What changed in Invesco CurrencyShares Swiss Franc Trust's 10-K — 2024 vs 2025
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Paragraph-level year-over-year comparison of Invesco CurrencyShares Swiss Franc 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.
+44 added−42 removedSource: 10-K (2026-03-02) vs 10-K (2025-02-26)
Top changes in Invesco CurrencyShares Swiss Franc Trust's 2025 10-K
44 paragraphs added · 42 removed · 31 edited across 4 sections
- Item 1A. Risk Factors+23 / −22 · 16 edited
- Item 7. Management's Discussion & Analysis+13 / −15 · 10 edited
- Item 1C. Cybersecurity+5 / −3 · 3 edited
- Item 5. Market for Registrant's Common Equity+3 / −2 · 2 edited
Item 1A. Risk Factors
Risk Factors — what could go wrong, per management
16 edited+7 added−6 removed64 unchanged
Item 1A. Risk Factors
Risk Factors — what could go wrong, per management
16 edited+7 added−6 removed64 unchanged
2024 filing
2025 filing
Biggest changeIf directed by the Sponsor, the Trustee must terminate the Depository. Such a termination might result, for example, if the Sponsor determines that the interest rate paid by the Depository is inadequate. In the event that the Depository was to resign or be removed, the Trust will be terminated.
Biggest changeThe Depository can terminate its role as depository for any reason whatsoever upon 90 days’ notice to the Trust. If directed by the Sponsor, the Trustee must terminate the Depository. Such a termination might result, for example, if the Sponsor determines that the interest rate paid by the Depository is inadequate.
Consequently, Shareholders do not have the regulatory protections afforded to investors in registered investment companies. Shareholders do not have the rights enjoyed by investors in certain other financial instruments.
Consequently, Shareholders do not have the regulatory protections afforded to investors in registered investment companies. 5 Shareholders do not have the rights enjoyed by investors in certain other financial instruments.
The Trust has no proprietary rights in or to any specific Swiss Francs held by the Depository and will be an unsecured creditor of the Depository with respect to the Swiss Francs 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 Swiss Francs held by the Depository and will be an unsecured creditor of the Depository with respect to the Swiss Francs 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.
Redemption orders are subject to rejection by the Trustee under certain circumstances. The Trustee will reject a redemption order if the order is not in proper form as described in the Participant Agreement or if the fulfillment of the order, in the opinion of its counsel, might be unlawful. Any such rejection could adversely affect a redeeming Shareholder.
The Trustee will reject a redemption order if the order is not in proper form as described in the Participant Agreement or if the fulfillment of the order, in the opinion of its counsel, might be unlawful. Any such rejection could adversely affect a redeeming Shareholder.
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. 6 The License Agreement with The Bank of New York Mellon may be terminated by The Bank of New York Mellon in the event of a material breach.
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.
For example, if the Depository were to resign or be removed, then the Sponsor would be required to terminate the Trust. Shareholders tendering their Shares within 90 days of the Trust’s termination will receive the amount of Swiss Francs represented by their Shares. Shareholders may incur significant fees if they choose to convert the Swiss Francs they receive to USD.
For example, if the Depository were to resign or be removed, then the Sponsor would be required to terminate the Trust. 6 Shareholders tendering their Shares within 90 days of the Trust’s termination will receive the amount of Swiss Francs represented by their Shares.
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. 7 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.
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.
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. In general, cyber incidents can result from deliberate attacks or unintentional events.
OTHER 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.
DEPOSITARY TRUST AGREEMENT The Depository owes no fiduciary duties to the Trust or the Shareholders, is not required to act in their best interest and could resign or be removed by the Sponsor, which would trigger early termination of the Trust. The Depository is not a trustee for the Trust or the Shareholders.
Shareholders may incur significant fees if they choose to convert the Swiss Francs they receive to USD. DEPOSITARY TRUST AGREEMENT The Depository owes no fiduciary duties to the Trust or the Shareholders, is not required to act in their best interest and could resign or be removed by the Sponsor, which would trigger early termination of the Trust.
Neither the Shares nor the Deposit Accounts and the Swiss Francs deposited in them are deposits insured against loss by the FDIC, any other federal agency of the United States or the Financial Services Compensation Scheme of England. 5 Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act of 1940.
Neither the Shares nor the Deposit Accounts and the Swiss Francs deposited in them are deposits insured against loss by the FDIC, any other federal agency of the United States or the Financial Services Compensation Scheme of England.
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.
As stated above, the Depository is not obligated to maximize the interest rate paid to the Trust. In addition, the Depository has no duty to continue to act as the depository of the Trust. The Depository can terminate its role as depository for any reason whatsoever upon 90 days’ notice to the Trust.
The Depository is not a trustee for the Trust or the Shareholders. As stated above, the Depository is not obligated to maximize the interest rate paid to the Trust. In addition, the Depository has no duty to continue to act as the depository of the Trust.
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.
Termination of the License Agreement might lead to early termination and liquidation of the Trust.
The License Agreement with The Bank of New York Mellon may be terminated by The Bank of New York Mellon in the event of a material breach. Termination of the License Agreement might lead to early termination and liquidation of the Trust.
Removed
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.
Added
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.
Removed
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.
Added
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 China, have announced retaliatory measures.
Removed
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.
Added
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/Swiss Franc exchange rate. Sustained or increased volatility could materially and adversely affect the performance of the Shares.
Removed
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.
Added
Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act of 1940.
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 ongoing discussions and commentary regarding potential significant changes to United States trade policies, treaties and tariffs.
Added
In the event that the Depository was to resign or be removed, the Trust will be terminated. Redemption orders are subject to rejection by the Trustee under certain circumstances.
Removed
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 Swiss Franc/USD exchange rate. The resulting volatility could materially and adversely affect the performance of the Shares.
Added
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.
Added
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 addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.
Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
3 edited+2 added−0 removed10 unchanged
Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
3 edited+2 added−0 removed10 unchanged
2024 filing
2025 filing
Biggest changeAlthough 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.
Biggest changeAlthough 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.
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.
Added
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 escalating any Trust relevant findings through the Sponsor's management reporting and certification processes.
Added
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
2 edited+1 added−0 removed1 unchanged
Item 5. Market for Registrant's Common Equity
Market for Common Equity — stock, dividends, buybacks
2 edited+1 added−0 removed1 unchanged
2024 filing
2025 filing
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.
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 — $ — November 1, 2025 to November 30, 2025 — $ — December 1, 2025 to December 31, 2025 — $ — Total — $ — ITEM 6.
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.
Holders As of January 31, 2026, the Trust had 94 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.
Added
(b) Not applicable (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
10 edited+3 added−5 removed15 unchanged
Item 7. Management's Discussion & Analysis
Management's Discussion & Analysis (MD&A) — revenue / margin commentary
10 edited+3 added−5 removed15 unchanged
2024 filing
2025 filing
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.
Biggest changeResults 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.
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.
Additionally, the interest rate paid by the Depository has generally trended downward over the past year to the current interest rate of -0.15%, 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.
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.
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.
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.
The pair did gain in the third quarter, bringing performance back to flat; the Fed and many other global central banks also began their easing cycle, and geopolitical tensions and U.S. economic and equity market turmoil offered safe haven demand. However, Trump-driven USD gains in the fourth quarter, caused the pair to depreciate significantly.
The Trust did not make any distributions during the quarter ended December 31, 2024.
The Trust did not make any distributions during the quarter ended December 31, 2025.
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.
The interest rate in effect as of December 31, 2025 was an annual nominal rate of -0.15%. The following chart provides the daily rate paid by the Depository since December 31, 2020: 13 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.
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.
In the first quarter and second quarter, the Fed’s higher-for-longer rhetoric kept the greenback supported, serving as the primary headwind. 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.
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.
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.
Removed
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.
Added
The Swiss franc (CHF/USD) delivered strong gains in 2025, supported by persistent U.S. dollar weakness and steady demand for safe‑haven assets amid elevated global uncertainty. Although concerns over the impact of tariffs created intermittent volatility, the franc continued to serve as the safe‑haven currency of choice.
Removed
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.
Added
In the first quarter, rising fears of a U.S. recession and stagflation triggered a sharp sell‑off in risk assets, prompting investors to rotate into more stable currencies such as the franc. This momentum carried into the second quarter as confidence in U.S. markets continued to erode.
Removed
However, with the dollar making a turnaround in February due to signs of a strong labor market and resilient inflation in the US, the currency pair depreciated. In March though, the pair returned to positive territory as the US dollar once again weakened amid the turmoil in the US banking sector.
Added
While the pace of appreciation moderated in the third quarter amid a partial rebound in the U.S. dollar, the fourth quarter marked another period of strength, rounding out a solid year for the currency. The Swiss franc (CHF/USD) posted a loss in 2024, largely pressured by U.S. dollar strength.
Removed
While the second quarter was largely the same theme, with the CHF bouncing back and forth on Fed-driven dollar moves, the pair also received support from rising safe haven demand.
Removed
The third quarter marked a negative period for the Swiss franc as the SNB turned increasingly dovish, especially when compared with the US Fed, which held on to its higher for longer guidance. However, returning dollar weakness in the fourth quarter and efforts by the SNB to boost its currency value and dampen inflation, helped the pair soar.