Invesco CurrencyShares Euro Trust (FXE) is an exchange-traded product that gives investors direct exposure to the euro. The Trust holds physical euros in deposit accounts at JPMorgan Chase Bank's London branch and issues shares on NYSE Arca that track the value of the euro in USD terms, plus any accrued interest, less fees. The structure is designed for institutional and retail investors who want to express a view on the EUR/USD exchange rate, hedge currency risk, or diversify holdings without navigating the forex market directly. The Trust is a passive grantor trust sponsored by Invesco Specialized Products, which charges an annual fee of 0.40% of euro holdings, accruing daily. If interest earned on the euro deposits exceeds the sponsor's fee and other expenses, the excess is distributed to shareholders monthly in USD. New shares are created or redeemed in blocks of 50,000 shares by Authorized Participants — registered broker-dealers or certain financial institutions — who deposit or receive euros directly with the Trust, keeping the share price aligned with the underlying euro value.