The Invesco CurrencyShares Canadian Dollar Trust (FXC) is a passively managed ETF that gives investors exposure to the Canadian dollar. The Trust holds physical CAD in deposit accounts at JPMorgan Chase Bank's London branch, and each share represents a proportional interest in those holdings. Investors use FXC to gain CAD exposure, hedge CAD risk, or speculate on CAD/USD movements without directly holding foreign currency. Shares trade on NYSE Arca like any listed security. The Trust holds no derivatives and does no active management — it simply holds CAD and passes through any interest earned, net of fees, to shareholders monthly. New shares are created or redeemed only through Authorized Participants — broker-dealers or financial institutions — who transact in blocks of 50,000 shares by depositing or receiving CAD directly. The Trust's only recurring expense is the Sponsor's fee, which accrues daily at an annual rate of 0.40% of CAD held. This fee is the Trust's sole source of revenue for Invesco Specialized Products, the Sponsor, which covers most operating costs out of that fee. If interest earned on the CAD deposit balance exceeds the Sponsor's fee and other expenses in a given month, the Trust distributes the excess to shareholders. The Trust generates no investment returns on its own — shareholders gain or lose based entirely on CAD/USD exchange rate movements and any interest earned on the deposit balance.