At a glance
FXC charges 0.4% a year. It has $75.8M in assets; it paid 0.19% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.2% with distributions reinvested (S&P 500: +11.5%); over three years it returned +0.6% a year. At its worst it fell 9.0% in the 2020 crash (S&P 500: 33.7%) and 9.8% in the 2022 bear market (S&P 500: 24.5%).
The short version
Invesco CurrencyShares Canadian Dollar Trust (FXC) is a grantor trust that holds Canadian dollars in bank deposit accounts, so its share price follows the Canadian dollar's value in US dollars. It uses no derivatives and charges a 0.40% annual sponsor fee. It pays out monthly any deposit interest left after that fee. Over the 10 years to October 27, 2026, it returned about 0.1% a year.
Price history
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FXC -0.2% 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 | |
|---|---|---|---|---|---|---|
| FXC price data to Oct 27, 2026 | -2.2% | -0.2% | +0.6% | -1.6% | +0.1% | -0.5% |
- Over the year to Oct 27, 2026, FXC returned -0.2%.
- Its 5-year annualized return was -1.6% and its 10-year +0.1%.
- In the 2020 COVID crash it fell 9% and regained its old high 4.8 months after the low.
- Its worst full calendar year was 2008 (-16.2%); its best was 2007 (+21.7%).
- The deepest fall in its price history was 35.2% (Nov 7, 2007 to Jan 19, 2016), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -2.2% |
| 2025 | +5.2% |
| 2024 | -5.9% |
| 2023 | +4.3% |
| 2022 | -6.4% |
| 2021 | +0.2% |
| 2020 | +1.9% |
| 2019 | +6.0% |
| 2018 | -7.5% |
| 2017 | +6.7% |
| 2016 | +2.6% |
| 2015 | -16.2% |
| 2014 | -8.4% |
| 2013 | -6.3% |
| 2012 | +2.7% |
| 2011 | -1.8% |
| 2010 | +5.0% |
| 2009 | +15.2% |
| 2008 | -16.2% |
| 2007 | +21.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 21.9% over that stretch · deepest drop along the way 27.3%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 9% over that stretch · deepest drop along the way 9%, back to its old high 4.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.8% over that stretch · deepest drop along the way 9.8%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1000 | |
| 2025 | $0.3900 | -74.7% |
| 2024 | $1.5400 | +3.4% |
| 2023 | $1.4900 | +577.3% |
| 2022 | $0.2200 | +49.5% |
| 2020 | $0.1472 | -74.6% |
| 2019 | $0.5800 | +87.1% |
| 2018 | $0.3100 | +1404.9% |
| 2017 | $0.0206 | +0.5% |
| 2015 | $0.0205 | -90.2% |
| 2014 | $0.2100 | +4.1% |
| 2013 | $0.2017 | +62.5% |
| 2012 | $0.1241 | -18.7% |
| 2011 | $0.1527 | +712.2% |
| 2010 | $0.0188 | -80.0% |
| 2009 | $0.0940 | -96.3% |
| 2008 | $2.5303 | -24.0% |
| 2007 | $3.3274 |
What's inside
The trust holds Canadian dollars directly, worth $75.8M 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
FXC does not track an index or pick securities. It is a grantor trust, a simple structure that holds assets for its shareholders, and it owns one thing: Canadian dollars on deposit at JPMorgan Chase Bank's London branch. Each share aims to reflect the US dollar price of the Canadian dollar, plus any interest, minus expenses. The trust uses no derivatives and does not try to profit from or soften exchange-rate moves.
Large brokers and banks called Authorized Participants create or redeem shares in blocks of 50,000 by delivering or receiving Canadian dollars. Everyone else trades shares on NYSE Arca. Each business day, the trustee, The Bank of New York Mellon, values the trust in US dollars using the exchange rate set by The WM Company at 4:00 PM London time.
The sponsor's annual fee of 0.40% accrues daily and is the trust's only ordinary recurring cost. Interest earned on the deposits, if any, first covers that fee; any excess is converted to US dollars and paid out monthly. When interest falls short, the trust sells Canadian dollars to pay expenses, slowly reducing the currency behind each share. Because the trust is not registered under the Investment Company Act of 1940, the law covering mutual funds and most ETFs, it lacks some of those investor protections.
What it really costs
- FXC 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
FXC gives exposure to a currency other than the US dollar and has moved largely on its own, apart from US stocks, but it has not held up well in market crashes.
FXC may add some currency diversification. Its one-year beta was 0.05 as of October 27, 2026, which means its moves have had little link to the US stock market. It has not been a dependable crash hedge, though. It fell 27.3% between November 2007 and March 2009. It dropped 9% in the 2020 COVID crash and recovered by August 2020. It fell 9.8% in 2022 and had not recovered that drop as of October 27, 2026. Its worst calendar year was 2008, when it lost 16.2%. Its deepest decline, 35.2% from November 2007 to January 2016, had also not been made up. A retiree who must sell when the Canadian dollar is weak could lock in a loss. Income is small: the yield over the past 12 months was 0.19%, paid monthly, while the fee is 0.40%. Past results don't predict the future, 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 simple Canadian-dollar exposure against the US dollar without futures, swaps or other derivatives.
- People who expect future costs in Canadian dollars and want some assets that move with that currency.
- Investors adding a small holding with little link to US stocks (one-year beta of 0.05 as of October 27, 2026).
Look elsewhere if
- Investors seeking growth: FXC returned about 0.1% a year over 10 years, and -0.5% a year since launch, as of October 27, 2026.
- Income seekers: the yield over the past 12 months was 0.19% as of October 27, 2026, below the 0.40% sponsor fee.
- Investors who want 1940 Act fund protections or a crisis hedge: FXC is a grantor trust and fell 27.3% in the 2008 financial crisis.
Close alternatives
Matched by other funds that hold gold directly.
No close alternatives found.
Questions investors ask
Does FXC pay monthly dividends?
Yes, FXC can pay monthly, but the payments are interest, not dividends. The trust's Canadian-dollar deposits earn interest daily. Each month that interest first covers the 0.40% sponsor fee and the trust's other expenses. Anything left over is converted to US dollars and paid to shareholders. Over the 12 months to October 27, 2026, payouts totaled about $0.13 per share, a yield of 0.19%. In months when interest doesn't cover the fee, there may be no payout.
What does FXC actually hold?
FXC holds Canadian dollars in cash and nothing else of note. The money sits in deposit accounts at JPMorgan Chase Bank, N.A., London Branch. One account may earn interest and the other does not. The trust holds no stocks, bonds or derivatives. Each share is a proportional claim on those Canadian dollars, plus unpaid interest, minus unpaid expenses. The trust's assets were about $75.8 million as of June 30, 2026.
What is FXC's expense ratio?
FXC charges a sponsor fee of 0.40% a year. The fee builds up daily on the trust's Canadian dollars. Out of that fee, the sponsor, Invesco Specialized Products, pays the trustee, listing, audit and printing costs, plus up to $100,000 a year in legal fees. The trust paid $326,651 in sponsor fees for the year ended December 31, 2025. It can also face extra costs, such as legal bills above $100,000, taxes, or expenses caused by negative interest rates.
Does FXC go up when the US dollar falls?
Generally, yes, when the US dollar falls against the Canadian dollar. FXC is designed to track the Canadian dollar's price in US dollars, so a stronger Canadian dollar raises the fund's value. A weaker one lowers it. That swing shows up in its yearly results: it gained 5.24% in 2025 and lost 5.93% in 2024. The 0.40% fee pulls returns down a little each year. Its one-year volatility, a measure of how much it swings, was 4.5% as of October 27, 2026.
Is FXC a grantor trust, and what does that mean?
Yes. FXC is a grantor trust registered under the Securities Act of 1933. It is not a mutual fund or ETF registered under the Investment Company Act of 1940. It is a passive vehicle with no officers, directors or employees, and it simply holds Canadian dollars. Shareholders have limited rights. For example, holders of 75% of the shares can force the trust to end. It lacks some of the protections 1940 Act funds offer, and it ends on June 8, 2046, unless it is wound down earlier.