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☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended
June 30,
2025
or
☐
TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(
d
)
of the Securities Exchange Act of 1934
For the transition period from ____ to ____
Commission File Number
001-32910
Invesco CurrencyShares
®
Canadian Dollar Trust
Sponsored by Invesco Specialized Products, LLC
(Exact name of registrant as specified in its charter)
New York
06-6551776
(State or other jurisdiction of
incorporation or organization)
(IRS Employer Identification No.)
3500 Lacey Road
,
Suite 700
Downers Grove
,
Illinois
60515
(Address of principal executive offices)
(Zip Code)
(
800
)
983-0903
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Units of Beneficial Interest
FXC
NYSE Arca
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
☒
No
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (
§
232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
☒
No
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐
No
☒
Indicate the number of outstanding Redeemable Capital Shares as of June 30, 2025:
1,300,000
Redeemable Capital Shares and Shareholders’ Equity
Redeemable Capital Shares, at redemption value,
no
par value,
1,300,000
and
900,000
issued and outstanding, respectively
93,152,807
61,215,080
Shareholders’ Equity:
Retained Earnings
—
—
Total Liabilities, Redeemable Capital Shares and Shareholders’ Equity
$
93,182,681
$
61,235,812
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
1
Invesco CurrencyShares
®
Canadian Dollar Trust
Statements of Comp
rehensive Income
For the Three and Six Months Ended June 30, 2025 and 2024
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2025
2024
2025
2024
Income
Interest Income
$
194,811
$
401,847
$
383,840
$
860,144
Total Income
194,811
401,847
383,840
860,144
Expenses
Sponsor’s fee
(
84,477
)
(
58,758
)
(
150,783
)
(
124,155
)
Total Expenses
(
84,477
)
(
58,758
)
(
150,783
)
(
124,155
)
Net Comprehensive Income (Loss)
$
110,334
$
343,089
$
233,057
$
735,989
Basic and Diluted Earnings (Loss) per Share
$
0.09
$
0.41
$
0.21
$
0.85
Weighted-average Shares Outstanding
1,203,297
827,473
1,096,133
865,385
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
2
Invesco CurrencyShares
®
Canadian Dollar Trust
Statements of Changes i
n Shareholders’ Equity and Redeemable Capital Shares
For the Three Months Ended June 30, 2025 and 2024
(Unaudited)
Retained Earnings
Total Shareholders' Equity
Shares
Redeemable Capital Shares
Balance at March 31, 2025
$
—
$
—
1,000,000
$
67,939,914
Purchases of Shares
—
—
300,000
21,097,097
Redemption of Shares
—
—
—
—
Net Increase (Decrease) due to Share Transactions
—
—
300,000
21,097,097
Distributions
(
110,651
)
(
110,651
)
—
Net Comprehensive Income (Loss)
110,334
110,334
—
Adjustment of Redeemable Capital Shares to
Redemption Value related to Retained Earnings
317
317
(
317
)
Adjustment of Redeemable Capital Shares to
Redemption Value
—
—
4,116,113
Balance at June 30, 2025
$
—
$
—
1,300,000
$
93,152,807
Retained Earnings
Total Shareholders' Equity
Shares
Redeemable Capital Shares
Balance at March 31, 2024
$
—
$
—
800,000
$
57,894,289
Purchases of Shares
—
—
100,000
7,174,155
Redemption of Shares
—
—
(
100,000
)
(
7,150,180
)
Net Increase (Decrease) due to Share Transactions
—
—
—
23,975
Distributions
(
353,257
)
(
353,257
)
—
Net Comprehensive Income (Loss)
343,089
343,089
—
Adjustment of Redeemable Capital Shares to
Redemption Value related to Retained Earnings
10,168
10,168
(
10,168
)
Adjustment of Redeemable Capital Shares to
Redemption Value
—
—
(
666,387
)
Balance at June 30, 2024
$
—
$
—
800,000
$
57,241,709
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
3
Invesco CurrencyShares
®
Canadian Dollar Trust
Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares
For the Six Months Ended June 30, 2025 and 2024
(Unaudited)
Retained Earnings
Total Shareholders' Equity
Shares
Redeemable Capital Shares
Balance at December 31, 2024
$
—
$
—
900,000
$
61,215,080
Purchases of Shares
—
—
500,000
34,796,035
Redemption of Shares
—
—
(
100,000
)
(
6,799,834
)
Net Increase (Decrease) due to Share Transactions
—
—
400,000
27,996,201
Distributions
(
253,203
)
(
253,203
)
—
Net Comprehensive Income (Loss)
233,057
233,057
—
Adjustment of Redeemable Capital Shares to
Redemption Value related to Retained Earnings
20,146
20,146
(
20,146
)
Adjustment of Redeemable Capital Shares to
Redemption Value
—
3,961,672
Balance at June 30, 2025
$
—
$
—
1,300,000
$
93,152,807
Retained Earnings
Total Shareholders' Equity
Shares
Redeemable Capital Shares
Balance at December 31, 2023
$
—
$
—
1,050,000
$
77,982,669
Purchases of Shares
—
—
100,000
7,174,155
Redemption of Shares
—
—
(
350,000
)
(
25,269,499
)
Net Increase (Decrease) due to Share Transactions
—
—
(
250,000
)
(
18,095,344
)
Distributions
(
769,355
)
(
769,355
)
—
Net Comprehensive Income (Loss)
735,989
735,989
—
Adjustment of Redeemable Capital Shares to
Redemption Value related to Retained Earnings
33,366
33,366
(
33,366
)
Adjustment of Redeemable Capital Shares to
Redemption Value
—
(
2,612,250
)
Balance at June 30, 2024
$
—
$
—
800,000
$
57,241,709
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
4
Invesco CurrencyShares
®
Canadian Dollar Trust
Statements of
Cash Flows
For the Six Months Ended June 30, 2025 and 2024
(Unaudited)
Six Months Ended
June 30,
2025
2024
Cash flows from operating activities
Net Comprehensive Income (Loss)
$
233,057
$
735,989
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
7,575
61,189
Accrued Sponsor’s fee
9,142
(
7,387
)
Net cash provided by (used in) operating activities
249,774
789,791
Cash flows from financing activities
Distributions paid to shareholders
(
253,203
)
(
769,355
)
Proceeds from purchases of redeemable capital Shares
34,796,035
7,174,155
Redemptions of redeemable capital Shares
(
6,799,834
)
(
25,269,499
)
Increase (decrease) in payable for Canadian Dollar deposits overdrawn
—
—
Net cash provided by (used in) financing activities
27,742,998
(
18,864,699
)
Effect of exchange rate on cash
3,961,672
(
2,612,250
)
Net change in cash
31,954,444
(
20,687,158
)
Cash at beginning of period
61,159,346
77,826,121
Cash at end of period
$
93,113,790
$
57,138,963
Supplemental disclosure of cash flow information
Cash paid for interest
$
—
$
—
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
5
Invesco CurrencyShares
®
Canadian Dollar Trust
Notes to Unaudited Financ
ial Statements
June 30, 2025
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
®
Canadian Dollar Trust (the “Trust”) was formed under the laws of the State of New York on
June 8, 2006
when the Sponsor deposited
100
Canadian Dollars 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 Canadian Dollar 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 Canadian Dollars. The Trust’s assets primarily consist of Canadian Dollars 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 Quarterly Report (the “Report”) covers the three and six months ended June 30, 2025 and 2024. The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025
.
Note 3 – Summary of Significant Accounting Policies
A.
Basis of Presentation
The financial statements of the Trust have been prepared using U.S. GAAP.
B. 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.
C. Segment Reporting
The Trust represents a
single
operating segment. Subject to the oversight and, when applicable, approval of the Board of Managers, the Trust's Sponsor acts as
the Trust's chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation.
The CODM monitors the operating results as a whole and the Trust's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Trust's financial statements.
6
D.
Foreign Currency Translation
For Net Asset Value (“NAV”) calculation purposes, Canadian Dollar deposits (cash) are translated at the Closing Spot Rate, which is the Canadian Dollar/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 Canadian Dollars. 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 Canadian Dollars 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.
E. 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.
F. 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 Canadian Dollars effective on the first business day of the subsequent month. The Trustee (as defined below) will direct that the excess Canadian Dollars 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:
Three Months Ended
June 30,
Six Months Ended
June 30,
2025
2024
2025
2024
Distributions per Share
$
0.09
$
0.43
$
0.23
$
0.89
Distributions paid
$
110,651
$
353,257
$
253,203
$
769,355
An income distribution for the month ended June 30, 2025 was paid on
July 8, 2025
to holders of record as of
July 1, 2025
at a rate of $
0.03079
per Share and a total distribution of $
40,027
.
G. 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.
H. 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
three and six months ended June 30, 2025 and 2024
was the Sponsor’s fee.
7
I. 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. For U.S. 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 Canadian Dollars. A non-U.S. 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 Canadian Dollars 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.
A non-U.S. 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 - Canadian Dollar Deposits
Canadian Dollar principal deposits are held in a Canadian Dollar-denominated, interest-bearing demand account. The interest rate in effect as of June 30, 2025 was an annual nominal rate of
0.91
%. For the six months ended June 30, 2025, there were Canadian Dollar principal deposits of
48,866,337
and Canadian Dollar principal redemptions of
9,773,267
, resulting in an ending Canadian Dollar principal balance of
127,052,438
. This equates to
93,112,816
USD. For the year ended December 31,
2024
, there were Canadian Dollar principal deposits of
34,206,434
and Canadian Dollar principal redemptions of
48,866,326
, resulting in an ending Canadian Dollar principal balance of
87,959,368
. This equates to
61,159,344
USD.
Net interest, if any, associated with creation and redemption activity is held in a Canadian Dollar-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 Canadian Dollars, which creates a concentration risk associated with fluctuations in the price of the Canadian Dollar. Accordingly, a decline in the Canadian Dollar 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 Canadian Dollar 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 Canadian Dollars by the official sector (central banks, other governmental agencies and related institutions that buy, sell and hold Canadian Dollars as part of their reserve assets) could adversely affect an investment in the Shares.
All of the Trust’s Canadian Dollars 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 Trustee
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.
8
The Sponsor
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 Canadian Dollars 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 Canadian Dollars. 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 Canadian Dollars held by the Trust (including all unpaid interest, if any, accrued through the preceding day) and calculates the value of the Canadian Dollars 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 Canadian Dollars, 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.
9
Item 2. Management’s Discussion and Analysis of
Financial Condition and Results of Operations.
Cautionary Statement Regarding 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 Canadian Dollar, as the value of the Shares relates directly to the value of the Canadian Dollars 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 contained in the Trust’s most recent Annual Report on Form 10-K, together with the modified risk factor included in Item IA of this report, for a description of other risks and uncertainties that may affect an investment in the Shares.
Neither Invesco Specialized Products, LLC (the “Sponsor”) nor any other person assumes responsibility for the accuracy or completeness of forward-looking statements contained in this report. The forward-looking statements are made as of the date of this report, and will not be revised or updated to reflect actual results or changes in the Sponsor’s expectations or predictions.
Overview/Introduction
The Invesco CurrencyShares
®
Canadian Dollar 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 “FXC” 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 Canadian Dollars and distributes Canadian Dollars in connection with the redemption of Baskets.
The investment objective of the Trust is for the Shares to reflect the price in USD of Canadian Dollars plus accrued interest, if any, less the expenses of the Trust’s operations. The Shares are intended to offer investors an opportunity to participate in the market for the Canadian Dollar through an investment in securities. The Shares are intended to provide institutional and retail investors with a simple, cost-effective means of gaining investment benefits similar to those of holding the Canadian Dollar. The Shares are bought and sold on NYSE Arca like any other exchange-listed security. The Shares are backed by the assets of the Trust, which does not hold or use derivative products. The Trust is a passive investment vehicle and does not have any officers, directors or employees. The Trust does not engage in any activities designed to obtain profit from, or ameliorate losses caused by, changes in the price of the Canadian Dollar. Investing in the Shares does not insulate the investor from certain risks, including price volatility. The value of the holdings of the Trust is reported on the Trust’s website, www.invesco.com/etfs, each business day.
Definition of Net Asset Value
The Trustee calculates, and the Sponsor publishes, the Trust’s Net Asset Value (“NAV”) each business day. To calculate the NAV, the Trustee adds to the amount of Canadian Dollars in the Trust at the end of the preceding day accrued but unpaid interest, if any, Canadian Dollars receivable under pending purchase orders and the value of other Trust assets, and subtracts the accrued but unpaid Sponsor’s fee, Canadian Dollars payable under pending redemption orders and other Trust expenses and liabilities, if any. The NAV is expressed in USD based on the Canadian Dollar/USD exchange rate as determined by The WM Company at 4:00 PM (London time / London fixing) (the “Closing Spot Rate”) on each day that NYSE Arca is open for regular trading. 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 is 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.
The Trustee also determines the NAV per Share, which equals the NAV of the Trust, divided by the number of outstanding Shares. The NAV of the Trust and the NAV per Share are published by the Sponsor on each day that NYSE Arca is open for regular trading and are posted on the Trust’s website, www.invesco.com/etfs.
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Movements in the Price of the Canadian Dollar
The investment objective of the Trust is for the Shares to reflect the price in USD of the Canadian Dollar plus accrued interest, if any, less the expenses of the Trust’s operations. The Shares are intended to provide institutional and retail investors with a simple, cost-effective means of gaining investment benefits similar to those of holding Canadian Dollars. Each outstanding Share represents a proportional interest in the Canadian Dollars held by the Trust. The following chart provides recent trends on the price of the Canadian Dollar. The chart illustrates movements in the price of the Canadian Dollar in USD and is based on the Closing Spot Rate:
NAV per Share; Valuation of the Canadian Dollar
The following chart illustrates the movement in the price of the Shares based on (1) NAV per Share, (2) the “bid” and “ask” midpoint offered on NYSE Arca and (3) the Closing Spot Rate, expressed as a multiple of 100 Canadian Dollars:
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Liquidity and Capital Resources
The Trust does not have any material cash requirements as of the end of the latest fiscal period. The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs. The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The interest rate in effect as of June 30, 2025 was an annual nominal rate of 0.91%. The following chart provides the daily rate paid by the Depository since June 30, 2020:
In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee. Each month the Depository deposits into the secondary deposit account accrued but unpaid interest, if any, and the Trustee withdraws Canadian Dollars from the secondary deposit account to pay the accrued Sponsor’s fee for the previous month plus other Trust expenses, if any. 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). Distributions paid during the current reporting period follow (annualized yield reflects the estimated annual yield an investor would receive if a monthly distribution stayed the same for the entire year going forward, and is calculated by annualizing the monthly distribution and dividing by the Trust NAV for the dates listed below):
FXC Distribution History
Date
Value
NAV
Yield
Annualized Yield
4/1/2025
$
0.03463
$
67.94
0.05
%
0.60
%
5/1/2025
$
0.03041
$
70.78
0.04
%
0.52
%
6/2/2025
$
0.03157
$
71.11
0.04
%
0.52
%
Critical Accounting Estimates
The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024.
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Results of Operations
During the three and six months ended June 30, 2025 and 2024, the Trust’s net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US recession concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, which are considered to be unusual or infrequent events. Although the full and direct impact of global tariffs, US recession concerns, Fed easing expectations and rising geopolitical tensions, on the Trust’s net comprehensive income (loss) during the six months ended June 30, 2025 and 2024, 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 Canadian Dollar (CAD/USD) moved higher in the second quarter of 2025, helped by continued weakness in the U.S. dollar and a shift in domestic interest rate expectations. Canadian inflation data in June came in stronger than expected, making it less likely that the Bank of Canada will cut rates in July. This gave the CAD a boost, though weak energy prices limited the upside.
The Canadian Dollar (CAD/USD) continued lower in the second quarter of 2024. The main driver for this was gains in the US
dollar, with the Fed sticking to its more hawkish stance, causing further delays in rate cut expectations. However, renewed weakness
in oil prices in the second quarter of 2024 due to weakening macro sentiment, fading geopolitical risk premium, US crude inventory
builds, and OPEC’s plans to gradually bring back barrels later this year, added further downward pressure.
The Canadian Dollar (CAD/USD) appreciated year-to-date through the second quarter of 2025, supported mainly by continued weakness in the U.S. dollar. In the first quarter of 2025, the CAD remained mostly flat as falling oil prices, tariff tensions with the U.S., and broader risk-off sentiment weighed on performance. However, in the second quarter of 2025, the Canadian Dollar gained ground as inflation data came in stronger than expected, lowering the chances of a Bank of Canada rate cut in July. This shift in interest rate expectations helped the CAD rise, even as oil continued to struggle, but weak energy prices were still a headwind for the pair.
The Canadian Dollar (CAD/USD) was pressured in the first half of 2024, mainly by gains in the US dollar. The Fed’s higher-for longer rhetoric and stickier-than-expected US inflation pushed out expectations for rate cuts. Higher rates generally provide support
for the country’s currency. US economic resilience also boosted demand for the dollar, pressuring the pair. While rising energy prices
did limit some of the downside in the first quarter of 2024, given the country is a major exporter of crude oil, the positive impact was
outweighed by the USD gains.
Additionally, the interest rate paid by the Depository has generally trended downward over the past year to the current interest rate of 0.91%, as set forth in the FXC Rate Chart above. As long as the interest income, if any, exceeds the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.
Item 3. Quantitative and Qualitati
ve Disclosures About Market Risk.
Except as described above with respect to fluctuations in the Canadian Dollar/USD exchange rate and changes in the nominal annual interest rate paid by the Depository on Canadian Dollars 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.
Item 4. Controls
and Procedures.
Under the supervision and with the participation of the management of the Sponsor, including Brian Hartigan, its Principal Executive Officer, and Kelli Gallegos, its Principal Financial and Accounting Officer, Investment Pools, the Trust carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report, and, based upon that evaluation, Brian Hartigan, the Principal Executive Officer of the Sponsor, and Kelli Gallegos, the Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, concluded that the Trust's disclosure controls and procedures were effective to provide reasonable assurance that information the Trust is required to disclose in the reports that it files or submits with the Securities and Exchange Commission (the “SEC”) under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and to provide reasonable assurance that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is accumulated and communicated to management of the Sponsor, including its Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Trust's quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
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PART II – OTHE
R INFORMATION
Item 1. Legal
Proceedings.
Not applicable.
Item 1A. Ri
sk Factors.
Except for the modified risk factor set forth below, there have been no material changes from risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024, filed February 26, 2025.
Regulatory Matters
Changes to United States tariff and trade policies have increased the volatility of foreign exchange rates and may continue to do so. This volatility could materially and adversely affect the performance of the Shares.
The United States, under the Trump administration, has implemented significant tariff increases on imports from a large number of countries, affecting a broad array of goods, and has signaled that additional tariffs may be imposed. These actions are part of a broader shift in U.S. trade policy that has at times been difficult to predict. The potential for further escalation, including the imposition of new or higher tariffs with limited notice, has contributed to increased uncertainty in global markets. In response, other countries, including China, have announced retaliatory measures. While some tariff reductions have been implemented pursuant to temporary arrangements between the United States and various trading partners, including a limited agreement with China in May 2025, such measures remain subject to reversal. These developments have contributed to increased volatility in foreign exchange markets, including fluctuations in the USD/Canadian Dollar exchange rate. Sustained or increased volatility could materially and adversely affect the performance of the Shares.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
(a) There have been no unregistered sales of Shares. No Shares are authorized for issuance by the Trust under equity compensation plans.
(b) Not applicable.
(c)Although the Trust does not redeem Shares directly from its shareholders, the Trust, from time to time, redeems Baskets from Authorized Participants. During the three months ended June 30, 2025, the Trust's redemptions of Baskets from Authorized Participants, if any, are provided in the table below:
Period of Redemption
Total Number
of Shares
Redeemed
Average Price
Paid per
Share
April 1, 2025 to April 30, 2025
—
$
—
May 1, 2025 to May 31, 2025
—
$
—
June 1, 2025 to June 30, 2025
—
$
—
Total
—
$
—
Item 3. Defaults Upon
Senior Securities.
None.
Item 4. Mine Safe
ty Disclosures.
Not applicable.
Item 5. Other
Information.
During the period covered by this Quarterly Report, no director or officer of the Sponsor
adopted
,
modified
or
terminated
a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH
Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents.
104
The cover page of the Trust's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL.
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SIGNA
TURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Invesco CurrencyShares
®
Canadian Dollar Trust
By:
Invesco Specialized Products, LLC
its Sponsor
Dated: August 7, 2025
By:
/s/ Brian Hartigan
Name:
Brian Hartigan
Title:
Principal Executive Officer
Dated: August 7, 2025
By:
/s/ Kelli Gallegos
Name:
Kelli Gallegos
Title:
Principal Financial and Accounting Officer, Investment Pools
Customers and Suppliers of Invesco CurrencyShares Canadian Dollar Trust
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Summary Financials of Invesco CurrencyShares Canadian Dollar Trust
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