Invesco CurrencyShares Euro Trust reported a net comprehensive income of $3.99 million for the fiscal year ending December 31, 2024, a decrease from $4.27 million in the previous year. The Trust's interest income also declined to $4.74 million from $5.30 million in 2023. The Sponsor's fee, which is the Trust's only recurring expense, decreased to $746,227 from $1.03 million, reflecting a reduction in operational costs. The Trust's total assets fell to $167.48 million from $219.79 million, primarily due to a decrease in euro deposits, which dropped from $214.03 million to $167.19 million.
The Trust experienced significant changes in its share structure, with the number of redeemable capital shares decreasing from 2.15 million to 1.75 million. This reduction was attributed to the redemption of 1.2 million shares during the year, alongside the issuance of 800,000 shares. The Trust's distributions to shareholders increased to $4.11 million, up from $3.83 million in 2023, with a distribution per share of $2.21 compared to $1.48 the previous year. The Trust's NAV per share was impacted by fluctuations in the euro/USD exchange rate, which saw the euro depreciate against the dollar throughout the year.
Operationally, the Trust's primary deposit account maintained an interest rate of 1.90% as of December 31, 2024. The Trust's financial performance was influenced by market volatility, particularly due to expectations surrounding the Federal Reserve's monetary policy and geopolitical tensions. The euro's value was pressured by a stronger U.S. dollar, particularly in the fourth quarter, which affected the Trust's overall asset valuation and income generation.
Looking ahead, the Trust's management anticipates continued volatility in the euro/USD exchange rate, which could impact future performance. The Trust remains focused on maintaining its investment objective of reflecting the price of the euro in USD, while managing operational expenses effectively. The Sponsor, Invesco Specialized Products, LLC, continues to oversee the Trust's operations, ensuring compliance with regulatory requirements and monitoring market conditions that may affect the Trust's performance.
About Invesco CurrencyShares Euro Trust
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