FXFHIGH SIGNALFINANCIAL10-K

FXF experienced severe financial deterioration with sponsor fees more than doubling to $1.4M and net losses expanding nearly 10-fold to $1.7M.

The dramatic increase in sponsor fees combined with massive loss expansion suggests significant operational inefficiencies or structural cost issues that are severely impacting profitability. Despite substantial asset growth, the Trust is generating proportionally much larger losses, indicating poor operational leverage and potential management challenges.

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

FXF shows a mixed financial picture with total assets growing strongly by 179% to $396.6M, but this growth came at an enormous cost as net losses exploded 966% to $1.7M and operating cash flow deteriorated significantly to -$1.5M. The dramatic increase in total liabilities by 565% to $321K, combined with sponsor fees more than doubling, suggests the asset growth required substantial additional costs that are severely impacting profitability and cash generation. Overall, this represents concerning financial deterioration despite asset expansion.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-1412%
-$102K-$1.5M

Operating cash flow fell 1412% — earnings quality concerns; investigate working capital changes and non-cash items.

Net Income
P&L
-966.3%
-$158K-$1.7M

Net income declined 966.3% — review whether driven by operations, interest costs, or non-recurring items.

Total Liabilities
Balance Sheet
+565.3%
$48K$321K

Liabilities grew 565.3% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Assets
Balance Sheet
+178.9%
$142.2M$396.6M

Asset base grew 178.9% — expansion through organic growth, acquisitions, or capital deployment.

Dividends Paid
Cash Flow
+40.1%
$39K$55K

Dividend payments increased 40.1% — management confidence in sustained cash generation.

Current Assets
Balance Sheet
+16.3%
$151.9M$176.7M

Current assets grew 16.3% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+16.1%
$150K$174K

Current liabilities rose 16.1% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-02-26
ADDED
The Trust incurred $1,378,161 for the year ended December 31, 2025 in Sponsor s fees.
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.
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.
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REMOVED
The Trust incurred $616,855 for the year ended December 31, 2024 in Sponsor s fees.
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.
The outbreak resulted in a significant number of deaths, adversely impacted global commercial activity, and led to significant uncertainty and disruptions in the global economy and financial markets.
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