At a glance
FXE charges 0.4% a year. It has $374.9M in assets; it paid 0.83% of its price in distributions over the past 12 months, monthly. Over the past year it returned −3.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned +3.2% a year. At its worst it fell 6.9% in the 2020 crash (S&P 500: 33.7%) and 16.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 23 months after the lows.
The short version
Invesco CurrencyShares Euro Trust (FXE) holds euro in bank deposit accounts, so its share price moves with the euro's value in US dollars, minus a 0.40% annual sponsor fee. It is a grantor trust rather than a standard investment fund, and it uses no derivatives. Any interest left after the fee is paid out monthly, and the trailing yield was 0.83% as of October 27, 2026.
Price history
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FXE -3.6% 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 | |
|---|---|---|---|---|---|---|
| FXE price data to Oct 27, 2026 | -4.5% | -3.6% | +3.2% | +0.1% | +0.2% | 0.0% |
- Over the year to Oct 27, 2026, FXE returned -3.6%.
- Its 5-year annualized return was +0.1% and its 10-year +0.2%.
- In the 2020 COVID crash it fell 6.9% and regained its old high 4 months after the low.
- Its worst full calendar year was 2014 (-12.4%); its best was 2025 (+14.5%).
- The deepest fall in its price history was 43.3% (Jul 11, 2008 to Sep 27, 2022), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -4.5% |
| 2025 | +14.5% |
| 2024 | -4.2% |
| 2023 | +4.9% |
| 2022 | -6.6% |
| 2021 | -7.8% |
| 2020 | +7.9% |
| 2019 | -2.9% |
| 2018 | -5.3% |
| 2017 | +13.1% |
| 2016 | -3.9% |
| 2015 | -10.7% |
| 2014 | -12.4% |
| 2013 | +3.8% |
| 2012 | +1.6% |
| 2011 | -2.9% |
| 2010 | -6.9% |
| 2009 | +2.5% |
| 2008 | -0.9% |
| 2007 | +14.3% |
| 2006 | +14.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 6.6% over that stretch · deepest drop along the way 20.8%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 0.9% over that stretch · deepest drop along the way 6.9%, back to its old high 4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.8% over that stretch · deepest drop along the way 16.8%, back to its old high 22.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7300 | |
| 2025 | $0.9900 | -54.8% |
| 2024 | $2.1900 | +44.1% |
| 2023 | $1.5200 | +15100.0% |
| 2022 | $0.0100 | -96.7% |
| 2011 | $0.3016 | +3366.7% |
| 2010 | $0.0087 | -98.2% |
| 2009 | $0.4832 | -91.2% |
| 2008 | $5.4622 | +24.1% |
| 2007 | $4.4015 | +68.9% |
| 2006 | $2.6060 |
What's inside
The trust holds euros directly, worth $374.9M 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
FXE does not follow an index or pick investments. Its goal is for each share to reflect the US dollar price of the euro, plus any interest earned, minus the trust's expenses. It holds euro on deposit with JPMorgan Chase Bank, N.A., London Branch. It uses no derivatives and makes no attempt to profit from euro moves or limit losses from them. Invesco Specialized Products, LLC is the sponsor, and The Bank of New York Mellon is the trustee. Net assets were about $374.9 million as of June 30, 2026.
Large brokers called Authorized Participants create and redeem shares in blocks of 50,000 by delivering or receiving euro. Everyone else trades shares on NYSE Arca. Each business day the trustee values the trust using the euro/dollar rate set by The WM Company at 4 p.m. London time.
The main deposit account may earn interest, which is paid monthly. When that interest is more than the sponsor's fee and other expenses, the extra is converted to dollars and paid to shareholders. When rates are negative, the trust can bear that cost, which shrinks the euro behind each share. The trust is registered under the Securities Act of 1933, not the Investment Company Act of 1940, so it lacks some protections that regular funds offer. It will end by December 5, 2045 at the latest.
What it really costs
- FXE 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
Its returns follow the euro against the dollar rather than stocks or bonds, and its beta was 0.13 as of October 27, 2026, meaning it barely moved with the US stock market.
FXE adds currency exposure that can behave differently from US stocks. In the 2020 COVID crash it fell 6.9% and recovered in about four months. It gave less shelter in other downturns. It dropped 20.8% from July to November 2008 and 16.8% in the 2022 bear market, then took about 23 months to recover. Its worst calendar year was 2014, with a 12.4% loss. Its deepest drop was 43.3%, from July 2008 to September 2022, and it had not recovered as of October 27, 2026. Anyone needing cash during a weak-euro stretch could be forced to lock in a loss. Income is small: the yield was 0.83% as of October 27, 2026, paid monthly, against a 0.40% fee. Past results don't predict future returns. A plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting direct euro exposure in a brokerage account, through a trust that holds euro bank deposits and uses no derivatives.
- People seeking a partial offset if the US dollar weakens against the euro, who can accept swings like a 14.5% gain in 2025 and a 12.4% loss in 2014.
- Those adding a small diversifier with little link to US stocks: a one-year beta of 0.13 as of October 27, 2026.
Look elsewhere if
- Investors seeking long-term growth: FXE returned about 0.2% a year over the 10 years through October 27, 2026.
- Income seekers: the yield was 0.83% as of October 27, 2026, and payouts happen only when euro interest exceeds the 0.40% fee.
- Investors who want Investment Company Act protections: this grantor trust is registered only under the Securities Act of 1933.
Close alternatives
Matched by other funds that hold gold directly.
No close alternatives found.
Questions investors ask
Does FXE pay monthly dividends?
FXE can pay monthly, but the payments come from interest, not dividends. The trust's euro deposits may earn interest. When that interest is more than the 0.40% sponsor fee and other expenses, the extra is converted to dollars and paid out each month. Over the 12 months to October 27, 2026, payouts totaled about $0.85 per share, a 0.83% yield. When euro interest rates are low or negative, there may be nothing left to pay.
Does FXE actually hold euros?
Yes. FXE holds euro in deposit accounts at JPMorgan Chase Bank, N.A., London Branch, and holds no derivatives. The trust converts euro only to pay expenses, if it shuts down, or if the law requires it. Each business day it is valued using the euro/dollar rate set by The WM Company at 4 p.m. London time. The bank is not paid a fee, but it may earn a spread between what it earns on the deposits and the interest it pays the trust.
What is FXE's expense ratio?
FXE charges a sponsor fee of 0.40% a year, which builds up daily based on the euro the trust holds. That fee is the trust's only regular expense. The sponsor covers trustee fees, listing fees, audit costs and up to $100,000 a year in legal costs. The trust paid $1,649,268 in sponsor fees for 2025. Some extra costs, such as charges from negative interest rates or unusual legal work, can be charged to the trust.
How has FXE performed over 10 years?
FXE has barely moved over the long run. Based on price returns through October 27, 2026, it returned about 0.2% a year over 10 years and 0.1% a year over five years. It returned 3.2% a year over three years and lost 3.6% over one year. Single years swing more: it gained 14.49% in 2025, lost 4.18% in 2024 and was down 4.53% for 2026 through October 27. Since its December 2005 launch it has been roughly flat.
Is FXE good for retirement portfolios?
FXE is a currency position, not a source of growth or meaningful income. It may suit investors who want a small amount of euro exposure that moves differently from US stocks. Its one-year beta was 0.13 as of October 27, 2026. However, it fell 43.3% from July 2008 to September 2022 and had not recovered as of October 27, 2026. It is also a grantor trust, so it lacks some protections that regular funds offer.