At a glance
FXB charges 0.4% a year. It has $76.7M in assets; it paid 2.12% of its price in distributions over the past 12 months, monthly. Over the past year it returned +2.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned +6.0% a year. At its worst it fell 12.4% in the 2020 crash (S&P 500: 33.7%) and 22.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 23 months after the lows.
The short version
Invesco CurrencyShares British Pound Sterling Trust (FXB) is a grantor trust that holds British pounds in bank deposit accounts, so its share price moves with the pound's value against the US dollar. It uses no derivatives. It also pays out interest left over after its 0.40% sponsor fee in monthly distributions, for a trailing 12-month yield of 2.12% as of October 27, 2026.
Price history
The interactive chart needs JavaScript.
FXB +2.0% 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 | |
|---|---|---|---|---|---|---|
| FXB price data to Oct 27, 2026 | +0.5% | +2.0% | +6.0% | +1.4% | +1.8% | -0.7% |
- Over the year to Oct 27, 2026, FXB returned +2.0%.
- Its 5-year annualized return was +1.4% and its 10-year +1.8%.
- In the 2020 COVID crash it fell 12.4% and regained its old high 4.5 months after the low.
- Its worst full calendar year was 2008 (-23.5%); its best was 2009 (+10.6%).
- The deepest fall in its price history was 48.8% (Nov 8, 2007 to Sep 26, 2022), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.5% |
| 2025 | +10.4% |
| 2024 | +1.4% |
| 2023 | +8.6% |
| 2022 | -10.4% |
| 2021 | -1.5% |
| 2020 | +2.9% |
| 2019 | +3.9% |
| 2018 | -5.8% |
| 2017 | +9.1% |
| 2016 | -16.7% |
| 2015 | -5.7% |
| 2014 | -6.3% |
| 2013 | +1.6% |
| 2012 | +4.3% |
| 2011 | -1.1% |
| 2010 | -3.3% |
| 2009 | +10.6% |
| 2008 | -23.5% |
| 2007 | +6.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 28.6% over that stretch · deepest drop along the way 31.3%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 11.2% over that stretch · deepest drop along the way 12.4%, back to its old high 4.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.6% over that stretch · deepest drop along the way 22%, back to its old high 22.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.2400 | |
| 2025 | $3.1700 | -19.1% |
| 2024 | $3.9200 | +23.7% |
| 2023 | $3.1700 | +805.7% |
| 2022 | $0.3500 | +87.7% |
| 2009 | $0.1865 | -97.9% |
| 2008 | $8.7021 | -9.3% |
| 2007 | $9.5920 |
What's inside
The trust holds British pounds directly, worth $76.7M 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
FXB does not track an index or pick securities. It holds one asset: British pounds. Its stated goal is for the shares to reflect the price of the pound in US dollars, plus any interest earned, minus the trust's expenses. The trust is passive. It does not use derivatives, hedge, or trade to profit from currency moves. It sells pounds only to pay expenses, when the trust winds down, or when the law requires it.
The pounds sit with JPMorgan Chase Bank, N.A., London Branch, in two deposit accounts. One can earn interest and the other does not. The bank may keep a spread between what it earns on the money and the rate it pays the trust. Interest is paid monthly. Any amount above the sponsor fee and other expenses is converted to dollars and paid out to shareholders. The Bank of New York Mellon serves as trustee. Each business day it values the trust using the WM Company's 4:00 PM London exchange rate, a standard benchmark rate.
New shares are created, and old ones redeemed, only in blocks of 50,000 called Baskets. Only large firms known as Authorized Participants can do this, and they swap pounds for shares directly with the trust. Everyone else buys and sells shares on NYSE Arca. Unless an earlier termination event occurs, the trust is set to end on June 8, 2046.
What it really costs
- FXB 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
FXB is a single-currency position whose returns depend on the pound against the dollar, and its one-year beta of 0.17 points to a weak link with the US stock market.
For a US investor, FXB adds exposure to the pound, which moves for different reasons than US stocks and bonds. It has not always held up in a crisis, though. It fell 31.3% between November 2007 and March 2009, lost 23.5% in 2008, and dropped 22% in 2022. That 2022 loss took 22.8 months to recover. Its deepest decline was 48.8%, from November 8, 2007 to September 26, 2022, and it had not been recovered as of October 27, 2026. Anyone who had to sell shares or draw income during those stretches would have locked in losses. Returns were 1.8% a year over the 10 years to October 27, 2026. Income comes monthly, with a trailing yield of 2.12%, but it depends on UK interest rates staying above the 0.40% fee. Past results don't predict future ones, and a plan should look at the whole portfolio, not just one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, direct stake in the British pound against the US dollar without opening a foreign-currency bank account.
- People with future costs in pounds, such as UK travel or retiring in Britain, who want some savings that move with sterling.
- Holders who want monthly interest payouts, with a 2.12% trailing yield as of October 27, 2026, from a trust that uses no derivatives.
Look elsewhere if
- Investors seeking long-term growth: FXB returned 1.8% a year over the 10 years to October 27, 2026.
- Retirees who can't wait out deep slumps: its 48.8% drop from 2007 to 2022 had not been recovered by October 2026.
- Investors who want the protections of a 1940 Act fund, or broad currency exposure instead of a bet on a single currency.
Close alternatives
Matched by other funds that hold gold directly.
No close alternatives found.
Questions investors ask
Does FXB pay monthly dividends?
Yes, FXB pays monthly, though the payments are interest, not stock dividends. Its pounds earn interest in a deposit account. Each month, interest above the 0.40% sponsor fee and other expenses is converted to dollars and paid to shareholders. Over the 12 months to October 27, 2026, it paid $2.72 per share, a 2.12% yield. If UK interest rates fall close to or below the fee, payouts could shrink or stop.
Is FXB good for retirement?
FXB may suit a small diversifying role, but it is a currency position, not a growth asset. It returned 1.8% a year over the 10 years to October 27, 2026. Its deepest drop was 48.8%, from November 2007 to September 2022, and it had not been recovered by October 2026. It also lost 23.5% in 2008. Monthly income and a low link to US stocks are the main appeal.
What makes the FXB price go up or down?
Mostly the exchange rate between the British pound and the US dollar. FXB holds pounds and values them each day at the WM Company's 4:00 PM London rate. When the pound gains against the dollar, the shares rise. When it weakens, they fall. Interest earned and the 0.40% fee matter less. Calendar-year results show the swings: down 10.45% in 2022, up 8.57% in 2023 and up 10.38% in 2025.
Is FXB an ETF or a trust?
FXB trades on NYSE Arca like an ETF, but legally it is a grantor trust. It is registered under the Securities Act of 1933, not as a 1940 Act investment company like most mutual funds and ETFs. That means it lacks some of the investor protections those funds have. Shareholders also have very limited voting rights. For example, removing the trustee takes a vote of at least 66 2/3% of the shares.
What is FXB's expense ratio?
FXB charges a sponsor fee of 0.40% a year. It accrues daily on the pounds the trust holds. Out of that fee, the sponsor, Invesco Specialized Products, pays the trustee, listing, audit, printing, and up to $100,000 a year in legal costs. The trust paid $307,237 in sponsor fees for 2025. Extra costs, such as those caused by negative interest rates or extraordinary legal work, could be charged to the trust.