Invesco CurrencyShares Japanese Yen Trust

International and currency · Foreign exchange and currency exposure

The value of the Shares relates directly to the value of the Japanese Yen held by the Trust. Fluctuations in the price of the Japanese Yen could materially and adversely affect the value of the Shares.

Credit and liquidity · Banking relationships and credit facilities

The Deposit Accounts are not entitled to payment at any office of JPMorgan Chase Bank, N.A. located in the United States. Payments out of the Deposit Accounts will be payable only at the London branch of JPMorgan Chase Bank, N.A., located in England.

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.

Market and investment · Market volatility and economic cycles

The Japanese Yen/USD 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.

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.

Credit and liquidity · Credit risk and customer defaults

If the Depository becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant. The Trust has no proprietary rights in or to any specific Japanese Yen held by the Depository and will be an unsecured creditor of the Depository.

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 Japanese Yen from the Trust to pay these excess expenses, which will reduce the amount of Japanese Yen represented by each Share on an ongoing basis.

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.

Cybersecurity and data protection · Third party data security and vendors

Cyber security failures or breaches of the Trust's third party service providers (including, but not limited to, the Trustee and the Sponsor) have the ability to cause disruptions and impact business operations. The Trust is dependent upon third party service providers for substantially all of its operational needs.

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.

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, affecting a broad array of goods.

Geopolitical and trade · International conflicts and tensions

International Armed Conflicts May Result in Market Volatility that Could Adversely Affect the Fund's Performance. 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.

Industry regulation · Regulatory compliance and changes

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.

Corporate governance · Shareholder rights and activism

Shareholders do not have the rights enjoyed by investors in certain other financial instruments. As interests in a grantor trust, the Shares have none of the statutory rights normally associated with the ownership of shares of a business corporation.

Core operations · Operational disruption and business continuity

Cyber attacks may result in the inability of Shareholders or Authorized Participants to transact business in Shares and Baskets respectively, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage.