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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) of the Securities Exchange

Act of 1934

For the quarterly period ended September 30, 2023

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) of the Securities Exchange

Act of 1934

For the transition period from ________ to ________

Commission File Number 001-32694

Invesco CurrencyShares® Euro Trust

Sponsored by Invesco Specialized Products, LLC

(Exact name of registrant as specified in its charter)

New York | 20-3613421
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.)

3500 Lacey Road, Suite 700 Downers Grove, Illinois | 60515
(Address of principal executive offices) | (Zip Code)

(800) 983-0903 (Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common Units of Beneficial Interest | FXE | NYSE Arca

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☐ | Accelerated filer | ☐
Non-accelerated filer | ☒ | Smaller reporting company | ☒
|  | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of outstanding Redeemable Capital Shares as of September 30, 2023: 2,350,000

INVESCO CURRENCYSHARES® EURO TRUST

Quarter ended September 30, 2023

table of contents

|  |  |  |  |  | Page
PART I. |  | FINANCIAL INFORMATION |  | 1
|  | ITEM 1. |  | Financial Statements |  | 1
|  |  |  | Notes to Unaudited Financial Statements |  | 8
|  | ITEM 2. |  | Management’s Discussion and Analysis of Financial Condition and Results of Operations |  | 12
|  | ITEM 3. |  | Quantitative and Qualitative Disclosures About Market Risk |  | 15
|  | ITEM 4. |  | Controls and Procedures |  | 15
PART II. |  | OTHER INFORMATION |  | 16
|  | Item 1. |  | Legal Proceedings |  | 16
|  | Item 1A. |  | Risk Factors |  | 16
|  | Item 2. |  | Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities |  | 16
|  | Item 3. |  | Defaults Upon Senior Securities |  | 16
|  | Item 4. |  | Mine Safety Disclosures |  | 16
|  | Item 5. |  | Other Information |  | 16
|  | Item 6. |  | Exhibits |  | 17
SIGNATURES |  | 19

PART I – FINA NC IAL INFORMATION

Item 1. Fi na ncial Statements.

Invesco CurrencyShares® Euro Trust

Statements of Fin ancial Condition

September 30, 2023 and December 31, 2022

(Unaudited)

|  | September 30, 2023 |  |  | December 31, 2022 |
Assets |  |  |  |  |  |
Euro deposits, interest bearing |  | $ | 229,556,432 |  |  | $ | 285,555,944 |
Receivable from accrued interest |  |  | 502,067 |  |  |  | 169,200 |
Total Assets |  | $ | 230,058,499 |  |  | $ | 285,725,144 |
Liabilities |  |  |  |  |  |
Euro deposits, non-interest bearing, overdrawn |  | $ | 13,291 |  |  | $ | 7,419 |
Accrued Sponsor’s fee |  |  | 78,121 |  |  |  | 111,264 |
Total Liabilities |  |  | 91,412 |  |  |  | 118,683 |
Commitments and Contingent Liabilities (Note 8) |  |  |  |  |  |
Redeemable Capital Shares and Shareholders’ Equity |  |  |  |  |  |
Redeemable Capital Shares, at redemption value, no par value, 2,350,000 and 2,900,000 issued and outstanding, respectively |  |  | 229,967,087 |  |  |  | 285,606,461 |
Shareholders' Equity: |  |  |  |  |  |
Retained Earnings |  |  | — |  |  |  | — |
Total Liabilities, Redeemable Capital Shares and Shareholders' Equity |  | $ | 230,058,499 |  |  | $ | 285,725,144 |

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

1

Invesco CurrencyShares® Euro Trust

Statements of Com prehensive Income

For the Three and Nine Months Ended September 30, 2023 and 2022

(Unaudited)

|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Income |  |  |  |  |  |  |  |  |  |  |  |
Interest Income |  | $ | 1,459,197 |  |  | $ | — |  |  | $ | 3,760,579 |  |  | $ | — |
Total Income |  |  | 1,459,197 |  |  |  | — |  |  |  | 3,760,579 |  |  |  | — |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Sponsor's fee |  |  | (240,957 | ) |  |  | (326,482 | ) |  |  | (809,239 | ) |  |  | (750,855 | )
Interest Expense on currency deposits |  |  | — |  |  |  | (308,655 | ) |  |  | — |  |  |  | (1,008,181 | )
Total Expenses |  |  | (240,957 | ) |  |  | (635,137 | ) |  |  | (809,239 | ) |  |  | (1,759,036 | )
Net Comprehensive Income (Loss) |  | $ | 1,218,240 |  |  | $ | (635,137 | ) |  | $ | 2,951,340 |  |  | $ | (1,759,036 | )
Basic and Diluted Earnings (Loss) per Share |  | $ | 0.51 |  |  | $ | (0.18 | ) |  | $ | 1.10 |  |  | $ | (0.68 | )
Weighted-average Shares Outstanding |  |  | 2,370,652 |  |  |  | 3,555,978 |  |  |  | 2,694,322 |  |  |  | 2,601,832 |

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

2

Invesco CurrencyShares® Euro Trust

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Three Months Ended September 30, 2023

(Unaudited)

|  | Retained Earnings |  |  | Total Shareholders' Equity |  |  | Shares |  |  | Redeemable Capital Shares |
Balance at June 30, 2023 |  | $ | — |  |  | $ | — |  |  |  | 2,500,000 |  |  | $ | 251,998,432 |
Purchases of Shares |  |  | — |  |  |  | — |  |  |  | 500,000 |  |  |  | 49,853,208 |
Redemption of Shares |  |  | — |  |  |  | — |  |  |  | (650,000 | ) |  |  | (64,863,293 | )
Net Increase (Decrease) due to Share Transactions |  |  | — |  |  |  | — |  |  |  | (150,000 | ) |  |  | (15,010,085 | )
Distributions |  |  | (1,177,819 | ) |  |  | (1,177,819 | ) |  |  |  |  |  | — |
Net Comprehensive Income (Loss) |  |  | 1,218,240 |  |  |  | 1,218,240 |  |  |  | — |  |  |  | — |
Adjustment of Redeemable Capital Shares to Redemption Value related to Retained Earnings |  |  | (40,421 | ) |  |  | (40,421 | ) |  |  | — |  |  |  | 40,421 |
Adjustment of Redeemable Capital Shares to Redemption Value |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,061,681 | )
Balance at September 30, 2023 |  | $ | — |  |  | $ | — |  |  |  | 2,350,000 |  |  | $ | 229,967,087 |

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

3

Invesco CurrencyShares® Euro Trust

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Three Months Ended September 30, 2022

(Unaudited)

|  | Retained Earnings |  |  | Total Shareholders' Equity |  |  | Shares |  |  | Redeemable Capital Shares |
Balance at June 30, 2022 |  | $ | — |  |  | $ | — |  |  |  | 2,250,000 |  |  | $ | 217,533,160 |
Purchases of Shares |  |  | — |  |  |  | — |  |  |  | 2,900,000 |  |  |  | 269,622,294 |
Redemption of Shares |  |  | — |  |  |  | — |  |  |  | (850,000 | ) |  |  | (78,754,630 | )
Net Increase (Decrease) due to Share Transactions |  |  | — |  |  |  | — |  |  |  | 2,050,000 |  |  |  | 190,867,664 |
Net Comprehensive Income (Loss) |  |  | (635,137 | ) |  |  | (635,137 | ) |  |  | — |  |  |  | — |
Adjustment of Redeemable Capital Shares to Redemption Value related to Retained Earnings |  |  | 635,137 |  |  |  | 635,137 |  |  |  | — |  |  |  | (635,137 | )
Adjustment of Redeemable Capital Shares to Redemption Value |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (18,968,787 | )
Balance at September 30, 2022 |  | $ | — |  |  | $ | — |  |  |  | 4,300,000 |  |  | $ | 388,796,900 |

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

4

Invesco CurrencyShares® Euro Trust

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Nine Months Ended September 30, 2023

(Unaudited)

|  | Retained Earnings |  |  | Total Shareholders' Equity |  |  | Shares |  |  | Redeemable Capital Shares |
Balance at December 31, 2022 |  | $ | — |  |  | $ | — |  |  |  | 2,900,000 |  |  | $ | 285,606,461 |
Purchases of Shares |  |  | — |  |  |  | — |  |  |  | 1,250,000 |  |  |  | 124,870,310 |
Redemption of Shares |  |  | — |  |  |  | — |  |  |  | (1,800,000 | ) |  |  | (179,877,697 | )
Net Increase (Decrease) due to Share Transactions |  | $ | — |  |  | $ | — |  |  |  | (550,000 | ) |  | $ | (55,007,387 | )
Distributions |  |  | (2,548,491 | ) |  |  | (2,548,491 | ) |  |  |  |  |  | — |
Net Comprehensive Income (Loss) |  |  | 2,951,340 |  |  |  | 2,951,340 |  |  |  |  |  |  | — |
Adjustment of Redeemable Capital Shares to Redemption Value related to Retained Earnings |  |  | (402,849 | ) |  |  | (402,849 | ) |  |  |  |  |  | 402,849 |
Adjustment of Redeemable Capital Shares to Redemption Value |  |  | — |  |  |  | — |  |  |  |  |  |  | (1,034,836 | )
Balance at September 30, 2023 |  | $ | — |  |  | $ | — |  |  |  | 2,350,000 |  |  | $ | 229,967,087 |

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

5

Invesco CurrencyShares® Euro Trust

Statements of Changes in Shareholders’ Equity and Redeemable Capital Shares

For the Nine Months Ended September 30, 2022

(Unaudited)

|  | Retained Earnings |  |  | Total Shareholders' Equity |  |  | Shares |  |  | Redeemable Capital Shares |
Balance at December 31, 2021 |  | $ | — |  |  | $ | — |  |  |  | 2,000,000 |  |  | $ | 211,443,880 |
Purchases of Shares |  |  | — |  |  |  | — |  |  |  | 5,450,000 |  |  |  | 525,443,080 |
Redemption of Shares |  |  | — |  |  |  | — |  |  |  | (3,150,000 | ) |  |  | (310,397,616 | )
Net Increase (Decrease) due to Share Transactions |  | $ | — |  |  | $ | — |  |  |  | 2,300,000 |  |  | $ | 215,045,464 |
Net Comprehensive Income (Loss) |  |  | (1,759,036 | ) |  |  | (1,759,036 | ) |  |  |  |  |  | — |
Adjustment of Redeemable Capital Shares to Redemption Value related to Retained Earnings |  |  | 1,759,036 |  |  |  | 1,759,036 |  |  |  |  |  |  | (1,759,036 | )
Adjustment of Redeemable Capital Shares to Redemption Value |  |  | — |  |  |  | — |  |  |  |  |  |  | (35,933,408 | )
Balance at September 30, 2022 |  | $ | — |  |  | $ | — |  |  |  | 4,300,000 |  |  | $ | 388,796,900 |

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

6

Invesco CurrencyShares® Euro Trust

Statements of Cash Flows

For the Nine Months Ended September 30, 2023 and 2022

(Unaudited)

|  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Cash flows from operating activities |  |  |  |  |  |
Net Comprehensive Income (Loss) |  | $ | 2,951,340 |  |  | $ | (1,759,036 | )
Adjustments to reconcile net comprehensive income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |
Change in operating assets and liabilities: |  |  |  |  |  |
Receivable from accrued interest |  |  | (332,867 | ) |  |  | — |
Accrued Sponsor’s fee |  |  | (33,143 | ) |  |  | 36,803 |
Accrued interest expense |  |  | — |  |  |  | (53,108 | )
Net cash provided by (used in) operating activities |  |  | 2,585,330 |  |  |  | (1,775,341 | )
Cash flows from financing activities |  |  |  |  |  |
Distributions paid to shareholders |  |  | (2,548,491 | ) |  |  | — |
Proceeds from purchases of redeemable capital Shares |  |  | 124,870,310 |  |  |  | 525,443,080 |
Redemptions of redeemable capital Shares |  |  | (179,877,697 | ) |  |  | (305,890,504 | )
Increase (decrease) in payable for Euro deposits overdrawn |  |  | 5,872 |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | (57,550,006 | ) |  |  | 219,552,576 |
Effect of exchange rate on cash |  |  | (1,034,836 | ) |  |  | (35,919,544 | )
Net change in cash |  |  | (55,999,512 | ) |  |  | 181,857,691 |
Cash at beginning of period |  |  | 285,555,944 |  |  |  | 211,643,424 |
Cash at end of period |  | $ | 229,556,432 |  |  | $ | 393,501,115 |
Supplemental disclosure of cash flow information |  |  |  |  |  |
Cash paid for interest |  | $ | — |  |  | $ | 1,061,289 |

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

7

Invesco CurrencyShares® Euro Trust

Notes to Unaudited Financ ial Statements

September 30, 2023

Note 1 – Background

On September 28, 2017, Guggenheim Capital, LLC (“Guggenheim”) and Invesco Ltd. entered into a Transaction Agreement (the “Transaction Agreement”), pursuant to which Guggenheim agreed to transfer all of the membership interests of Guggenheim Specialized Products, LLC (the “Sponsor”) to Invesco Capital Management LLC (“Invesco Capital Management”).

The Transaction Agreement was consummated on April 6, 2018 (the “Closing”) and immediately following the Closing, Invesco Capital Management changed the name of the Sponsor to Invesco Specialized Products, LLC.

Note 2 – Organization

The Invesco CurrencyShares® Euro Trust (the “Trust”) was formed under the laws of the State of New York on December 5, 2005 when the Sponsor deposited 100 euro in the Trust’s primary deposit account held by JPMorgan Chase Bank, N.A., London Branch (the “Depository”). The Sponsor is a Delaware limited liability company whose sole member is Invesco Capital Management. The Trust has an unlimited number of shares authorized for issuance.

The investment objective of the Trust is for the Trust’s shares (the “Shares”) to reflect the price in U.S. Dollars (“USD”) of the euro plus accrued interest, if any, less the Trust’s expenses and liabilities. The Shares are intended to provide investors with a simple, cost-effective means of gaining investment benefits similar to those of holding euro. The Trust’s assets primarily consist of euro on demand deposit in two deposit accounts maintained by the Depository: a primary deposit account which may earn interest and a secondary deposit account which does not earn interest. The secondary deposit account is used to account for any interest that may be received and paid out on creations and redemptions of blocks of 50,000 Shares (“Baskets”). The secondary account is also used to account for interest earned, if any, on the primary deposit account, pay Trust expenses and distribute any excess interest to holders of Shares (“Shareholders”) on a monthly basis.

This Quarterly Report (the “Report”) covers the three and nine months ended September 30, 2023 and 2022. The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 24, 2023.

Note 3 – Summary of Significant Accounting Policies

A.
Basis of Presentation

The financial statements of the Trust have been prepared using U.S. GAAP. Certain reclassifications have been made to prior years' financial statements to conform to the current year presentation.

B.
Accounting Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued.

C.
Foreign Currency Translation

For Net Asset Value (“NAV”) calculation purposes, euro deposits (cash) are translated at the Closing Spot Rate, which is the USD/euro exchange rate as determined and published by The WM Company at 4:00 PM (London time/London fixing) on each day that NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading.

The Trust maintains its books and records in euro. For financial statement reporting purposes, the U.S. Dollar is the reporting currency. As a result, the financial records of the Trust are translated from euro to USD. The Closing Spot Rate on the last day of the period is used for translation in the statements of financial condition. The average Closing Spot Rate for the period is used for translation in the statements of comprehensive income and the statements of cash flows. The redeemable capital Shares are adjusted to redemption value and these adjustments are recorded against retained earnings.

8

D.
Interest Income

Interest on the primary deposit account, if any, accrues daily as earned and is received or paid on a monthly basis. Any interest below zero for the period is reflected as interest expense on currency deposits. The Depository may change the rate at which interest accrues, including reducing the interest rate to zero or below zero, based upon changes in market conditions or based on the Depository’s liquidity needs.

E.
Distributions

To the extent that the interest earned by the Trust, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trust will distribute, as a dividend (herein referred to as dividends or distributions), the excess interest earned in euro effective on the first business day of the subsequent month. The Trustee (as defined below) will direct that the excess euro be converted into USD at the prevailing market rate and the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own).

|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Distributions per Share |  | $ | 0.50 |  |  | $ | — |  |  | $ | 0.95 |  |  | $ | — |
Distributions paid |  | $ | 1,177,819 |  |  | $ | — |  |  | $ | 2,548,491 |  |  | $ | — |

An income distribution for the month ended September 30, 2023 was paid on October 10, 2023 to holders of record as of October 3, 2023 at a rate of $0.17430 per Share and a total distribution of $409,605.

F.
Routine Operational, Administrative and Other Ordinary Expenses

The Sponsor is responsible for all routine operational, administrative and other ordinary expenses of the Trust, including, but not limited to, the Trustee's monthly fee, NYSE Arca listing fees, SEC registration fees, typical maintenance and transaction fees of the Depository, printing and mailing costs, audit fees and expenses, up to $100,000 per year in legal fees and expenses, and applicable license fees. The Trust does not reimburse the Sponsor for the routine operational, administrative and other ordinary expenses of the Trust. Accordingly, such expenses are not reflected in the Statements of Comprehensive Income of the Trust.

G.
Non-Recurring Fees and Expenses

In certain cases, the Trust will pay for some expenses in addition to the Sponsor’s fee. These exceptions include expenses not assumed by the Sponsor (i.e., expenses other than those identified in the preceding paragraph), expenses resulting from negative interest rates, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the interests of Shareholders, indemnification of the Sponsor under the Depositary Trust Agreement, audit fees and legal expenses in excess of $100,000 per year. The only expense of the Trust during the three and nine months ended September 30, 2023 was the Sponsor’s fee. The only expenses of the Trust during the three and nine months ended September 30, 2022 were the Sponsor’s fee and interest expense on currency deposits.

H.
Federal Income Taxes

The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Interest, gains and losses are passed through to the Shareholders.

Shareholders generally will be treated, for U.S. federal income tax purposes, as if they directly owned a pro-rata share of the assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro-rata portion of the Trust’s income, if any, and as if they directly incurred their respective pro-rata portion of the Trust’s expenses. The acquisition of Shares by a U.S. Shareholder as part of a creation of a Basket will not be a taxable event to the Shareholder.

The Sponsor’s fee accrues daily and is payable monthly. For U.S. federal income tax purposes, an accrual-basis U.S. Shareholder generally will be required to take into account as an expense its allocable portion of the USD-equivalent of the amount of the Sponsor’s fee that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in effect on the respective day. To the extent that the currency exchange rate on the date of payment of the accrued amount of the Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S. Shareholder will recognize a currency gain or loss for U.S. federal income tax purposes.

The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of euro. A non-U.S. Shareholder generally will not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of euro by the Trust, unless: (1) the non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.

9

A non-U.S. Shareholder’s portion of any interest income earned by the Trust generally will not be subject to U.S. federal income tax unless the Shares owned by such non-U.S. Shareholder are effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States.

Note 4 – Euro Deposits

Euro principal deposits are held in a euro-denominated, interest-bearing demand account. The interest rate in effect as of September 30, 2023 was an annual nominal rate of 2.70%. For the nine months ended September 30, 2023, there were euro principal deposits of 115,328,907 and euro principal redemptions of 166,073,625 resulting in an ending euro principal balance of 216,818,346. This equates to 229,556,432 USD. For the year ended December 31, 2022, there were euro principal deposits of 679,568,682, euro principal redemptions of 596,144,853, and euro withdrawals (to pay expenses) of 1,970,473, resulting in an ending euro principal balance of 267,562,001. This equates to 285,555,944 USD.

Net interest, if any, associated with creation and redemption activity is held in a euro-denominated non-interest-bearing account, and any balance is distributed in full as part of the monthly income distributions, if any.

Note 5 – Concentration Risk

All of the Trust’s assets are euro, which creates a concentration risk associated with fluctuations in the price of the euro. Accordingly, a decline in the euro to USD exchange rate will have an adverse effect on the value of the Shares. Factors that may have the effect of causing a decline in the price of the euro include national debt levels and trade deficits, domestic and foreign inflation rates, domestic and foreign interest rates, investment and trading activities of institutions and global or regional political, economic or financial events and situations. Substantial sales of euro by the official sector (central banks, other governmental agencies and related institutions that buy, sell and hold euro as part of their reserve assets) could adversely affect an investment in the Shares.

All of the Trust’s euro are held by the Depository. Accordingly, a risk associated with the concentration of the Trust’s assets in accounts held by a single financial institution exists and increases the potential for loss by the Trust and the Trust’s beneficiaries in the event that the Depository becomes insolvent.

Note 6 – Service Providers and Related Party Agreements

The Trustee

The Bank of New York Mellon (the “Trustee”), a banking corporation with trust powers organized under the laws of the State of New York, serves as the Trustee. The Trustee is responsible for the day-to-day administration of the Trust, including keeping the Trust’s operational records.

The Sponsor

The Sponsor of the Trust generally oversees the performance of the Trustee and the Trust’s principal service providers. The Sponsor is Invesco Specialized Products, LLC, a Delaware limited liability company and a related party of the Trust. The Trust pays the Sponsor a Sponsor’s fee, which accrues daily at an annual nominal rate of 0.40% of the euro in the Trust (including all unpaid interest but excluding unpaid fees, each as accrued through the immediately preceding day) and is paid monthly.

Note 7 – Share Purchases and Redemptions

Shares are issued and redeemed continuously in Baskets in exchange for euro. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. Only Authorized Participants (as defined below) may place orders to create and redeem Baskets. An Authorized Participant is a Depository Trust Company (“DTC”) participant that is a registered broker-dealer or other institution eligible to settle securities transactions through the book-entry facilities of the DTC and which has entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption process. Authorized Participants may redeem their Shares at any time in Baskets.

Due to expected continuing creations and redemptions of Baskets and the two-day period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable on the trade date. Shares redeemed are reflected as a liability on the trade date. Outstanding Shares are reflected at redemption value, which is the NAV per Share at the period end date. Adjustments to redeemable capital Shares at redemption value are recorded directly to redeemable capital shares and retained earnings.

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The Trustee calculates the Trust’s NAV each business day. To calculate the NAV, the Trustee subtracts the Sponsor’s accrued fee through the previous day from the euro held by the Trust (including all unpaid interest, if any, accrued through the preceding day) and calculates the value of the euro in USD based upon the Closing Spot Rate. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate will be used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for the valuation. If the Trustee and the Sponsor determine that the most recent Closing Spot Rate is not an appropriate basis for valuation of the Trust’s euro, they will determine an alternative basis for the valuation. The Trustee also determines the NAV per Share, which equals the NAV of the Trust, divided by the number of outstanding Shares. Shares deliverable under a purchase order are considered outstanding for purposes of determining NAV per Share; Shares deliverable under a redemption order are not considered outstanding for this purpose.

Note 8 – Commitments and Contingencies

The Trust’s organizational documents provide for the Trust to indemnify the Sponsor and any affiliate of the Sponsor that provides services to the Trust to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Sponsor or such an affiliate. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Further, the Trust has not had prior claims or losses pursuant to these contracts. Accordingly, the Sponsor expects the risk of loss to be remote.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Cautionary Statement Regarding Forward-Looking Information

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate” and other similar words. Forward-looking statements are based upon our current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. Various factors may cause our actual results to differ materially from those expressed in our forward-looking statements. These factors include fluctuations in the price of the euro, as the value of the Shares relates directly to the value of the euro held by the Trust and price fluctuations could materially adversely affect an investment in the Shares. Readers are urged to review the “Risk Factors” section contained in the Trust’s most recent annual report on Form 10-K for a description of other risks and uncertainties that may affect an investment in the Shares.

Neither Invesco Specialized Products, LLC (the “Sponsor”) nor any other person assumes responsibility for the accuracy or completeness of forward-looking statements contained in this report. The forward-looking statements are made as of the date of this report, and will not be revised or updated to reflect actual results or changes in the Sponsor’s expectations or predictions.

Overview/Introduction

The Invesco CurrencyShares® Euro Trust (the “Trust”) is a grantor trust that was formed on December 5, 2005. The Shares began trading on the New York Stock Exchange under the ticker symbol “FXE” on December 12, 2005. The primary listing of the Shares was transferred to NYSE Arca, Inc. (“NYSE Arca”) on October 30, 2007. The Trust issues shares (the “Shares”) in blocks of 50,000 (a “Basket”) in exchange for deposits of euro and distributes euro in connection with the redemption of Baskets.

The investment objective of the Trust is for the Shares to reflect the price in USD of euro plus accrued interest, if any, less the expenses of the Trust’s operations. The Shares are intended to offer investors an opportunity to participate in the market for the euro through an investment in securities. The Shares are intended to provide institutional and retail investors with a simple, cost-effective means of gaining investment benefits similar to those of holding the euro. The Shares are bought and sold on NYSE Arca like any other exchange-listed security. The Shares are backed by the assets of the Trust, which does not hold or use derivative products. The Trust is a passive investment vehicle and does not have any officers, directors or employees. The Trust does not engage in any activities designed to obtain profit from, or ameliorate losses caused by, changes in the price of the euro. Investing in the Shares does not insulate the investor from certain risks, including price volatility. The value of the holdings of the Trust is reported on the Trust’s website, www.invesco.com/etfs, each business day.

Definition of Net Asset Value

The Trustee calculates, and the Sponsor publishes, the Trust’s Net Asset Value (“NAV”) each business day. To calculate the NAV, the Trustee adds to the amount of euro in the Trust at the end of the preceding day accrued but unpaid interest, if any, euro receivable under pending purchase orders and the value of other Trust assets, and subtracts the accrued but unpaid Sponsor’s fee, euro payable under pending redemption orders and other Trust expenses and liabilities, if any. The NAV is expressed in USD based on the euro/USD exchange rate as determined by The WM Company at 4:00 PM (London time / London fixing) (the “Closing Spot Rate”) on each day that NYSE Arca is open for regular trading. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate is used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for the valuation.

The Trustee also determines the NAV per Share, which equals the NAV of the Trust divided by the number of outstanding Shares. The NAV of the Trust and the NAV per Share are published by the Sponsor on each day that NYSE Arca is open for regular trading and are posted on the Trust’s website, www.invesco.com/etfs.

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Movements in the Price of the Euro

The investment objective of the Trust is for the Shares to reflect the price in USD of the euro plus accrued interest, if any, less the expenses of the Trust’s operations. The Shares are intended to provide institutional and retail investors with a simple, cost-effective means of gaining investment benefits similar to those of holding euro. Each outstanding Share represents a proportional interest in the euro held by the Trust. The following chart provides recent trends on the price of euro. The chart illustrates movements in the price of euro in USD and is based on the Closing Spot Rate:

NAV per Share; Valuation of the Euro

The following chart illustrates the movement in the price of the Shares based on (1) NAV per Share, (2) the “bid” and “ask” midpoint offered on NYSE Arca and (3) the Closing Spot Rate, expressed as a multiple of 100 euro:

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Liquidity and Capital Resources

The Trust does not have any material cash requirements as of the end of the latest fiscal period. The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs. The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The interest rate in effect as of September 30, 2023 was an annual nominal rate of 2.70%. The following chart provides the daily rate paid by the Depository since September 30, 2018:

In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee. Each month the Depository deposits into the secondary deposit account accrued but unpaid interest, if any, and the Trustee withdraws euro from the secondary deposit account to pay the accrued Sponsor’s fee for the previous month plus other Trust expenses (including, without limitation, expenses resulting from negative interest rates), if any. When the interest deposited, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trustee converts the excess into USD at the prevailing market rate and distributes the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own). Distributions paid during the current reporting period follow (annualized yield reflects the estimated annual yield an investor would receive if a monthly distribution stayed the same for the entire year going forward, and is calculated by annualizing the monthly distribution and dividing
by the Trust NAV for the dates listed below):

FXE Distribution History
Date |  | Value |  |  | NAV |  |  | Yield |  | Annualized Yield
7/3/2023 |  | $ | 0.14022 |  |  | $ | 100.81 |  |  | 0.14% |  | 1.69%
8/1/2023 |  | $ | 0.15751 |  |  | $ | 101.88 |  |  | 0.15% |  | 1.82%
9/1/2023 |  | $ | 0.17619 |  |  | $ | 100.31 |  |  | 0.18% |  | 2.07%

Critical Accounting Estimates

The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. In addition, please refer to Note 3 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2022.

Results of Operations

During the three and nine months ended September 30, 2023 and 2022, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from the Federal Reserve's ambiguous messaging around its monetary policies and US banking sector turmoil for 2023, and uncertainty caused by the novel coronavirus known as COVID-19, as well as the Russia-Ukraine conflict,

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for 2022, which are considered to be unusual or infrequent events. Although the full and direct impact of the COVID-19 pandemic, the Russia-Ukraine conflict, and the US banking sector turmoil, on the Trust's net comprehensive income (loss) during the three and nine months ended September 30, 2023 and 2022 cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.

The euro (EUR/USD) ended the third quarter of 2023 in negative territory. In addition to renewed dollar strength, the pair was further pressured by weaker Eurozone economic outlook. Unlike the Fed which has kept to its more hawkish messaging, keeping open the chances for further hikes, the European Central Bank (ECB) has already signaled its September hike to be its last. The US economy was also expected to outperform the Eurozone as suggested by the EU’s economic growth forecasts – domestic demand continued to falter amid high inflation and the Eurozone PMI continued to signal a contraction.

The euro (EUR/USD) continued lower in the third quarter of 2022 as pressures from the rapidly strengthening greenback mounted amid heightened recession fears. The US dollar surged to above a 20-year high in September as expectation for aggressive Federal Reserve (Fed) policy boosted demand for the currency. The deepening energy crisis in Europe following indefinitely halted Russian natural gas pipeline flows, further raised probabilities for a recession in the region, adding pressure on European currencies.

The euro (EUR/USD) ended the first three quarters of 2023 slightly lower with US dollar moves accounting for the bulk of the price action though the European Central Bank’s persistently hawkish rhetoric provided some support in the second quarter. The greenback swayed sharply between gains and losses through most of the period as expectations that the Fed will soon start to back down from its aggressive rate hikes grew, and then dimmed repeatedly as a result of the banking sector turmoil, US debt ceiling debacle, inflation prints and Fed comments. This sent the USD, and hence the pair on a mini rollercoaster ride through the first half of the year. The currency pair depreciated in the third quarter, pressured by renewed dollar strength – the Fed’s hawkish-for-longer rhetoric compared to the ECB and US economic resilience helped the dollar rebound to its highest since November 2022.

The euro (EUR/USD) posted negative performance year-to-date in 2022 as heightened geopolitical tensions in the first quarter and rising recession fears in the second and third quarters boosted investor demand for safe haven currencies like the US dollar, while simultaneously weighed on its European counterparts. Higher interest rates also boosted demand for the country’s currency (in this case boosting the USD). The deepening energy crisis in Europe, following its ban of Russian oil and refined products in the second quarter and then the indefinite halt of Russian gas pipeline flows in the third quarter, raised probabilities for a recession in the region.

Additionally, the interest rate paid by the Depository has generally trended upward over the past year from sub-zero, to the current interest rate of 2.70%, as set forth in the FXE Rate Chart above. As long as the interest income, if any, exceed the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.

Item 3. Quantitative and Qualitati ve Disclosures About Market Risk.

Except as described above with respect to fluctuations in the USD/euro exchange rate and changes in the nominal annual interest rate paid by the Depository on euro held by the Trust, the Trust is not subject to market risk. The Trust does not hold securities and does not invest in derivative instruments.

Item 4. Controls and Procedures.

Under the supervision and with the participation of the management of the Sponsor, including Anna Paglia, its Principal Executive Officer, and Kelli Gallegos, its Principal Financial and Accounting Officer, Investment Pools, the Trust carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report, and, based upon that evaluation, Anna Paglia, the Principal Executive Officer of the Sponsor, and Kelli Gallegos, the Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, concluded that the Trust's disclosure controls and procedures were effective to provide reasonable assurance that information the Trust is required to disclose in the reports that it files or submits with the Securities and Exchange Commission (the “SEC”) under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and to provide reasonable assurance that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is accumulated and communicated to management of the Sponsor, including its Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Trust's quarter ended September 30, 2023 that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

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PART II – OTHE R INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Ri sk Factors.

There are no material changes from risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022, filed February 24, 2023.

Item 2. Unregistered Sales of Equit y Securities, Use of Proceeds, and Issuer Purchases of Equity Securities.

(a) There have been no unregistered sales of Shares. No Shares are authorized for issuance by the Trust under equity compensation plans.

(b) Not applicable.

(c) Although the Trust did not redeem Shares directly from its shareholders, the Trust redeemed Baskets from Authorized

Participants during the three months ended September 30, 2023 as follows:

Period of Redemption |  | Total Number of Shares Redeemed |  |  | Average Price Paid per Share |
July 1, 2023 to July 31, 2023 |  |  | 150,000 |  |  | $ | 101.75 |
August 1, 2023 to August 31, 2023 |  |  | 100,000 |  |  | $ | 101.11 |
September 1, 2023 to September 30, 2023 |  |  | 400,000 |  |  | $ | 98.72 |
Total |  |  | 650,000 |  |  | $ | 99.79 |

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safe ty Disclosures.

Not applicable.

Item 5. Other Information.

During the period covered by this Quarterly Report, none of the members of the Sponsor responsible for overseeing the business and operations of the Fund adopted, modified or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.

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Item 6. E xhibits.

Exhibit No. | Description
3.1 | Certificate of Formation of the Sponsor dated September 14, 2005, incorporated herein by reference to Exhibit 3.1 to the Registration Statement on Form S-1/A (File number 333-125581) filed by the Trust on October 25, 2005.
3.2 | Certificate of Amendment to the Certificate of Formation of the Sponsor dated March 27, 2012, incorporated herein by reference to Exhibit 3.2 to the Annual Report on Form 10-K filed by the Trust on January 14, 2013.
3.3 | Certificate of Amendment to the Certificate of Formation of the Sponsor dated April 6, 2018, incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K filed by the Trust on April 9, 2018.
3.4 | Third Amended and Restated Limited Liability Company Agreement of the Sponsor, incorporated herein by reference to Exhibit 3.2 to the Current Report on Form 8-K filed by the Trust on April 9, 2018.
4.1 | Depositary Trust Agreement dated as of December 2, 2005 among the Sponsor, The Bank of New York Mellon, all registered owners and beneficial owners of Euro Shares issued thereunder and all depositors, incorporated herein by reference to Exhibit 4.1 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
4.2 | Amendment to Depositary Trust Agreement dated as of November 13, 2008 between the Sponsor and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q filed by the Trust on September 9, 2010.
4.3 | Global Amendment to Depositary Trust Agreements dated as of March 6, 2012 between the Sponsor and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q filed by the Trust on March 12, 2012.
4.4 | Global Amendment to Certain Depositary Trust Agreements dated as of April 8, 2013 between the Sponsor and The Bank of New York Mellon, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Trust on April 9, 2013.
4.5 | Global Amendment to Depositary Trust Agreements dated as of September 5, 2017 between the Sponsor and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.9 to the Quarterly Report on Form 10-Q filed by the Trust on September 11, 2017.
4.6 | Global Amendment to Depositary Trust Agreements dated as of June 4, 2018 between the Sponsor and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by the Trust on June 4, 2018.
4.7 | Global Amendment to Depositary Trust Agreements dated as of January 9, 2019 between the Sponsor and The Bank of New York Mellon, incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by the Trust on January 11, 2019.
4.8 | Form of Participant Agreement among The Bank of New York Mellon, the Sponsor, and the Authorized Participants listed in the Schedule attached thereto pursuant to Instruction 2 to Item 601 of Regulation S-K, incorporated herein by reference to Exhibit 4.7 to the Annual Report on Form 10-K filed by the Trust on January 11, 2019.
10.1 | Deposit Account Agreement dated as of August 7, 2011 between The Bank of New York Mellon and the London Branch of JPMorgan Chase Bank, N.A., incorporated herein by reference to Exhibit 10.1 to the Annual Report on Form 10-K/A filed by the Trust on March 10, 2011.
10.2 | License Agreement dated as of April 6, 2018 between The Bank of New York Mellon and the Sponsor, incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Trust on April 9, 2018.
31.1 | Certification by Principal Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.
31.2 | Certification by Principal Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002.

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32.1 | Certification by Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 | Certification by Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH | Inline XBRL Taxonomy Extension Schema Document
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 | The cover page of the Trust's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in Inline XBRL

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SIgnat ures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  | Invesco CurrencyShares® Euro Trust
|  | By: |  | Invesco Specialized Products, LLC
|  |  |  | its Sponsor

Dated: November 7, 2023 |  | By: |  | /s/ Anna Paglia
|  | Name: |  | Anna Paglia
|  | Title: |  | Principal Executive Officer

Dated: November 7, 2023 |  | By: |  | /s/ Kelli Gallegos
|  | Name: |  | Kelli Gallegos
|  | Title: |  | Principal Financial and Accounting Officer, Investment Pools

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