UDN ETF — Invesco DB US Dollar Index Bearish Fund

Invesco DB US Dollar Index Bearish Fund (UDN)

Updated October 16, 2026.

UDN is an ETF. its distribution rate is 3.00%, its trailing-12-month yield is 3.00%, its expense ratio is 0.75%. Total return is -13.8% over the past 19.7 years, 663.0 points behind SPY at 649.2%.

Invesco DB US Dollar Index Bearish Fund is an ETF that seeks to track a short position in U.S. Dollar Index futures contracts, providing inverse exposure to the dollar's value relative to a basket of six major currencies: the Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona, and Swiss Franc. The fund distributes annually at a moderate current distribution rate, with an extremely low expense ratio. It appeals to investors seeking to hedge against dollar strength or gain exposure to dollar weakness.

UDN performance versus SPY

Price and return data through 2026-10-16.

Total return is -13.8% over the past 19.7 years, 663.0 points behind SPY at 649.2%. Over the past year its total return — price change plus distributions reinvested — is -1.7%. Its deepest 1-year drawdown was 5.6%.

UDN key facts

Issuer

Invesco

Asset type

ETF

Asset class

Equity

Inception date

02/20/2007

Expense ratio

0.75%

Distribution rate

3.00%

Distribution frequency

Annual

Trailing yield

3.00%

Last close

$17.86 (as of 2026-10-16)

AUM

$101,449,702

Average volume

57461.0

Dividend

$0.536

Ex-dividend date

12/22/2025

Payment date

12/26/2025

How Dividend Vision calculates yield and returns

Distribution rate (3.00%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (3.00%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Invesco; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

UDN risks and drawbacks

UDN's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are annual, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 5.6%.

Who may consider UDN — and who may not

UDN may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors who need monthly cash flow (UDN pays annual); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on UDN

• All tickers starting with U

Tagged: Index, Short.

Frequently asked questions

More securities from Invesco.