At a glance
USDU charges 0.51% a year. It has $279.4M in assets; it paid 3.64% of its price in distributions over the past 12 months, annual. Over the past year it returned +5.6% with distributions reinvested; over three years it returned +4.0% a year. At its worst it fell 3.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month after the low.
The short version
WisdomTree Bloomberg U.S. Dollar Bullish Fund (USDU) is an actively managed ETF that aims to beat the Bloomberg Dollar Total Return Index by betting on the U.S. dollar rising against a basket of foreign currencies. It holds short-term Treasury bills plus currency forward contracts rather than stocks. It gained 14.4% during the 2022 stock bear market, but it charges 0.51% a year and loses money when the dollar weakens.
Price history
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USDU +5.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| USDU official prospectus, to Dec 31, 2024 | — | +14.46% | — | +4.52% | +3.18% | — |
| Bloomberg Dollar Spot Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +7.98% | — | +2.02% | +1.48% | — |
| Bloomberg Dollar Total Return Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +15.03% | — | +4.79% | +3.28% | — |
| USDU price data to Oct 27, 2026 | +5.3% | +5.6% | +4.0% | +5.6% | — | +3.4% |
- Over the year to Oct 27, 2026, USDU returned +5.6%.
- Its 5-year annualized return was +5.6%.
- Its worst full calendar year was 2025 (-3.1%); its best was 2024 (+14.6%).
- The deepest fall in its price history was 11.2% (Sep 26, 2022 to Dec 6, 2022), recovered by Oct 18, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.3% | — |
| 2025 | -3.1% | — |
| 2024 | +14.6% | +14.46% |
| 2023 | +3.1% | +3.14% |
| 2022 | +7.7% | +7.78% |
| 2021 | +4.1% | +3.87% |
| 2020 | — | -5.63% |
| 2019 | — | +1.88% |
| 2018 | — | +5.52% |
| 2017 | — | -7.90% |
| 2016 | — | +2.59% |
| 2015 | — | +7.96% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 14.4% over that stretch · deepest drop along the way 3.1%, back to its old high 0.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.9900 | -10.0% |
| 2024 | $1.1000 | -37.5% |
| 2023 | $1.7600 | -13.7% |
| 2022 | $2.0400 |
What's inside
As of Aug 31, 2026, the fund held 5 securities; the ten largest made up 101.08% of assets.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 24.39% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 24.33% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 23.97% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 23.90% | |
| WisdomTree Floating Rate Treasury Fund | 4.48% |
By country
United States 101.08%By issuer
US Treasury 96.59%Other registered funds 4.48%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $103.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.22%, -0.90%, -0.49%.
How it works
USDU is actively managed. Its goal is to beat the Bloomberg Dollar Total Return Index, before fees. That index tracks a bet on the U.S. dollar rising against a basket of developed and emerging market currencies. The currencies are picked because they trade heavily and their countries trade the most with the United States. The index also captures the gap between U.S. and foreign short-term interest rates. The fund expects to hold 8 to 20 currencies, led by the euro. The index has usually held about 10 to 12.
The fund builds this bet with currency forward contracts. A forward is an agreement to exchange currencies at a set price on a future date. The index uses one-month forwards that roll over constantly, which helps explain the fund's 185% portfolio turnover. As of August 31, 2026, it held 132 such contracts with banks including Deutsche Bank, UBS, RBC and HSBC. The fund depends on those banks paying what they owe.
At least 80% of assets go into money market and short-term high-quality debt. As of August 31, 2026, about 96.6% sat in four U.S. Treasury bills of roughly 24% each. Another 4.5% was in WisdomTree Floating Rate Treasury Fund (USFR). The average maturity was about 0.1 years, so interest rate swings barely move these holdings. The fund uses no leverage.
What it really costs
- USDU charges 0.51% a year.
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $52 in the first year and $640 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| USDU | $52 | $164 | $285 | $640 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
USDU's returns depend on the dollar rather than on stocks or long-term bonds, and it rose during the 2022 stock bear market.
USDU's appeal is that a stronger dollar has sometimes arrived alongside stock market stress. During the 2022 bear market it gained 14.4%, and its worst dip in that stretch was 3.1%. For someone drawing from savings, it was a source of cash that hadn't fallen while stocks had. It didn't exist in 2008, and the prospectus shows a 5.63% loss for 2020. It can also fall on its own. Its deepest drop, 11.2% from September to December 2022, took about 10.4 months to recover, and it lost 7.9% in 2017. The 3.64% yield as of October 27, 2026, is paid once a year, so it offers little regular income. Fees are 0.51% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a holding that has sometimes risen when stocks fell, such as its 14.4% gain during the 2022 bear market.
- Investors with large unhedged foreign stock holdings who want something that gains when a stronger dollar shrinks those holdings' value.
- Investors comfortable with an actively managed fund that holds Treasury bills behind 132 currency forward contracts and depends on the banks behind them.
Look elsewhere if
- Investors who need steady income: the 3.64% trailing yield as of October 27, 2026, is paid only once a year.
- Investors seeking long-term growth: the 10-year average return was 3.18% through December 31, 2024, and it lost 7.9% in 2017.
- Investors who mainly want low costs: the 0.51% expense ratio adds up to $640 over 10 years on $10,000 in the SEC example.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
What does USDU actually hold?
Mostly U.S. Treasury bills plus currency contracts. As of August 31, 2026, about 96.6% of the fund's $279.4 million in net assets was in four Treasury bills maturing between September and December 2026. Another 4.5% was in WisdomTree Floating Rate Treasury Fund (USFR). The dollar bet itself comes from 132 currency forward contracts against a basket of foreign currencies, with the euro expected to be the largest exposure.
Does USDU pay a dividend?
Yes, but only once a year. Over the 12 months to October 27, 2026, it paid about $0.99 per share, a trailing yield of 3.64%. The payout comes from the fund's returns, including interest on its Treasury bills and gains on its currency positions, so it can change a lot from year to year. Investors who want monthly or quarterly income would need other holdings.
Is USDU a good hedge against a stock market crash?
Sometimes, but the record is short. From January 3 to October 12, 2022, while stocks fell, USDU gained 14.4%. Its one-year beta was -0.15 as of October 27, 2026, which means it has tended to move slightly opposite to stocks. But the fund didn't exist in 2008, and the prospectus shows a 5.63% loss for 2020, the year of the COVID crash. Its protection depends on the dollar rising, and that doesn't happen in every selloff.
How does USDU compare with its index?
It has trailed its index slightly. Through December 31, 2024, USDU's average annual returns were 14.46% over 1 year, 4.52% over 5 years and 3.18% over 10 years. The Bloomberg Dollar Total Return Index, which has no fees, returned 15.03%, 4.79% and 3.28%. Both beat the Bloomberg Dollar Spot Index, which tracks currency moves alone and returned 1.48% a year over 10 years. That gap shows how much the interest rate part has added.
What is USDU's expense ratio?
It is 0.51% a year, including a 0.50% management fee, according to the prospectus filed December 29, 2025. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs would be about $52 after one year, $164 after three, $285 after five and $640 after ten. The fund holds mostly Treasury bills, so the fee takes a noticeable share of the interest those bills earn.