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UDN

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.New York Stock Exchange Arca

Invesco DB US Dollar Index Bearish Fund

Currencies · Invesco · Inception 2007-02-20 · SEC filings

$17.95−0.10 (−0.55%)

As of Sep 23, 2026, 3:09 PM EDT

Intraday session: down, 68 prints from 18.05 to 17.95. Range 17.92 to 18.00. Use the arrow keys to read each point.$17.92$17.98$18.0010 AM12 PM2 PM4 PM
Expense ratio
0.77%
Fund size
$104M
1Y return
−1.6%
Yield · Last 12 months
2.97%
Holdings
2
Volume · 30D
0.1M sh
NAV per share
$18.08
52W range
low $17.75high $18.92

Our read on UDN

ETF.net Research

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

  1. 01At 0.77%, it undercuts the median fee in its inverse-fund cohort, and the 0.95% charged by UltraShort peers EUO and YCS.
  2. 02Tracks 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.
  3. 03Trading since 2007, it has priced through multiple dollar cycles and ranks among the stronger all-round builds in its inverse peer group.

Worth knowing

  1. 01Structured as a commodity pool rather than a standard stock fund, so the tax paperwork can look different. Worth reading the prospectus first.invesco.com
  2. 02Moderately traded at a modest size, so limit orders earn their keep here.
  3. 03One driver runs the whole thing: the dollar against the currency futures it shorts. That is a directional call, not a diversifier.

UDN Holdings

As of Sep 20, 2026, 1:49 PM
Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
AGPXX96.2%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001AGPXXInvesco Government & Agency Portfolio96.25%101,637,033$102M239
002—CASH COLLATERAL3.57%3,770,889$4M20
003—USD Pending Dividends0.18%0$186K240
004—CASH & EQUIVALENTS<0.01%6,396$6K74

Showing 1–4 of 4 holdings

UDN Performance

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

UDN$9,841
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. UDN $9,841. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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−1.0%
1 month−1.6%
3 months+1.0%
1 year−1.6%
3 years+3.7%per year
5 years−0.1%per year
10 years−0.3%per year

As of the close, 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−1.0%
2025+12.4%
2024−4.5%
2023+4.9%
2022−8.0%
2021−7.0%
2020+6.2%

UDN in the news

ETF.net Research hasn’t filed on UDN yet — coverage lands here as it’s written.

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 Sep 22, 2026.
2.97%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, 2008Data unavailable$0.15
Dec 17, 2007Data unavailable$0.40

UDN Risk

How much the fund’s monthly returns vary, scaled to a year.
7.0%
Annualised · 36 months to Aug 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.
−0.12
vs 3-month T-bills · to Aug 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.
−19.6%
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.

UDN Cost

Expense Ratio
0.77%