UUP 10-K & 10-Q changes, risk factors and insider trading

As a result of increasingly interconnected global economies and financial markets, political turmoil in the U.S. or in other countries, or armed conflict between countries or in a geographic region, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, may impact the Fund's investments. Such turmoil or conflicts, and other corresponding events, have had, and could continue to have, severe effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty.

Global or regional political, economic or financial events and situationssituations, including changes in trade regulation or economic sanctions and government regulation and intervention;

International Armed Conflicts or Political Turmoil May Result in Market Volatility that Could Adversely Affect the Fund's Performance.

As a result of increasingly interconnected global economies and financial markets, political turmoil in the US or in other countries, or armed conflict between countries or in a geographic region, for example the current conflictsconflict between Russia and Ukraine in EuropeEurope, andthe ongoing conflict between Hamas and IsraelIsrael, and the escalation of related conflicts in the Middle East, may impact the Fund's investments. Such turmoil or conflicts, and other corresponding events, have had, and could continue to have, severe effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty.

Hamas' attack against Israel in October 2023 and the ensuing conflict, have had, and may continue to have, an impact on certain markets, including futures markets. While this impact has been particularly pronounced in energy markets (such as natural gas and oil), the conflict has also disrupted certain global shipping and trade routes, which may have wide ranging impacts across markets. For example, the Houthi movement, which controls parts of Yemen, launched a number of attacks on marine vessels in the Red Sea. The Red Sea is an important maritime route for international trade. As a result of these disruptions, companies have re-routed vessels around the Cape of Good Hope rather than transiting through the Suez Canal and/or the Red Sea. While a ceasefire agreement has been reached, there is no guarantee that the parties will continue to comply with the terms of the agreement and the agreement does not mean the conflict will be resolved. The possibility of a prolonged conflict between Hamas and Israel, and the potential escalation and/or expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, including, for example, the escalation of armed conflict between Israel and Iran, could further destabilize the Middle East region and introduce new uncertainties in global markets.

The commodity futuresFutures markets may be subject to temporary distortions due to various factors, including lack of liquidity, congestion, disorderly closing periods, manipulation and disruptive conduct, limitations on deliverable supplies, excessive speculation, government regulation and intervention, technical and operational or system failures, nuclear accidents, terrorism, riots and acts of God.

The Index currently is not composed of any contracts subject to position limits imposed by either the CFTC or the rules of ICE Futures U.S. To the extent position limits apply to the Fund, and if the Managing Owner determines that the Fund’s trading may be approaching any of these position limits, the Fund may reduce its trading in the corresponding commodity futures contracts or may trade futures contracts in other commodities that the Managing Owner determines will best position the Fund to pursue its investment objective. Depending on the outcome of any future CFTC or futures exchange rulemaking, as applicable, the rules concerning position limits may be amended in a manner that is detrimental to the Fund.

Invesco DB US Dollar Index Bullish Fund (the “Fund”), a separate series of Invesco DB US Dollar Index Trust (the “Trust”), was formed as a Delaware statutory trust on August 3, 2006. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust,Fund, as amended (the “Trust Agreement”). The Fund has an unlimited number of shares authorized for issuance.

Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Trust and the Fund since February 23, 2015. The Managing Owner is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).

When the Fund enters into futures contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any one member. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.

The Fund’s entire source of capital is derived from the Fund’s offering of Shares to Authorized Participants. The Fund in turn allocates its net assets to currency futures trading. A significant portion of the NAV ismay be held in United States Treasury Obligations,Obligations or cash, which may be used as margin for the Fund’s trading in currency futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes. The amount of cash and/or United States Treasury Obligations on deposit with the Commodity Broker may exceed the amount of margin required to be on deposit, depending on market conditions and comparative yields available from United States Treasury Obligations, money market funds, T-Bill ETFs and cash held on deposit with Commodity Broker. The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s currency futuresinterests change. A portion of the Fund’s United States Treasury Obligations is held for deposit with the Commodity Broker to meet margin requirements. All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian. Interest earned on the Fund’s interest-bearing funds and dividends from the Fund’s holdings of money market mutual funds are paid to the Fund. Any dividends or distributions of capital gains received from the Fund’s holdings of T-Bill ETFs, if any, are paid to the Fund.

As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, Bank of America Securities, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, UBS Securities LLC, Virtu Americas LLC and Virtu Financial Capital MarketsAmericas LLC has executed a Participant Agreement and are the only Authorized Participants.

Net cash flow provided by (used in) operating activities was $22.1$176.8 million and $1,260.7$22.1 million for the years ended December 31, 20242025 and 2023,2024, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations which are held at fair value on the Statements of Financial Condition.Obligations. The Fund may hold United States Treasury Obligations, affiliated investments and net deposits to/from Commodity Broker. The Fund invests in futures contracts in an attempt to track its Index. The Fund invests in United States Treasury Obligations, money market mutual funds andfunds, T-Bill ETFs (affiliated or otherwise), if any, or maintains excess deposits with brokers for margin and/or cash management purposes only. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading DX Contracts with the aim of seeking to track the Index.

During the year ended December 31, 2025, there were no purchases of United States Treasury Obligations and $150.0 million was received from sales and maturing United States Treasury Obligations. During the year ended December 31, 2024, $341.4 million was paid to purchase United States Treasury Obligations and $497.9 million was received from sales and maturing United States Treasury Obligations. During$875.5 million was received from sales of affiliated investments and $817.8 million was paid to purchase affiliated investments during the year ended December 31, 2023, $1,192.3 million was paid to purchase United States Treasury Obligations and $1,585.0 million was received from sales and maturing United States Treasury Obligations.2025. $803.0 million was received from sales of affiliated investments and $970.6 million was paid to purchase affiliated investments during the year ended December 31, 2024. $2,320.5During millionthe wasyear receivedended December 31, 2025, net deposits to/from salesCommodity ofBroker affiliatedwere investments$8.0 andmillion. $1,448.8There millionwere wasno paidnet deposits to/from purchaseCommodity affiliated investmentsBroker during the year ended December 31, 2023.2024.

The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “Deutsche Bank Long USD Currency Portfolio Index-Excess ReturnTM”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the level of the Index at that time primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income, if any, from the Fund's collateral holdings whereas the Index does not consider such income. There can be no assurance that the price of the Shares or the Fund’s NAV will exceed the Index levels.

For the year ended December 31, 2024,2025, the NYSE Arca market value of each Share increaseddecreased from $27.09$29.42 per Share to $29.42$27.04 per Share. The Share price low and high for the year ended December 31, 20242025 and related change from the Share price on December 31, 20232024 was as follows: Shares traded at a low of $27.33$26.86 per Share (+0.89%-8.70%) on JanuaryJuly 2,01, 2024,2025, and a high of $30.67$29.85 per Share (+13.22%1.46%) on DecemberJanuary 19,13, 2024.2025. On December 27,26, 2024,2025, the Fund paid a distribution of $1.31709$0.92686 for each General Share and Share to holders of record as of December 23,22, 2024.2025. Therefore, the total return for the Fund on a market value basis was +13.48%.-4.94%.

For the year ended December 31, 2024,2025, the NAV of each Share increaseddecreased from $27.08$29.42 per Share to $29.42$27.07 per Share. RisingFalling currency futures contract prices for long DX Contracts during the year ended December 31, 20242025 contributed to an overall 8.64%8.06% increasedecrease in the level of the Index and a 14.34%4.17% increasedecrease in the level of the Long Index-TRTM. On December 27,26, 2024,2025, the Fund paid a distribution of $1.31709$0.92686 for each General Share and Share to holders of record as of December 23,22, 2024.2025. Therefore, the total return for the Fund on a NAV basis was 13.53%.-4.83%.

There are no material changes from the risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 2, 2026.

Net cash flow provided by (used in) operating activities was $(334.0204.5) million and $87.6$192.0 million for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations, affiliated investments and net deposits to/from the Commodity Broker. The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, or maintains excess deposits with brokers for margin and/or cash management purposes. While the Fund’s performance reflects the appreciation and depreciation of those holdings, the Fund’s performance, whether positive or negative, is driven primarily by its strategy of trading DX Contracts with the aim of seeking to track the Index.

During the threesix months ended MarchJune 31,30, 2026, there were no purchases and no sales of United States Treasury Obligations. During the threesix months ended MarchJune 31,30, 2025, there were no purchases of United States Treasury Obligations and $25.0$150.0 million was received from sales and maturing United States Treasury Obligations. $75.9$462.9 million was received from sales of affiliated investments and $417.1$678.1 million was paid to purchase affiliated investments during the threesix months ended MarchJune 31,30, 2026. $385.5$649.3 million was received from sales of affiliated investments and $297.1$573.5 million was paid to purchase affiliated investments during the threesix months ended MarchJune 31,30, 2025. During the threesix months ended MarchJune 31,30, 2026, net deposits to/from the Commodity Broker was $4.5$1.6 million. There were $13.0$4.5 million net deposits to/from the Commodity Broker during the threesix months ended MarchJune 31,30, 2025.

The Fund’s net cash flow provided by (used in) financing activities was $334.0$204.5 million and $(88.2192.5) million during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. This included $417.0$708.0 million and $267.7$427.8 million from Shares purchased by Authorized Participants and $83.0$503.6 million and $355.8$620.3 million from Shares redeemed by Authorized Participants during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. No distributions were paid to Shareholders during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively.

FOR THE THREE AND SIX MONTHS ENDED MARCHJUNE 31,30, 2026 AND 2025

COMPARISON OF MARKET, NAV AND DEUTSCHE BANK LONG USD CURRENCY PORTFOLIO INDEX-EXCESS RETURNTM FOR THE THREE AND SIX MONTHS ENDED MARCHJUNE 31,30, 2026 AND 2025

This Report covers the three and six months ended MarchJune 31,30, 2026 and 2025. Past performance of the Fund is not necessarily indicative of future performance.

The section “Summary of the Deutsche Bank Long USD Currency Portfolio Index–Total ReturnTM and Underlying DX Contract Returns for the Three and Six Months Ended MarchJune 31,30, 2026 and 2025” below provides an overview of the changes in the closing levels of Deutsche Bank Long USD Currency Portfolio Index Total ReturnTM (the “Long Index–TRTM") by disclosing the change in closing levels of the underlying DX Contracts of the Index through a “surrogate” (and analogous) index that also reflects the return of 3-month United States Treasury Bills. Please note also that the Fund’s objective is to track the Index (not the Long Index–TR™) and the Fund does not attempt to outperform or underperform the Index.

Summary of the Deutsche Bank Long USD Currency Portfolio Index–TRTM and Underlying DX Contract Returns for the Three and Six Months Ended MarchJune 31,30, 2026 and 2025

FOR THE THREE MONTHS ENDED MARCHJUNE 31,30, 2026 COMPARED TO THE THREE MONTHS ENDED MARCHJUNE 31,30, 2025

For the three months ended MarchJune 31,30, 2026, the NYSE Arca market value of each Share increased from $27.04$27.79 per Share to $27.79$28.41 per Share. The Share price low and high for the three months ended MarchJune 31,30, 2026 and related change from the Share price on DecemberMarch 31, 20252026 was as follows: Shares traded at a low of $26.48$27.30 per Share (-2.07%-1.76%) on JanuaryApril 27,15, 2026 and a high of $27.98$28.53 per Share (+3.48%2.66%) on MarchJune 30,24, 2026. The total return for the Fund on a market value basis was +2.77%.2.23%.

For the three months ended MarchJune 31,30, 2025, the NYSE Arca market value of each Share decreased from $29.42$28.55 per Share to $28.55$26.88 per Share. The Share price low and high for the three months ended MarchJune 31,30, 2025 and related change from the Share price on DecemberMarch 31, 20242025 was as follows: Shares traded at a low of $28.26$26.88 per Share (-3.94%-5.85%) on MarchJune 11,30, 2025 and a high of $29.85$28.58 per Share (+1.46%0.11%) on JanuaryApril 13,01, 2025. The total return for the Fund on a market value basis was -2.96%.-5.85%.

For the three months ended MarchJune 31,30, 2026, the NAV of each Share increased from $27.07$27.81 per Share to $27.81$28.41 per Share. Rising currency futures contract prices for long DX Contracts during the three months ended MarchJune 31,30, 2026, contributed to a 2.00%1.46% increase in the level of the Index and to a 2.92%2.40% increase in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was +2.73%.2.16%.

Net income (loss) for the three months ended MarchJune 31,30, 2026 was $8.7$4.2 million, primarily resulting from $2.6$3.6 million of income, net realized gain (loss) of $2.9$(0.9) million, net change in unrealized gain (loss) of $3.7$2.2 million and net operating expenses of $0.5$0.7 million.

For the three months ended MarchJune 31,30, 2025, the NAV of each Share decreased from $29.42$28.56 per Share to $28.56$26.88 per Share. RisingFalling currency futures contract prices for long DX Contracts during the three months ended MarchJune 31,30, 2025 contributed to a 3.77%6.69% decrease in the level of the Index and to a 2.74%5.68% decrease in the level of the Long Index-TRTM. The total return for the Fund on a NAV basis was -2.92%.-5.88%.

Net income (loss) for the three months ended MarchJune 31,30, 2025 was $(13.015.7) million, primarily resulting from $4.6$2.8 million of income, net realized gain (loss) of $(11.412.7) million, net change in unrealized gain (loss) of $(5.45.3) million and net operating expenses of $0.8$0.5 million.