FXE 10-K & 10-Q changes, risk factors and insider trading

The European Union frequently faces issues involving its membership, structure, procedures and policies. Although the euro is established as the common currency of the European Union, a member state’s exit from the European Union may materially impact the euro’s value. For example, the United Kingdom, a former European Union member that had not adopted the euro as its currency, voted to leave the European Union in 2020. The United Kingdom is one of Europe’s largest economies and its withdrawal from the European Union had wide ranging political and economic implications in the region. If other member states withdraw from the European Union, this may result in increased volatility and uncertainty, illiquidity and potentially lower economic growth in the region, which could increase volatility in the market prices of the euro and the Shares. Increased volatility could, in itself, decrease the value of the Shares.

Each outstanding Share represents a fractional, undivided interest in the euro held by the Trust. Recently, theThe amount of interest earned by the Trust has not always exceeded expenses. That was not the Trust’scase in 2025, when interest income exceeded expenses by a significant margin; accordingly,but, when expenses exceed interest income, the Trustee has been requiredneeds to withdraw euro from the Trust to pay thesethe excess expenses. As long as the amount of interest earned does not exceed expenses, the amount of euro represented by each Share will gradually decline over time. This is true even if additional Shares are issued in exchange for additional deposits of euro into the Trust, as the amount of euro required to create Shares will proportionately reflect the amount of euro represented by the Shares outstanding at the time of creation. Assuming a constant euro price, if expenses exceed interest earned, the trading price of the Shares will gradually decline relative to the price of the euro as the amount of euro represented by the Shares gradually declines. In this event, the Shares will only maintain their original price if the price of the euro increases. There is no guarantee that interest earned by the Trust in the future will exceed the Trust’s expenses.

As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, forincluding examplerelated thegeopolitical currenttensions conflictsor betweenemergency Russia and Ukraine in Europe and Hamas and Israel in the Middle East,measures may impact the value of the currencies held by the Fund. Such conflicts, and other corresponding events, have had, and could continue to have, severe effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty.

The Trust has no proprietary rights in or to any specific euro held by the Depository and will be an unsecured creditor of the Depository with respect to the euro held in the Deposit Accounts in the event of the insolvency of the Depository or the U.S. bank of which it is a branch.branch, which can lead to losses or significant delays in accessing such funds. In the event the Depository or the U.S. bank of which it is a branch becomes insolvent, the Depository’s assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant for the amount of euro deposited by the Trust or the Authorized Participant and, in such event, the Trust and any Authorized Participant will generally have no right in or to assets other than those of the Depository.

Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites. Cyber security failures or breaches of the Trust’s third party service providers (including, but not limited to, the Trustee and the Sponsor) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Shareholders or Authorized Participants to transact business in Shares and Baskets respectively, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. Compromises in the software supply chain or incidents at critical third-party vendors could magnify the operational impact of a cyber event and impair the Trust’s ability to process Shareholder or Basket transactions. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. The Trust and its Shareholders could be negatively impacted as a result.

The Trust does not have any material cash requirements as of the end of the latest fiscal period. The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs. The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, primarily maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The interest rate in effect as of December 31, 20242025 was an annual nominal rate of 1.90%.1.10%. The following chart provides the daily rate paid by the Depository since December 31, 20192020:

During the years ended December 31, 20242025 and 2023,2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations, mounting U.S. economic uncertainty for 2025, evolving expectations around the Federal Reserve (the “Fed”) easingmonetary policy and heightened geopolitical concernsconcerns, forsome 2024, and the US banking sector turmoil for 2023of which are considered to be unusual or infrequent events. Although the full and direct impact of Fedthese easing expectations, rising geopolitical tensions, and the US banking sector turmoilconditions on the Trust's net comprehensive income (loss) during the years ended December 31, 20242025 and 20232024, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.

The euro (EUR/USD) ended 2024 lower pressured heavily by USU.S. dollar strength in the fourth quarter. In the first quarter, the pair fell on the Fed’s higher-for-longer rhetoric and stickier-than-expected USU.S. inflation, which repeatedly pushed out expectations for USU.S. rate cuts. In comparison, the European Central Bank (ECB) was more dovish given its noticeably weaker economy, officially kicking off its easing cycle in June. However, the greenback turned sharply lower in the third quarter after the Fed officially kicked off its own easing cycle, the Bank of Japan surprised markets with a rate hike, and concerns about the impact of the USU.S. election grew, allowing the pair to move back into positive territory. Those gains were short-lived though, as Trump-driven USU.S. dollar strength in the fourth quarter dealt a heavy blow. Many of the president’s campaigned policies were expected to raise inflation risk, potentially leading to higher rates in 2025. In addition, tariffs generally weigh on foreign currencies, further boosting the USD.U.S. dollar.

There are no material changes from the risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 2, 2026.

Neither Invesco Specialized Products, LLC (the “Sponsor”) nor any other person assumes responsibility for the accuracy or completeness of forward-looking statements contained in this report. The forward-looking statements are made as of the date of this report,report and will not be revised or updated to reflect actual results or changes in the Sponsor’s expectations or predictions.

The Trust does not have any material cash requirements as of the end of the latest fiscal period. The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs. The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, primarily maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The interest rate in effect as of MarchJune 31,30, 2026 was an annual nominal rate of 1.10%.1.30%. The following chart provides the daily rate paid by the Depository since MarchJune 31,30, 2021:

The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s DiscussionsDiscussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 2, 2026.

During the three and six months ended MarchJune 31,30, 2026 and 2025, the Trust’s net comprehensive income (loss) was, in part, impacted by periods of market volatility associated with evolving global macroeconomic and geopolitical conditions, which are considered to be unusual or infrequent events. For the three and six months ended MarchJune 31,30, 2026, these conditions included heightened geopolitical tensions, ongoing trade and fiscal policy uncertainty, and shifting expectations regarding the pace and timing of monetary policy actions by central banks, including the Federal Reserve. For the threesix months ended MarchJune 31,30, 2025, contributors to market volatility included concerns surrounding global economic growth, inflation dynamics, and expectations related to potential changes in monetary policy. Although the full and direct impact of these conditions on the Trust’s net comprehensive income (loss) during the three and six months ended MarchJune 31,30, 2026 and 2025, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.

Additionally, the interest rate paid by the Depository has generally trended downwardupward over the past year to the current interest rate ofat 1.10%,1.30%, as set forth in the FXE Rate Chart above. As long as the interest income, if any, exceeds the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.