Invesco CurrencyShares British Pound Sterling Trust (FXB) is a passively managed exchange-traded product (ETP) that holds physical British Pound Sterling (GBP) deposits on behalf of investors. The Trust's sole purpose is to give institutional and retail investors a simple way to gain exposure to the GBP/USD exchange rate without directly holding foreign currency. Investors buy and sell shares on NYSE Arca like any listed security, and each share represents a proportional interest in the GBP held by the Trust. The GBP deposits are held at JPMorgan Chase's London branch. The Trust holds no derivatives — only physical GBP. Invesco charges a Sponsor's fee of 0.40% per year of GBP held in the Trust, which is the only recurring expense charged to the Trust. Revenue is driven by two factors: total GBP held (i.e., assets under management) and the GBP/USD exchange rate. Invesco covers all operating costs — including trustee, listing, audit, and legal fees — out of the Sponsor's fee. If interest earned on GBP deposits exceeds Trust expenses, the excess is converted to USD and distributed to shareholders monthly. In low or negative interest rate environments, interest income is minimal or absent.