At a glance
UUP charges 0.75% a year, above the 0.4% average of the 1 funds most like it. It has $436.6M in assets; it paid 3.19% of its price in distributions over the past 12 months, annual. Over the past year it returned +8.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned +3.8% a year. At its worst it fell 3.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 18 months after the low.
The short version
Invesco DB US Dollar Index Bullish Fund (UUP) is a commodity pool, not a standard ETF. It holds futures on the US Dollar Index, so it aims to rise when the dollar gains against six major currencies, led by the euro. It charges 0.75% a year and sends investors a Schedule K-1 at tax time. While stocks fell in the 2022 bear market, it gained 18.1%.
Price history
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UUP +8.0% 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 | |
|---|---|---|---|---|---|---|
| UUP price data to Oct 27, 2026 | +7.7% | +8.0% | +3.8% | +6.0% | — | +3.9% |
- Over the year to Oct 27, 2026, UUP returned +8.0%.
- Its 5-year annualized return was +6.0%.
- Its worst full calendar year was 2025 (-5.0%); its best was 2024 (+13.5%).
- The deepest fall in its price history was 10.4% (Sep 27, 2022 to Feb 1, 2023), recovered by Apr 10, 2024.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.7% |
| 2025 | -5.0% |
| 2024 | +13.5% |
| 2023 | +3.6% |
| 2022 | +9.5% |
| 2021 | +5.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 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 18.1% over that stretch · deepest drop along the way 3.5%, back to its old high 18.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.9300 | -29.5% |
| 2024 | $1.3200 | -24.6% |
| 2023 | $1.7500 | +600.0% |
| 2022 | $0.2500 |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $436.6M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
UUP tracks the Deutsche Bank Long USD Currency Portfolio Index–Excess Return. It does not hold foreign cash or stocks. Instead, it takes long positions in futures on the ICE U.S. Dollar Index (USDX), called DX Contracts. A futures contract is a deal to trade something at a set price on a later date. The USDX measures the dollar against six currencies. Its base weights are 57.6% euro, 13.6% Japanese yen, 11.9% British pound, 9.1% Canadian dollar, 4.2% Swedish krona and 3.6% Swiss franc. The USDX has no scheduled rebalancing. It has changed only once, in 1999, when the euro replaced five European currencies.
The contracts expire in March, June, September and December, so the fund "rolls" them each quarter. Over three business days, starting the Wednesday before the expiry date, it swaps one-third of the expiring contracts each day for contracts that expire a quarter later. The price gap between old and new contracts can add to or subtract from returns. If DX Contracts become impractical to trade, Invesco Capital Management may use other contract months, similar futures, currency futures or swaps.
Futures need only a margin deposit, so most assets sit in Treasury bills, money market funds and T-bill ETFs. Interest from these holdings, minus expenses, adds to the index's futures-only return. As a commodity pool, the fund lacks some protections of 1940 Act funds. It is taxed as a partnership, so holders may owe tax on gains each year even if they never cash out.
What it really costs
- UUP charges 0.75% a year, versus an average of 0.4% for the similar funds below.
Structure and tax notes
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
It holds dollar futures, not stocks or bonds, and it has tended to move slightly opposite to stocks, with a one-year beta of -0.14 as of October 27, 2026.
UUP adds a position that tends to gain when the dollar strengthens. From the stock market's January 3, 2022 peak to its October 12 low, the fund gained 18.1%. Its price history starts in June 2020, so it misses the 2008 crisis and the 2020 COVID crash. Its worst calendar year in that span was 2025, down 5%. Its deepest drop was 10.4%, from September 2022 to February 2023. It took 14.3 months to recover, in April 2024. So anyone drawing on it after a slump could wait more than a year to get back to even. It paid $0.93 a share over the 12 months to October 27, 2026, a 3.19% yield, in one annual payout. It costs 0.75% a year, and K-1 paperwork comes with it. 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 who want a holding that has moved slightly opposite to stocks, with a one-year beta of -0.14 as of October 27, 2026.
- People who expect the dollar to rise against the euro, which carries 57.6% of the index's base weight, and five other major currencies.
- Holders comfortable with a futures-based commodity pool, Schedule K-1 tax forms and quarterly contract rolls instead of a standard 1940 Act ETF.
Look elsewhere if
- Investors who want a simple 1099 and to owe tax only when they cash out; this partnership-taxed pool can pass taxable gains through yearly.
- Those seeking long-term growth from businesses: it holds no stocks, so its returns depend on exchange rates and Treasury interest.
- Cost-focused investors: its 0.75% expense ratio is well above the 0.40% charged by FXY, the one similar currency fund it is grouped with.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| UUP this fund | 0.75% | $436.6M | +8.0% | +3.8% |
| FXY Invesco Currencyshares Japanese Yen Trust | 0.4% | $546.2M | -3.4% | -2.2% |
Questions investors ask
Is UUP good for retirement portfolios?
UUP may suit retirees who want a small diversifier, not a core holding. It rose 18.1% during the 2022 stock bear market. But its returns depend only on the dollar's moves against six currencies, plus Treasury interest. Its deepest drop was 10.4% and took 14.3 months to recover, ending in April 2024. It costs 0.75% a year, and its partnership tax treatment means K-1 forms. Its price history begins in June 2020, so it misses the 2008 and 2020 crashes.
Does UUP pay a dividend?
Yes, UUP pays once a year. Over the 12 months to October 27, 2026, it paid $0.93 per share, a yield of 3.19%. The fund keeps most of its assets in Treasury bills, money market funds and T-bill ETFs as collateral for its futures, and it earns interest on them. Because it is taxed as a partnership, holders may owe tax on their share of its income and gains each year, whether or not it pays them out.
Does UUP issue a K-1?
Yes. UUP is a commodity pool taxed as a partnership, so investors get a Schedule K-1 instead of a 1099. Each year, holders owe tax on their share of the fund's gains, even if they never cash out. K-1s can arrive later than 1099s and can make tax filing more complicated. The fund is also not a 1940 Act investment company, so it lacks some of the investor protections that standard mutual funds and ETFs have.
What's the difference between UUP and FXY?
They take very different bets. UUP holds futures that rise when the dollar gains against a basket of six currencies, led by the euro. FXY, the Invesco CurrencyShares Japanese Yen Trust, follows only the yen, so it is not a close alternative. FXY costs less, 0.40% versus UUP's 0.75%. As of October 27, 2026, UUP had returned 8% over one year and 3.8% a year over three years, versus -3.4% and -2.2% for FXY.
What does UUP actually hold?
UUP holds long positions in DX Contracts, which are futures on the ICE U.S. Dollar Index. It does not hold foreign currencies or stocks. Behind those futures sit US Treasury bills, money market funds and T-bill ETFs, which serve as collateral. The index measures the dollar against the euro, yen, British pound, Canadian dollar, Swedish krona and Swiss franc. The fund held $436.6 million in investments as of June 30, 2026.