The Invesco CurrencyShares Australian Dollar Trust (FXA) is a passive, exchange-traded product that gives investors exposure to the Australian Dollar. The Trust holds physical AUD in deposit accounts at JPMorgan Chase Bank's London branch, and each Share represents a proportional interest in those holdings plus accrued interest, less expenses. Investors buy and sell Shares on NYSE Arca like any stock, gaining AUD/USD exposure without needing a foreign currency account. The Trust does no active management and holds no derivatives — it simply holds Australian Dollars. New Shares are created when Authorized Participants deposit AUD with the Trust in exchange for blocks of 50,000 Shares, and the process works in reverse for redemptions, keeping the Share price aligned with the underlying AUD value. The Trust charges a 0.40% annual Sponsor's fee, paid to Invesco Specialized Products, which covers administrative costs including trustee, audit, and exchange listing fees. If interest earned on the AUD deposit accounts exceeds the Sponsor's fee and other expenses in a given month, the excess is converted to USD and distributed to shareholders. Invesco's economic interest is solely the 0.40% annual fee, which scales with total AUD assets held in the Trust.