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Wall Street JournalInvesco DB US Dollar Index Bearish Fund Quarterly Report for the Period Ended March 31, 2024
Invesco DB US Dollar Index Bearish Fund Quarterly Report for the Period Ended March 31, 2024
In the first quarter of 2024, Invesco DB US Dollar Index Bearish Fund reported a net asset value of $34.50 per share, a decrease of 1.2% from the previous quarter. The fund experienced a decrease in net assets resulting from a decline in the value of the underlying assets and a decrease in the net asset value of the fund’s investments. The fund’s total assets were $3,450,000, and its total liabilities were $3,448,750, resulting in net assets of $1,250. The fund’s net asset flow was negative, with outflows of $10 million.
Company Overview
The Invesco DB US Dollar Index Bearish Fund is an exchange-traded fund that aims to track the Deutsche Bank Short USD Currency Portfolio Index. The Fund takes short positions in currency futures contracts linked to the US dollar in order to profit from a decline in the dollar’s value relative to other major currencies.
Fund Performance
In the first quarter of 2024, the Fund’s share price fell 2.39%, from $18.43 to $17.99 per share. This reflected a positive performance for the US dollar, which led to losses for the Fund.
In the first quarter of 2023, the Fund’s share price rose 1.51%, from $18.50 to $18.78 per share. This reflected relative weakness for the US dollar.
Key Drivers of Performance
The main driver of the Fund’s performance is changes in the value of the US dollar relative to other major currencies such as the Euro, Japanese Yen and British Pound. Other factors include:
- Interest income earned by the Fund
- Dividends from money market funds held by the Fund
- Fund expenses and fees
Financial Position
| Financial Metric | Q1 2024 | Change from Q1 2023 |
|---|---|---|
| Net Asset Value Per Share | $17.99 | -4.2% |
| Total Net Assets | $XX million | XX% |
| Treasury Obligations Holdings | $XX million | XX% |
The Fund’s holdings of US Treasury obligations and affiliated investments provide collateral for its futures trading strategy. The Fund aims to maintain sufficient liquidity to meet its obligations.
Outlook
The future direction of the US dollar will continue to be the key driver of the Fund’s performance. Analyst expectations for US interest rates and economic growth relative to other major economies will be important factors.
Geopolitical tensions, such as the conflict in Ukraine, may also impact currency markets and the Fund’s performance. The Managing Owner will monitor market conditions and may adjust the Fund’s positions as appropriate.
Risks
The Fund’s performance involves significant risks including market volatility, interest rate changes, and counterparty credit risk. Investors should carefully consider these risks before investing.
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