At a glance
FXY charges 0.4% a year. It has $429.3M in assets. Over the past year it returned −3.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned −2.2% a year. At its worst it fell 8.1% in the 2020 crash (S&P 500: 33.7%) and 23.0% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
Invesco CurrencyShares Japanese Yen Trust (FXY) is a grantor trust that holds Japanese yen in bank deposit accounts. Its shares rise when the yen gains against the US dollar and fall when the yen weakens. It uses no derivatives and charges a 0.40% annual sponsor fee. It has paid no distributions on record, and its shares lost about 37% over the 10 years through October 27, 2026.
Price history
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FXY -3.4% 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 | |
|---|---|---|---|---|---|---|
| FXY price data to Oct 27, 2026 | -1.0% | -3.4% | -2.2% | -6.8% | -4.5% | -1.8% |
- Over the year to Oct 27, 2026, FXY returned -3.4%.
- Its 5-year annualized return was -6.8% and its 10-year -4.5%.
- In the 2020 COVID crash it fell 8.1%, and had not regained its old high by the end of the data.
- Its worst full calendar year was 2013 (-17.9%); its best was 2008 (+22.9%).
- The deepest fall in its price history was 57% (Oct 28, 2011 to Jul 28, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -1.0% |
| 2025 | +0.1% |
| 2024 | -10.9% |
| 2023 | -7.4% |
| 2022 | -12.8% |
| 2021 | -10.9% |
| 2020 | +4.6% |
| 2019 | +0.4% |
| 2018 | +2.3% |
| 2017 | +3.2% |
| 2016 | +2.3% |
| 2015 | -0.7% |
| 2014 | -12.4% |
| 2013 | -17.9% |
| 2012 | -11.7% |
| 2011 | +5.1% |
| 2010 | +14.2% |
| 2009 | -3.2% |
| 2008 | +22.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 18.1% over that stretch · deepest drop along the way 12%, back to its old high 2.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 0.2% over that stretch · deepest drop along the way 8.1%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.7% over that stretch · deepest drop along the way 23%, not recovered by the end of the data |
What's inside
The trust holds Japanese yen directly, worth $429.3M 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
FXY does not track an index, and no manager picks holdings. The trust aims for its shares to reflect the US dollar price of the Japanese yen, plus any interest earned, minus expenses. It simply holds yen in deposit accounts at JPMorgan Chase Bank, N.A., London Branch. It does not try to profit from changes in the yen's price or to limit losses from them. The yen is sold only to pay expenses, if the trust ends, or if the law requires it.
Large brokers called authorized participants create and redeem shares in blocks of 50,000 by delivering or receiving yen. This process helps keep the share price close to the value of the yen the trust holds. Each business day, the trustee, The Bank of New York Mellon, values the trust using the yen/dollar rate set by The WM Company at 4:00 PM London time.
The 0.40% sponsor fee is paid out of the trust's yen, so each share stands for slightly less yen over time. Interest above the fee is paid out monthly in dollars, but no distributions are on record. If interest rates are negative, the cost can become a trust expense. FXY is registered under the Securities Act of 1933, not as a 1940 Act fund, so it lacks some of the protections fund investors get. Unless it ends sooner, the trust is set to terminate on February 1, 2047.
What it really costs
- FXY 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
FXY tracks a single currency and has moved largely apart from US stocks, but it has lost value over long stretches and pays no income.
FXY can add exposure that does not follow the stock market closely. Its one-year beta, a measure of how much it moves with US stocks, was 0.13 as of October 27, 2026. It gained 18.1% during the 2008 financial crisis while stocks fell. That pattern did not hold later. It was roughly flat (-0.2%) in the 2020 COVID crash and lost 21.7% in the 2022 bear market. Its worst calendar year was 2013, at -17.9%.
From its October 28, 2011 peak, FXY fell 57% by July 28, 2026, and it had not recovered as of October 27, 2026. Anyone who had to sell during that stretch would have locked in a loss. It pays no income on record, and its 0.40% fee is a steady drag on returns. 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 a simple way to hold Japanese yen in a brokerage account, with no derivatives, backed by yen deposits at JPMorgan Chase Bank.
- Those adding a small holding that moves little with US stocks; its one-year beta was 0.13 as of October 27, 2026.
- People with a long-term view on the yen against the dollar who accept a 0.40% annual fee and no regular income.
Look elsewhere if
- Retirees who need income: FXY has no distributions on record, and it pays interest only when earnings exceed the 0.40% fee.
- Long-term holders who want growth: shares lost about 37% over the 10 years through October 27, 2026, after a 57% drop from the 2011 peak.
- Investors who want the protections of a 1940 Act fund; FXY is a grantor trust registered under the Securities Act of 1933.
Close alternatives
Matched by other funds that hold gold directly.
No close alternatives found.
Questions investors ask
Does FXY pay dividends?
No distributions are on record for FXY. The trust can pay income, but only in one case. Its yen sits in a deposit account that may earn interest. If that interest is more than the 0.40% sponsor fee and other trust costs, the extra is turned into dollars and paid out monthly. When interest falls short of the fee, nothing is paid. Investors looking for steady income will likely not find it here.
What does FXY actually hold?
FXY holds Japanese yen and nothing else. The yen sits in deposit accounts at JPMorgan Chase Bank, N.A., London Branch, and The Bank of New York Mellon acts as trustee. The trust does not hold or use derivatives such as futures or swaps. Each share is a proportional claim on the trust's yen plus any accrued interest, minus unpaid expenses. FXY reported net assets of about $429 million as of June 30, 2026.
Is FXY a good hedge against a stock market crash?
Not reliably. FXY gained 18.1% during the 2008 financial crisis while stocks fell. But it was roughly flat (-0.2%) during the 2020 COVID crash and lost 21.7% in the 2022 bear market. Its one-year beta to US stocks was low, at 0.13 as of October 27, 2026. That means it often moves apart from stocks, but not always in a helpful direction.
What is FXY's expense ratio?
FXY charges a 0.40% annual sponsor fee. It accrues daily and is paid from the trust's yen. The sponsor, Invesco Specialized Products, pays the usual running costs out of that fee, including the trustee's fee, listing fees, audit costs and up to $100,000 a year in legal fees. The trust paid $2,394,370 in sponsor fees for 2025. Some unusual costs, such as costs from negative interest rates, can be charged to the trust on top of the fee.
Why has FXY lost so much value?
FXY's price follows the yen against the US dollar, minus its 0.40% fee, so its losses mainly reflect a weaker yen. Shares fell in 2021 (-10.9%), 2022 (-12.75%), 2023 (-7.44%) and 2024 (-10.93%). They were roughly flat in 2025 (0.09%). From the October 2011 peak, FXY fell 57% by July 28, 2026. Over the 10 years through October 27, 2026, it lost about 4.5% a year.