The Invesco CurrencyShares Swiss Franc Trust (FXF) offers investors a direct, passive investment vehicle for exposure to the Swiss Franc through shares representing fractional interests in Swiss Franc deposits. The Trust’s returns are primarily driven by changes in the USD/CHF exchange rate but have been consistently pressured by expenses exceeding interest income, resulting in recurring net losses and negative operating cash flows. Liquidity remains strong with over $500 million CHF held mid-2025, but concentration risk and currency volatility remain key risks. Distributions are minimal and tied solely to excess interest when available, with no buyback programs currently active.