Invesco CurrencyShares Swiss Franc Trust Files 2023 Annual Report

TL;DR

<b>Invesco CurrencyShares Swiss Franc Trust filed its 2023 10-K report, detailing operations and financial status.</b>

AI Summary

Invesco CurrencyShares Swiss Franc Trust (FXF) filed a Annual Report (10-K) with the SEC on February 23, 2024. The Invesco CurrencyShares Swiss Franc Trust (FXF) filed its 10-K report for the fiscal year ended December 31, 2023. The trust is sponsored by Invesco Specialized Products, LLC. Common Units of Beneficial Interest are traded under the symbol FXF on the NYSE Arca. The filing covers the fiscal year from January 1, 2023, to December 31, 2023. The registrant is not a well-known seasoned issuer.

Why It Matters

For investors and stakeholders tracking Invesco CurrencyShares Swiss Franc Trust, this filing contains several important signals. This filing provides investors with a comprehensive overview of the trust's performance and financial health for the fiscal year 2023. As a 10-K filing, it contains audited financial statements and critical disclosures required by the SEC, offering transparency into the trust's structure and operations.

Risk Assessment

Risk Level: low — Invesco CurrencyShares Swiss Franc Trust shows low risk based on this filing. The filing is a standard annual report (10-K) for a financial trust, indicating routine disclosure rather than significant new risks or events.

Analyst Insight

Review the detailed financial statements and disclosures within the 10-K to understand the trust's asset performance and operational costs for the fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (The report covers the fiscal year ended on this date.)
• 2024-02-23 — Filing Date (The date the 10-K report was filed with the SEC.)
• 001-32907 — SEC File Number (The Commission File Number assigned to the registrant.)

Key Players & Entities

• Invesco CurrencyShares Swiss Franc Trust (company) — Registrant
• Invesco Specialized Products, LLC (company) — Sponsor
• FXF (company) — Trading Symbol
• NYSE Arca (company) — Exchange
• 2023-12-31 (date) — Fiscal Year End
• 2024-02-23 (date) — Filing Date

FAQ

Industry Context

The Invesco CurrencyShares Swiss Franc Trust is a financial instrument designed to track the price of the Swiss Franc.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring annual reports from publicly traded entities.

What Investors Should Do

1. Analyze the financial statements within the 10-K for the fiscal year ended December 31, 2023.
2. Review any disclosures related to the trust's sponsor, Invesco Specialized Products, LLC.
3. Confirm the trading information on NYSE Arca for the common units (FXF).

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-23: Filing Date — The date the annual report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the annual 10-K filing for the fiscal year ended December 31, 2023, providing updated information compared to previous filings.

Key Financial Figures

• $100,000 — g costs, audit fees and expenses, up to $100,000 per year in legal fees and expenses, an
• $771,974 — tely preceding day). The Trust incurred $771,974 for the year ended December 31, 2023 in
• $500 — d Participants pay a transaction fee of $500 to the Trustee for each order that they
• $2,000 — Authorized Participant will not exceed $2,000 for each creation or redemption order,

Filing Documents

• fxf-20231231.htm (10-K) — 758KB
• fxf-ex23_1.htm (EX-23.1) — 5KB
• fxf-ex31_1.htm (EX-31.1) — 15KB
• fxf-ex31_2.htm (EX-31.2) — 14KB
• fxf-ex32_1.htm (EX-32.1) — 9KB
• fxf-ex32_2.htm (EX-32.2) — 9KB
• fxf-ex97_1.htm (EX-97.1) — 48KB
• img245639575_0.jpg (GRAPHIC) — 216KB
• img245639575_1.jpg (GRAPHIC) — 284KB
• img245639575_2.jpg (GRAPHIC) — 166KB
• 0000950170-24-019055.txt (&nbsp;) — 3765KB
• fxf-20231231.xsd (EX-101.SCH) — 302KB
• fxf-20231231_htm.xml (XML) — 143KB

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 12 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 15 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. 16 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES. 29 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES. 29 ITEM 9B. OTHER INFORMATION. 29 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 29 PART III 30 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. 30 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION. 31 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. 32 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. 32 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES. 32 PART IV 33 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. 33 i CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION 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 Swiss Franc, as the value of the Shares relates directly to the value of the Swiss Francs 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 in this report for a description of other risks and uncertainties that may affect an investment in the Shares. ii PART I ITE M 1. BU SINESS. Overview The Invesco CurrencyShares Swiss Franc Trust (the "Trust") is a grantor trust that was formed on June 8, 2006. The Shares began trading on the New York Stock Exchange under the ticker symbol "FXF" on June 26, 2006. The primary listing of the Shares was transferred to NYSE Arca, Inc. ("NYSE Arca") on October 30, 2007. The Trust issues shares (the "Shares") in blocks of 50,000 (a "Basket") in exchange for deposits of Swiss Francs and distributes Swiss Francs in connection with the redemption of Bas

RISK FACTORS

ITEM 1A. RISK FACTORS. You should consider carefully the risks described below before making an investment decision. You should also refer to the other information included in this report, including the Trust's financial statements and the related notes . ECONOMIC CONDITIONS The value of the Shares relates directly to the value of the Swiss Francs held by the Trust. Fluctuations in the price of the Swiss Franc could materially and adversely affect the value of the Shares. The Shares are designed to reflect the price of the Swiss Franc, plus accumulated interest, if any, less the Trust's expenses. Several factors may affect the price of the Swiss Franc, including: Sovereign debt levels and trade deficits; Domestic and foreign inflation rates and interest rates and investors' expectations concerning those rates; Currency exchange rates; Investment and trading activities of mutual funds, hedge funds and currency funds; and Global, regional or national political, economic or financial events and situations. In addition, the Swiss Franc may not maintain its long-term value in terms of purchasing power in the future. When the price of the Swiss Franc declines, the Sponsor expects the price of a Share to decline as well. The Swiss Franc/USD exchange rate, like foreign exchange rates in general, can be volatile and difficult to predict. This volatility could materially and adversely affect the performance of the Shares. Foreign exchange rates are influenced by the factors identified in the preceding risk factor and may also be influenced by: changing supply and demand for a particular currency; monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a country in other countries); changes in balances of payments and trade; trade restrictions; and currency devaluations and revaluations. Also, governments from tim

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View this 10-K filing on SEC EDGAR