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Item 7. Management’s Discussion and Analysis

2024-02-23 compared with 2023-02-24 · 293 added, 14 removed, 42 unchanged (88% of the section changed)

32 unchanged sentences

When the interest deposited, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trustee converts the excess into USD at the prevailing market rate and distributes the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own).

The Trust did not pay any distributions during the quarter ended December 31, 2022.

FXF Distribution History

Annualized Yield

(a) Amount rounds to 0.00

Results of Operations

During the years ended December 31, 2022 and 2021, the Trust’s net comprehensive income (loss) was, in part, impacted by

market volatility and uncertainty caused by the novel coronavirus known as COVID-19, which is considered to be an unusual or

infrequent event.

Although the full and direct impact of COVID-19 on the Trust’s net comprehensive income (loss) during the years

ended December 31, 2022 and 2021 cannot be known, it is believed that COVID-19 has 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.

During the years ended December 31, 2023 and 2022, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from the US banking sector turmoil, ambiguity around the Federal Reserve's tightening cycle, and rising geopolitical concerns from the conflict in the Middle East, for 2023, and uncertainty caused by the novel coronavirus known as COVID-19, as well as the Russia-Ukraine conflict, for 2022, which are considered to be unusual or infrequent events.

Although the full and direct impact of the COVID-19 pandemic, the Russia-Ukraine conflict, the US banking sector turmoil, and the Israel-Gaza conflict on the Trust's net comprehensive income (loss) during the years ended December 31, 2023 and 2022 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.

The Swiss Franc (CHF/USD) posted a large gain in 2023, with the pair ending the year at its highest since Jan 2015.

Price action was largely driven by dollar moves and Swiss central bank policies.

The USD fell sharply in January, helping the pair rally, as speculation for a dovish pivot in Fed rate hike plans grew.

However, with the dollar making a turnaround in February due to signs of a strong labor market and resilient inflation in the US, the currency pair depreciated.

In March though, the pair returned to positive territory as the US dollar once again weakened amid the turmoil in the US banking sector.

While the second quarter was largely the same theme, with the CHF bouncing back and forth on Fed-driven dollar moves, the pair also received support from rising safe haven demand.

The third quarter marked a negative period for the Swiss franc as the SNB turned increasingly dovish, especially when compared with the US Fed, which held on to its higher for longer guidance.

However, returning dollar weakness in the fourth quarter and efforts by the SNB to boost its currency value and dampen inflation, helped the pair soar.

The Swiss Franc (CHF/USD) fell in the first three quarters of 2022 as the dollar rallied aggressively supported by expectations for aggressive U.S.

1 unchanged sentence

The currency pair was further weighed down by the Swiss National Bank’s lagged rate hike plans, given they only meet once a quarter vs the Fed’s bimonthly (every two months) meeting, and the uncertainty over Europe’s macroeconomic outlook as geopolitical turbulence over Ukraine persisted.

However, prices did rebound quite significantly in Q4 as the dollar weakened on expectations for a dovish pivot in Fed policies.

Contrary to 2020, 2021 was a negative year for the Swiss Franc (CHF/USD).

As the value of the U.S.

Dollar strengthened throughout 2021, supported in part by an increasingly hawkish Fed, and the global economy continued to recover, demand for the Swiss Franc gradually subsided.

Concerns over possible ‘stagflation’ continued to support the Swiss Franc due to the Swiss National Bank’s strict inflation mandates;

however, this support ultimately failed to provide a significant increase to the value of the Swiss Franc.

Additionally, the interest rate paid by the Depository has generally trended downward over the past several years to the current interest rate of 0.00%, as set forth in the FXF Rate Chart above.

However, prices did rebound quite significantly in the fourth quarter as the dollar weakened on expectations for a dovish pivot in Fed policies.

Additionally, the interest rate paid by the Depository has generally trended upward over the past year from zero to the current interest rate of 0.50%, as set forth in the FXF Rate Chart above.

As long as the Sponsor’s fee and the interest expense on currency deposits, if any, exceed interest income, the Trust will incur a net comprehensive loss.

3 unchanged sentences

The functional currency of the Trust is the Swiss Franc in accordance with ASC 830, Foreign Currency Translation.

QU ANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK .

Except as described above with respect to fluctuations in the Swiss Franc/USD exchange rate and changes in the nominal annual interest rate paid by the Depository on Swiss Francs held by the Trust, the Trust is not subject to market risk.

The Trust does not hold securities and does not invest in derivative instruments.

FINA NCIAL STATEMEN TS AND SUPPLEMENTARY DATA.

Index to Financial Statements

Report of Management on Internal Control Over Financial Reporting

Report of Independent Registered Public Accounting Firm (PCAOB ID 238 )

Statements of Financial Condition at December 31, 2023 and 2022

Statements of Comprehensive Income for the Years Ended December 31, 2023 and 2022

Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares for the Year Ended December 31, 2023

Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares for the Year Ended December 31, 2022

Statements of Cash Flows for the Years Ended December 31, 2023 and 2022

Notes to Financial Statements

Report of Management on Internal Control Over Financial Reporting

Management of Invesco Specialized Products, LLC, as sponsor (the “Sponsor”) of the Invesco CurrencyShares ® Swiss Franc Trust (the “Trust”), is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S.

generally accepted accounting principles.

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.

We, Brian Hartigan, 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, 2023.

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).

Based on our assessment and those criteria, we have concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2023.

The Trust’s independent registered public accounting firm, PricewaterhouseCoopers LLP, has audited the Trust’s internal control over financial reporting as of December 31, 2023, as stated in their report on page 18 of the Trust’s Annual Report on Form 10-K.

/S/ Brian Hartigan

Brian Hartigan

Principal Executive Officer

/S/ K ELLI G ALLEGOS

Kelli Gallegos

Principal Financial and Accounting Officer, Investment Pools

February 22, 2024

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying statements of financial condition of Invesco CurrencyShares Swiss Franc Trust (the “Trust”) as of December 31, 2023 and 2022, 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, 2023, 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, 2023, 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, 2023 and 2022 , and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023 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, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Trust's management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control Over Financial Reporting.

Our responsibility is to express opinions on the Trust’s financial statements and on the Trust's internal control over financial reporting based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audits also included performing such other procedures as we considered necessary in the circumstances.

We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

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

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

Chicago, Illinois

February 22, 2024

We have served as the Trust’s auditor since 2018.

Invesco CurrencyShares ® Swiss Franc Trust

Statements of Fin ancial Condition

December 31, 2023 and 2022

Swiss Franc deposits, interest bearing

Receivable from accrued interest

Swiss Franc deposits, non-interest bearing, overdrawn

Accrued Sponsor’s fee

Total Liabilities

Commitments and Contingent Liabilities (note 8)

Redeemable Capital Shares and Shareholders’ Equity

Redeemable Capital Shares, at redemption value, no par value,

1,800,000 and 2,250,000 issued and outstanding, respectively

Shareholders’ Equity:

Retained Earnings

Total Liabilities, Redeemable Capital Shares and Shareholders’ Equity

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

Invesco CurrencyShares ® Swiss Franc Trust

Statements of Comp rehensive Income

For the Years Ended December 31, 2023 and 2022

Interest Income

Sponsor’s fee

Interest Expense on currency deposits

Total Expenses

Net Comprehensive Income (Loss)

Basic and Diluted Earnings (Loss) per Share

Weighted-average Shares Outstanding

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

Invesco CurrencyShares ® Swiss Franc Trust

Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Year Ended December 31, 2023

Shareholders'

Capital Shares

Balance at December 31, 2022

Purchases of Shares

Redemption of Shares

( 104,078,264

Net Increase (Decrease) due to Share Transactions

Distributions

Net Comprehensive Income (Loss)

Adjustment of Redeemable Capital Shares to Redemption

Value related to Retained Earnings

Adjustment of Redeemable Capital Shares to Redemption

Balance at December 31, 2023

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

Invesco CurrencyShares ® Swiss Franc Trust

Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Year Ended December 31, 2022

Shareholders'

Capital Shares

Balance at December 31, 2021

Purchases of Shares

Redemption of Shares

( 235,521,614

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

Balance at December 31, 2022

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

Invesco CurrencyShares ® Swiss Franc Trust

Statements of Cash Flows

For the Years Ended December 31, 2023 and 2022

Cash flows from operating activities

Net Comprehensive Income (Loss)

Adjustments to reconcile net comprehensive income (loss) to net cash

provided by (used in) operating activities:

Change in operating assets and liabilities:

Receivable from accrued interest

Accrued interest expense

Accrued Sponsor's fee

Net cash provided by (used in) operating activities

Cash flows from financing activities

Distributions paid to shareholders

Proceeds from purchases of redeemable capital Shares

Redemptions of redeemable capital Shares

( 104,078,264

( 235,521,614

Increase (decrease) in payable for Swiss Franc deposits overdrawn

Net cash provided by (used in) financing activities

Effect of exchange rate on cash

Net change in cash

Cash at beginning of period

Cash at end of period

Supplemental disclosure of cash flow information

Cash paid for interest

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

Invesco CurrencyShares ® Swiss Franc Trust

Notes to Financ ial Statements

December 31, 2023

Note 1 - Background

On September 28, 2017, Guggenheim Capital, LLC (“Guggenheim”) and Invesco Ltd.

entered into a Transaction Agreement (the “Transaction Agreement”), pursuant to which Guggenheim agreed to transfer all of the membership interests of Guggenheim Specialized Products, LLC (the “Sponsor”) to Invesco Capital Management LLC (“Invesco Capital Management”).

The Transaction Agreement was consummated on April 6, 2018 (the “Closing”) and immediately following the Closing, Invesco Capital Management changed the name of the Sponsor to Invesco Specialized Products, LLC.

Note 2 - Organization

The Invesco CurrencyShares ® Swiss Franc Trust (the “Trust”) was formed under the laws of the State of New York on June 8, 2006 when the Sponsor deposited 100 Swiss Francs in the Trust’s primary deposit account held by JPMorgan Chase Bank, N.A., London Branch (the “Depository”).

The Sponsor is a Delaware limited liability company whose sole member is Invesco Capital Management .

The Trust has an unlimited number of shares authorized for issuance.

The investment objective of the Trust is for the Trust’s shares (the “Shares”) to reflect the price in U.S.

Dollars (“USD”) of the Swiss Franc plus accrued interest, if any, less the Trust’s expenses and liabilities.

The Shares are intended to provide investors with a simple, cost-effective means of gaining investment benefits similar to those of holding Swiss Francs.

The Trust’s assets primarily consist of Swiss Francs on demand deposit in two deposit accounts maintained by the Depository:

a primary deposit account which may earn interest and a secondary deposit account which does not earn interest.

The secondary deposit account is used to account for any interest that may be received and paid out on creations and redemptions of blocks of 50,000 Shares (“Baskets”).

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.

This Annual Report (the “Annual Report”) covers the years ended December 31, 2023 and 2022 .

Note 3 – Summary of Significant Accounting Policies

Basis of Presentation

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

Accounting Estimates

The preparation of financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Actual results could differ from those estimates by a significant amount.

In addition, the Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued.

Foreign Currency Translation

For Net Asset Value (“NAV”) calculation purposes, Swiss Franc deposits (cash) are translated at the Closing Spot Rate, which is the Swiss Franc/USD exchange rate as determined and published by The WM Company at 4:00 PM (London time / London fixing) on each day that NYSE Arca, Inc.

(“NYSE Arca”) is open for regular trading.

The Trust maintains its books and records in Swiss Francs.

For financial statement reporting purposes, the U.S.

Dollar is the reporting currency.

As a result, the financial records of the Trust are translated from Swiss Francs to USD.

The Closing Spot Rate on the last day of the period is used for translation in the statements of financial condition.

The average Closing Spot Rate for the period is used for translation in the statements of comprehensive income and the statements of cash flows.

The redeemable capital Shares are adjusted to redemption value and these adjustments are recorded against retained earnings.

Interest Income

Interest on the primary deposit account, if any, accrues daily as earned and is received or paid on a monthly basis.

Any interest below zero for the period is reflected as interest expense on currency deposits.

The Depository may change the rate at which interest accrues, including reducing the interest rate to zero or below zero, based upon changes in market conditions or based on the Depository’s liquidity needs.

Distributions

To the extent that the interest earned by the Trust, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trust will distribute, as a dividend (herein referred to as dividends or distributions), the excess interest earned in Swiss Francs effective on the first business day of the subsequent month.

The Trustee (as defined below) will direct that the excess Swiss Francs be converted into USD at the prevailing market rate and the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own).

The table below shows distributions per Share and in total for the periods presented:

Years Ended December 31,

Distributions per Share

Distributions paid

An income distribution for the month ended December 31, 2023 was paid on January 9, 2024 to holders of record as of January 3, 2024 at a rate of $ 0.00959 per Share and a total distribution of $ 17,262 .

Routine Operational, Administrative and Other Ordinary Expenses

The Sponsor is responsible for all routine operational, administrative and other ordinary expenses of the Trust, including, but not limited to, the Trustee’s monthly fee, NYSE Arca listing fees, SEC registration fees, typical maintenance and transaction fees of the Depository, printing and mailing costs, audit fees and expenses, up to $ 100,000 per year in legal fees and expenses, and applicable license fees.

The Trust does not reimburse the Sponsor for the routine operational, administrative and other ordinary expenses of the Trust.

Accordingly, such expenses are not reflected in the Statements of Comprehensive Income of the Trust.

Non-Recurring Fees and Expenses

In certain cases, the Trust will pay for some expenses in addition to the Sponsor’s fee.

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 expense of the Trust during the year ended December 31, 2023 was the Sponsor’s fee.

The only expenses of the Trust during the year ended December 31, 2022 was the Sponsor’s fee and interest expense on currency deposits.

Federal Income Taxes

The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required.

Interest, gains and losses are passed through to the Shareholders.

Shareholders generally will be treated, for U.S.

federal income tax purposes, as if they directly owned a pro-rata share of the assets held in the Trust.

Shareholders also will be treated as if they directly received their respective pro-rata portion of the Trust’s income, if any, and as if they directly incurred their respective pro-rata portion of the Trust’s expenses.

The acquisition of Shares by a U.S.

Shareholder as part of a creation of a Basket will not be a taxable event to the Shareholder.

The Sponsor’s fee accrues daily and is payable monthly.

federal income tax purposes, an accrual-basis U.S.

Shareholder generally will be required to take into account as an expense its allocable portion of the USD-equivalent of the amount of the Sponsor’s fee that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in effect on the respective day.

To the extent that the currency exchange rate on the date of payment of the accrued amount of the Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S.

Shareholder will recognize a currency gain or loss for U.S.

federal income tax purposes.

The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of Swiss Francs.

Shareholder generally will not be subject to U.S.

federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of Swiss Francs by the Trust, unless:

(1) the non-U.S.

Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources;

or (2) the gain is effectively connected with the conduct by the non-U.S.

Shareholder of a trade or business in the United States.

Shareholder’s portion of any interest income earned by the Trust generally will not be subject to U.S.

federal income tax unless the Shares owned by such non-U.S.

Shareholder are effectively connected with the conduct by the non-U.S.

Shareholder of a trade or business in the United States.

Note 4 - Swiss Franc Deposits

Swiss Franc principal deposits are held in a Swiss Franc-denominated, interest-bearing demand account.

The interest rate in effect as of December 31, 2023 was an annual nominal rate of 0.50 % .

For the year ended December 31, 2023, there were Swiss Franc principal deposits of 53,411,003 , Swiss Franc principal redemptions of 93,523,109 and Swiss Franc withdrawals (to pay expenses) of 530,125 , resulting in an ending Swiss Franc principal balance of 160,155,792 .

This equates to 190,287,878 USD.

For the year ended December 31, 2022 , there were Swiss Franc principal deposits of 205,682,665 , Swiss Franc principal redemptions of 227,984,526 and Swiss Franc withdrawals (to pay expenses) of 2,308,339 , resulting in an ending Swiss Franc principal balance of 200,798,023 .

This equates to 217,032,018 USD.

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

Note 5 - Concentration Risk

All of the Trust’s assets are Swiss Francs, which creates a concentration risk associated with fluctuations in the price of the Swiss Franc.

Accordingly, a decline in the Swiss Franc to USD exchange rate will have an adverse effect on the value of the Shares.

Factors that may have the effect of causing a decline in the price of the Swiss Franc include national debt levels and trade deficits, domestic and foreign inflation rates, domestic and foreign interest rates, investment and trading activities of institutions and global or regional political, economic or financial events and situations.

Substantial sales of Swiss Francs by the official sector (central banks, other governmental agencies and related institutions that buy, sell and hold Swiss Francs as part of their reserve assets) could adversely affect an investment in the Shares.

All of the Trust’s Swiss Francs are held by the Depository.

Accordingly, a risk associated with the concentration of the Trust’s assets in accounts held by a single financial institution exists and increases the potential for loss by the Trust and the Trust’s beneficiaries in the event that the Depository becomes insolvent.

Note 6 - Service Providers and Related Party Agreements

The Bank of New York Mellon (the “Trustee”), a banking corporation with trust powers organized under the laws of the State of New York, serves as the Trustee.

The Trustee is responsible for the day-to-day administration of the Trust, including keeping the Trust’s operational records.

The Sponsor of the Trust generally oversees the performance of the Trustee and the Trust’s principal service providers.

The Sponsor is Invesco Specialized Products, LLC, a Delaware limited liability company and a related party of the Trust.

The Trust pays the Sponsor a Sponsor’s fee, which accrues daily at an annual nominal rate of 0.40 % of the Swiss Francs in the Trust (including all unpaid interest but excluding unpaid fees, each as accrued through the immediately preceding day) and is paid monthly.

Note 7 - Share Purchases and Redemptions

Shares are issued and redeemed continuously in Baskets in exchange for Swiss Francs.

Individual investors cannot purchase or redeem Shares in direct transactions with the Trust.

Only Authorized Participants (as defined below) may place orders to create and redeem Baskets.

An Authorized Participant is a Depository Trust Company (“DTC”) participant that is a registered broker-dealer or other institution eligible to settle securities transactions through the book-entry facilities of the DTC and which has entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption process.

Authorized Participants may redeem their Shares at any time in Baskets.

Due to expected continuing creations and redemptions of Baskets and the two-day period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable on the trade date.

Shares redeemed are reflected as a liability on the trade date.

Outstanding Shares are reflected at redemption value, which is the NAV per Share at the period end date.

Adjustments to redeemable capital Shares at redemption value are recorded directly to redeemable capital shares and retained earnings.

The Trustee calculates the Trust’s NAV each business day.

To calculate the NAV, the Trustee subtracts the Sponsor’s accrued fee through the previous day from the Swiss Francs held by the Trust (including all unpaid interest, if any, accrued through the preceding day) and calculates the value of the Swiss Francs in USD based upon the Closing Spot Rate.

If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate will be used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for the valuation.

If the Trustee and the Sponsor determine that the most recent Closing Spot Rate is not an appropriate basis for valuation of the Trust’s Swiss Francs, they will determine an alternative basis for the valuation.

The Trustee also determines the NAV per Share, which equals the NAV of the Trust, divided by the number of outstanding Shares.

Shares deliverable under a purchase order are considered outstanding for purposes of determining NAV per Share;

Shares deliverable under a redemption order are not considered outstanding for this purpose.

Note 8 - Commitments and Contingencies

The Trust’s organizational documents provide for the Trust to indemnify the Sponsor and any affiliate of the Sponsor that provides services to the Trust to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Sponsor or such an affiliate.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

Further, the Trust has not had prior claims or losses pursuant to these contracts.

Accordingly, the Sponsor expects the risk of loss to be remote.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE .

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 7. Management’s Discussion and Analysis