Invesco CurrencyShares Swiss Franc Trust
For the period ended Jun 30, 2026. Filed Aug 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.
Jun 30, 2026 · Filed Aug 7, 2026
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 2026-03-31; filed 2026-05-07.
0001193125-26-209714
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-338693
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 25 previous paragraphs and 27 current paragraphs.
21 unchanged; 2 reworded; 4 added; 2 removed; 0 previous and 0 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 (4)
Current report
The Swiss Franc (CHF) delivered negative performance during the second quarter of 2026 as strength in the USD outweighed its traditional safe-haven appeal. Heightened geopolitical tensions in the Middle East initially supported demand for defensive assets, including the Swiss Franc, but that support faded as U.S.-Iran ceasefire negotiations reduced market uncertainty later in the quarter. Meanwhile, the Swiss National Bank maintained its policy rate at 0% in June, citing still-subdued inflation and a slowing global growth backdrop, while also signaling its willingness to intervene in foreign exchange markets to prevent excessive franc appreciation. As geopolitical risks eased and interest rate differentials remained favorable to the United States, the Swiss Franc weakened against the USD over the period.
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 USD.
Current report
The Swiss Franc (CHF) delivered negative performance year-to-date through the second quarter of 2026 as periods of safe-haven demand were ultimately overshadowed by a stronger USD. Early in the year, heightened geopolitical tensions and expectations for Federal Reserve rate cuts supported the franc, allowing it to outperform during bouts of market stress. However, sentiment shifted as USD strength reemerged alongside changing expectations for U.S. monetary policy, reversing many of those gains. During the second quarter, the franc again benefited from demand for defensive assets amid renewed Middle East tensions, but support faded as U.S. Iran ceasefire negotiations reduced market uncertainty. Meanwhile, the Swiss National Bank maintained its policy rate at 0% and signaled a willingness to prevent excessive franc appreciation, limiting the upside for the currency. As a result, the Swiss Franc weakened modestly against the USD over the period, leading to negative year-to-date performance.
Current report
The Swiss Franc (CHF/USD) has delivered strong gains year-to-date through the second quarter of 2025, supported by ongoing USD 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 (2)
Previous report
The Swiss Franc (CHF) weakened modestly against the U.S. dollar during the first quarter of 2026, resulting in negative performance for the Fund, with currency movements largely dictated by U.S. dollar dynamics. The Franc outperformed in January, gaining significantly as heightened safe‑haven demand tied to the Iran conflict coincided with growing expectations for Federal Reserve rate cuts, which weighed on the U.S. dollar and reduced its yield advantage. However, this divergence reversed later in the quarter as the U.S. dollar recovered in February and March, supported by shifting policy expectations and renewed demand within the safe‑haven complex. As a result, late‑quarter U.S. dollar strength more than offset earlier gains in the Swiss Franc, leading to modest losses for the Fund during the quarter.
Previous report
The Swiss Franc (CHF) 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 (2)
Previous 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.
Current wording
During the three and six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 2026 and 2025 cannot be known, it is believed that they may have independently affected the Closing Spot Rate, the interest rate paid by the Depository, and global economic and market conditions generally, including the number of Shares created and redeemed by the Trust.
Previous wording
Additionally, the interest rate paid by the Depository has generally trended downward over the past year with the current interest rate of -0.15%, 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 remained flat over the past year with the current interest rate at -0.15%, 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.