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Invesco CurrencyShares Swiss Franc Trust
Invesco CurrencyShares Swiss Franc Trust (FXF) is a passively-managed ETP launched in 2006, holding Swiss francs to track the currency's value.
Invesco CurrencyShares Swiss Franc Trust
Invesco CurrencyShares Swiss Franc Trust (FXF) began trading on the New York Stock Exchange in June 2006, one of the original currency trusts launched by Invesco. The trust holds Swiss francs in deposit accounts and issues shares that trade like a closed-end fund, designed to reflect the franc's daily price movement (per Invesco, 2006). The trust invests 100% in Swiss franc-denominated deposits, earning interest on the currency held. It targets investors hedging against dollar weakness, seeking portfolio diversification, or betting on Swiss economic stability — the franc is historically a safe-haven currency, gaining in times of global turmoil (per Morningstar, 2015). The trust is managed passively, with no active trading or leverage. Total net assets as of Q2 2025 were approximately $1.2 billion, with daily trading volume averaging 200,000 shares (per Bloomberg, 2025). The trust does not employ a team of analysts or portfolio managers beyond Invesco's administrative staff; it is a one-security product. Competitors include the Invesco CurrencyShares Euro Trust and WisdomTree's Swiss Franc ETF (SZOW). The trust's structural differentiator is its simplicity: it holds one physical currency, not derivatives or futures, making it a direct instrument for forex exposure. Its tax treatment as a grantor trust means investors report gains as ordinary income, a nuance less common in other currency ETFs.
General information
Firm type
Exchange-Traded Product
Year founded
2006
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
John Zerr
President of Invesco Capital Markets
Sector focus
Frequently asked questions
Who runs investment decisions at Invesco CurrencyShares Swiss Franc Trust?
The trust is managed passively by Invesco's administrative team; John Zerr, President of Invesco Capital Markets, oversees the broader currency trust series (per Invesco, 2024). There is no separate CIO or portfolio manager for FXF – the trust simply holds Swiss francs.
Does the trust use derivatives or futures to track the Swiss franc?
No. The trust holds physical Swiss francs in deposit accounts at JPMorgan Chase and other banks. It does not use forward contracts, swaps, or futures (per the prospectus, 2006). This structure makes it a direct, not synthetic, forex vehicle.
How does the trust generate returns beyond currency appreciation?
The trust earns interest on its Swiss franc deposits, less trust expenses. That interest is passed through to shareholders as taxable income. As of 2025, Swiss franc yields were near zero, so the trust primarily generates returns from franc-dollar exchange rate movements (per Bloomberg, 2025).
Is the trust structured as a grantor trust, and what are the tax implications?
Yes, FXF is a grantor trust under the Internal Revenue Code. Shareholders are treated as owners of the underlying Swiss francs, meaning they must report gains and losses as ordinary income, not capital gains. This can result in less favorable tax treatment compared to other ETFs (per Invesco prospectus, 2006).
What is the trust's relationship to Invesco's broader currency suite?
FXF is one of several CurrencyShares trusts offered by Invesco, each tracking a different currency (e.g., euro, yen, Australian dollar). They share the same legal and operational structure but are separate trusts. Invesco acquired the CurrencyShares range when it purchased PowerShares in 2018 (per Invesco, 2018).
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