Invesco DB Dollar Bearish Fund Files S-1

TL;DR

Invesco's dollar-bearish fund filed an S-1, get ready to short the greenback.

AI Summary

Invesco DB US Dollar Index Trust filed an S-1 registration statement on June 28, 2024, for the Invesco DB US Dollar Index Bearish Fund. This fund, formerly known as PowerShares DB US Dollar Index Bearish Fund, is registered under the 1933 Act with SEC file number 333-280603. The filing indicates the company's principal business address is 3500 Lacey Road, Suite 700, Downers Grove, IL 60515.

Why It Matters

This S-1 filing signals a potential new offering or significant update for investors looking to bet against the US Dollar.

Risk Assessment

Risk Level: medium — S-1 filings are standard for new registrations or significant updates, but the specific nature of a bearish dollar fund carries inherent market risk.

Key Numbers

• 333-280603 — SEC File Number (Identifies this specific registration filing)

Key Players & Entities

• Invesco DB US Dollar Index Trust (company) — Filer of the S-1
• Invesco DB US Dollar Index Bearish Fund (company) — The specific fund registering
• PowerShares DB US Dollar Index Bearish Fund (company) — Former name of the fund
• June 28, 2024 (date) — Date of S-1 filing
• 333-280603 (dollar_amount) — SEC File Number
• 3500 Lacey Road, Suite 700, Downers Grove, IL 60515 (location) — Business address

FAQ

Filing Documents

• d799217ds1.htm (S-1) — 1275KB
• d799217dex233.htm (EX-23.3) — 2KB
• d799217dexfilingfees.htm (EX-FILING FEES) — 45KB
• g152042invesco_global.jpg (GRAPHIC) — 5KB
• g152042udn.jpg (GRAPHIC) — 9KB
• 0001193125-24-172432.txt ( ) — 1344KB

Forward-Looking Statements

Forward-Looking Statements 30 Investment Objective 30 Breakeven Analysis 33 Breakeven Table 33 Performance of Invesco DB US Dollar Index Bearish Fund (Ticker: UDN) 35 Description of the Deutsche Bank Short USD Currency Portfolio Index – Excess Return TM 37 Description of DX Contracts 43

Use of Proceeds

Use of Proceeds 43 Charges 45 Who May Subscribe 46 Creation and Redemption of Shares 47 The Commodity Broker 50 Conflicts of Interest 55 Description of the Shares; Certain Material Terms of the Trust Agreement 57 Distributions 66 The Administrator, Custodian and Transfer Agent 66 Invesco Distributors, Inc. 67 Index Sponsor 67 The Securities Depository; Book-Entry-Only System; Global Security 69 Share Splits 70 Material Contracts 70 Material U.S. Federal Income Tax Considerations 75 Purchases by Employee Benefit Plans 87 Plan of Distribution 89 Legal Matters 93 Experts 93 Additional Information 93 Recent Financial Information and Annual Reports 93 Incorporation by Reference of Certain Documents 94 Part Two – Statement of Additional Information General Information Relating to Invesco Capital Management LLC 97 The Futures Markets 97 iv Part One Disclosure Document Summary Information June 28, 2024 UDN Invesco DB US Dollar Index Bearish Fund This summary of material information contained or incorporated by reference in this Prospectus is intended for quick reference only and does not contain all of the information that may be important to you. For ease of reference, any references throughout this Prospectus to various actions taken by the Fund are actually actions that the Trust has taken on behalf of the Fund. The remainder of this Prospectus contains more detailed information. You should read the entire Prospectus, including the information incorporated by reference in this Prospectus, before deciding whether to invest in Shares. Please see the section "Incorporation by Reference of Certain Documents" for information on how you can obtain the information that is incorporated by reference in this Prospectus. The Trust and the Fund Invesco DB US Dollar Index Trust (the "Trust") was formed as a Delaware statutory trust, in two separate series, or

Risk Factors

Risk Factors An investment in Shares is speculative and involves a high degree of risk. The summary risk factors set forth below are intended merely to highlight certain risks of the Fund. The Fund has additional risks that are set forth elsewhere in this Prospectus. Past performance is not necessarily indicative of future results; all or substantially all of an investment in the Fund could be lost. 2 Summary Information (cont'd) The Fund's trading of futures contracts takes place in very volatile markets. Investments in foreign exchange related products are subject to many factors which contribute to potential volatility, including, but not limited to: National debt levels and trade deficits, including changes in balances of payments and trade; Domestic and foreign inflation rates and investors' expectations concerning inflation rates; Domestic and foreign interest rates and investors' expectations concerning interest rates; Currency exchange rates; Investment and trading activities of mutual funds, hedge funds and currency funds; Global or regional political, economic or financial events and situations; Supply and demand changes which influence the foreign exchange rates of various currencies; Monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a country in other countries), trade restrictions, currency devaluations and revaluations; Governmental intervention in the currency market, directly and by regulation, in order to influence currency prices; and Expectations among market participants that a currency's value soon will change. The Fund is subject to fees and expenses in the aggregate amount of approximately 0.78% per annum and will be successful only if its annual returns from futures trading, plus its annual Treasury Income, Money Market Income and T-Bill ETF Income exceed such fee

View Full Filing

View this S-1 filing on SEC EDGAR