ETF Evaluator:
Invesco DB US Dollar Bearish (UDN)
Follow This ETF
(as of Sep 04)
Best Performing in Trading--Miscellaneous Over the Last Year
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Risk
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Risk
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ETF Details
Invesco DB US Dollar Bearish Overview
Invesco DB US Dollar Bearish (UDN) is a passively managed Miscellaneous Trading--Miscellaneous exchange-traded fund (ETF). Invesco launched the ETF in 2007.
The investment seeks to track the changes, whether positive or negative, in the level of the Deutsche Bank Short U.S. Dollar Index Futures Index.
The index reflects the changes in market value over time, whether positive or negative, of a short position in the DX Contract 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, or the index currencies, of the U.S. Dollar index (USDX®), or the USDX®. The index currencies are Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc.
About Invesco DB US Dollar Bearish (UDN)
There are 1 members of the management team with an average tenure of 19.54 years: Management Team (2007). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: DB Short US Dollar TR USD index with a weighting of 100%. Invesco DB US Dollar Bearish has 3 securities in its portfolio. The top 10 holdings constitute 4838.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Invesco DB US Dollar Bearish is part of the Other global asset class and is within the Miscellaneous ETF group. Invesco DB US Dollar Bearish has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco DB US Dollar Bearish has 100.0% of the portfolio in cash.
Assets Under Management
The fund has $102 million in total assets, which is below the $110 million average for the Trading--Miscellaneous category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
UDN Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco DB US Dollar Bearish expense ratio is low compared to funds in the Trading--Miscellaneous category. Invesco DB US Dollar Bearish has an expense ratio of 0.00%, which is 100% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco DB US Dollar Bearish has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 38% for the Trading--Miscellaneous category.
Recently, in the month of August 2026, Invesco DB US Dollar Bearish returned 0.7%, which earned it a grade of D, as the Trading--Miscellaneous category had an average return of 18.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Invesco DB US Dollar Bearish has a trailing yield of 2.94%, which is below the 38.46% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco DB US Dollar Bearish Grades
Year to date, the ETF has returned 0.1%, 10.4 percentage points better than the category, which translates into a grade of B. The fund has returned -0.0% over the past year (grade of C), 3.5% over the past three years (grade of C) and -0.0% per year over the past five years (grade of C) and -0.2% per year over the past 10 years (grade of C).
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UDN Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| UDN Return (NAV) | 0.7% | -0.1% | -0.0% | 3.5% | -0.0% | -0.2% |
| UDN Return (Price) | 0.7% | 0.0% | 0.0% | 3.5% | -0.0% | -0.2% |
| NAV +/- Price Return | -0.055% | -0.055% | -0.053% | -0.035% | -0.025% | -0.009% |
| Trading--Miscellaneous Avg | 18.3% | -5.8% | -16.3% | -7.2% | -10.8% | -11.4% |
| UDN Grade (NAV) | D | C | C | C | C | C |
| +/- Category (NAV) | -17.7% | 5.7% | 16.3% | 10.7% | 10.7% | 11.2% |
| UDN Tax-Cost Ratio | na | na | 1.2% | 1.8% | 1.1% | 0.7% |
UDN Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| UDN Return (NAV) | 0.1% | 12.2% | -4.4% | 4.8% | -8.1% | -6.9% | 6.2% | -0.9% | -5.3% | 9.7% | -4.5% |
| UDN Return (Price) | 0.1% | 12.4% | -4.5% | 4.9% | -8.0% | -7.0% | 6.2% | -1.0% | -5.0% | 9.5% | -4.5% |
| NAV +/- Price Ret | -0.001% | 0.016% | 0.037% | 0.010% | -0.015% | 0.014% | -0.004% | 6.2% | -4.8% | -2.0% | 0.4% |
| Trading--Miscellaneous Avg | -10.3% | -17.7% | 3.2% | -17.0% | -10.3% | -12.4% | 6.5% | -12.0% | 5.8% | -4.1% | -10.4% |
| UDN Grade (NAV) | B | A | C | B | C | C | C | C | F | B | C |
| +/- Category | 10.4% | 29.8% | -7.5% | 21.8% | 2.3% | 5.5% | -0.3% | 11.1% | -11.1% | 13.8% | 5.9% |
| Risk Measures | |
| Beta: | 10.32 |
| R-Squared: | 2% |
| Standard Deviation: | 6.9% |
| Category Risk Index: | 0.24 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.57 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 2.9% |
| Total Assets: | $ 103 Mil |
| Share Class Assets: | $ 103 Mil |
| Turnover: | na |
| Expense Ratio: | 0.00% |
| Index Fund: | Yes |
| Index Tracked: | DB Short US Dollar TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 19.5 years | |||
| Average Tenure: 19.5 years | |||
| Managers (Year): Team Management (2007) | |||
Portfolio Composition (as of 5/29/26)
| # of Holdings: | 3 |
| % in Top 10 Holdings: | 4838.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 100.0% |
Purchase Information
| Legal Structure: | Partnership (3C1) |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | |
| Inception Date: | February 20, 2007 |
Expenses and Fees
| Expense Ratio (%): | 0.00% (Rating: Low) |
| Category Average Expense Ratio (%): | 1.30% |
