Invesco CurrencyShares Euro 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
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 2026-06-30; filed 2026-08-07.
0001193125-26-338695
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.
0001193125-26-450243
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 28 current paragraphs.
21 unchanged; 3 reworded; 4 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 (4)
Current report
The euro (EUR) delivered modestly negative performance during the third quarter of 2026 as renewed U.S. dollar strength outweighed support from tighter European monetary policy. The European Central Bank (ECB) raised its key interest rates by 25 basis points in September as higher energy costs kept inflation elevated. However, the widely anticipated move provided limited support for the currency, as investors remained concerned that expensive energy could weigh on the euro area’s import-dependent economy. The Federal Reserve’s 25-basis-point rate hike later that month reinforced the U.S. dollar’s yield advantage, pushing the euro lower against the U.S. dollar over the quarter.
Current 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.
Current report
The euro (EUR) generated negative performance year-to-date through the third quarter of 2026. After receiving some support from U.S. dollar weakness early in the year, the currency came under pressure as geopolitical tensions drove energy prices higher, worsening the growth outlook for the energy-import-dependent euro area. The ECB raised rates in June and September to address the resulting inflation pressures, but these moves were not enough to offset the U.S. dollar’s interest-rate advantage. The Federal Reserve’s September rate hike and continued demand for the U.S. dollar left the euro lower over the period.
Current report
The euro (EUR/USD) posted strong gains year-to-date through the third quarter of 2025, mainly fueled by U.S. 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.
Removed paragraphs (4)
Previous report
The Euro (EUR) delivered negative performance during the second quarter of 2026 as strength in the USD outweighed support from tighter European monetary policy. The conflict in the Middle East drove energy prices higher, increasing inflation pressures across the Euro area while also raising concerns about the economic impact of higher energy costs on a region that remains a significant net energy importer. In response, the European Central Bank raised its key policy rates by 25 basis points in June. However, concerns over slowing economic growth, combined with significantly higher interest rates in the United States that continued to support the dollar's yield advantage, outweighed the benefits of higher European rates, resulting in Euro weakness against the USD during the quarter.
Previous report
The Euro (EUR/USD) continued to strengthen in the second quarter of 2025, despite a series of interest rate cuts by the European Central Bank (ECB), but this was largely thanks to tariff-driven USD weakness. The ECB lowered its deposit facility rate by 25 basis points in both April and June, as inflation showed signs of stabilizing and growth remained sluggish. While rate cuts typically weigh on a currency, the Euro proved resilient, supported by expectations that the Federal Reserve will likely also ease policy. In addition, the EU’s proposed increased budget plan and its “ReArm Europe” initiative to increase defense spending, boosted the outlook for its economy vs the US, further supporting the pair.
Previous report
The Euro (EUR) generated negative performance year-to-date through the second quarter of 2026 as persistent USD strength outweighed periods of support from European monetary policy. During the first quarter, the Euro initially benefited from a weaker USD but later came under pressure as geopolitical tensions intensified and concerns over energy supply disruptions weighed on investor sentiment. In the second quarter, higher energy prices continued to pose challenges for the Euro area's import-dependent economy, while concerns over the impact of elevated energy costs on growth remained a headwind. Although the European Central Bank raised interest rates by 25 basis points in June in response to rising inflation pressures, U.S. interest rates remained materially higher, preserving the dollar's yield advantage and supporting demand for the currency. As a result, the Euro weakened against the USD over the period, leading to negative year-to-date performance.
Previous report
The Euro (EUR/USD) posted strong gains in the first half of 2025, driven by broad USD weakness and relative optimism for the EU’s economy amid expanded defense spending and budget plans. Deteriorating business and consumer sentiment in the US,sparked by tariff volatility and stagflation concerns, significantly pressured the greenback, increasing demand for de-dollarization trades. While the ECB cut interest rates in both April and June, the Euro remained resilient, supported by expectations of potential Fed easing and a relative improvement in Eurozone stability.
Reworded paragraphs (3)
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, 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 June 30, 2026 was an annual nominal rate of 1.30%. The following chart provides the daily rate paid by the Depository since June 30, 2021:
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 September 30, 2026 was an annual nominal rate of 1.50%. The following chart provides the daily rate paid by the Depository since September 30, 2021:
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 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 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, 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, 2026, 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 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
Additionally, the interest rate paid by the Depository has generally trended upward over the past year to the current interest rate at 1.30%, as set forth in the FXE Rate Chart above. As long as the interest income, if any, exceeds 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 upward over the past year to the current interest rate at 1.50%, as set forth in the FXE Rate Chart above. As long as the interest income, if any, exceeds the Sponsor's fee and the interest expense on currency deposits, the Trust will generate net comprehensive income.