Invesco CurrencyShares Swiss Franc Trust
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-07.
0001193125-26-338693
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-450237
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 27 previous paragraphs and 31 current paragraphs.
22 unchanged; 2 reworded; 4 added; 3 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 (4)
Current report
The Swiss Franc (CHF) delivered negative performance during the third quarter of 2026. The Swiss Franc weakened as the U.S. dollar strengthened and the interest-rate differential widened between the U.S. and Switzerland. The Federal Reserve (the "Fed") raised rates in September, while the Swiss National Bank (the "SNB") left its policy rate unchanged at 0%, maintaining one of the lowest policy rates among major economies. Although bouts of market volatility supported some safe-haven demand, the SNB’s willingness to remain active in foreign exchange markets as necessary and the prospect of higher returns in the U.S. weighed on the Swiss Franc, leaving it down for the quarter.
Current report
The Swiss Franc (CHF/USD) was mostly rangebound but closed the third quarter of 2025 with a narrow loss. The Swiss Franc was supported by continued demand for safe-haven assets and became the favored haven currency amid turbulence in the U.S. dollar and the Japanese yen. However, the Swiss Franc fell after the U.S. imposed a tariff rate of 39% on Switzerland and the two countries failed to reach a trade deal. Pharmaceuticals (the main Swiss export to the U.S.) were given an exemption, but sentiment remained bearish. While the Swiss Franc pared some losses after the SNB decided to hold benchmark rates steady in September, it remained vulnerable to concerns that the SNB would employ policies that would drive further depreciation. The tailwind from U.S. dollar weakness also subsided in the third quarter, with the greenback gaining slightly.
Current report
The Swiss Franc delivered negative performance year-to-date through the third quarter of 2026. Periods of safe-haven demand supported the currency during bouts of geopolitical and market uncertainty, but those gains were outweighed by renewed U.S. dollar strength and a wide interest-rate differential. The SNB maintained its policy rate at 0% through September and signaled that it remained willing to be active in foreign exchange markets as necessary, limiting the Swiss Franc’s upside. The currency came under additional pressure late in the third quarter as the Fed raised rates to a target range of 4.00%, pushing up U.S. yields and, in turn the U.S. dollar.
Current report
continued to decline. However, the trend slowed in the third quarter as the greenback rebounded slightly.
Removed paragraphs (3)
Previous 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.
Previous 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.
Previous 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.
Reworded paragraphs (2)
Previous 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.
Current wording
During the three and nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 30, 2026 and 2025 cannot be known, it is believed that they may have each independently affected the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets, including the number of Shares created and redeemed by the Trust.
Previous wording
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.
Current wording
The Swiss Franc (CHF/USD) delivered strong gains year-to-date through the third quarter of 2025, supported by ongoing U.S.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
dollar weakness and steady demand for safe-haven assets amid heightened global uncertainty. Despite some setbacks from the
Current report — wording carried from elsewhere
uncertainty around the impact of tariffs, the Swiss Franc has remained the safe-haven currency of choice. In the first quarter, the Swiss Franc benefited from rising concerns about a U.S. recession and stagflation, which triggered a sharp sell-off in risk assets and pushed
Current report — wording carried from elsewhere
investors toward more stable currencies. That momentum carried into the second quarter, as confidence in U.S. markets