Invesco CurrencyShares Australian Dollar 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
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 2026-06-30; filed 2026-08-07.
0001193125-26-338710
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.
0001193125-26-450276
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 30 current paragraphs.
20 unchanged; 4 reworded; 4 added; 4 removed; 0 previous and 2 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 Australian dollar (AUD) delivered modestly positive performance during the third quarter of 2026, supported by relatively high Australian interest rates and firm energy prices. Strong energy prices boost the AUD because Australia is a major energy exporter, increasing export revenues and improving the country’s terms of trade. The currency gained against the U.S. dollar in July and was the strongest-performing G10 currency in August. The Reserve Bank of Australia (RBA) held the cash rate at 4.35% in August before raising it to 4.60% in September as inflation pressures remained elevated. However, the Federal Reserve’s 25-basis-point rate hike in September boosted the U.S. dollar, while softer global risk sentiment late in the quarter also limited the Australian dollar’s advance.
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
The Australian dollar (AUD) delivered positive performance year-to-date through the third quarter of 2026. The currency’s gains were concentrated in the first half of the year, when tighter RBA policy, favorable interest-rate differentials, and rising energy prices strengthened demand for the AUD. Momentum moderated in the third quarter as shifting expectations for US monetary policy and uneven global risk appetite offset continued support from Australia’s economic backdrop. A September rate increase from both the RBA and the Federal Reserve largely preserved the relative-rate balance, leaving the Australian dollar higher for the year but with more limited gains late in the period.
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 (4)
Previous report
The Australian Dollar (AUD) delivered positive performance during the second quarter of 2026, supported by elevated commodity prices and a relatively hawkish domestic monetary policy backdrop. Rising Middle East tensions boosted energy and commodity prices early in the quarter, benefiting Australia’s commodity-linked economy and supporting the currency. The Reserve Bank of Australia (“RBA”) also raised its cash rate to 4.35% in May amid persistent inflation pressures, reinforcing support for the AUD. However, gains were partially offset by strength in the U.S. Dollar (“USD”) and expectations that U.S. interest rates would remain higher for longer. Later in the quarter, easing geopolitical tensions and progress toward a U.S.-Iran ceasefire improved global risk sentiment, providing an additional tailwind for the growth-sensitive Australian dollar.
Previous report
The Australian dollar (AUD/USD) edged higher in the second quarter of 2025, supported mostly by USD weakness, though weak commodity prices capped those gains given Australia is a significant exporter. Domestically, the 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
The Australian Dollar (AUD) delivered positive performance year-to-date through the second quarter of 2026, supported by Australia's relatively high interest rates, elevated commodity prices, and improving risk sentiment. During the first quarter, the currency benefited from strong investor demand for higher-yielding assets, while rising energy prices linked to the conflict in the Middle East provided an additional tailwind given Australia's role as a major commodity and energy exporter. In the second quarter, support for the AUD continued as the RBA raised its cash rate to 4.35% amid persistent inflation pressures, reinforcing the currency’s yield advantage. Higher energy and commodity prices also remained supportive, although gains were partially offset by strength in the USD. Later in the second quarter, easing geopolitical tensions and progress toward a U.S.-Iran ceasefire further improved global risk sentiment, providing additional support for the growth-sensitive AUD.
Previous report
The Australian dollar (AUD/USD) was higher in the first half of 2025, mostly supported by USD 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 RBA’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 (4)
Previous wording
Neither Invesco Specialized Products, LLC (the “Sponsor”) nor any other person assumes responsibility for the accuracy or completeness of forward-looking statements contained in this report. The forward-looking statements are made as of the date of this report and will not be revised or updated to reflect actual results or changes in the Sponsor’s expectations or predictions.
Current wording
Neither Invesco Specialized Products, LLC (the “Sponsor”) nor any other person assumes responsibility for the accuracy or
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 1.92%. 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 2.12%. 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 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 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 remained flat over the past year to the current interest rate at 1.92%, as set forth in the FXA 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 2.12%, as set forth in the FXA 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.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
completeness of forward-looking statements contained in this report. The forward-looking statements are made as of the date of this
Current report — wording carried from elsewhere
report and will not be revised or updated to reflect actual results or changes in the Sponsor’s expectations or predictions.