FXCHIGH SIGNALFINANCIAL10-K

FXC experienced a dramatic 69% decline in net income alongside significantly reduced cash flows, while sponsor fees increased 32% and the trust's financial position shifted from expense-covering to barely profitable operations.

The trust's fundamental economics have deteriorated substantially, with revenue falling 52% and operating cash flow declining 68%, indicating severe operational challenges. The increase in sponsor fees during a period of declining performance raises questions about cost management and value delivery to investors.

Comparing 2026-03-02 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

FXC shows concerning financial deterioration with net income plummeting 69% to $387K and revenue declining 52% to $714K, while operating cash flow fell 68% to $435K. Total assets grew 22% to $74.9M but current assets declined 10%, and total liabilities nearly tripled to $60K, indicating operational stress. The dramatic reduction in dividends paid (67% decline) coupled with increased sponsor fees during a period of poor performance signals significant financial strain and questions about the trust's ability to generate adequate returns for investors.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+191.2%
$21K→$60K

Liabilities grew 191.2% — significant increase in debt or obligations, assess impact on financial flexibility.

Net Income
P&L
-68.9%
$1.2M→$387K

Net income declined 68.9% — review whether driven by operations, interest costs, or non-recurring items.

Operating Cash Flow
Cash Flow
-67.7%
$1.3M→$435K

Operating cash flow fell 67.7% — earnings quality concerns; investigate working capital changes and non-cash items.

Dividends Paid
Cash Flow
-67.1%
$1.3M→$436K

Dividends cut 67.1% — significant signal of cash flow stress or capital reallocation priorities.

Revenue
P&L
-52.2%
$1.5M→$714K

Revenue declined 52.2% — significant demand weakness or market share loss warrants investigation.

Total Assets
Balance Sheet
+22.4%
$61.2M→$74.9M

Asset base grew 22.4% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
-10.3%
$176.1M→$157.9M

Current assets declined 10.3% — monitor working capital adequacy and short-term liquidity.

Current Liabilities
Balance Sheet
-10.1%
$60K→$54K

Current liabilities reduced — improved short-term financial position and working capital health.

Cash & Equivalents
Balance Sheet
-10%
$195.6M→$176.0M

Cash decreased 10% — monitor burn rate and upcoming capital needs.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-02-26
ADDED
The Trust incurred $326,651 for the year ended December 31, 2025 in Sponsor s fees.
The amount of interest earned by the Trust has not always exceeded expenses.
That was not the case in 2025, when interest income exceeded expenses by a significant margin; but, when expenses exceed interest income, the Trustee needs to withdraw Canadian Dollars from the Trust to pay the excess expenses.
As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, including related geopolitical tensions or emergency measures, may impact the value of the currencies held by the Fund.
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.
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REMOVED
The Trust incurred $248,239 for the year ended December 31, 2024 in Sponsor s fees.
Recently, the amount of interest earned by the Trust has not exceeded the Trust s expenses; accordingly, the Trustee has been required to withdraw Canadian Dollars from the Trust to pay these excess expenses.
As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, may impact the value of the currencies held by the Fund.
Pandemics and other public health emergencies could disrupt the global economy and adversely impact the Trust's performance.
The impact of the COVID-19 pandemic was extensive in many aspects of society.
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