Invesco CurrencyShares Australian Dollar Trust
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 7, 2025
FXA$67.95-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105204
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001193125-25-270327
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 34 previous paragraphs and 33 current paragraphs.
19 unchanged; 6 reworded; 8 added; 6 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 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 (8)
Current report
There were no material estimates, which involve a significant level of estimation uncertainty and had or are reasonably likely to have had a material impact on the Trust’s financial condition, used in the preparation of these financial statements.
Current report
The Australian dollar (AUD/USD) closed the third quarter of 2025 with a gain. The Reserve Bank of Australia (RBA) kept rates unchanged in July rather than delivering the expected 25 basis point cut, which was seen as a deferral of policy easing. This supported the AUD given how skewed market pricing had been towards a rate cut, though the RBA did cut by 25 basis points in August, driven by softer labor market data. The volatility and downtrend in energy prices was also a headwind, but improved broader risk appetite, ongoing strength in the Chinese yuan – China is a key trading partner for Australia – and the comparatively deeper easing cycle being carried out by the Fed provided support for the AUD while weighing on the USD.
Current report
weakness. The Fed finally kicked off its easing cycle while the Reserve Bank of Australia (RBA) kept rates steady
Current report
as it still battled with a tight labor market and sticky inflation. However, the downturn in commodities and the overhang from the
Current report
Chinese economic lull have been persisting headwinds for the Aussie, since China is their largest export partner. The significant risk
Current report
off move at the end of July also dealt a heavy blow to the riskier currency, with investors instead turning to safe haven currencies like
Current report
the Swiss franc.
Current report
The Australian dollar (AUD/USD) posted strong gains year-to-date through the third quarter of 2025, underpinned by U.S. dollar weakness. The AUD intermittently experienced volatility due to its close relationship with commodities, particularly in April, as tariff uncertainty and dampened demand weighed on Australia's export-driven economy. However, this was offset by rising energy prices following escalating geopolitical tensions in the second quarter, and improvements in risk appetite and temporarily easing trade tensions between China and the U.S. in the third quarter. Rate cuts by the RBA added some downward pressure to the AUD, but this was largely mitigated by the RBA's tone of caution and guidance towards a slow and steady pace of easing, in comparison with the U.S.’s expected deeper easing cycle.
Removed paragraphs (6)
Previous report
The Australian dollar (AUD/USD) edged higher in the second quarter of 2025, supported mostly by U.S. dollar weakness, though weak commodity prices capped those gains given Australia is a significant exporter. Domestically, the Reserve Bank of Australia (RBA) cut its cash rate by 25 basis points in May to 3.85%, citing easing inflationary pressures. However, the RBA maintained a cautious, data-dependent outlook amid persistent global uncertainties. While the rate cut provided some support to domestic growth expectations, the AUD’s gains were tempered by investor caution and mixed signals from global economic data. The slight bounce in energy prices on the back of Middle East tensions in June also failed to provide sustained support.
Previous report
U.S. Dollar. Strong Australian retail sales data in May further fueled inflation fears, raising bets for a potential rate hike; Australian
Previous report
inflation had come in above forecasts three months in a row. In comparison, several global central banks had already started their
Previous report
easing cycles, leaving further rate hikes out of the picture. Higher interest rates tend to boost the country’s currency. The U.S. dollar
Previous report
continued to gain with Fed rate cut expectations further delayed.
Previous report
The Australian dollar (AUD/USD) was higher in the first half of 2025, mostly supported by U.S. dollar weakness, but weak commodity performance was a headwind. Global tariff uncertainty and a slowdown in Chinese demand weighed on Australia’s export driven economy in the first quarter. While sentiment improved a bit in the second quarter as energy prices bounced on escalating tensions in the Middle East and trade war fears eased a bit with the U.S.-China trade truce, broader risk appetite remained fragile, limiting the AUD’s advance despite a softer dollar. The Reserve Bank of Australia’s decision to cut rates in May, while signaling a cautious and data-dependent stance, added a boost to sentiment, but investor caution persisted.
Reworded paragraphs (6)
Previous wording
The Trust does not have any material cash requirements as of the end of the latest fiscal period. The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs. 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 interest rate in effect as of June 30, 2025 was an annual nominal rate of 1.52%. The following chart provides the daily rate paid by the Depository since June 30, 2020:
Current wording
The Trust does not have any material cash requirements as of the end of the latest fiscal period. The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs. 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 interest rate in effect as of September 30, 2025 was an annual nominal rate of 1.32%. The following chart provides the daily rate paid by the Depository since September 30, 2020:
Previous wording
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates included in the Trust's Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates included in the Trust's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025.
Previous 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 U.S. 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, U.S. 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.
Current wording
During the three and nine months ended September 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 U.S. economic uncertainty for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for both 2024 and 2025, which are considered to be unusual or infrequent events. Although the full and direct impact of global tariffs, U.S. economic concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three and nine months ended September 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 Australian Dollar (AUD/USD) experienced positive performance in the second quarter of 2024, even despite gains in the
Current wording
The Australian dollar (AUD/USD) experienced positive performance in the third quarter of 2024, mostly gaining on U.S. dollar
Previous wording
The Australian Dollar (AUD/USD) ended the first half of 2024 lower than the previous quarter. In the first quarter, U.S. Dollar
Current wording
The Australian dollar (AUD/USD) ended the first three quarters of 2024 positive. In the first quarter, U.S. dollar moves drove the bulk of the price action, though escalated geopolitical tensions also pressured investors’ risk appetite; the Aussie is considered a risky currency. The Fed’s higher-for-longer rhetoric and stickier-than-expected U.S. inflation pushed out expectations for U.S. rate cuts, providing support for the U.S. dollar. However, the pair did rebound significantly in the second and third quarter – strong domestic retail sales in the second quarter raised bets that the RBA could hike rates while many global central banks had already kicked off their easing cycles. In the third quarter, the pair gained on U.S. dollar weakness as the Fed began cutting rates, though the persisting downtrend in commodities and China pessimism capped the upside for the Aussie.
Previous wording
Additionally, the interest rate paid by the Depository has generally trended downward over the past year with the current interest rate of 1.52%, as set forth in the FXA Rate Chart above. As long as the interest income, if any, exceed the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.
Current wording
Additionally, the interest rate paid by the Depository has generally trended downward over the past year to current interest rate of 1.32%, as set forth in the FXA Rate Chart above. As long as the interest income, if any, exceed the Sponsor’s fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
moves drove the bulk of the price action, though escalated geopolitical tensions also pressured investors’ risk appetite – the AUD is
Previous report — wording carried elsewhere
generally considered a riskier currency compared to the haven USD. The Fed’s higher-for-longer rhetoric and stickier-than-expected
Previous report — wording carried elsewhere
U.S. inflation pushed out expectations for U.S. rate cuts. Specific to the AUD, the sluggish recovery in China also served as a headwind given the country is Australia’s largest export partner. However, the pair did rebound significantly in the second quarter as strong Australian retail sales raised bets that the Reserve Bank of Australia (RBA) could hike rates. In contrast, many global central banks had already kicked off their easing cycles.