Invesco CurrencyShares Swiss Franc Trust (FXF) risk factors, FY2025 10-K

Other

1. 01The value of the Shares relates directly to the value of the Swiss Francs held by the Trust. Fluctuations in the price of the Swiss Franc could materially and adversely affect the value of the Shares
2. 02The Swiss Franc/USD 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
3. 03If interest earned by the Trust does not exceed the Trust’s expenses, the Trustee will withdraw Swiss Francs from the Trust to pay these excess expenses, which will reduce the amount of Swiss Francs represented by each Share on an ongoing basis and may result in adverse tax consequences for Shareholders
4. 04The 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
5. 05If the Trust incurs expenses in USD, the Trust would be required to sell Swiss Francs to pay these expenses. The sale of the Trust’s Swiss Francs to pay expenses in USD at a time of low Swiss Franc price could adversely affect the value of the Shares
6. 06The Shares may trade at a price which is at, above, or below the NAV per Share
7. 07Disruptions in the ability to create and redeem Baskets may adversely impact the price of the Shares
8. 08Substantial sales of Swiss Francs by the official sector could adversely affect an investment in the Shares
9. 09International Armed Conflicts May Result in Volatility in Currency Prices that Could Adversely Affect the Fund's Performance40% rewritten
10. 10Changes 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 Shares97% rewritten
11. 11The Deposit Accounts are not entitled to payment at any office of JPMorgan Chase Bank, N.A. located in the United States
12. 12Shareholders 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
13. 13Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act of 1940
14. 14Shareholders do not have the rights enjoyed by investors in certain other financial instruments
15. 15Shareholders that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets
16. 16INSOLVENCY OR TERMINATION OF THE DEPOSITORY OR TRUST
17. 17The 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
18. 18The occurrence of any one of several events would either require the Trust to terminate or permit the Sponsor to terminate the Trust. For example, if the Depository were to resign or be removed, then the Sponsor would be required to terminate the TrustNew
19. 19The 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
20. 20Redemption orders are subject to rejection by the Trustee under certain circumstances
21. 21The 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
22. 22The Depositary Trust Agreement may be amended to the detriment of Shareholders without their consent

OTHER RISKS

1. 23Due to the increased use of technologies, intentional and unintentional cyber attacks pose operational and information security risks