Invesco CurrencyShares Euro Currency Trust

Credit and liquidity · Liquidity and cash flow constraints

Disruptions in the ability to create and redeem Baskets may adversely impact the price of the Shares. If the Trust were to issue all Shares that have been registered or if the Trust does not have an effective registration statement with the SEC with sufficient Shares available, the Trust would not be able to create new Baskets. If the process for creating or redeeming Shares is impaired for any reason, Authorized Participants and their clients or customers may not be able to purchase and redeem Baskets.

Market and investment · Interest rate and yield curve risk

If interest earned by the Trust does not exceed the Trust's expenses, the Trustee will withdraw euro from the Trust to pay these excess expenses, which will reduce the amount of euro represented by each Share on an ongoing basis. The amount of interest earned by the Trust has not always exceeded expenses. When expenses exceed interest income, the Trustee needs to withdraw euro from the Trust to pay the excess expenses.

International and currency · Foreign exchange and currency exposure

The USD/euro exchange rate, like foreign exchange rates in general, can be volatile and difficult to predict. This volatility could materially and adversely affect the performance of the Shares. Foreign exchange rates are influenced by changing supply and demand for a particular currency; monetary policies of governments; changes in balances of payments and trade; trade restrictions; and currency devaluations and revaluations.

Market and investment · Market volatility and economic cycles

The value of the Shares relates directly to the value of the euro held by the Trust. Fluctuations in the price of the euro could materially and adversely affect the value of the Shares. The price of euro has fluctuated widely over the past several years, and volatility has increased in recent months, possibly due, in part, to concern over the sovereign debt levels of certain European Union members.

Market and investment · Asset valuation and impairment

The Shares may trade at a price which is at, above, or below the NAV per Share. The NAV per Share fluctuates with changes in the market value of the Trust's assets. The market price of Shares can be expected to fluctuate in accordance with changes in the NAV per Share, but also in response to market supply and demand.

Geopolitical and trade · International conflicts and tensions

International Armed Conflicts May Result in Volatility in Currency Prices that Could Adversely Affect the Fund's Performance. As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, including related geopolitical tensions or emergency measures may impact the value of the currencies held by the Fund. Such conflicts have had, and could continue to have, severe effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty.

Geopolitical and trade · Political instability and government changes

Although the euro is established as the common currency of the European Union, a member state's exit from the European Union may materially impact the euro's value. For example, the United Kingdom, a former European Union member that had not adopted the euro as its currency, voted to leave the European Union in 2020. If other member states withdraw from the European Union, this may result in increased volatility and uncertainty, illiquidity and potentially lower economic growth in the region.

Geopolitical and trade · Trade policies tariffs and sanctions

Changes to United States tariff and trade policies may increase the volatility of foreign exchange rates. The United States, under the Trump administration has implemented significant tariff increases on imports from a large number of countries. In response, other countries, including the European Union and China, have announced retaliatory measures. These developments have contributed to increased volatility in foreign exchange markets, including fluctuations in the USD/euro exchange rate.

Cybersecurity and data protection · Third party data security and vendors

The Trust is dependent upon third party service providers (including the Sponsor and Trustee) for substantially all of its operational needs, the Trust is subject to the risk that a cyber attack on a service provider will materially impair its normal operations even if the Trust itself is not subject to such an attack. Compromises in the software supply chain or incidents at critical third-party vendors could magnify the operational impact of a cyber event and impair the Trust's ability to process Shareholder or Basket transactions.

Technology infrastructure · Technology systems and infrastructure failure

With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the Trust is susceptible to operational and information security risks. While the Sponsor has established business continuity plans and systems reasonably designed to detect and prevent such cyber attacks from being effective, there are inherent limitations in such plans and systems.

Cybersecurity and data protection · Data breaches and cyber attacks

Due to the increased use of technologies, intentional and unintentional cyber attacks pose operational and information security risks. Cyber attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber security failures or breaches of the Trust's third party service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Shareholders or Authorized Participants to transact business in Shares and Baskets respectively.

Core operations · Operational disruption and business continuity

Shareholders may incur significant fees upon the termination of the Trust. The occurrence of any one of several events would either require the Trust to terminate or permit the Sponsor to terminate the Trust. For example, if the Depository were to resign or be removed, then the Sponsor would be required to terminate the Trust.

Legal and litigation · Intellectual property disputes

The License Agreement with The Bank of New York Mellon may be terminated by The Bank of New York Mellon in the event of a material breach. If the License Agreement is terminated and one or more of The Bank of New York Mellon's patent applications issue as patents, then The Bank of New York Mellon may claim that the operation of the Trust violates its patent or patents and seek an injunction forcing the Trust to cease operation.

Industry regulation · Regulatory compliance and changes

The Deposit Accounts are not entitled to payment at any office of JPMorgan Chase Bank, N.A. located in the United States. The federal laws of the United States prohibit banks located in the United States from paying interest on unrestricted demand deposit accounts. Therefore, payments out of the Deposit Accounts will be payable only at the London branch of JPMorgan Chase Bank, N.A., located in England.

Corporate governance · Internal controls and risk management

The Depository owes no fiduciary duties to the Trust or the Shareholders, is not required to act in their best interest and could resign or be removed by the Sponsor, which would trigger early termination of the Trust. The Depository is not a trustee for the Trust or the Shareholders and has no duty to continue to act as the depository of the Trust.