Invesco CurrencyShares® Japanese Yen Trust is a grantor trust that issues shares in blocks of 50,000 in exchange for deposits of Japanese Yen and distributes Japanese Yen upon redemption of those blocks. The trust’s investment objective is for its shares to reflect the price in US dollars of the Japanese Yen plus any accrued interest less the trust’s expenses. Shares are bought and sold on NYSE Arca like any other exchange traded security and are backed by the physical Yen held by the trust. The trust is a passive investment vehicle with no officers directors or employees and does not engage in any activity to profit from or offset losses caused by changes in the Yen’s price.

The trust generates revenue primarily through interest earned on its Japanese Yen deposits held at the depository account. Interest accrues daily and is paid monthly; any excess interest after covering the sponsor’s fee and other expenses may be distributed to shareholders on a pro‑rata basis. The sponsor’s fee accrues daily at an annual nominal rate of 0.40 percent of the Yen in the trust and represents the trust’s ordinary recurring expense. For the year ended December 31 2025 the trust incurred $2,394,370 in sponsor’s fees.

Invesco CurrencyShares® Japanese Yen Trust operates within the niche of exchange traded currency products offering direct exposure to the Japanese Yen. Its main competitors include other CurrencyShares trusts such as the Euro Trust and the Canadian Dollar Trust as well as currency exchange traded funds offered by providers like WisdomTree and BlackRock. The trust’s competitive advantages lie in its simple structure that holds physical Yen without using derivatives its low expense ratio of 0.40 percent and its transparent daily net asset value published on NYSE Arca.

The trust serves both institutional and retail investors who seek a straightforward cost effective way to gain exposure to the Japanese Yen through a security. Specific customer names are not disclosed in the filing but the investor base comprises financial advisors individual investors and institutional accounts looking to diversify currency risk or to take a directional view on the Yen.