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Launched · SEC filings

Invesco DB US Dollar Index Bearish Fund

UDNNYSE ArcaInvescoGrades compare a fund with genuinely similar funds. This fund's comparison group currently has too few members for a fair comparison, so no letter is published.

$17.87+0.04 (+0.22%)

At close: Nov 2, 2026, 4:00 PM ET

Too few comparable funds to grade fairly
Intraday session: up, 79 prints from 17.83 to 17.87. Range 17.86 to 17.90. Use the arrow keys to read each point.17.8417.8617.8817.9010 AM12 PM2 PM4 PM
Expense ratio
0.77%
Fund size
$95M
1Y total return
−0.4%
Yield · Last 12 months
3.00%
Holdings
3
Avg volume · 30D
81.2K sh
52W range
low $17.64high $18.85
Launched
Filings
SEC EDGAR

The ETF.net UDN Grade

—

Too few comparable funds to grade fairly

Grades compare a fund with genuinely similar funds. This fund's comparison group currently has too few members for a fair comparison, so no letter is published.

Our read on UDN

ETF.net Research

In short

The short-dollar trade without the leverage. Since 2007 it has tracked an index that sits short the greenback via currency futures, at a fee well under what inverse funds usually charge.

Stated mandate

The fund seeks to track the performance of the Deutsche Bank Short USD Currency Portfolio Index–Excess Return by taking short positions in related currency futures contracts.

Why people hold it

  • At 0.77%, it undercuts the median fee in its inverse-fund cohort, and the 0.95% charged by UltraShort peers EUO and YCS.
  • Tracks an index rather than a daily leverage multiple, so there is no 2x compounding to unwind. A milder ride than the UltraShort names sharing its shelf.
  • Trading since 2007, it has priced through multiple dollar cycles and ranks among the stronger all-round builds in its inverse peer group.

Worth knowing

  • Structured as a commodity pool rather than a standard stock fund, so the tax paperwork can look different. Worth reading the prospectus first.invesco.com
  • Moderately traded at a modest size, so limit orders earn their keep here.
  • One driver runs the whole thing: the dollar against the currency futures it shorts. That is a directional call, not a diversifier.

UDN Holdings

Asset class
Other
Holdings
3
Top-10 weight
100%
Largest holding
AGPXX94.1%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1AGPXXInvesco Government & Agency Portfolio94.07%92,765,902$92.8M230
2No dataCash Collateral5.76%5,678,480$5.68M26
3No dataUSD Pending Dividends0.30%0$294K242

Showing 1–3 of 3 holdings

UDN Performance

Launched Feb 20, 2007

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

UDN$9,958
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. UDN $9,958. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for UDN. Periods over one year show the average yearly return.
PeriodUDN
Year to date−2.2%
1 month−0.3%
3 months−1.6%
1 year−0.4%
3 yearsper year+3.5%
5 yearsper year−0.1%
10 yearsper year−0.2%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for UDN
YearReturn barUDN
2026 YTD−2.2%
2025+12.4%
2024−4.5%
2023+4.9%
2022−8.0%

UDN in the news

UDN Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
3.00%Last 12 months
Payout per share
$0.54Last 12 months
Last payment
$0.54 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Special

Distribution history

2017–2026

One bar per payment. 7 payments from 2017 to 2026 YTD. Dec 18, 2017 $0.02; Dec 24, 2018 $0.27; Dec 23, 2019 $0.28; Dec 19, 2022 $0.13; Dec 18, 2023 $0.96; Dec 23, 2024 $0.89; Dec 22, 2025 $0.54. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 22, 2025Dec 26, 2025$0.54
Dec 23, 2024Dec 27, 2024$0.89
Dec 18, 2023Dec 22, 2023$0.96
Dec 19, 2022Dec 23, 2022$0.13
Dec 23, 2019Dec 31, 2019$0.28
Dec 24, 2018Dec 31, 2018$0.27
Dec 18, 2017Dec 29, 2017$0.02
Dec 15, 2008No data$0.15
Dec 17, 2007No data$0.40

— Pay date not on file.

$10,000 in UDN 10 years ago paid $1,422 in dividends.

UDN Risk

How much the fund’s monthly returns vary, scaled to a year.
6.9%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.11
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−18.8%
Trough Sep 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.22
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

UDN Cost

Compare UDN and CEW

Overpaying vs CEW, cheapest in Other Currency

$3,925

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • UDN 0.77%

    $14,829

  • CEW 0.55% Cheapest

    $10,904

$10,000
30 years

Cost over time

  • UDN 0.77%
  • CEW 0.55%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530UDN $14,829CEW $10,904

Year by year

YearUDNCEWOverpaying
10$1,371$988$383
20$5,205$3,790$1,415
30$14,829$10,904$3,925