2019 (Unaudited), (ii) the Schedule of Investments of Invesco DB US Dollar Index Bearish Fund – June 30, 2020 (Unaudited), (iii) the Schedule of Investments of Invesco DB US Dollar Index Bearish Fund – December 31, 2019 (Unaudited), (iv) the Statements of Income and Expenses of Invesco DB US Dollar Index Bearish Fund – For the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited), (v) the Statement of Changes in Shareholders’ Equity of Invesco DB US Dollar Index Bearish Fund – For the Three Months Ended June 30, 2020 (Unaudited), (vi) the Statement of Changes in Shareholders’ Equity of Invesco DB US Dollar Index Bearish Fund – For the Three Months Ended June 30, 2019 (Unaudited), (vii) the Statement of Changes in Shareholders’ Equity of Invesco US Dollar Index Bearish Fund — For the Six Months Ended June 30, 2020 (Unaudited), (viii) the Statement of Changes in Shareholders’ Equity of Invesco US Dollar Index Bearish Fund— For the Six Months Ended June 30, 2019 (Unaudited), (ix) the Statements of Cash Flows of Invesco DB US Dollar Index Bearish Fund – For the Six Months Ended June 30, 2020 and 2019 (Unaudited), and (x) Notes to Unaudited Financial Statements of Invesco DB US Dollar Index Bearish Fund – June 30, 2020.

101.INS		Inline XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

104		The cover page of the Fund's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, formatted in Inline XBRL

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Units of Beneficial Interest	UDN	NYSE Arca, Inc.

		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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Net Asset Value
Net asset value per Share, beginning of period	$	19.92		$	20.71		$	20.50		$	20.98
Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		0.34			0.14			(0.28	)		(0.21	)
Net investment income (loss) ^(a)		(0.02	)		0.09			0.02			0.17
Net income (loss)		0.32			0.23			(0.26	)		(0.04	)
Net asset value per Share, end of period	$	20.24		$	20.94		$	20.24		$	20.94
Market value per Share, beginning of period ^(b)	$	19.91		$	20.71		$	20.49		$	20.99
Market value per Share, end of period ^(b)	$	20.23		$	20.95		$	20.23		$	20.95

Ratio to average Net Assets ^(c)
Net investment income (loss)		(0.39	)%		1.66	%		0.22	%		1.65	%
Expenses, after waivers		0.65	%		0.76	%		0.68	%		0.76	%
Expenses, prior to waivers		0.77	%		0.77	%		0.77	%		0.77	%
Total Return, at net asset value ^(d)		1.61	%		1.11	%		(1.27	)%		(0.19	)%
Total Return, at market value ^(d)		1.61	%		1.16	%		(1.27	)%		(0.19	)%

								For the Six Months Ended
								June 30, 2020
Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		Number of times VaR Exceeded
Invesco DB US Dollar Index Bearish Fund	$	52,620,587		0.37	%	$	417,908		8

Large Accelerated Filer	☐	Accelerated Filer	☐

Non-Accelerated Filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	17,996,535	$	—	$	17,996,535
Money Market Mutual Fund		30,524,380			—		—		30,524,380
Total Investments in Securities		30,524,380			17,996,535		—		48,520,915
Other Investments—Liabilities ^(a)
Currency Futures Contracts		(413,878	)		—		—		(413,878	)
Total Investments	$	30,110,502		$	17,996,535	$	—	$	48,107,037

	June 30, 2020					December 31, 2019
Risk Exposure/Derivative Type ^(a)	Assets		Liabilities			Assets		Liabilities
Currency risk
Currency Futures Contracts	$	—	$	(413,878	)	$	315,919	$	—

		For the Three Months Ended
	Location of Gain (Loss) on Derivatives	June 30,
Risk Exposure/Derivative Type	Recognized in Income	2020		2019
Currency risk
Currency Futures Contracts	Net Realized Gain (Loss)	$	182,633	$	(243,363	)
	Net Change in Unrealized Gain (Loss)		399,787		470,684
Total		$	582,420	$	227,321

Index Currency	Index Base Weight (%)
Euro		57.60	%
Japanese Yen		13.60
British Pound		11.90
Canadian Dollar		9.10
Swedish Krona		4.20
Swiss Franc		3.60
Closing Level at Inception:		100.00	%

	AGGREGATE RETURNS FOR THE SHORT INDEX-TR
	Three Months Ended						Six Months Ended
	June 30,						June 30,
Underlying Index	2020			2019			2020			2019
DX Contract		1.75	%		1.27	%		(1.02	)%		0.14	%

								For the Year Ended
								December 31, 2019
Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		Number of times VaR Exceeded
Invesco DB US Dollar Index Bearish Fund	$	41,005,756		0.24	%	$	231,952		9

Period of Redemption	Total Number of Shares Redeemed		Average Price Paid per Share
April 1, 2020 to April 30, 2020		—	$	—
May 1, 2020 to May 31, 2020		—		—
June 1, 2020 to June 30, 2020		—		—
Total		—	$	—

	Invesco DB US Dollar Index Trust on its own behalf and with respect to Invesco DB US Dollar Index Bearish Fund

	By:	Invesco Capital Management LLC,
		its Managing Owner

Dated: August 6, 2020		By:	/S/ ANNA PAGLIA
		Name:	Anna Paglia
		Title:	Principal Executive Officer

Dated: August 6, 2020		By:	/S/ KELLI GALLEGOS
		Name:	Kelli Gallegos
		Title:	Principal Financial and Accounting Officer, Investment Pools

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2020 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Trading Symbol	UDN
Entity Registrant Name	INVESCO DB US DOLLAR INDEX BEARISH FUND
Entity Central Index Key	0001383149
Current Fiscal Year End Date	--12-31
Entity File Number	001-33318
Entity Tax Identification Number	87-0778084
Entity Address, Address Line One	c/o Invesco Capital Management LLC
Entity Address, Address Line Two	3500 Lacey Road
Entity Address, Address Line Three	Suite 700
Entity Address, City or Town	Downers Grove
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60515
City Area Code	800
Local Phone Number	983-0903
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	2,600,000
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Units of Beneficial Interest
Security Exchange Name	NYSEArca
Entity Incorporation, State or Country Code	DE

Statements of Financial Condition (Unaudited) - USD ($)	Jun. 30, 2020	Dec. 31, 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	0	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
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

Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Investments in Securities, cost	$ 48,521,168	$ 50,756,983
US Treasury Bill Securities [Member]
Investments in Securities, cost	$ 17,996,788	$ 28,905,850

Statements of Income and Expenses (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
Statements of Income and Expenses (Unaudited) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 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 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)

Statement of Changes in Shareholders' Equity (Unaudited) - USD ($)	Total	General Shares [Member]	Shares [Member]
Balance - Value at Dec. 31, 2018	$ 29,369,977	$ 839	$ 29,369,138
Balance - Shares at Dec. 31, 2018		40	1,400,000
Purchases of Shares - Value	12,601,991		$ 12,601,991
Purchases of Shares - Shares			600,000
Redemption of Shares - Value	(4,142,665)		$ (4,142,665)
Redemption of Shares - Shares			(200,000)
Net Increase (Decrease) due to Share Transactions, value	8,459,326		$ 8,459,326
Net Increase (Decrease) due to Share Transactions, shares			400,000
Net Income (Loss)
Net Investment Income (Loss)	271,203	$ 2	$ 271,201
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	(361,817)	(3)	(361,814)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	(51,171)		(51,171)
Net Income (Loss)	(141,785)	(1)	(141,784)
Net Change in Shareholders' Equity, value	8,317,541	(1)	$ 8,317,542
Net Change in Shareholders' Equity, shares			400,000
Balance - Value at Jun. 30, 2019	37,687,518	$ 838	$ 37,686,680
Balance - Shares at Jun. 30, 2019		40	1,800,000
Balance - Value at Mar. 31, 2019	33,130,688	$ 828	$ 33,129,860
Balance - Shares at Mar. 31, 2019		40	1,600,000
Purchases of Shares - Value	4,183,663		$ 4,183,663
Purchases of Shares - Shares			200,000
Net Increase (Decrease) due to Share Transactions, value	4,183,663		$ 4,183,663
Net Increase (Decrease) due to Share Transactions, shares			200,000
Net Income (Loss)
Net Investment Income (Loss)	136,905	$ (1)	$ 136,906
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	479,625	11	479,614
Net Income (Loss)	373,167	10	373,157
Net Change in Shareholders' Equity, value	4,556,830	10	$ 4,556,820
Net Change in Shareholders' Equity, shares			200,000
Balance - Value at Jun. 30, 2019	37,687,518	$ 838	$ 37,686,680
Balance - Shares at Jun. 30, 2019		40	1,800,000
Balance - Value at Dec. 31, 2019	41,005,756	$ 820	$ 41,004,936
Balance - Shares at Dec. 31, 2019		40	2,000,000
Purchases of Shares - Value	20,279,387		$ 20,279,387
Purchases of Shares - Shares			1,000,000
Redemption of Shares - Value	(8,027,125)		$ (8,027,125)
Redemption of Shares - Shares			(400,000)
Net Increase (Decrease) due to Share Transactions, value	12,252,262		$ 12,252,262
Net Increase (Decrease) due to Share Transactions, shares			600,000
Net Income (Loss)
Net Investment Income (Loss)	41,592	$ 1	$ 41,591
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	55,339	1	55,338
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	(734,362)	(12)	(734,350)
Net Income (Loss)	(637,431)	(10)	(637,421)
Net Change in Shareholders' Equity, value	11,614,831	(10)	$ 11,614,841
Net Change in Shareholders' Equity, shares			600,000
Balance - Value at Jun. 30, 2020	52,620,587	$ 810	$ 52,619,777
Balance - Shares at Jun. 30, 2020		40	2,600,000
Balance - Value at Mar. 31, 2020	35,863,814	$ 797	$ 35,863,017
Balance - Shares at Mar. 31, 2020		40	1,800,000
Purchases of Shares - Value	16,219,842		$ 16,219,842
Purchases of Shares - Shares			800,000
Net Increase (Decrease) due to Share Transactions, value	16,219,842		$ 16,219,842
Net Increase (Decrease) due to Share Transactions, shares			800,000
Net Income (Loss)
Net Investment Income (Loss)	(35,207)	$ (1)	$ (35,206)
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	182,633	4	182,629
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	389,505	10	389,495
Net Income (Loss)	536,931	13	536,918
Net Change in Shareholders' Equity, value	16,756,773	13	$ 16,756,760
Net Change in Shareholders' Equity, shares			800,000
Balance - Value at Jun. 30, 2020	$ 52,620,587	$ 810	$ 52,619,777
Balance - Shares at Jun. 30, 2020		40	2,600,000

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
Statements of Cash Flows (Unaudited) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net Income (Loss)	$ (637,431)	$ (141,785)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	(31,937,501)	(50,260,369)
Proceeds from securities sold and matured	33,000,000	46,994,492
Cost of affiliated investments purchased	(48,357,794)	(38,465,435)
Proceeds from affiliated investments sold	39,684,547	34,115,356
Net accretion of discount on United States Treasury Obligations	(115,343)	(373,168)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments		56
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	4,565	(9,579)
Change in operating assets and liabilities:
Variation margin - Currency Futures Contracts	71,185	39,663
Dividends from affiliates	10,941	602
Management fees	(2,260)	1,812
Brokerage commissions and fees	(85)	(94)
Net cash provided by (used in) operating activities	(8,279,176)	(8,098,449)
Cash flows from financing activities:
Proceeds from purchases of Shares	16,231,817	12,601,991
Redemption of Shares	(8,027,125)	(4,142,665)
Increase (decrease) in payable for amount due to custodian		(360,877)
Net cash provided by (used in) financing activities	8,204,692	8,098,449
Net change in cash	(74,484)
Cash at beginning of period	74,484	0
Cash at end of period	0	0
Supplemental disclosure of cash flow information
Cash paid for interest	$ 335	$ 564

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	A. Basis of Presentation The financial statements of the Fund have been prepared using U.S. GAAP. The Fund has determined that it meets the definition of an investment company and has prepared the financial statements in conformity with U.S. GAAP for investment companies in conformity with accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services— Investment Companies.
Accounting Estimates	B. Accounting Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued.
Investment Valuations	C. Investment Valuations Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value (“NAV”) per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. United States Treasury Obligations are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as developments related to specific securities, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. All debt obligations involve some risk of default with respect to interest and/or principal payments. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Managing Owner. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Investment Transactions and Investment Income	D. Investment Transactions and Investment Income Investment transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of securities or derivatives are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the sale or disposition occurs, respectively. Interest income on United States Treasury Obligations is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
Profit and Loss Allocations and Distributions	E. Profit and Loss Allocations and Distributions Pursuant to the Trust Agreement, income and expenses are allocated pro rata to the Managing Owner as holder of the General Shares and to the Shareholders monthly based on their respective percentage interests as of the close of the last trading day of the preceding month. Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the shareholders. No distributions were paid for the three and six months ended June 30, 2020 and 2019.
Routine Operational, Administrative and Other Ordinary Expenses	F. Routine Operational, Administrative and Other Ordinary Expenses The Managing Owner is responsible for all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. The Fund does not reimburse the Managing Owner for the routine operational, administrative and other ordinary expenses of the Fund. Accordingly, such expenses are not reflected in the Statements of Income and Expenses of the Fund.
Non-Recurring Fees and Expenses	G. Non-Recurring Fees and Expenses The Fund pays all non-recurring and unusual fees and expenses, if any, of itself, as determined by the Managing Owner. Non-recurring and unusual fees and expenses include fees and expenses such as legal claims and liabilities, litigation costs, indemnification expenses or other non-routine expenses. Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the three and six months ended June 30, 2020 and 2019, the Fund did not incur such expenses.
Brokerage Commissions and Fees	H. Brokerage Commissions and Fees The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker (as defined below). These costs are recorded as Brokerage Commissions and Fees in the Statements of Income and Expenses. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker, as applicable, were less than $5.00 and $6.00 per round-turn trade during the three and six months ended June 30, 2020 and 2019, respectively.
Income Taxes	I. Income Taxes The Fund is classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will generally not incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items. The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions taken or expected to be taken in future tax returns. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, 2016.
Currency Futures Contracts	J. Currency Futures Contracts The Fund utilizes derivative instruments to achieve its investment objective. A currency futures contract is an agreement between counterparties to purchase or sell a specified underlying currency for a specified price, or to pay or receive a cash amount based on the value of an index or other reference instrument, at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker. During the period that the currency futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Financial Condition. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

Organization - Additional Information (Detail)	6 Months Ended
Organization - Additional Information (Detail)	Jun. 30, 2020 CreationUnit shares	Dec. 31, 2019 shares
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Purchase agreement transaction date	Feb. 23, 2015
General shares, shares issued	40	40
Treasury obligation measurement maximum maturity period	12 months
Minimum number of Creation Units that can be purchased \| CreationUnit	1
Number of shares issued per Creation Unit	200,000

Deposits with Commodity Broker and Custodian - Additional Information (Detail) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Brokers And Dealers [Abstract]
Cash equivalents held by fund	$ 0	$ 0

Additional Valuation Information - Summary of the Tiered Valuation Input Levels (Detail) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
United States Treasury Obligations	$ 17,996,535	$ 28,910,162
Money Market Mutual Fund	30,524,380	21,851,133
Total Investments in Securities	48,520,915	50,761,295
Currency Futures Contracts	(413,878)	315,919
Total Investments	48,107,037	51,077,214
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Mutual Fund	30,524,380	21,851,133
Total Investments in Securities	30,524,380	21,851,133
Currency Futures Contracts	(413,878)	315,919
Total Investments	30,110,502	22,167,052
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
United States Treasury Obligations	17,996,535	28,910,162
Total Investments in Securities	17,996,535	28,910,162
Total Investments	$ 17,996,535	$ 28,910,162

Derivative Instruments - Fair Value of Derivative Instruments (Detail) - Currency Futures Contract [Member] - Not Designated as Hedging Instrument [Member] - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Assets		$ 315,919
Liabilities	$ (413,878)

Share Purchases and Redemptions - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020 CreationUnit shares
Equity [Abstract]
Minimum number of Creation Units that can be purchased \| CreationUnit	1
Number of shares issued per Creation Unit \| shares	200,000
Minimum number of Creation Units that can be redeemed \| CreationUnit	1
Number of shares that can be redeemed per Creation Unit \| shares	200,000