Invesco CurrencyShares Euro Trust (FXE) risk factors, FY2025 10-K

Other

1. 01The value of the Shares relates directly to the value of the euro held by the Trust. Fluctuations in the price of the euro could materially and adversely affect the value of the Shares
2. 02Global, regional or national political, economic or financial events and situations
3. 03The USD/euro exchange rate, like foreign exchange rates in general, can be volatile and difficult to predict. This volatility could materially and adversely affect the performance of the Shares
4. 04If interest earned by the Trust does not exceed the Trust’s expenses, the Trustee will withdraw euro from the Trust to pay these excess expenses, which will reduce the amount of euro represented by each Share on an ongoing basis and may result in adverse tax consequences for Shareholders21% rewritten
5. 05The interest rate paid by the Depository, if any, may not be the best rate available. If the Sponsor determines that the interest rate is inadequate, then its sole recourse is to remove the Depository and terminate the Deposit Accounts
6. 06If the Trust incurs expenses in USD, the Trust would be required to sell euro to pay these expenses. The sale of the Trust’s euro to pay expenses in USD at a time of low euro prices could adversely affect the value of the Shares
7. 07The Shares may trade at a price which is at, above, or below the NAV per Share
8. 08Disruptions in the ability to create and redeem Baskets may adversely impact the price of the Shares
9. 09Substantial sales of euro by the official sector could adversely affect an investment in the Shares
10. 10International Armed Conflicts May Result in Volatility in Currency Prices that Could Adversely Affect the Fund’s Performance40% rewritten
11. 11Changes 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 Shares96% rewritten
12. 12The Deposit Accounts are not entitled to payment at any office of JPMorgan Chase Bank, N.A. located in the United States
13. 13Shareholders do not have the protections associated with ownership of a demand deposit account insured in the United States by the Federal Deposit Insurance Corporation or the protection provided for bank deposits under English law
14. 14Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act of 1940
15. 15Shareholders do not have the rights enjoyed by investors in certain other financial instruments
16. 16Shareholders that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets
17. 17INSOLVENCY OR TERMINATION OF THE DEPOSITORY OR TRUST
18. 18The 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
19. 19Shareholders may incur significant fees upon the termination of the Trust
20. 20The 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
21. 21Redemption orders are subject to rejection by the Trustee under certain circumstances
22. 22The liability of the Sponsor and the Trustee under the Depositary Trust Agreement is limited and, except as set forth in the Depositary Trust Agreement, they are not obligated to prosecute any action, suit or other proceeding in respect of any Trust property
23. 23The Depositary Trust Agreement may be amended to the detriment of Shareholders without their consent

OTHER RISKS

1. 24Due to the increased use of technologies, intentional and unintentional cyber attacks pose operational and information security risks