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Item 8. Financial Statements and Supplementary Data

2021-02-26 compared with 2020-02-28 · 27 added, 46 removed, 241 unchanged (23% of the section changed)

4 unchanged sentences

Statements of Financial Condition at December 31, 2020 and 2019

Statements of Comprehensive Income for the Year Ended December 31, 2019, the Two Months Ended December 31, 2018 and the Year Ended October 31, 2018

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares for the Year Ended December 31, 2019

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares for the Two Months Ended December 31, 2018

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares for the Year Ended October 31, 2019

Statements of Cash Flows for the Year Ended December 31, 2019, the Two Months Ended December 31, 2018 and the Year Ended October 31, 2018

Statements of Comprehensive Income for the Years Ended December 31, 2020 and 2019

Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares for the Year Ended December 31, 2020

Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares for the Year Ended December 31, 2019

Statements of Cash Flows for the Years Ended December 31, 2020 and 2019

Notes to Financial Statements

6 unchanged sentences

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

We, Daniel Draper, Principal Executive Officer, and Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2019.

We, Anna Paglia, Principal Executive Officer, and Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2020.

In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control—Integrated Framework (2013).

1 unchanged sentence

The Trust’s independent registered public accounting firm, PricewaterhouseCoopers LLP, has audited the Trust’s internal control over financial reporting as of December 31, 2020, as stated in their report on page 16 of the Trust’s Annual Report on Form 10-K.

/S/ DANIEL DRAPER

Daniel Draper

/S/ ANNA PAGLIA

Principal Executive Officer

4 unchanged sentences

Report of Independent Registered Public Accounting Firm

To the Board of Managers and Shareholders of Invesco CurrencyShares Euro Trust

To the Board of Managers of Invesco Specialized Products, LLC (as Sponsor of Invesco CurrencyShares Euro Trust) and Shareholders of Invesco CurrencyShares Euro Trust

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying statements of financial condition of Invesco CurrencyShares Euro Trust (the “Trust”) as of December 31, 2019 and 2018, and the related statements of comprehensive income, of changes in shareholders’ equity and redeemable capital shares and of cash flows for the year ended December 31, 2019, the two months ended December 31, 2018 and for the year ended October 31, 2018, including the related notes (collectively referred to as the “financial statements”).

We have audited the accompanying statements of financial condition of Invesco CurrencyShares Euro Trust (the “Trust”) as of December 31, 2020 and 2019, and the related statements of comprehensive income, of changes in shareholders’ equity and redeemable capital shares and of cash flows for each of the two years in the period ended December 31, 2020, including the related notes (collectively referred to as the “financial statements”).

We also have audited the Trust’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2019 and 2018, and the results of its operations and its cash flows for the year ended December 31, 2019, the two months ended December 31, 2018 and for the year ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

18 unchanged sentences

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become

inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

We determined there are no critical audit matters.

/s/PricewaterhouseCoopers LLP

7 unchanged sentences

Subscriptions receivable

Redemptions payable

Accrued Sponsor's fee

4 unchanged sentences

Redeemable Capital Shares, at redemption value, no par value, 156,500,000

authorized – 2,700,000 and 2,900,000 issued and outstanding, respectively

and 146,500,000 authorized, respectively – 2,850,000 and 2,700,000 issued

and outstanding, respectively

Shareholders' Equity:

4 unchanged sentences

Statements of Comprehensive Income

For the Year Ended December 31, 2019, the Two Months Ended December 31, 2018

and the Year Ended October 31, 2018

For the Years Ended December 31, 2020 and 2019

Interest Income

7 unchanged sentences

Invesco CurrencyShares ® Euro Trust

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares

Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Year Ended December 31, 2020

13 unchanged sentences

Invesco CurrencyShares ® Euro Trust

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Two Months December 31, 2018

Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Year Ended December 31, 2019

Shareholders'

Balance at October 31, 2018

Purchases of Shares

Redemption of Shares

Net Increase (Decrease) due to Share Transactions

Net Comprehensive Income (Loss)

Adjustment of Redeemable Capital Shares to

Redemption Value related to Retained Earnings

Adjustment of Redeemable Capital Shares to

Redemption Value

Balance at December 31, 2018

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco CurrencyShares® Euro Trust

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Year Ended October 31, 2018

Shareholders'

Balance at October 31, 2017

Purchases of Shares

2 unchanged sentences

Net Increase (Decrease) due to Share Transactions

( 137,216,622

Net Comprehensive Income (Loss)

3 unchanged sentences

Redemption Value

Balance at October 31, 2018

Balance at December 31, 2019

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

1 unchanged sentence

Statements of Cash Flows

For the Year Ended December 31, 2019, the Two Months Ended December 31, 2018

and the Year Ended October 31, 2018

Two Months Ended

For the Years Ended December 31, 2020 and 2019

Cash flows from operating activities

12 unchanged sentences

Net cash provided by (used in) financing activities

( 120,026,626

Effect of exchange rate on cash

Net change in cash

( 127,180,628

Cash at beginning of period

22 unchanged sentences

The secondary account is also used to account for interest earned, if any, on the primary deposit account, pay Trust expenses and distribute any excess interest to holders of Shares (“Shareholders”) on a monthly basis.

The accompanying audited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

This Annual Report (the “Annual Report”) covers the years ended December 31, 2020 and 2019.

Note 3 – Summary of Significant Accounting Policies

Basis of Presentation

The financial statements of the Trust have been prepared using U.S.

The financial statements of the Trust have been prepared using accounting principles generally accepted in the United States of America (“U.S.

Accounting Estimates

27 unchanged sentences

These exceptions include expenses not assumed by the Sponsor (i.e., expenses other than those identified in the preceding paragraph), expenses resulting from negative interest rates, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the interests of Shareholders, indemnification of the Sponsor under the Depositary Trust Agreement, audit fees and legal expenses in excess of $ 100,000 per year.

The only expenses of the Trust during the year ended December 31, 2019, the two months ended December 31, 2018 and the year ended October 31, 2018 were the Sponsor’s fee and interest expense.

The only expenses of the Trust during the years ended December 31, 2020 and 2019 were the Sponsor’s fee and interest expense.

Federal Income Taxes

27 unchanged sentences

For the year ended December 31, 2020, there were euro principal deposits of 428,947,584 , euro principal redemptions of 414,936,856 and euro withdrawals (to pay expenses) of 2,238,467 , resulting in an ending euro principal balance of 267,879,731 .

This equates to 327,516,510 USD.

For the year ended December 31, 2019, there were euro principal deposits of 261,604,378 , euro principal redemptions of 281,022,381 and euro withdrawals (to pay expenses) of 1,798,500 , resulting in an ending euro principal balance of 256,107,470 .

This equates to 287,480,505 USD (which includes USD subscriptions receivable).

For the two months ended December 31, 2018, there were euro principal deposits of 90,835,045 , euro principal redemptions of 33,462,989 and euro withdrawals (to pay expenses) of 297,496 , resulting in an ending euro principal balance of 277,323,973 .

This equates to 317,022,841 USD (which includes USD redemptions payable).

Net interest, if any, associated with creation and redemption activity is held in a euro-denominated non-interest-bearing account, and any balance is distributed in full as part of the monthly income distributions, if any.

36 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data