What changed in this filing

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Item 1A. Risk Factors

2024-02-23 compared with 2023-02-24 · 22 added, 18 removed, 169 unchanged (19% of the section changed)

RISK FACTORS.

You should consider carefully the risks described below before making an investment decision.

61 unchanged sentences

In addition, the Trust may, in its discretion, suspend the creation of Baskets for any reason and at any time.

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.

The inability to purchase and redeem Baskets could result

in the Shares trading at a premium or discount to the NAV of the Trust.

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.

The inability to purchase and redeem Baskets could result in the Shares trading at a premium or discount to the NAV of the Trust.

Such a premium or discount could be significant, depending upon the nature or duration of the impairment.

4 unchanged sentences

Consequently, the price of the Australian Dollar could decline, which would adversely affect an investment in the Shares.

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, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, may impact the value of the currencies held by the Fund.

Such conflicts, and other corresponding events, 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.

Pandemics and other public health emergencies could disrupt the global economy and adversely impact the Trust's performance.

The impact of the COVID-19 pandemic was extensive in many aspects of society.

The outbreak resulted in a significant number of deaths, adversely impacted global commercial activity, and led to significant uncertainty and disruptions in the global economy and financial markets.

Many countries reacted by instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues.

Businesses also implemented similar precautionary measures.

While restrictions have eased, it is possible that they may be reinstated in the future in response to new variants or new public health emergencies.

Such measures, as well as the general uncertainty surrounding the dangers and impact of a future public health crisis, may result in significant disruption in supply chains and economic activity.

Consumer, corporate and financial confidence may be materially adversely affected by a future outbreak.

Such erosion of confidence may lead to or extend to a localized or global economic downturn.

Future pandemics and other public health emergencies could exacerbate political, social, and economic risks and result in significant breakdowns, delays, and other disruptions to the economy, with potential corresponding results on the value of the currency held by the Trust, which may adversely affect an investment in the Shares.

REGULATORY MATTERS

59 unchanged sentences

The License Agreement provides that either party may provide notice of intent to terminate the License Agreement in the event the other party commits 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 and the Shares to cease trading.

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 and the Shares to cease trading.

In that case, the Trust might be forced to terminate and liquidate, which would adversely affect Shareholders.

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Any such rejection could adversely affect a redeeming Shareholder.

For example, the resulting delay would adversely affect the value of the Shareholder’s redemption distribution if the

NAV were to decline during the delay.

For example, the resulting delay would adversely affect the value of the Shareholder’s redemption distribution if the NAV were to decline during the delay.

In the Depositary Trust Agreement, the Sponsor and the Trustee disclaim any liability for any loss or damage that may result from any such rejection.

7 unchanged sentences

Any amendment that increases fees or charges (other than taxes and other governmental charges, registration fees or other expenses), or that otherwise prejudices any substantial existing rights of Shareholders, will not become effective until 30 days after written notice is given to Shareholders.

COVID-19 PANDEMIC

The ongoing COVID-19 pandemic continues to impact global, regional and national economies in unexpected and unpredictable ways that could materially and adversely affect the value of the Shares.

The ongoing COVID-19 pandemic continues to have material adverse effects on the global economy and has increased economic uncertainty and financial market volatility and caused a decline in consumer and business confidence.

No assurance can be given that the disruption will end soon or that the value of the Shares will not be affected materially and adversely by the pandemic and its ongoing global economic impact.

Escalation or prolonged continuation of the pandemic could exacerbate other risk factors identified in this Report and materially and adversely affect the value of the Shares.

Due to the increased use of technologies, intentional and unintentional cyber attacks pose operational and information security risks.

3 unchanged sentences

Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites.

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, potentially resulting in financial losses, 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, reimbursement or other compensation costs, and/or additional compliance costs.

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, potentially resulting in financial losses, 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, reimbursement or other compensation costs, and/or additional compliance costs.

In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

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In addition, a service provider that has experienced a cyber security incident may divert resources normally devoted to servicing the Trust to addressing the incident, which would be likely to have an adverse effect on the Trust’s operations.

UNRESOLVED STAFF COMMENTS

The Trust does not own or use physical properties in the conduct of its business.

The Sponsor’s headquarters are located at 3500 Lacey Road, Suite 700, Downers Grove, Illinois 60515.

LEGAL PROCEEDINGS

MINE SAFETY DISCLOSURES

Not applicable.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1A. Risk Factors