At a glance
FXA charges 0.4% a year. It has $103.0M in assets; it paid 1.24% of its price in distributions over the past 12 months, monthly. Over the past year it returned +8.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned +4.9% a year. At its worst it fell 13.8% in the 2020 crash (S&P 500: 33.7%) and 17.4% in the 2022 bear market (S&P 500: 24.5%).
The short version
Invesco CurrencyShares Australian Dollar Trust (FXA) is a grantor trust that holds Australian dollars in bank deposit accounts. Its share price moves with the value of the Australian dollar against the US dollar. It uses no derivatives and charges a 0.40% annual sponsor fee. When the deposit interest is more than that fee, it pays the extra out to shareholders each month. It may suit investors who want plain exposure to one foreign currency.
Price history
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FXA +8.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FXA price data to Oct 27, 2026 | +6.5% | +8.6% | +4.9% | -0.4% | -0.1% | +1.8% |
- Over the year to Oct 27, 2026, FXA returned +8.6%.
- Its 5-year annualized return was -0.4% and its 10-year -0.1%.
- In the 2020 COVID crash it fell 13.8% and regained its old high 2.4 months after the low.
- Its worst full calendar year was 2008 (-13.6%); its best was 2009 (+29.6%).
- The deepest fall in its price history was 41% (Apr 11, 2013 to Mar 19, 2020), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.5% |
| 2025 | +9.1% |
| 2024 | -7.7% |
| 2023 | +1.2% |
| 2022 | -6.5% |
| 2021 | -6.2% |
| 2020 | +9.5% |
| 2019 | +0.1% |
| 2018 | -8.8% |
| 2017 | +9.0% |
| 2016 | -0.1% |
| 2015 | -9.4% |
| 2014 | -6.9% |
| 2013 | -12.4% |
| 2012 | +4.7% |
| 2011 | +4.0% |
| 2010 | +17.9% |
| 2009 | +29.6% |
| 2008 | -13.6% |
| 2007 | +17.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 24% over that stretch · deepest drop along the way 37.3%, back to its old high 12.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 13.5% over that stretch · deepest drop along the way 13.8%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13% over that stretch · deepest drop along the way 17.4%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7614 | |
| 2025 | $0.7700 | -25.2% |
| 2024 | $1.0300 | +56.1% |
| 2023 | $0.6600 | +1537.7% |
| 2022 | $0.0403 | +68.6% |
| 2020 | $0.0239 | -93.6% |
| 2019 | $0.3745 | -50.1% |
| 2018 | $0.7500 | +17.2% |
| 2017 | $0.6400 | -12.3% |
| 2016 | $0.7300 | -34.8% |
| 2015 | $1.1200 | -31.7% |
| 2014 | $1.6400 | -14.0% |
| 2013 | $1.9062 | -41.0% |
| 2012 | $3.2297 | -21.5% |
| 2011 | $4.1139 | +32.9% |
| 2010 | $3.0963 | +50.0% |
| 2009 | $2.0640 | -63.2% |
| 2008 | $5.6074 | +23.0% |
| 2007 | $4.5598 |
What's inside
The trust holds Australian dollars directly, worth $103.0M as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
FXA tracks no index and has no manager. It is a grantor trust, a legal structure that simply holds one asset for its shareholders: Australian dollars, kept in deposit accounts at JPMorgan Chase Bank's London branch. The aim is for shares to reflect the US dollar price of the Australian dollar, plus any interest, minus expenses. The trust uses no derivatives and does not hedge, so shares rise and fall with the exchange rate.
Large financial firms called Authorized Participants create or redeem shares in blocks of 50,000 by trading Australian dollars with the trust. The trust sells its currency only to pay expenses, if it terminates (no later than June 8, 2046), or if the law requires. Each business day, trustee Bank of New York Mellon prices the holdings at the 4:00 PM London exchange rate to find each share's net asset value (NAV).
Any income comes from interest on one deposit account. If monthly interest exceeds the 0.40% annual sponsor fee owed to Invesco plus other expenses, the excess is converted to US dollars and paid out. If interest falls short, the trust sells Australian dollars to cover the gap, shrinking the currency behind each share. The bank may earn more on the cash than it pays the trust.
What it really costs
- FXA charges 0.4% a year.
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
In a retirement portfolio
FXA adds exposure to a single non-US currency rather than stocks or bonds, but its past declines show it is not a crisis hedge.
FXA could add exposure to a currency other than the US dollar. That may be useful for someone with expenses or family ties in Australia. It has not protected portfolios when stocks fell, though. It dropped 37.3% between July 15 and October 27, 2008, and did not recover until November 16, 2009. It fell 13.8% in early 2020 and 17.4% between April and October 2022, and the 2022 loss had not been recovered as of October 27, 2026. Its deepest drop was 41%, from April 2013 to March 2020, and it had not recovered from that by October 27, 2026 either. Its worst calendar year was 2008, when it fell 13.6%. Anyone who had to sell during those periods would have locked in losses. The trailing yield was 1.24% as of October 27, 2026, paid monthly, against a 0.40% fee. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want direct exposure to the Australian dollar, held as bank deposits with no derivatives, for a 0.40% annual sponsor fee.
- Retirees with spending or family ties in Australia who want part of their savings to rise and fall with the Australian dollar.
- Investors looking for a small holding that moves differently from stocks; its one-year beta was 0.36 as of October 27, 2026.
Look elsewhere if
- Investors seeking long-term growth: FXA's annualized price return over 10 years was -0.1% as of October 27, 2026.
- Anyone wanting a crash hedge: FXA fell 37.3% during the 2008 financial crisis and 13.8% in the 2020 COVID crash.
- Investors who prefer the protections of a 1940 Act fund: FXA is a grantor trust, and its shareholders have very limited voting rights.
Close alternatives
Matched by other funds that hold gold directly.
No close alternatives found.
Questions investors ask
Does FXA pay monthly dividends?
FXA can pay monthly, but the payments are interest, not dividends. The trust earns interest on its Australian dollar deposits. When that interest is more than the 0.40% sponsor fee and other costs, the extra is converted to US dollars and paid out each month. Over the 12 months to October 27, 2026, it paid about $0.86 per share, a yield of 1.24%. When interest rates are low, there may be no payment at all.
What does FXA actually hold?
FXA holds Australian dollars and nothing else. The money sits in deposit accounts at JPMorgan Chase Bank, N.A., London Branch, and the trust does not use derivatives. Each share is a proportional claim on that currency, plus any interest earned, minus expenses. Total assets were about $103 million as of June 30, 2026. Owning FXA is similar to holding Australian dollars yourself, except you can buy and sell it on NYSE Arca like a stock.
What is FXA's expense ratio?
FXA charges a sponsor fee of 0.40% a year, which builds up daily. It is the trust's only regular expense. The fee covers the trustee, listing, audit and printing costs, and up to $100,000 a year in legal fees. The trust paid $305,445 in sponsor fees in 2025. The bank holding the deposits is not paid a fee directly, but it may earn a spread: the difference between what it earns on the money and the interest it pays the trust.
Is FXA a good hedge against a stock market crash?
FXA has not been a crash hedge in the past. It fell 37.3% between July and October 2008, during the financial crisis. It dropped 13.8% in the 2020 COVID crash and 17.4% during the 2022 bear market. The Australian dollar has tended to fall at the same time as stocks, not rise when they drop. Its one-year beta, a measure of how closely it moves with the stock market, was 0.36 as of October 27, 2026.
What has FXA returned over the long term?
FXA's long-term returns have been close to zero. As of October 27, 2026, its annualized price return was -0.1% over 10 years and -0.4% over five years. The one-year return was 8.6%. Calendar years have swung back and forth: 9.5% in 2020, -6.2% in 2021, -6.5% in 2022, 1.2% in 2023, -7.7% in 2024 and 9.1% in 2025. In 2026 it was up 6.5% through October 27.