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UUP

GradeCNew York Stock Exchange Arca

Invesco DB US Dollar Index Bullish Fund

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

$28.64+0.15 (+0.54%)

As of Sep 23, 2026, 3:10 PM EDT

Intraday session: up, 69 prints from 28.48 to 28.64. Range 28.57 to 28.68. Use the arrow keys to read each point.$28.57$28.60$28.65$28.6810 AM12 PM2 PM4 PM
Expense ratio
0.78%
Fund size
$397M
1Y return
+7.8%
Yield · Last 12 months
3.25%
Holdings
2
Volume · 30D
1.9M sh
NAV per share
$28.45
52W range
low $26.40high $28.60

The ETF.net UUP Grade

C

49/ 100

Rank 7 of 9 in Single Currency⁠

Confidence Medium

Six-pillar profile for UUP. Scores out of 100: Cost 17, Risk 63, Mission not scored, Tradability 94, Holdings 1, Durability 66. Strongest: Tradability (94). Weakest: Holdings (1). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 49 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 17
    Category rank8/9 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 63
    Category rank3/9 · top 33%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 94
    Category rank1/9 · top 11%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    FScore 1
    Category rank3/3 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 66
    Category rank4/9 · top 44%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on UUP

ETF.net Research

COne ticker, one job: be long the dollar. Since 2007 UUP has used ICE Dollar Index futures to track the greenback against six major currencies, putting a macro trade that normally needs a futures account inside a brokerage account.

Stated mandate

The Fund seeks to track positive or negative changes in the Deutsche Bank Long USD Currency Portfolio Index—Excess Return over time. It primarily uses long positions in ICE U.S. Dollar Index futures contracts, while holding Treasury and cash-management instruments for related purposes.

Why people hold it

  1. 01The mechanism is pure: long ICE U.S. Dollar Index futures, so the fund moves with the dollar against the euro, yen, pound, Canadian dollar, Swedish krona and Swiss franc.invesco.com
  2. 02Launched in 2007, it has run through dollar booms and slumps, making it one of the longest-lived currency funds on the tape.
  3. 03Tradability is its strongest suit: an actively traded name where getting in and out rarely means wrestling the spread.
  4. 04Futures carry the currency exposure while Treasury and cash-management instruments sit behind them as collateral.

Worth knowing

  1. 010.78% a year is a real hurdle, and well above what plain broad-market index trackers in the same cohort charge.
  2. 02It is a commodity pool built on futures, not a standard stock fund, so tax forms and reporting work differently.
  3. 03Currency moves are the entire story here: no earnings, no dividend stream, and distributions are occasional rather than regular.

UUP Holdings

As of Sep 20, 2026, 1:49 PM
Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
AGPXX98.9%

Sectors

  • Financials100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001AGPXXInvesco Government & Agency Portfolio98.86%391,193,370$391M239
002—CASH COLLATERAL0.97%3,829,642$4M20
003—USD Pending Dividends0.15%0$581K240
004—CASH & EQUIVALENTS0.03%100,229$100K74

Showing 1–4 of 4 holdings

UUP Performance

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

UUP$10,778
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. UUP $10,778. 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 UUP. Periods over one year show the average yearly return.
PeriodUUP
Year to date+5.4%
1 month+2.1%
3 months+0.4%
1 year+7.8%
3 years+3.5%per year
5 years+5.7%per year
10 years+3.3%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 UUP
YearReturn barUUP
2026 YTD+5.4%
2025−5.0%
2024+13.5%
2023+3.6%
2022+9.5%
2021+5.7%
2020−6.7%

UUP in the news

UUP 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.
3.25%Last 12 months
Payout per share
$0.93Last 12 months
Last payment
$0.93 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 $0.28; Dec 23, 2019 $0.53; Dec 19, 2022 $0.25; Dec 18, 2023 $1.75; Dec 23, 2024 $1.32; Dec 22, 2025 $0.93. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 22, 2025Dec 26, 2025$0.93
Dec 23, 2024Dec 27, 2024$1.32
Dec 18, 2023Dec 22, 2023$1.75
Dec 19, 2022Dec 23, 2022$0.25
Dec 23, 2019Dec 31, 2019$0.53
Dec 24, 2018Dec 31, 2018$0.28
Dec 18, 2017Dec 29, 2017$0.02
Dec 15, 2008Data unavailable$0.17
Dec 17, 2007Data unavailable$0.20

UUP Risk

How much the fund’s monthly returns vary, scaled to a year.
6.9%
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.
−0.08
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.
−10.4%
Trough Feb 2023
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.
−0.19
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.

UUP Cost

Expense ratio0.78%
  • The middle half of Single Currency funds
  • Median 0.40%

7 of the 9 Single Currency funds charge less.

UUP costs $78.00 a year on $10,000. The median Single Currency fund costs $40.00.