1.00
204685669
330039021
0
330039021
330039021
264931893
0
98421
0
330039021
106759
330039021
205180
329833841
0
2750000
2750000
137000000
100
0
0
266705058
266551806
2500000
0
0
393593414
0
376734108
393593414
337862948
0
108181
376734108
109910
393593414
218091
393375323
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3500000
3500000
137000000
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900863979
1901235
997328606
1108131814
19641670
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9300000
10300000
-33837
33837
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2178761
0
-62019389
-413323
-0.21
-4622787
2406
66642
68059
206795
0
-423425
407280
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-407280
-6043
170775940
423425
0
113802763
0
200485
1903261
-75126
-78126
false
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td valign="top" width="4%" align="left"><b>5.</b></td>
<td valign="top" align="left"><b>Sponsor’s Fee</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
The Sponsor’s fee 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
The Sponsor assumes and pays the following administrative and
marketing expenses incurred by the Trust: 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
In certain exceptional 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 a negative interest rate, 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.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td valign="top" width="4%" align="left"><b>3.</b></td>
<td valign="top" align="left"><b>Euro Deposits</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
Euro principal deposits are held in a euro-denominated,
interest-bearing demand account. The interest rate in effect as of
January 31, 2018 was an annual nominal rate of <font style="WHITE-SPACE: nowrap">-0.40%.</font> For the three months ended
January 31, 2018, there were euro principal deposits of
207,102,765, euro principal redemptions of 279,487,959 and euro
withdrawals (to pay expenses) of 545,861, resulting in an ending
euro principal balance of 264,931,893. This equates to 330,039,021
USD. For the year ended October 31, 2017, there were euro
principal deposits of 997,328,606, euro principal redemptions of
900,863,979 and euro withdrawals (to pay expenses) of 1,901,235,
resulting in an ending euro principal balance of 337,862,948. This
equates to 393,593,414 USD (which includes USD subscriptions
receivable).</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
Net interest, if any, associated with creation and redemption
activity is held in a euro-denominated <font style="WHITE-SPACE: nowrap">non-interest-bearing</font> account, and any
balance is distributed in full as part of the monthly income
distributions, if any.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td valign="top" width="4%" align="left"><b>8.</b></td>
<td valign="top" align="left"><b>Commitments and
Contingencies</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
Under the Trust’s organizational documents, the Sponsor is
indemnified against any liability or expense it incurs without
negligence, bad faith or willful misconduct on its part. The
Trust’s maximum exposure under this arrangement is unknown,
as this would involve future claims that may be made against the
Trust that have not yet occurred.</p>
</div>
0
-46695087
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td valign="top" width="4%" align="left"><b>7.</b></td>
<td valign="top" align="left"><b>Concentration Risk</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
All of the Trust’s assets are euro, which creates a
concentration risk associated with fluctuations in the price of
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 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. The price
of euro has fluctuated widely over the past several years, and
volatility has increased in recent months due, in part, to concern
over the sovereign debt levels of certain European Union members
and the potential impact of this debt on the composition of the
European Union members and the value of the euro. 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.</p>
</div>
-651971
--01-31
-0.24
Q1
2018
10-Q
23028873
2018-01-31
CURRENCYSHARES EURO TRUST
0001328598
2005-12-05
Accelerated Filer
-13933
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>B.</b></td>
<td valign="top" align="left"><b>Foreign Currency
Translation</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
The Trustee calculates the Trust’s net asset value
(“NAV”) each business day, as described in Note 4. For
NAV calculation purposes, euro deposits (cash) are translated at
the Closing Spot Rate, which is the euro/USD 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
The functional currency of the Trust is the euro in accordance with
generally accepted accounting standards. 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. Any currency translation adjustment is included in
comprehensive income.</p>
</div>
98421
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>C.</b></td>
<td valign="top" align="left"><b>Federal Income Taxes</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
Shareholders generally will be treated, for U.S. federal income tax
purposes, as if they directly owned a <font style="WHITE-SPACE: nowrap">pro-rata</font> share of the assets held in
the Trust. Shareholders also will be treated as if they directly
received their respective <font style="WHITE-SPACE: nowrap">pro-rata</font> portion of the Trust’s
income, if any, and as if they directly incurred their respective
<font style="WHITE-SPACE: nowrap">pro-rata</font> 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
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 <font style="WHITE-SPACE: nowrap">USD-equivalent</font> of the amount of the
Sponsor’s fee that is accrued on each day, with such
<font style="WHITE-SPACE: nowrap">USD-equivalent</font> 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
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
<font style="WHITE-SPACE: nowrap">non-U.S.</font> 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
<font style="WHITE-SPACE: nowrap">non-U.S.</font> 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
<font style="WHITE-SPACE: nowrap">non-U.S.</font> Shareholder of a
trade or business in the United States.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
A <font style="WHITE-SPACE: nowrap">non-U.S.</font>
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 <font style="WHITE-SPACE: nowrap">non-U.S.</font> Shareholder are effectively
connected with the conduct by the <font style="WHITE-SPACE: nowrap">non-U.S.</font> Shareholder of a trade or
business in the United States.</p>
</div>
106759
0
319702
0
0.0040
-651050
624206
-69072910
-624206
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td valign="top" width="4%" align="left"><b>1.</b></td>
<td valign="top" align="left"><b>Organization and Description of
the Trust</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
The CurrencyShares<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">®</sup> Euro Trust (the
“Trust”) was formed under the laws of the State of New
York on December 5, 2005 when Guggenheim Specialized Products,
LLC d/b/a “Guggenheim Investments” (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 Security Investors,
LLC (also d/b/a “Guggenheim Investments”). The Sponsor
is responsible for, among other things, overseeing the performance
of The Bank of New York Mellon (the “Trustee”) and the
Trust’s principal service providers, including the
preparation of financial statements. The Trustee is responsible for
the <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">day-to-day</font></font> administration of
the Trust.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
The accompanying unaudited financial statements were prepared in
accordance with accounting principles generally accepted in the
United States of America for interim financial information and with
the instructions for Form <font style="WHITE-SPACE: nowrap">10-Q.</font> 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 the Form <font style="WHITE-SPACE: nowrap">10-K</font>
as filed on January 11, 2018.</p>
</div>
-27765
333345288
279487959
545861
651050
0
207102765
264272378
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td valign="top" width="4%" align="left"><b>6.</b></td>
<td valign="top" align="left"><b>Related Parties</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
The Sponsor is a related party of the Trust. The Sponsor oversees
the performance of the Trustee and the Trust’s principal
service providers, including the preparation of financial
statements, but does not exercise <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">day-to-day</font></font> oversight over the
Trustee or the Trust’s service providers.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>D.</b></td>
<td valign="top" align="left"><b>Revenue Recognition</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
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.</p>
</div>
0
304504
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td valign="top" width="4%" align="left"><b>4.</b></td>
<td valign="top" align="left"><b>Redeemable Capital Shares</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
Shares are classified as “redeemable” for financial
statement purposes, since they are subject to redemption. 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt">
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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
Due to expected continuing creations and redemptions of Baskets and
the <font style="WHITE-SPACE: nowrap">two-day</font> 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 a redemption value, which is the NAV per Share at
the period end date. Adjustments to redeemable capital Shares at
redemption value are recorded against retained earnings or, in the
absence of retained earnings, by charges against the cumulative
translation adjustment.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
Activity in redeemable capital Shares is as follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0">
<tr>
<td width="50%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b>Three months ended</b><br />
<b>January 31, 2018</b><br />
<b>(Unaudited)</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b>Year ended</b><br />
<b>October 31, 2017</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Shares</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>U.S. Dollar</b><br />
<b>Amount</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Shares</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>U.S. Dollar</b><br />
<b>Amount</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
<b>Opening Balance</b></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3,500,000</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">393,375,323</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,500,000</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">266,551,806</td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Shares issued</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,150,000</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">247,011,468</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">10,300,000</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">1,108,131,814</td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Shares redeemed</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(2,900,000</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(333,345,288</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(9,300,000</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(1,000,949,967</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Adjustment to period Shares due to currency movement and other</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">22,792,338</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">19,641,670</td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
<b>Ending Balance</b></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,750,000</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">329,833,841</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3,500,000</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">393,375,323</td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
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.</p>
</div>
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td valign="top" width="4%" align="left"><b>2.</b></td>
<td valign="top" align="left"><b>Significant Accounting
Policies</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>A.</b></td>
<td valign="top" align="left"><b>Use of Estimates</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that
affect the reported amounts of the assets, liabilities and
disclosures of contingent liabilities at the date of the financial
statements, the reported amounts of revenue and expenses during the
period and the evaluation of subsequent events through the issuance
date of the financial statements. Actual results could differ from
those estimates.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>B.</b></td>
<td valign="top" align="left"><b>Foreign Currency
Translation</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
The Trustee calculates the Trust’s net asset value
(“NAV”) each business day, as described in Note 4. For
NAV calculation purposes, euro deposits (cash) are translated at
the Closing Spot Rate, which is the euro/USD 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
The functional currency of the Trust is the euro in accordance with
generally accepted accounting standards. 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. Any currency translation adjustment is included in
comprehensive income.</p>
<p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 18px">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>C.</b></td>
<td valign="top" align="left"><b>Federal Income Taxes</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
Shareholders generally will be treated, for U.S. federal income tax
purposes, as if they directly owned a <font style="WHITE-SPACE: nowrap">pro-rata</font> share of the assets held in
the Trust. Shareholders also will be treated as if they directly
received their respective <font style="WHITE-SPACE: nowrap">pro-rata</font> portion of the Trust’s
income, if any, and as if they directly incurred their respective
<font style="WHITE-SPACE: nowrap">pro-rata</font> 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
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 <font style="WHITE-SPACE: nowrap">USD-equivalent</font> of the amount of the
Sponsor’s fee that is accrued on each day, with such
<font style="WHITE-SPACE: nowrap">USD-equivalent</font> 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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
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
<font style="WHITE-SPACE: nowrap">non-U.S.</font> 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
<font style="WHITE-SPACE: nowrap">non-U.S.</font> 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
<font style="WHITE-SPACE: nowrap">non-U.S.</font> Shareholder of a
trade or business in the United States.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
A <font style="WHITE-SPACE: nowrap">non-U.S.</font>
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 <font style="WHITE-SPACE: nowrap">non-U.S.</font> Shareholder are effectively
connected with the conduct by the <font style="WHITE-SPACE: nowrap">non-U.S.</font> Shareholder of a trade or
business in the United States.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>D.</b></td>
<td valign="top" align="left"><b>Revenue Recognition</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
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.</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 18pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>E.</b></td>
<td valign="top" align="left"><b>Dividends</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
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 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 <font style="WHITE-SPACE: nowrap">pro-rata</font>
basis (in accordance with the number of Shares that they own).</p>
</div>
247011468
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td valign="top" width="4%" align="left"><b>9.</b></td>
<td valign="top" align="left"><b>Subsequent Event</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
On September 28, 2017, Guggenheim Capital LLC entered into an
agreement to sell its exchange-traded funds business to Invesco
Ltd. (“Invesco”), a leading independent global
investment management company (the “Transaction”). In
connection with the Transaction, Invesco will acquire 100% of the
issued and outstanding membership interests of Guggenheim
Specialized Products, LLC, the sponsor of the Trust. The
Transaction is expected to close in the second quarter of 2018.</p>
</div>
<div>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
Activity in redeemable capital Shares is as follows:</p>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt">
 </p>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0">
<tr>
<td width="50%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b>Three months ended</b><br />
<b>January 31, 2018</b><br />
<b>(Unaudited)</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"><b>Year ended</b><br />
<b>October 31, 2017</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Shares</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>U.S. Dollar</b><br />
<b>Amount</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>Shares</b></td>
<td valign="bottom"> </td>
<td valign="bottom">  </td>
<td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>U.S. Dollar</b><br />
<b>Amount</b></td>
<td valign="bottom"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
<b>Opening Balance</b></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3,500,000</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">393,375,323</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,500,000</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">266,551,806</td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Shares issued</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,150,000</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">247,011,468</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">10,300,000</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">1,108,131,814</td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Shares redeemed</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(2,900,000</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(333,345,288</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(9,300,000</td>
<td valign="bottom" nowrap="nowrap">) </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">(1,000,949,967</td>
<td valign="bottom" nowrap="nowrap">) </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
Adjustment to period Shares due to currency movement and other</p>
</td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">22,792,338</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom" nowrap="nowrap" align="right">
—  </td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">19,641,670</td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
<tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF">
<td valign="top">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; MARGIN-TOP: 0pt; TEXT-INDENT: -1em">
<b>Ending Balance</b></p>
</td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">2,750,000</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">329,833,841</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom"> </td>
<td valign="bottom" align="right">3,500,000</td>
<td valign="bottom" nowrap="nowrap"> </td>
<td valign="bottom">  </td>
<td valign="bottom">$</td>
<td valign="bottom" align="right">393,375,323</td>
<td valign="bottom" nowrap="nowrap"> </td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">
 </p>
</td>
<td> </td>
</tr>
</table>
</div>
22792338
FXE
2601630
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>A.</b></td>
<td valign="top" align="left"><b>Use of Estimates</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt">
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that
affect the reported amounts of the assets, liabilities and
disclosures of contingent liabilities at the date of the financial
statements, the reported amounts of revenue and expenses during the
period and the evaluation of subsequent events through the issuance
date of the financial statements. Actual results could differ from
those estimates.</p>
</div>
-108181
-333345288
-109910
50000
2900000
2150000
2
P183D
P2D
<div>
<table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="PAGE-BREAK-INSIDE: avoid">
<td width="4%"> </td>
<td valign="top" width="4%" align="left"><b>E.</b></td>
<td valign="top" align="left"><b>Dividends</b></td>
</tr>
</table>
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt">
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 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 <font style="WHITE-SPACE: nowrap">pro-rata</font>
basis (in accordance with the number of Shares that they own).</p>
</div>
0.0040
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100000
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