27 unchanged sentences
Each outstanding Share represents a fractional, undivided interest in the Australian Dollars held by the Trust.
−Removed: Recently, the amount of interest earned by the Trust has not exceeded the Trust’s expenses;
−Removed: accordingly, the Trustee has been required to withdraw Australian Dollars from the Trust to pay these excess expenses.
+Added: The amount of interest earned by the Trust has not always exceeded expenses.
+Added: That was not the case in 2025, when interest income exceeded expenses by a significant margin;
+Added: but, when expenses exceed interest income, the Trustee needs to withdraw Australian Dollars from the Trust to pay the excess expenses.
As long as the amount of interest earned does not exceed expenses, the amount of Australian Dollars represented by each Share will gradually decline over time.
41 unchanged sentences
International Armed Conflicts May Result in Volatility in Currency Prices that Could Adversely Affect the Fund’s Performance.
−Removed: 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.
+Added: As a result of increasingly interconnected global economies and financial markets, 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.
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.
−Removed: Pandemics and other public health emergencies could disrupt the global economy and adversely impact the Trust's performance.
−Removed: The impact of the COVID-19 pandemic was extensive in many aspects of society.
−Removed: 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.
−Removed: Many countries reacted by instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues.
−Removed: Businesses also implemented similar precautionary measures.
−Removed: 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.
−Removed: 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.
−Removed: Consumer, corporate and financial confidence may be materially adversely affected by a future outbreak.
−Removed: Such erosion of confidence may lead to or extend to a localized or global economic downturn.
−Removed: 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
1 unchanged sentence
This volatility could materially and adversely affect the performance of the Shares.
−Removed: There have been ongoing discussions and commentary regarding potential significant changes to United States trade policies, treaties and tariffs.
−Removed: These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may increase the volatility of foreign exchange rates, including the USD/Australian Dollar exchange rate.
−Removed: The resulting volatility could materially and adversely affect the performance of the Shares.
+Added: 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, and has signaled that additional tariffs may be imposed.
+Added: These actions are part of a broader shift in U.
+Added: trade policy that has at times been difficult to predict.
+Added: The potential for further escalation, including the imposition of new or higher tariffs with limited notice, has contributed to increased uncertainty in global markets.
+Added: In response, other countries, including China, have announced retaliatory measures.
+Added: While some tariff reductions have been implemented pursuant to temporary arrangements between the United States and various trading partners, such measures remain subject to reversal.
+Added: These developments have contributed to increased volatility in foreign exchange markets, including fluctuations in the USD/Australian Dollar exchange rate.
+Added: Sustained or increased volatility could materially and adversely affect the performance of the Shares.
The Deposit Accounts are not entitled to payment at any office of JPMorgan Chase Bank, N.A.
35 unchanged sentences
The Trust has no proprietary rights in or to any specific Australian Dollars held by the Depository and will be an unsecured creditor of the Depository with respect to the Australian Dollars held in the Deposit Accounts in the event of the insolvency of the Depository or the U.S.
−Removed: bank of which it is a branch.
+Added: bank of which it is a branch, which can lead to losses or significant delays in accessing such funds.
In the event the Depository or the U.S.
50 unchanged sentences
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.
+Added: Compromises in the software supply chain or incidents at critical third-party vendors could magnify the operational impact of a cyber event and impair the Trust’s ability to process Shareholder or Basket transactions.
In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.
6 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.