Invesco CurrencyShares Swiss Franc Trust
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
FXF$107.27-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0000950170-25-067208
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105146
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 24 previous paragraphs and 32 current paragraphs.
20 unchanged; 3 reworded; 6 added; 1 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
The Swiss Franc (CHF/USD) continued to post strong gains throughout the second quarter of 2025, largely due to its safe-haven appeal. As sentiment toward American assets worsened, investors increasingly turned to the Swiss franc as a more stable alternative. Despite inflation in Switzerland turning negative in May, the currency still appreciated, driven by global risk aversion and a broadly weaker U.S. dollar.
Current report
The Swiss Franc (CHF/USD) posted a gain in the second quarter of 2024. While the pair was initially pressured by US dollar
Current report
gains on delayed Fed rate cut expectations, CHF saw strong gains mid-quarter. The pair even managed to move higher despite positive
Current report
moves in the US dollar as Swiss inflation came in above estimates causing speculation that the Swiss National Bank (SNB) would
Current report
need to put a pause on their easing plans.
Current report
The Swiss Franc (CHF/USD) has delivered strong gains year-to-date through the second quarter of 2025, supported by ongoing U.S. dollar weakness and steady demand for safe-haven assets. In the first quarter, the pair benefited from rising concerns about a U.S. recession and stagflation, which triggered a sharp selloff in risk assets and pushed investors toward more stable currencies like the Swiss Franc. That momentum carried into the second quarter, as confidence in U.S. markets continued to decline. Despite Swiss inflation turning negative in May, the pair remained resilient, with investors favoring its stability amid heightened global uncertainty.
Removed paragraphs (1)
Previous report
The Swiss Franc (CHF/USD) posted strong gains in the first quarter of 2025 due to significant US dollar weakness and rising safe haven demand. The greenback was pressured by mounting US recession and stagflation concerns, and the resulting equity market meltdown triggered a flight to safety; the Swiss Franc is seen as a haven currency given Switzerland’s economic and political stability. In addition, while Swiss inflation remains at four-year lows, the US is still dealing with inflation risk skewed to the upside and a seemingly slowing economy.
Reworded paragraphs (3)
Previous wording
During the three months ended March 31, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US recession concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2025, which are considered to be unusual or infrequent events. Although the full and direct impact of global tariffs, US recession concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three months ended March 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.
Current wording
During the three and six months ended June 30, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US economic concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, which are considered to be unusual or infrequent events. Although the full and direct impact of global tariffs, US economic concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three and six months ended June 30, 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.
Previous wording
The Swiss Franc (CHF/USD) posted a loss in the first three months of 2024. While some of this was driven by gains in the USD – the Fed’s higher-for-longer rhetoric and stickier-than-expected US inflation pushed out expectations for rate cuts, supporting US yields – the pair was heavily pressured after the Swiss National Bank (“SNB”) became the first major central bank to start cutting its interest rates in March. Lower interest rates reduce the appeal of the country’s currency.
Current wording
The Swiss Franc (CHF/USD) posted a loss in the first half of 2024, with the pair down nearly 7%. While some of this was
Previous wording
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 Sponsor’s fee and the interest expense on currency deposits, if any, exceed interest income, the Trust will incur a net comprehensive loss.
Current wording
Additionally, the interest rate paid by the Depository has generally trended downward over the past year with the current interest rate of 0.00%, as set forth in the FXF Rate Chart above. 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.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
driven by gains in the US dollar – the Fed’s higher-for-longer rhetoric and stickier-than-expected US inflation pushed out expectations
Current report — wording carried from elsewhere
for rate cuts, supporting US treasury yields – the pair was heavily pressured after the Swiss National Bank (SNB) became the first
Current report — wording carried from elsewhere
major central bank to start cutting its interest rates in March. Lower interest rates reduce the appeal of the country’s currency.