ETF Evaluator:
Invesco DB US Dollar Bullish (UUP)
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(as of Sep 03)
Best Performing in Trading--Miscellaneous Over the Last Year
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ETF Details
Invesco DB US Dollar Bullish Overview
Invesco DB US Dollar Bullish (UUP) is a passively managed Miscellaneous Trading--Miscellaneous exchange-traded fund (ETF). Invesco launched the ETF in 2007.
The investment seeks to establish long positions in ICE U.S. Dollar Index futures contracts with a view to tracking the changes, whether positive or negative, in the level of the Deutsche Bank Long USD Currency Portfolio Index — Excess ReturnTM over time, plus the excess, if any, of the sum of the fund’s Treasury Income, Money Market Income and T-Bill ETF Income over the expenses of the fund.
The fund invests in futures contracts in an attempt to track its index. The index is calculated to reflect the changes in market value over time, whether positive or negative, of long positions in DX Contracts.
About Invesco DB US Dollar Bullish (UUP)
There are 1 members of the management team with an average tenure of 19.45 years: Management Team (2007). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: DB Long US Dollar TR USD index with a weighting of 100%. Invesco DB US Dollar Bullish has 3 securities in its portfolio. The top 10 holdings constitute 48.8% 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 Bullish is part of the Other global asset class and is within the Miscellaneous ETF group. Invesco DB US Dollar Bullish 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 Bullish has 100.0% of the portfolio in cash.
Assets Under Management
The fund has $436 million in total assets, which is above the $78 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.
UUP 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 Bullish expense ratio is above average compared to funds in the Trading--Miscellaneous category. Invesco DB US Dollar Bullish has an expense ratio of 0.75%, which is 28% 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 Bullish 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 46% for the Trading--Miscellaneous category.
Recently, in the month of July 2026, Invesco DB US Dollar Bullish returned -0.9%, which earned it a grade of D, as the Trading--Miscellaneous category had an average return of 0.1%. 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 Bullish has a trailing yield of 3.29%, which is below the 68.32% 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 Bullish Grades
Year to date, the ETF has returned 4.0%, 8.9 percentage points better than the category, which translates into a grade of C. The fund has returned 4.5% over the past year (grade of B), 4.7% over the past three years (grade of B) and 5.7% per year over the past five years (grade of A) and 3.2% per year over the past 10 years (grade of A).
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UUP Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| UUP Return (NAV) | -0.9% | 2.9% | 4.5% | 4.7% | 5.7% | 3.2% |
| UUP Return (Price) | -0.8% | 3.0% | 4.4% | 4.7% | 5.7% | 3.2% |
| NAV +/- Price Return | -0.070% | -0.073% | 0.039% | -0.029% | -0.019% | -0.019% |
| Trading--Miscellaneous Avg | 0.1% | -8.5% | -7.5% | -8.9% | -10.7% | -11.3% |
| UUP Grade (NAV) | D | B | B | B | A | A |
| +/- Category (NAV) | -1.0% | 11.4% | 12.0% | 13.6% | 16.4% | 14.5% |
| UUP Tax-Cost Ratio | na | na | 1.4% | 1.9% | 1.2% | 0.7% |
UUP Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| UUP Return (NAV) | 4.0% | -4.8% | 13.5% | 3.6% | 9.5% | 5.6% | -6.5% | 3.9% | 7.3% | -9.1% | 3.1% |
| UUP Return (Price) | 4.2% | -5.0% | 13.5% | 3.6% | 9.5% | 5.7% | -6.7% | 4.1% | 7.1% | -9.1% | 3.2% |
| NAV +/- Price Ret | 0.057% | 0.029% | -0.004% | 0.011% | -0.006% | 0.016% | 0.019% | 6.0% | -3.9% | -0.4% | 2.8% |
| Trading--Miscellaneous Avg | -4.9% | -8.8% | -5.4% | -17.0% | -10.3% | -12.4% | 6.5% | -12.0% | 5.8% | -4.1% | -10.4% |
| UUP Grade (NAV) | C | D | B | C | A | B | D | B | C | D | B |
| +/- Category | 8.9% | 3.9% | 18.9% | 20.6% | 19.9% | 18.1% | -13.0% | 15.8% | 1.5% | -5.1% | 13.4% |
| Risk Measures | |
| Beta: | -11.17 |
| R-Squared: | 2% |
| Standard Deviation: | 7.0% |
| Category Risk Index: | 0.29 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.57 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 3.3% |
| Total Assets: | $ 436 Mil |
| Share Class Assets: | $ 436 Mil |
| Turnover: | na |
| Expense Ratio: | 0.75% |
| Index Fund: | Yes |
| Index Tracked: | DB Long 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 7/31/26)
| # of Holdings: | 3 |
| % in Top 10 Holdings: | 48.8% |
| 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 (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 1.04% |
