46 unchanged sentences
Interest on the primary deposit account, if any, accrues daily and is paid monthly.
−Removed: The interest rate in effect as of March 31, 2025 was an annual nominal rate of 1.72%.
−Removed: The following chart provides the daily rate paid by the Depository since March 31, 2020:
+Added: The interest rate in effect as of June 30, 2025 was an annual nominal rate of 1.52%.
+Added: The following chart provides the daily rate paid by the Depository since June 30, 2020:
In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust.
12 unchanged sentences
Results of Operations
−Removed: During the three months ended March 31, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US recession concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, which are considered to be unusual or infrequent events.
−Removed: Although the full and direct impact of global tariffs, US recession concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three months ended March 31, 2025 and 2024, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
−Removed: The Australian Dollar (AUD/USD) ended the first quarter of 2025 close to flat despite significant US dollar (USD) weakness.
−Removed: This was partially due to global tariff uncertainty reducing risk appetite, as the AUD is generally seen as a riskier currency, but also the intensifying trade war between US and China.
−Removed: China is Australia’s largest export partner, so any headwinds to the Chinese economy, will likely also have negative cascading effects.
−Removed: The downturn in commodities also exerted downward pressure since Australia has an export-oriented economy.
−Removed: The Australian Dollar (AUD/USD) ended the first quarter of 2024 lower with price action largely driven by moves in the USD, and by risk-off moves due to escalated geopolitical tensions – the Australian Dollar is generally considered a riskier currency while the USD is traditionally seen as a safe haven.
−Removed: The Federal Reserve's higher-for-longer rhetoric and stickier-than-expected US inflation pushed out expectations for US rate cuts and higher rates generally provide support for the country’s currency.
−Removed: US economic resilience also boosted demand for the USD.
−Removed: Specific to the Australian Dollar, the sluggish recovery in China served as a headwind given the country is Australia’s largest export partner.
+Added: During the three and six months ended June 30, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting U.S.
+Added: economic concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, which are considered to be unusual or infrequent events.
+Added: Although the full and direct impact of global tariffs, U.S.
+Added: economic concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three and six months ended June 30, 2025 and 2024, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
+Added: The Australian dollar (AUD/USD) edged higher in the second quarter of 2025, supported mostly by U.S.
+Added: dollar weakness, though weak commodity prices capped those gains given Australia is a significant exporter.
+Added: Domestically, the Reserve Bank of Australia (RBA) cut its cash rate by 25 basis points in May to 3.85%, citing easing inflationary pressures.
+Added: However, the RBA maintained a cautious, data-dependent outlook amid persistent global uncertainties.
+Added: While the rate cut provided some support to domestic growth expectations, the AUD’s gains were tempered by investor caution and mixed signals from global economic data.
+Added: The slight bounce in energy prices on the back of Middle East tensions in June also failed to provide sustained support.
+Added: The Australian Dollar (AUD/USD) experienced positive performance in the second quarter of 2024, even despite gains in the
+Added: Strong Australian retail sales data in May further fueled inflation fears, raising bets for a potential rate hike;
+Added: inflation had come in above forecasts three months in a row.
+Added: In comparison, several global central banks had already started their
+Added: easing cycles, leaving further rate hikes out of the picture.
+Added: Higher interest rates tend to boost the country’s currency.
+Added: continued to gain with Fed rate cut expectations further delayed.
+Added: The Australian dollar (AUD/USD) was higher in the first half of 2025, mostly supported by U.S.
+Added: dollar weakness, but weak commodity performance was a headwind.
+Added: Global tariff uncertainty and a slowdown in Chinese demand weighed on Australia’s export driven economy in the first quarter.
+Added: While sentiment improved a bit in the second quarter as energy prices bounced on escalating tensions in the Middle East and trade war fears eased a bit with the U.S.-China trade truce, broader risk appetite remained fragile, limiting the AUD’s advance despite a softer dollar.
+Added: The Reserve Bank of Australia’s decision to cut rates in May, while signaling a cautious and data-dependent stance, added a boost to sentiment, but investor caution persisted.
+Added: The Australian Dollar (AUD/USD) ended the first half of 2024 lower than the previous quarter.
+Added: In the first quarter, U.S.
+Added: moves drove the bulk of the price action, though escalated geopolitical tensions also pressured investors’ risk appetite – the AUD is
+Added: generally considered a riskier currency compared to the haven USD.
+Added: The Fed’s higher-for-longer rhetoric and stickier-than-expected
+Added: inflation pushed out expectations for U.S.
+Added: Specific to the AUD, the sluggish recovery in China also served as a headwind given the country is Australia’s largest export partner.
+Added: However, the pair did rebound significantly in the second quarter as strong Australian retail sales raised bets that the Reserve Bank of Australia (RBA) could hike rates.
+Added: In contrast, many global central banks had already kicked off their easing cycles.
Additionally, the interest rate paid by the Depository has generally trended downward over the past year with the current interest rate of 1.52%, as set forth in the FXA Rate Chart above.
4 unchanged sentences
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.