Company: FXB
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001193125-25-270293
Chunk: 1

Company: Invesco CurrencyShares British Pound Sterling Trust
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 1A
Chunk 1
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Except for the modified risk factor set forth below, there have been no material changes from risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025.    

 Regulatory Matters  

Changes to United States tariff and trade policies have increased the volatility of foreign exchange rates and may continue to do so. This volatility could materially and adversely affect the performance of the Shares.  

The United States, under the Trump administration, has implemented significant tariff increases on imports from a large number of countries, affecting a broad array of goods, and has signaled that additional tariffs may be imposed. These actions are part of a broader shift in U.S. trade policy that has at times been difficult to predict. The potential for further escalation, including the imposition of new or higher tariffs with limited notice, has contributed to increased uncertainty in global markets. In response, other countries, including China, have announced retaliatory measures. While some tariff reductions have been implemented pursuant to temporary arrangements between the United States and various trading partners, such measures remain subject to reversal. These developments have contributed to increased volatility in foreign exchange markets, including fluctuations in the USD/British Pound Sterling exchange rate. Sustained or increased volatility could materially and adversely affect the performance of the Shares.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 

(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 does not redeem Shares directly from its shareholders, the Trust, from time to time, redeems Baskets from Authorized Participants. During the three months ended September 30, 2025, the Trust’s redemptions of Baskets from Authorized Participants, if any, are provided in the table below:

     Period of Redemption
      
     Total Numberof SharesRedeemed

     Average Price Paid per Share

     July 1, 2025 to July 31, 2025

     —

     $
     —

     August 1, 2025 to August 31, 2025

     50,000

     $
     127.73

     September 1, 2025 to September 30, 2025

     100,000

     $
     129.59

     Total

     150,000

     $
     128.97

Item