At a glance
FXF charges 0.4% a year. It has $432.1M in assets. Over the past year it returned −4.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned +2.5% a year. At its worst it fell 6.5% in the 2020 crash (S&P 500: 33.7%) and 9.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 6 months after the lows.
The short version
Invesco CurrencyShares Swiss Franc Trust (FXF) is a grantor trust that holds Swiss francs in bank deposit accounts. Its share price follows the franc's value in US dollars, minus a 0.40% yearly sponsor fee. It uses no derivatives and does not try to hedge currency moves or profit from them. It paid no income in the year to October 27, 2026, so its appeal is exposure to the franc itself, not yield.
Price history
The interactive chart needs JavaScript.
FXF -4.5% 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 | |
|---|---|---|---|---|---|---|
| FXF price data to Oct 27, 2026 | -4.8% | -4.5% | +2.5% | +1.6% | +1.0% | +1.5% |
- Over the year to Oct 27, 2026, FXF returned -4.5%.
- Its 5-year annualized return was +1.6% and its 10-year +1.0%.
- In the 2020 COVID crash it fell 6.5% and regained its old high 4.3 months after the low.
- Its worst full calendar year was 2014 (-10.5%); its best was 2025 (+14.0%).
- The deepest fall in its price history was 35.5% (Aug 9, 2011 to Nov 3, 2022), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -4.8% |
| 2025 | +14.0% |
| 2024 | -7.5% |
| 2023 | +9.6% |
| 2022 | -2.3% |
| 2021 | -4.1% |
| 2020 | +8.2% |
| 2019 | +0.3% |
| 2018 | -2.0% |
| 2017 | +3.3% |
| 2016 | -2.7% |
| 2015 | -1.8% |
| 2014 | -10.5% |
| 2013 | +2.2% |
| 2012 | +2.3% |
| 2011 | -1.1% |
| 2010 | +10.5% |
| 2009 | +2.2% |
| 2008 | +7.8% |
| 2007 | +9.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 3.4% over that stretch · deepest drop along the way 18.8%, back to its old high 22 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 0.1% over that stretch · deepest drop along the way 6.5%, back to its old high 4.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.7% over that stretch · deepest drop along the way 9.6%, back to its old high 6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2024 | $0.0340 | +54.5% |
| 2023 | $0.0220 | -84.8% |
| 2014 | $0.1446 | -88.0% |
| 2008 | $1.2030 | +9.0% |
| 2007 | $1.1040 |
What's inside
The trust holds Swiss francs directly, worth $432.1M 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
FXF does not track an index or pick securities. Its stated goal is for the shares to reflect the Swiss franc's price in US dollars, plus any interest, minus the trust's expenses. The trust keeps its francs at JPMorgan Chase Bank, N.A., London Branch, in two accounts. One may earn interest. The other handles interest, expenses and payouts. The Bank of New York Mellon, the trustee, values the francs each business day. It uses the franc/dollar rate set by The WM Company at 4:00 p.m. London time.
Only large firms called authorized participants can create new shares. They do so in blocks of 50,000, called baskets, by depositing francs. Redemptions work the same way in reverse. Everyone else trades shares on NYSE Arca. The trust sells francs only to pay expenses, if it shuts down, or if the law requires it. It does not hedge, so a weaker franc passes straight through to the share price.
Any interest builds up daily and is paid monthly. Only interest left over after the sponsor's fee and other expenses is converted to dollars and paid out. The bank may keep a margin over the rate it pays. The trust can also bear costs caused by negative interest rates. The trust is scheduled to end by June 8, 2046.
What it really costs
- FXF 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 one-year beta of 0.13 (beta measures how closely a fund moves with the stock market) shows little link to stocks, but it pays no income and moves on currency swings alone.
FXF adds exposure to a currency rather than to companies or bonds, and its path has often differed from that of stocks. From the stock market's October 2007 peak to its March 2009 low, FXF gained 3.4%. Even so, it fell 18.8% within 2008 and took 22 months to recover. It was nearly flat (-0.1%) through the 2020 crash but lost 8.7% during the 2022 bear market, so it did not cushion every downturn. Its worst calendar year was 2014, at -10.5%. Its deepest drop, 35.5% from August 2011 to November 2022, had not been made back as of October 27, 2026. That is a long wait for anyone who needs to take money out during a bad stretch. It paid no income in the past year and costs 0.40% a year. 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 direct Swiss franc exposure through a trust that holds real franc deposits and no derivatives, for a 0.40% yearly sponsor fee.
- Investors looking for a holding with little link to US stocks; its one-year beta was 0.13 as of October 27, 2026.
- Investors comfortable with currency swings: calendar-year returns ranged from -7.46% in 2024 to 14.04% in 2025.
Look elsewhere if
- Investors who need income: FXF paid nothing in the year to October 27, 2026, and pays out only interest left over after fees.
- Long-term investors seeking growth: FXF returned about 1.0% a year over the 10 years through October 27, 2026.
- Investors who want the protections of a fund registered under the Investment Company Act of 1940; as a grantor trust, FXF lacks some of them.
Close alternatives
Matched by other funds that hold gold directly.
No close alternatives found.
Questions investors ask
Does FXF pay dividends?
No regular dividend, and it paid nothing in the year to October 27, 2026. The trust can pay out only interest earned on its franc deposits, and only the part left after the 0.40% sponsor fee and other expenses. Any such leftover is converted to dollars and paid monthly. When Swiss interest rates are low or negative, there may be nothing to pay.
What does FXF actually hold?
Swiss francs. The trust keeps francs in deposit accounts at JPMorgan Chase Bank, N.A., London Branch. It holds no stocks or bonds and does not use derivatives. Each share is a proportional slice of those francs, plus any accrued interest, minus accrued expenses. Total assets were about $432 million as of June 30, 2026. The trust sells francs only to pay expenses, at termination, or as the law requires.
Is FXF a good hedge against a stock market crash?
Sometimes, but not always. From the stock market's October 2007 peak to its March 2009 low, FXF gained 3.4%. It was roughly flat, at -0.1%, through the 2020 COVID crash. But it lost 8.7% during the 2022 bear market. Its one-year beta of 0.13 as of October 27, 2026 shows little link to stocks. That is not the same as reliable protection.
How much does FXF cost per year?
The sponsor fee is 0.40% a year. It builds up daily on the francs held in the trust. The fee covers the trustee, listing fees, audits and up to $100,000 a year in legal costs. The trust paid $1,378,161 in sponsor fees for 2025. The trust can also bear extra costs, including those caused by negative interest rates and legal bills above that $100,000 limit.
How has FXF performed over the last 10 years?
Modestly. As of October 27, 2026, FXF returned about 1.0% a year over 10 years, or 10% in total. It returned 1.6% a year over five years and 2.5% a year over three years. The ride was bumpy: it gained 14.04% in 2025 after losing 7.46% in 2024. It was down 4.8% for 2026 through October 27. These price-based returns reflect the franc's moves against the dollar, after fees.