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What changed in Invesco CurrencyShares Canadian Dollar Trust's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Invesco CurrencyShares Canadian Dollar Trust's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+42 added−39 removedSource: 10-K (2026-03-02) vs 10-K (2025-02-26)

Top changes in Invesco CurrencyShares Canadian Dollar Trust's 2025 10-K

42 paragraphs added · 39 removed · 29 edited across 5 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeThe Trust incurred $248,239 for the year ended December 31, 2024 in Sponsor’s fees. The Trustee The Bank of New York Mellon, a banking corporation with trust powers organized under the laws of the State of New York, serves as the Trustee.
Biggest changeThe Trust incurred $326,651 for the year ended December 31, 2025 in Sponsor’s fees. The Trustee The Bank of New York Mellon, a banking corporation with trust powers organized under the laws of the State of New York, serves as the Trustee.
Depository and Deposit Accounts JPMorgan Chase Bank, N.A., London Branch, is the Depository. The Depository maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest (collectively, the “Deposit Accounts”). Interest on the primary deposit account, if any, accrues daily and is paid monthly.
Depository and Deposit Accounts JPMorgan Chase Bank, N.A., London Branch, is the Depository. The Depository primarily maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest (collectively, the “Deposit Accounts”). Interest on the primary deposit account, if any, accrues daily and is paid monthly.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeWith the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the Trust is susceptible to operational and information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events.
Biggest changeOTHER RISKS Due to the increased use of technologies, intentional and unintentional cyber attacks pose operational and information security risks. With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the Trust is susceptible to operational and information security risks.
The Investment Company Act is designed to protect investors by preventing: insiders from managing investment companies to their benefit and to the detriment of public investors; the issuance of securities having inequitable or discriminatory provisions; the management of investment companies by irresponsible persons; the use of unsound or misleading methods of computing earnings and asset value; changes in the character of investment companies without the consent of investors; and investment companies from engaging in excessive leveraging.
The Investment Company Act is designed to protect investors by preventing: insiders from managing investment companies to their benefit and to the detriment of public investors; the issuance of securities having inequitable or discriminatory provisions; the management of investment companies by irresponsible persons; the use of unsound or misleading methods of computing earnings and asset value; changes in the character of investment companies without the consent of investors; and investment companies from 5 engaging in excessive leveraging.
Further, under U.S. law, in the case of the insolvency of JPMorgan Chase Bank, N.A., the claims of creditors in respect of accounts (such as the Trust’s Deposit Accounts) that are maintained with an overseas branch of JPMorgan Chase Bank, N.A. or with a local cash correspondent will be 6 subordinate to claims of creditors in respect of accounts maintained with JPMorgan Chase Bank, N.A. in the U.S., greatly increasing the risk that the Trust and the Trust’s beneficiaries would suffer a loss.
Further, under U.S. law, in the case of the insolvency of JPMorgan Chase Bank, N.A., the claims of creditors in respect of accounts (such as the Trust’s Deposit Accounts) that are maintained with an overseas branch of JPMorgan Chase Bank, N.A. or with a local cash correspondent will be subordinate to claims of creditors in respect of accounts maintained with JPMorgan Chase Bank, N.A. in the U.S., greatly increasing the risk that the Trust and the Trust’s beneficiaries would suffer a loss.
JPMorgan Chase Bank, N.A. will not be required to repay the deposit if its 5 London branch cannot repay the deposit due to an act of war, insurrection or civil strife or an action by a foreign government or instrumentality (whether de jure or de facto) in England.
JPMorgan Chase Bank, N.A. will not be required to repay the deposit if its London branch cannot repay the deposit due to an act of war, insurrection or civil strife or an action by a foreign government or instrumentality (whether de jure or de facto) in England.
If the License Agreement is terminated and one or more of The Bank of New York Mellon’s patent applications issue as patents, then The Bank of New York Mellon may claim that the operation of the Trust violates its patent or patents and seek an injunction forcing the Trust to cease operation and the Shares to cease trading.
If the License Agreement is terminated and one or more of The Bank of New York Mellon’s patent applications issue as patents, then The Bank of New York Mellon may claim that the operation of the Trust violates its patent or patents and seek an injunction forcing the Trust to cease 6 operation and the Shares to cease trading.
The Trust has no proprietary rights in or to any specific Canadian Dollars held by the Depository and will be an unsecured creditor of the Depository with respect to the Canadian Dollars held in the Deposit Accounts in the event of the insolvency of the Depository or the U.S. bank of which it is a branch.
The Trust has no proprietary rights in or to any specific Canadian Dollars held by the Depository and will be an unsecured creditor of the Depository with respect to the Canadian Dollars held in the Deposit Accounts in the event of the insolvency of the Depository or the U.S. bank of which it is a branch, which can lead to losses or significant delays in accessing such funds.
In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. The Trust and its Shareholders could be negatively impacted as a result. While the Sponsor has established business continuity plans and systems reasonably designed to detect and prevent such cyber attacks from being effective, there are inherent limitations in such plans and systems.
The Trust and its Shareholders could be negatively impacted as a result. While the Sponsor has established business continuity plans and systems reasonably designed to detect and prevent such cyber attacks from being effective, there are inherent limitations in such plans and systems.
The resulting volatility could materially and adversely affect the performance of the Shares. The Deposit Accounts are not entitled to payment at any office of JPMorgan Chase Bank, N.A. located in the United States. The federal laws of the United States prohibit banks located in the United States from paying interest on unrestricted demand deposit accounts.
The Deposit Accounts are not entitled to payment at any office of JPMorgan Chase Bank, N.A. located in the United States. The federal laws of the United States prohibit banks located in the United States from paying interest on unrestricted demand deposit accounts.
Any amendment that increases fees or charges (other than taxes and other governmental charges, registration fees or other expenses), or that otherwise prejudices any substantial existing rights of Shareholders, will not become effective until 30 days after written notice is given to Shareholders. 7 OTHER RISKS Due to the increased use of technologies, intentional and unintentional cyber attacks pose operational and information security risks.
Any amendment that increases fees or charges (other than taxes and other governmental charges, registration fees or other expenses), or that otherwise prejudices any substantial existing rights of Shareholders, will not become effective until 30 days after written notice is given to Shareholders.
Each outstanding Share represents a fractional, undivided interest in the Canadian Dollars held by the Trust. Recently, the amount of interest earned by the Trust has not exceeded the Trust’s expenses; accordingly, the Trustee has been required to withdraw Canadian Dollars from the Trust to pay these excess expenses.
Each outstanding Share represents a fractional, undivided interest in the Canadian Dollars held by the Trust. The amount of interest earned by the Trust has not always exceeded expenses.
As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, may impact the value of the currencies held by the Fund.
As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, including related geopolitical tensions or emergency measures, may impact the value of the currencies held by the Fund.
Cyber attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites.
Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites.
Such conflicts, and other corresponding events, have had, and could continue to have, severe effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty. Pandemics and other public health emergencies could disrupt the global economy and adversely impact the Trust's performance.
Such conflicts, and other corresponding events, have had, and could continue to have, severe effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty. REGULATORY MATTERS Changes to United States tariff and trade policies may increase the volatility of foreign exchange rates.
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The impact of the COVID-19 pandemic was extensive in many aspects of society. The outbreak resulted in a significant number of deaths, adversely impacted global commercial activity, and led to significant uncertainty and disruptions in the global economy and financial markets.
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That was not the case in 2025, when interest income exceeded expenses by a significant margin; but, when expenses exceed interest income, the Trustee needs to withdraw Canadian Dollars from the Trust to pay the excess expenses.
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Many countries reacted by instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues. Businesses also implemented similar precautionary measures. While restrictions have eased, it is possible that they may be reinstated in the future in response to new variants or new public health emergencies.
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This volatility could materially and adversely affect the performance of the Shares. The United States, under the Trump administration, has implemented significant tariff increases on imports from a large number of countries, affecting a broad array of goods, and has signaled that additional tariffs may be imposed.
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Such measures, as well as the general uncertainty surrounding the dangers and impact of a future public health crisis, may result in significant disruption in supply chains and economic activity. Consumer, corporate and financial confidence may be materially adversely affected by a future outbreak. Such erosion of confidence may lead to or extend to a localized or global economic downturn.
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These actions are part of a broader shift in U.S. trade policy that has at times been difficult to predict. The potential for further escalation, including the imposition of new or higher tariffs with limited notice, has contributed to increased uncertainty in global markets. In response, other countries, including Canada and China, have announced retaliatory measures.
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Future pandemics and other public health emergencies could exacerbate political, social, and economic risks and result in significant breakdowns, delays, and other disruptions to the economy, with potential corresponding results on the value of the currency held by the Trust, which may adversely affect an investment in the Shares.
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While some tariff reductions have been implemented pursuant to temporary arrangements between the United States and various trading partners, such measures remain subject to reversal. These developments have contributed to increased volatility in foreign exchange markets, including fluctuations in the USD/Canadian Dollar exchange rate. Sustained or increased volatility could materially and adversely affect the performance of the Shares.
Removed
REGULATORY MATTERS Changes to United States tariff and trade policies may increase the volatility of foreign exchange rates. This volatility could materially and adversely affect the performance of the Shares. There have been substantial changes to United States / Canada trade policies in recent months, including the imposition of new import tariffs by both nations on the other.
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In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption.
Removed
Discussions and commentary suggesting further significant changes to trade policies, treaties and tariffs remain ongoing. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may increase the volatility of foreign exchange rates, including the USD/Canadian Dollar exchange rate.
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Compromises in the software supply chain or incidents at critical third-party vendors could magnify the operational impact of a cyber event and impair the Trust’s ability to process Shareholder or Basket transactions. In 7 addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe program includes the following: • Proactive assessments of technical infrastructure and security resilience are performed on a regular basis which include penetration testing, offensive testing and maturity assessments. • Conducting diligence on third-party service providers regarding cybersecurity risks prior to on-boarding, periodic assessment of cybersecurity risks for third-party service providers and continuous monitoring for new third-party cybersecurity incidents. • An incident response program that includes periodic testing and is designed to restore business operations as quickly and as orderly as possible in the event of a cybersecurity incident at Invesco or third-party incident. • Mandatory annual employee security awareness training, which focuses on cyber threats and security in general. • Regular cyber phishing tests throughout the year to measure and raise employee awareness against cyber phishing threats. 8 Important to these programs is Invesco’s investment in threat-intelligence, its active engage ment in industry and government security-related forums, and its utilization of external experts to challenge its program maturity, assess its controls and routinely test its capabilities.
Biggest changeThe program includes the following: • Proactive assessments of technical infrastructure and security resilience are performed on a regular basis which include penetration testing, offensive testing and maturity assessments. • Conducting diligence on third-party service providers regarding cybersecurity risks prior to on-boarding, periodic assessment of cybersecurity risks for third-party service providers and continuous monitoring for new third-party cybersecurity incidents. • An incident response program that includes periodic testing and is designed to restore business operations as quickly and as orderly as possible in the event of a cybersecurity incident at Invesco or third-party incident. • Mandatory annual employee security awareness training, which focuses on cyber threats and security in general. • Regular cyber phishing tests throughout the year to measure and raise employee awareness against cyber phishing threats.
Invesco’s information security program is led by its Chief Information Security Officer (CISO) who reports directly to the GCSO and has over 25 years of experience, specializing in information security and risk management.
Invesco’s information security program is led by its Chief Information Security Officer who reports directly to the GCSO and has over 25 years of experience, specializing in information security and risk management.
(“Invesco”), the Sponsor’s parent company, has a designated Global Chief Security Officer (GCSO) who leads the global security department that is responsible for identifying, assessing, and managing cybersecurity threats across the Invesco organization. The GCSO has over 28 years of experience in the public and private sectors, specializing in security, investigations, and incident response.
(“Invesco”), the Sponsor’s parent company, has a designated Global Chief Security Officer (GCSO) who leads the global security department that is responsible for identifying, assessing, and managing cybersecurity threats across the Invesco organization. The GCSO has over 29 years of experience in the public and private sectors, specializing in security, investigations, and incident response.
Although risks from cyber threats have not materially affected the Trust’s business strategy, results of operations or financial condition as of December 31, 2024, Invesco continues to closely monitor cyber risk. In addition, security controls, no matter how well designed or implemented, may only mitigate and not fully eliminate risks .
Although risks from cyber threats have not materially affected the Trust’s business strategy, results of operations or financial condition as of December 31, 2025, Invesco continues to closely monitor cyber risk.
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Important to these programs is Invesco’s investment in threat-intelligence, its active engage ment in industry and government security-related forums, and its utilization of external experts to challenge its program maturity, assess its controls and routinely test its capabilities.
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The Sponsor oversees cybersecurity risks for the Trust by applying Invesco’s enterprise policies and control framework to the Trust’s operations and service providers and by 8 escalating any Trust‑relevant findings through the Sponsor’s management reporting and certification processes.
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The Trust did not experience any material cybersecurity incidents during the year ended December 31, 2025, and cybersecurity risks did not materially affect the Trust’s business strategy, results of operations, or financial condition in the period. In addition, security controls, no matter how well designed or implemented, may only mitigate and not fully eliminate risks.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest change(c) Although the Trust did not redeem Shares directly from its shareholders, the Trust redeemed Baskets from Authorized Participants during the three months ended December 31, 2024 as follows: Period of Redemption Total Number of Shares Redeemed Average Price Paid per Share October 1, 2024 to October 31, 2024 — $ — November 1, 2024 to November 30, 2024 — $ — December 1, 2024 to December 31, 2024 — $ — Total — $ — ITEM 6.
Biggest changeDuring the three months ended December 31, 2025, the Trust's redemptions of Baskets from Authorized Participants, if any, are provided in the table below: Period of Redemption Total Number of Shares Redeemed Average Price Paid per Share October 1, 2025 to October 31, 2025 150,000 $ 69.89 November 1, 2025 to November 30, 2025 50,000 $ 69.50 December 1, 2025 to December 31, 2025 50,000 $ 70.92 Total 250,000 $ 70.02 ITEM 6.
Holders As of January 31, 2025, the Trust had 67 holders of record of its Shares. Sales of Unregistered Securities and Use of Proceeds of Registered Securities (a) There have been no unregistered sales of the Shares. No Shares are authorized for issuance by the Trust under equity compensation plans. (b) Not applicable.
Holders As of January 31, 2026, the Trust had 72 holders of record of its Shares. Sales of Unregistered Securities and Use of Proceeds of Registered Securities (a) There have been no unregistered sales of the Shares. No Shares are authorized for issuance by the Trust under equity compensation plans. (b) Not applicable.
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(c) Although the Trust does not redeem Shares directly from its shareholders, the Trust, from time to time, redeems Baskets from Authorized Participants.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeDistributions paid during the current reporting period follow (annualized yield reflects the estimated annual yield an investor would receive if a monthly distribution stayed the same for the entire year going forward, and is calculated by annualizing the monthly distribution and dividing by the Trust NAV for the dates listed below): FXC Distribution History Date Value NAV Yield Annualized Yield 10/1/2024 $ 0.10484 $ 72.45 0.14 % 1.76 % 11/1/2024 $ 0.09740 $ 70.21 0.14 % 1.63 % 12/2/2024 $ 0.07648 $ 69.88 0.11 % 1.33 % Results of Operations During the years ended December 31, 2024 and 2023, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, and the US banking sector turmoil for 2023 which are considered to be unusual or infrequent events.
Biggest changeDistributions paid during the current reporting period follow (annualized yield reflects the estimated annual yield an investor would receive if a monthly distribution stayed the same for the entire year going forward, and is calculated by annualizing the monthly distribution and dividing by the Trust NAV for the dates listed below): FXC Distribution History Date Value NAV Yield Annualized Yield 10/1/2025 $ 0.02506 $ 70.27 0.04 % 0.43 % 11/3/2025 $ 0.01813 $ 69.77 0.03 % 0.31 % 12/1/2025 $ 0.00675 $ 70.11 0.01 % 0.12 % Results of Operations During the years ended December 31, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations, mounting U.S. economic uncertainty for 2025, evolving expectations around the Federal Reserve (the “Fed”) monetary policy and heightened geopolitical concerns, some of which are considered to be unusual or infrequent events.
The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly.
The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, primarily maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust’s financial condition as of December 31, 2024, and its results of operations for the fiscal years ended December 31, 2024 and December 31, 2023.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust’s financial condition as of December 31, 2025, and its results of operations for the fiscal years ended December 31, 2025 and December 31, 2024.
Geopolitical risk premium also faded with no real supply disruptions playing out. However, the pair took the deepest plunge in the fourth quarter with the US dollar soaring on President Trump’s victory. Many of his campaigned policies were expected to raise inflation risk, potentially leading to higher rates in 2025.
Geopolitical risk premium also faded with no real supply disruptions playing out. However, the pair took the deepest plunge in the fourth quarter with the U.S. dollar soaring on President Trump’s victory. Many of his campaigned policies were expected to raise inflation risk, potentially leading to higher rates in 2025.
The interest rate in effect as of December 31, 2024 was an annual nominal rate of 1.31%. The following chart provides the daily rate paid by the Depository since December 31, 2019: 12 In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust.
The interest rate in effect as of December 31, 2025 was an annual nominal rate of 0.51%. The following chart provides the daily rate paid by the Depository since December 31, 2019: 12 In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust.
Although the full and direct impact of Fed easing expectations, rising geopolitical tensions, and the US banking sector turmoil on the Trust's net comprehensive income (loss) during the years ended December 31, 2024 and 2023 cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
Although the full and direct impact of these conditions on the Trust's net comprehensive income (loss) during the years ended December 31, 2025 and 2024, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
The Canadian dollar (CAD/USD) posted negative performance in 2024, mainly due to US dollar strength and weak energy prices. The Fed’s higher-for-longer rhetoric and US economic resilience pushed out expectations for rate cuts in the first half of the year; higher rates generally provide support for the country’s currency.
The Fed’s higher-for-longer rhetoric and U.S. economic resilience pushed out expectations for rate cuts in the first half of the year; higher rates generally provide support for the country’s currency.
In the fourth quarter, with the US dollar weakening on growing Fed rate cut expectations, the pair managed to recover significantly, reversing all earlier losses. Additionally, the interest rate paid by the Depository has generally trended downward over the past year to the current interest rate of 1.31%, as set forth in the FXC Rate Chart above.
In addition, tariffs generally weigh on foreign currencies, further boosting the USD. Additionally, the interest rate paid by the Depository has generally trended downward over the past year to the current interest rate of 0.51%, as set forth in the FXC Rate Chart above.
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In addition, tariffs generally weigh on foreign currencies, further boosting the USD. The Canadian Dollar (CAD/USD) ended 2023 slightly higher.
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The Canadian dollar (CAD/USD) appreciated in 2025, supported primarily by broad U.S. dollar weakness. Most of the gains occurred in the second quarter, when firmer Canadian inflation data reduced expectations for Bank of Canada rate cuts, bolstering the CAD even as softer energy prices presented a headwind.
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While the CAD did gain a bit in the first half of the first quarter, as the US dollar weakened further on expectations for a softer Fed stance, the pair fell sharply from mid-Feb to mid-Mar, with the dollar rebounding on signs of continued strength in the US labor market and inflation.
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Some of these gains were unwound in the third quarter as a weakening macro backdrop set the stage for the Bank of Canada to resume its easing cycle, while the U.S. dollar regained modest strength. Throughout the year, persistently weak oil prices exerted sustained pressure on the CAD, often offsetting the positive effects of U.S. dollar depreciation.
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Struggling commodity prices also capped the upside for the currency given the country is a major exporter of crude oil. However, the currency pair did rebound in the second half of March amid a weaker USD and the boost in energy prices.
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The fourth quarter proved more supportive, as heightened geopolitical tensions improved sentiment in the oil market, helping the CAD recover some momentum into year‑end. The Canadian dollar (CAD/USD) posted negative performance in 2024, mainly due to U.S. dollar strength and weak energy prices.
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In the second quarter, while the pair was pretty range bound in April and May, the CAD really gained in June supported by the hawkish repricing of the BoC’s interest rate expectations while the US Fed paused. Despite its resilience, renewed dollar strength heavily pressured the pair in the third quarter, though the rebound in energy commodities limited the downside.

Other FXC 10-K year-over-year comparisons