Vault-13

INVESCO DB US DLR INDEX TR UDN

BEARISH FD · ETP · CUSIP 46141D104

29 institutional holders +3 vs Q1 2025
2,353,8622.4m shares reported held*
$44.5mreported value*
13 new 9 added 2 reduced 10 sold out net bought ≈ $21.6m (+1.1m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $18.90. Options: 8 managers hold calls ($12.8m notional), 5 hold puts ($1.4m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0102030Q3 22: 20Q4 22: 26Q1 23: 29Q2 23: 26Q3 23: 24Q4 23: 30Q1 24: 23Q2 24: 25Q3 24: 25Q4 24: 23Q1 25: 26Q2 25: 2929Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202220
Q4 202226
Q1 202329
Q2 202326
Q3 202324
Q4 202330
Q1 202423
Q2 202425
Q3 202425
Q4 202423
Q1 202526
Q2 202529

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q3 23: 15 bought or addedQ3 23: 11 cut or sold outQ4 23: 16 bought or addedQ4 23: 12 cut or sold outQ4 23Q1 24: 9 bought or addedQ1 24: 18 cut or sold outQ2 24: 6 bought or addedQ2 24: 16 cut or sold outQ2 24Q3 24: 13 bought or addedQ3 24: 10 cut or sold outQ4 24: 10 bought or addedQ4 24: 13 cut or sold outQ4 24Q1 25: 15 bought or addedQ1 25: 7 cut or sold outQ2 25: 22 bought or addedQ2 25: 12 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20231511
Q4 20231612
Q1 2024918
Q2 2024616
Q3 20241310
Q4 20241013
Q1 2025157
Q2 20252212

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$5m$10m$15mQ3 24 calls: $11.2mQ3 24 puts: $279.6kQ3 24P/C 0.02Q4 24 calls: $10.6mQ4 24 puts: $406.1kQ4 24P/C 0.04Q1 25 calls: $3.0mQ1 25 puts: $398.4kQ1 25P/C 0.13Q2 25 calls: $12.8mQ2 25 puts: $1.4mQ2 25P/C 0.11
Numbers
QuarterCallsPutsP/C
Q3 2024$11.2m$279.6k0.02
Q4 2024$10.6m$406.1k0.04
Q1 2025$3.0m$398.4k0.13
Q2 2025$12.8m$1.4m0.11

Biggest buyers

BANK OF AMERICA CORP /DE/ Added +290,591+290.6k
Jefferies Financial Group Inc. New +251,057+251.1k
HighTower Advisors, LLC Added +249,327+249.3k
MORGAN STANLEY Added +115,823+115.8k
CITADEL ADVISORS LLC Added +71,758+71.8k
BROWN BROTHERS HARRIMAN & CO New +54,495+54.5k
JANE STREET GROUP, LLC Added +49,893+49.9k
UBS Group AG Added +48,343+48.3k
WOLVERINE TRADING, LLC New +45,669+45.7k
OSAIC HOLDINGS, INC. Added +35,327+35.3k

Biggest sellers

SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -119,199-119.2k
Pine Valley Investments Ltd Liability Co Reduced -18,618-18.6k
Parallel Advisors, LLC Sold out -17,915-17.9k
Cutter & CO Brokerage, Inc. Sold out -16,525-16.5k
Mutual Advisors, LLC Sold out -14,264-14.3k
GROUP ONE TRADING LLC Sold out -13,542-13.5k
SIMPLEX TRADING, LLC Sold out -12,176-12.2k
COMERICA BANK Sold out -5,000-5.0k
Spire Wealth Management Sold out -4,897-4.9k
Belvedere Trading LLC Reduced -4,378-4.4k

Biggest calls

GROUP ONE TRADING LLC Added $3.4m182.0k shares
CITADEL ADVISORS LLC Added $3.1m161.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $2.6m138.5k shares
WOLVERINE TRADING, LLC New $1.5m80.6k shares
IMC-Chicago, LLC New $913.4k48.3k shares
JANE STREET GROUP, LLC Reduced $750.7k39.7k shares
Belvedere Trading LLC Added $480.3k25.4k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

CITADEL ADVISORS LLC Added $1.1m59.5k shares
JANE STREET GROUP, LLC New $211.8k11.2k shares
Belvedere Trading LLC New $18.9k1.0k shares
GROUP ONE TRADING LLC Added $11.3k600 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q2 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 426,233426.2k $8.1m $8.1m 0.01% Added +249.3k +249,327
2 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 396,474396.5k $7.5m $7.5m 0.00% Added +290.6k +290,591
3 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 388,007388.0k $7.3m $7.3m 0.00% Added +115.8k +115,823
4 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 254,567254.6k $4.8m $4.8m 0.01% Added +49.9k +49,893
5 Jefferies Financial Group Inc. 0.08% of their portfolio NEW YORK, NY 251,057251.1k $4.7m $4.7m 0.08% New
6 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 155,531155.5k $2.9m $2.9m 0.00% Added +71.8k +71,758
7 UBS Group AG 0.00% of their portfolio ZURICH, V8 61,29761.3k $1.2m $1.2m 0.00% Added +48.3k +48,343
8 BROWN BROTHERS HARRIMAN & CO 0.01% of their portfolio NEW YORK, NY 54,49554.5k $1.0m $1.0m 0.01% New
9 Belvedere Trading LLC 0.07% of their portfolio CHICAGO, IL 47,84647.8k $904.8k $904.8k 0.07% Reduced -4.4k -4,378
10 WOLVERINE TRADING, LLC 0.02% of their portfolio CHICAGO, IL 45,66945.7k $859.0k $859.0k 0.02% New
11 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 35,42735.4k $669.9k $669.9k 0.00% Added +35.3k +35,327
12 Solstein Capital, LLC 0.32% of their portfolio Menlo Park, CA 32,82232.8k $620.7k $620.7k 0.32% New
13 Integrated Advisors Network LLC 0.03% of their portfolio DALLAS, TX 29,94129.9k $566.2k $566.2k 0.03% New
14 Pine Valley Investments Ltd Liability Co 0.03% of their portfolio MARLTON, NJ 26,68226.7k $504.6k $504.6k 0.03% Reduced -18.6k -18,618
15 Advisory Services Network, LLC 0.01% of their portfolio ATLANTA, GA 25,39025.4k $465.1k $465.1k 0.01% Unchanged
16 Prospera Financial Services Inc 0.01% of their portfolio Dallas, TX 24,20024.2k $457.6k $457.6k 0.01% Added +13.1k +13,100
17 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 20,44420.4k $386.0k $386.0k 0.00% New
18 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 19,71719.7k $372.8k $372.8k 0.00% New
19 Capstone Wealth Management Group LLC 0.19% of their portfolio Bend, OR 13,93613.9k $263.5k $263.5k 0.19% New
20 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 11,33511.3k $214.3k $214.3k 0.00% New
21 Lido Advisors, LLC 0.00% of their portfolio Los Angeles, CA 10,65710.7k $201.5k $201.5k 0.00% New
22 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 10,11310.1k $191.2k $191.2k 0.00% Unchanged
23 Pacific Center for Financial Services 0.03% of their portfolio DANVILLE, CA 5,3675.4k $101.5k $101.5k 0.03% Unchanged
24 Legacy Bridge, LLC 0.04% of their portfolio WEST DES MOINES, IA 4,2504.2k $80.4k $80.4k 0.04% New
25 Delos Wealth Advisors, LLC 0.03% of their portfolio DALLAS, TX 2,2072.2k $41.7k $41.7k 0.03% New
26 CWM, LLC 0.00% of their portfolio OMAHA, NE 9393 $2.0k $2.0k 0.00% Added +43 +43
27 Blue Trust, Inc. 0.00% of their portfolio BRENTWOOD, TN 7575 $1.4k $1.4k 0.00% Unchanged
28 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 3030 $568 $568 0.00% New
29 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged