The Invesco CurrencyShares Swiss Franc Trust (FXF) is a passive exchange-traded product that gives investors direct exposure to the Swiss franc (CHF). The Trust holds physical Swiss francs on deposit at JPMorgan Chase Bank's London Branch, and issues shares that track the price of CHF in USD terms, plus any accrued interest. Investors use FXF to express a view on CHF movements against the USD — as a currency hedge, a safe-haven trade, or a speculative position — without holding foreign currency directly or using derivatives. FXF trades on NYSE Arca, making it accessible to both institutional and retail investors. The Trust is structured as a grantor trust, with Invesco Specialized Products serving as Sponsor, Bank of New York Mellon as Trustee, and JPMorgan Chase as custodian of the franc deposits. The Trust charges a single recurring Sponsor's fee of 0.40% annually, which covers all operating costs. If interest earned on the franc deposits exceeds this fee in a given month, the excess is distributed to shareholders; if deposit rates are negative or zero — as Swiss monetary policy has produced for extended periods — shareholders bear the additional cost. New shares are created or redeemed only in blocks of 50,000 shares by Authorized Participants, a mechanism that keeps the share price closely aligned with the underlying franc holdings.