# UUP ETF: fees, returns, drawdowns and holdings

> What UUP holds, its 0.75% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

Invesco DB US Dollar Index Bullish Fund (UUP) is an exchange-traded fund (ETF) that holds commodity futures run by Invesco. This fund holds futures contracts that gain value when the US dollar gets stronger against six other major currencies, such as the euro and the Japanese yen. It charges 0.75% a year. From March 2007 to October 2026 it returned about 1.8% a year, and its worst drop was −22.2%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.75% a year (about $75 on $10,000).
- Started trading on February 20, 2007.
- Worst drop since 2007: −22.2%.
- 1 Tactfolio classic strategy holds it.

## What does UUP hold?

This fund holds futures contracts that gain value when the US dollar gets stronger against six other major currencies, such as the euro and the Japanese yen. It also holds Treasury bills and money market funds. It falls when the dollar gets weaker, and it sends a K-1 tax form instead of a 1099.

It tracks the Deutsche Bank Long USD Currency Portfolio Index - Excess Return.

| Fact | UUP |
| --- | --- |
| Full name | Invesco DB US Dollar Index Bullish Fund |
| Issuer | Invesco |
| Expense ratio | 0.75% a year |
| Started trading | February 20, 2007 |
| Tracks | Deutsche Bank Long USD Currency Portfolio Index - Excess Return |
| Type | Currency, Commodity pool ETF |
| Facts checked | October 16, 2026 on the [Invesco fund page](https://www.sec.gov/Archives/edgar/data/1371571/000119312526368499/d102641d424b3.htm) |

## What is the UUP expense ratio?

UUP charges 0.75% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.75% fee comes to about $75 a year.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## How has UUP done since 2007?

From March 2007 to October 2026, UUP returned about 1.8% a year. Say you put in $10,000 at the start. It would have been worth about $14,074 at the end, with every dividend reinvested.

| Measure | UUP |
| --- | --- |
| Total return | 40.7% |
| Return per year (CAGR) | 1.8% |
| Worst drop from a high | −22.2% |
| Volatility (how much it swings) | 8.1% |
| Last 12 months | 7.9% |
| Last 3 years, per year | 3.7% |
| Last 5 years, per year | 5.9% |
| Last 10 years, per year | 3.2% |

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## UUP returns by year

| Year | UUP return |
| --- | --- |
| 2026 (part of the year) | 7.0% |
| 2025 | −5.0% |
| 2024 | 13.5% |
| 2023 | 3.6% |
| 2022 | 9.5% |
| 2021 | 5.7% |
| 2020 | −6.7% |
| 2019 | 4.1% |
| 2018 | 7.0% |
| 2017 | −9.1% |
| 2016 | 3.2% |
| 2015 | 7.0% |
| 2014 | 11.4% |
| 2013 | −1.3% |
| 2012 | −2.9% |
| 2011 | −1.1% |
| 2010 | −1.6% |
| 2009 | −6.5% |
| 2008 | 4.9% |
| 2007 (part of the year) | −4.3% |

## What was UUP's worst drop?

A drawdown is how far a fund falls from its last high point. UUP's worst fall was −22.2%, from November 20, 2008 to July 26, 2011. It got back to that high on July 31, 2019.

The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## Which Tactfolio strategies hold UUP?

One classic strategy holds UUP at least some of the time. Each is a set of written rules you can open, test and copy.

- [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025

## Test UUP in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add UUP, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for UUP. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns.

Fund facts come from Invesco. We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures.
- [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of UUP?

UUP charges 0.75% a year, according to Invesco as of October 16, 2026. That is about $75 a year for every $10,000 you hold.

### When did UUP start trading?

UUP started trading on February 20, 2007. It is run by Invesco.

### What does UUP track?

UUP tracks the Deutsche Bank Long USD Currency Portfolio Index - Excess Return. This fund holds futures contracts that gain value when the US dollar gets stronger against six other major currencies, such as the euro and the Japanese yen.

### How much has UUP returned per year?

From March 2007 to October 2026, UUP returned about 1.8% a year with dividends reinvested. Its worst drop was −22.2%. Past returns do not tell you what it will do next.

### Which strategies use UUP?

One of Tactfolio's classic strategies hold UUP, including Defense First (Carlson’s defensive tactical model).

## Sources

- [Invesco: Invesco DB US Dollar Index Bullish Fund fund page](https://www.sec.gov/Archives/edgar/data/1371571/000119312526368499/d102641d424b3.htm)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.