Invesco CurrencyShares Euro Trust
For the period ended Mar 31, 2026. Filed May 7, 2026.
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.
Mar 31, 2026 · Filed May 7, 2026
FXE$102.77-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001193125-25-270311
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001193125-26-209717
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 28 previous paragraphs and 26 current paragraphs.
20 unchanged; 4 reworded; 2 added; 4 removed; 0 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 (2)
Current report
The euro (EUR) generated modest negative performance for the Fund during the first quarter of 2026 as the currency ultimately depreciated against the U.S. dollar. The euro strengthened early in the quarter as the U.S. dollar fell sharply in January, pushing the pair higher. However, this move reversed later in the quarter as the U.S. dollar recovered in February and March amid heightened geopolitical tensions and a shift toward risk‑off positioning. Europe’s reliance on imported energy added to downward pressure on the euro, as the effective closure of the Strait of Hormuz raised concerns around energy supply disruptions and higher prices.
Current report
The euro saw positive performance in the first quarter of 2025, largely supported by US dollar (USD) weakness. Macroeconomic concerns reignited by President Trump’s shifting global tariff policies and growing stagflation fears dented consumer, investor, as well as business sentiment in the US, leading to a sharp downturn in domestic financial markets. In addition, European currencies have been propped up by major defense and infrastructure spending plans which are expected to boost the region’s growth prospects. More specifically, the European Commission announced the ReArm Europe Plan/Readiness 2030 in March, which enables over €800 billion to strengthen the continent’s defense capabilities.
Removed paragraphs (4)
Previous report
The euro (EUR/USD) was mostly rangebound in the third quarter of 2025. After pulling back on additional US tariff announcements, the euro regained on the ratification of a trade agreement. The euro also moved higher due to rates policy divergence as the Fed tilted to dovishness and began rate cuts in September while the European Central Bank (ECB) held policy steady since June. However, rallies have been weighed down by political stressors and fiscal woes in France. The halt in the USD descent in Q3 was also a headwind.
Previous report
The euro (EUR/USD) ended the third quarter of 2024 higher, supported by a weaker US dollar. The greenback retreated on dovish sentiment leading into the Fed's first rate cut in September and the surprise hike in Japanese rates, which led to a rapid unwind of the US dollar, Japanese yen carry trade (i.e., borrowing in the Japanese yen and investing it in a higher yielding asset like US treasuries). Disappointing US labor data also briefly reignited US hard landing concerns but there were also worries about sticky inflation and weaker growth in the Eurozone. Markets also became concerned about the US election and its impact on the economy, which further weighed on the US dollar, boosting the pair.
Previous report
The euro (EUR/USD) posted strong gains year-to-date through the third quarter of 2025, mainly fueled by US dollar weakness and increased EU defense spending boosting their domestic economic outlook. The euro extended its gains as the EU’s rates policy began to diverge from the US, with the ECB wrapping up its easing cycle in June while the Fed leaned towards more rate cuts. There was some volatility due to tariff-related trade tensions and political turmoil in France in the third quarter, but overall, the euro has been resilient and price moves have been driven by the greenback.
Previous report
The euro (EUR/USD) posted positive performance in the first three quarters of 2024, mainly due to dollar-driven gains in the third quarter. The pair was initially pressured in the first quarter as the Fed’s higher-for-longer rhetoric and stickier-than-expected US inflation repeatedly pushed out expectations for US rate cuts. In comparison, the European Central Bank (ECB) was more dovish given its noticeably weaker economy, officially kicking off its easing cycle in June. However, the US dollar turned sharply lower in the third quarter after the Fed officially kicked off its own easing cycle, the Bank of Japan surprised markets with a rate hike, and concerns about the impact of the US election grew.
Reworded paragraphs (4)
Previous wording
This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate” and other similar words. Forward-looking statements are based upon our current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. Various factors may cause our actual results to differ materially from those expressed in our forward-looking statements. These factors include fluctuations in the price of the euro, as the value of the Shares relates directly to the value of the euro held by the Trust and price fluctuations could materially adversely affect an investment in the Shares. Readers are urged to review the “Risk Factors” section contained in the Trust’s most recent Annual Report on Form 10-K, together with the modified risk factor included in Item IA of this report, for a description of other risks and uncertainties that may affect an investment in the Shares.
Current wording
This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate” and other similar words. Forward-looking statements are based upon our current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. Various factors may cause our actual results to differ materially from those expressed in our forward-looking statements. These factors include fluctuations in the price of the euro, as the value of the Shares relates directly to the value of the euro held by the Trust and price fluctuations could materially adversely affect an investment in the Shares. Readers are urged to review the “Risk Factors” section contained in the Trust’s most recent Annual Report on Form 10-K for a description of other risks and uncertainties that may affect an investment in the Shares.
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 September 30, 2025 was an annual nominal rate of 1.10%. The following chart provides the daily rate paid by the Depository since September 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, 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. The interest rate in effect as of March 31, 2026 was an annual nominal rate of 1.10%. The following chart provides the daily rate paid by the Depository since March 31, 2021:
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, as filed with the SEC on February 26, 2025.
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 on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 2, 2026.
Previous 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.
Current wording
During the three months ended March 31, 2026 and 2025, the Trust’s net comprehensive income (loss) was, in part, impacted by periods of market volatility associated with evolving global macroeconomic and geopolitical conditions, which are considered to be unusual or infrequent events. For the three months ended March 31, 2026, these conditions included heightened geopolitical tensions, ongoing trade and fiscal policy uncertainty, and shifting expectations regarding the pace and timing of monetary policy actions by central banks, including the Federal Reserve. For the three months ended March 31, 2025, contributors to market volatility included concerns surrounding global economic growth, inflation dynamics, and expectations related to potential changes in monetary policy. Although the full and direct impact of these conditions on the Trust’s net comprehensive income (loss) during the three months ended March 31, 2026 and 2025, 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.