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What changed in Invesco CurrencyShares Swiss Franc Trust's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Invesco CurrencyShares Swiss Franc Trust's 2023 and 2024 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 2024 report.

+17 added−15 removedSource: 10-K (2025-02-26) vs 10-K (2024-02-23)

Top changes in Invesco CurrencyShares Swiss Franc Trust's 2024 10-K

17 paragraphs added · 15 removed · 12 edited across 4 sections

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe members of this Committee include Invesco Ltd.’s Chief Administrative Officer, Chief Risk & Audit Officer, General Counsel, Chief Financial Officer, Chief Human Resources Officer, Global Head of Compliance, and Global Operational Risk Owners which includes the GCSO. The committee reports to Invesco’s Enterprise Risk Management Committee which provides updates to the Invesco Board to facilitate their oversight.
Biggest changeThe members of this Committee include Invesco’s Chief Administrative Officer, Chief Risk & Audit Officer, General Counsel, Chief Financial Officer, Chief Human Resources Officer, Global Head of Compliance, and Global Operational Risk Owners which includes the GCSO. The committee reports to Invesco’s Enterprise Risk Management Committee which provides updates to the Invesco Board of Directors to facilitate their oversight.
Although risks from cyber threats have not materially affected the Trust’s business strategy, results of operations or financial condition as of December 31, 2023, 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, 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.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest change(b) Not applicable (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, 2023 as follows: Period of Redemption Total Number of Shares Redeemed Average Price Paid per Share October 1, 2023 to October 31, 2023 — $ — November 1, 2023 to November 30, 2023 150,000 $ 100.51 December 1, 2023 to December 31, 2023 100,000 $ 102.57 Total 250,000 $ 101.33 ITEM 6.
Biggest change(b) Not applicable (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 (50,000 ) $ 100.15 December 1, 2024 to Decenber 31, 2024 — $ — Total (50,000 ) $ 100.15 ITEM 6.
Holders As of January 31, 2024, the Trust had 78 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.
Holders As of January 31, 2025, the Trust had 79 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.

Item 7. Management's Discussion & Analysis

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

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Biggest changeFXF Distribution History Date Value NAV Yield Annualized Yield 10/2/2023 $ 0.00179 97.26 0.00 % (a) 0.02 % 11/1/2023 $ 0.00887 97.78 0.01 % 0.11 % 12/1/2023 $ 0.00892 102.33 0.01 % 0.11 % (a) Amount rounds to 0.00 Results of Operations During the years ended December 31, 2023 and 2022, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from the US banking sector turmoil, ambiguity around the Federal Reserve's tightening cycle, and rising geopolitical concerns from the conflict in the Middle East, for 2023, and uncertainty caused by the novel coronavirus known as COVID-19, as well as the Russia-Ukraine conflict, for 2022, which are considered to be unusual or infrequent events.
Biggest changeResults 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.
In addition to the description below, please refer to Note 3 to the financial statements for further discussion of our accounting policies. The functional currency of the Trust is the Swiss Franc in accordance with ASC 830, Foreign Currency Translation. 14
In addition to the description below, please refer to Note 3 to the financial statements for further discussion of our accounting policies. The functional currency of the Trust is the Swiss Franc in accordance with ASC 830, Foreign Currency Translation.
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, 2023, and its results of operations for the fiscal years ended December 31, 2023 and December 31, 2022.
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.
The interest rate in effect as of December 31, 2023 was an annual nominal rate of 0.50%. The following chart provides the daily rate paid by the Depository since December 31, 2018: 13 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, 2024 was an annual nominal rate of 0.00%. The following chart provides the daily rate paid by the Depository since December 31, 2019: 13 In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust.
Although the full and direct impact of the COVID-19 pandemic, the Russia-Ukraine conflict, the US banking sector turmoil, and the Israel-Gaza conflict on the Trust's net comprehensive income (loss) during the years ended December 31, 2023 and 2022 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 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.
The Swiss Franc (CHF/USD) posted a large gain in 2023, with the pair ending the year at its highest since Jan 2015. Price action was largely driven by dollar moves and Swiss central bank policies. The USD fell sharply in January, helping the pair rally, as speculation for a dovish pivot in Fed rate hike plans grew.
Price action was largely driven by dollar moves and Swiss central bank policies. The USD fell sharply in January, helping the pair rally, as speculation for a dovish pivot in Fed rate hike plans grew.
As long as the Sponsor’s fee and the interest expense on currency deposits, if any, exceed interest income, the Trust will incur a net comprehensive loss.
Additionally, the interest rate paid by the Depository has generally trended downward over the past year to the current interest rate of 0.00%, as set forth in the FXF Rate Chart above. As long as the interest income, if any, exceeds the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.
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The Swiss Franc (CHF/USD) fell in the first three quarters of 2022 as the dollar rallied aggressively supported by expectations for aggressive U.S. Federal Reserve System (the “Fed”) tightening and growing haven demand amid rising recession probabilities.
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The Trust did not make any distributions during the quarter ended December 31, 2024.
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The currency pair was further weighed down by the Swiss National Bank’s lagged rate hike plans, given they only meet once a quarter vs the Fed’s bimonthly (every two months) meeting, and the uncertainty over Europe’s macroeconomic outlook as geopolitical turbulence over Ukraine persisted.
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The Swiss franc (CHF/USD) posted a loss in 2024, largely pressured by US dollar strength. In Q1 and Q2, the Fed’s higher-for-longer rhetoric kept the greenback supported, serving as the primary headwind.
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However, prices did rebound quite significantly in the fourth quarter as the dollar weakened on expectations for a dovish pivot in Fed policies. Additionally, the interest rate paid by the Depository has generally trended upward over the past year from zero to the current interest rate of 0.50%, as set forth in the FXF Rate Chart above.
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However, the Swiss National Bank (SNB) was also the first major central bank to start cutting its interest rates in March; lower interest rates reduce the appeal of the country’s currency.
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The pair did gain in Q3, bringing performance back to flat; the Fed and many other global central banks also began their easing cycle, and geopolitical tensions and US economic and equity market turmoil offered safe haven demand. However, Trump-driven USD gains in the fourth quarter, caused the pair to depreciate significantly.
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Many of Trump’s campaigned policies were expected to raise inflation risk, potentially leading to higher rates in 2025. In addition, tariffs generally weigh on foreign currencies, further boosting the USD. The Swiss Franc (CHF/USD) posted a large gain in 2023, with the pair ending the year at its highest since Jan 2015.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe Trust does not hold securities and does not invest in derivative instruments. 15
Biggest changeThe Trust does not hold securities and does not invest in derivative instruments. 14

Other FXF 10-K year-over-year comparisons