Invesco CurrencyShares Swiss Franc Trust

What they do

The Trust holds Swiss Francs in deposit accounts at JPMorgan Chase Bank, N.A., London Branch, and each share represents a proportional interest in those francs. It does not hold securities or derivatives; its only ordinary expense is the Sponsor's fee. As of December 31, 2025, the annual nominal interest rate on the primary deposit account was -0.15%.

Revenue drivers

• Interest income on Swiss Franc deposits — The Trust earns interest, if any, on its primary deposit account. At the latest report, the rate was -0.15% annually, which is negative, so the Trust incurs interest expense rather than revenue.
• Share creations and redemptions — The Trust's size changes as shares are created or redeemed. The number of shares affects the total Swiss Francs held and therefore the interest or expense, but the Trust itself does not generate revenue from these activities.
• No operating revenue — The Trust reports zero revenue; its net income is driven by interest income and expenses (primarily the Sponsor's fee), which are paid in Swiss Francs.

Recent performance

For the fiscal year ended December 31, 2025, the Trust reported a net comprehensive loss of $1.7M and diluted EPS of -$0.53, compared to a loss of $158,211 and EPS of -$0.10 in 2024. Operating cash flow was -$1.5M in 2025, versus -$101,834 in 2024. As of June 30, 2026, total assets were $432.1M, consisting entirely of cash and equivalents, with total liabilities of $208,539. The Trust made no distributions in the quarter ended December 31, 2025. In the second quarter of 2026, the Swiss Franc weakened against the USD, leading to negative performance.

Strategy

The Trust aims to reflect the price of the Swiss Franc in USD, plus accrued interest, less expenses. It follows a passive strategy of holding Swiss Francs in deposit accounts, with no active trading or derivatives. The Sponsor bears most expenses in exchange for a fee, and any excess interest after expenses is distributed to shareholders.

Risks

• Swiss Franc volatility — The value of the shares depends directly on the Swiss Franc/USD exchange rate, which is volatile and can be adversely affected by global economic, political, and financial events.
• Negative interest rates — The Trust's deposit rate is -0.15%, which means it pays interest expense; if interest expense and Sponsor's fee exceed interest income, the Trust incurs losses.
• Currency intervention — Central banks, including the Swiss National Bank, may intervene in foreign exchange markets to influence the franc's value, which could affect the Trust's performance.
• Expense erosion — If the Trust's expenses exceed interest earned, the Trustee withdraws Swiss Francs from the Trust to pay those expenses, reducing the amount of Swiss Francs backing each share.

Outlook

Management expects the Trust to continue reflecting Swiss Franc movements and interest accruals. The MD&A notes that global tariff gyrations, monetary policy expectations, and geopolitical tensions may cause market volatility and affect the Closing Spot Rate and interest rates. The Trust has no material cash requirements, and the Sponsor is not aware of any trends that would change its liquidity needs.