44 unchanged sentences
Interest on the primary deposit account, if any, accrues daily and is paid monthly.
−Removed: The interest rate in effect as of June 30, 2020 was an annual nominal rate of 0.00%.
−Removed: The following chart provides the daily rate paid by the Depository since June 30, 2015:
+Added: The interest rate in effect as of September 30, 2020 was an annual nominal rate of 0.00%.
+Added: The following chart provides the daily rate paid by the Depository since September 30, 2015:
In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust.
2 unchanged sentences
When the interest deposited, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trustee converts the excess into USD at the prevailing market rate and distributes the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own).
−Removed: The Trust did not make any distributions during the quarter ended June 30, 2020.
+Added: The Trust did not make any distributions during the quarter ended September 30, 2020.
Critical Accounting Policies
4 unchanged sentences
Results of Operations
−Removed: During the six months ended June 30, 2020, an additional 150,000 Shares were created in exchange for 14,977,439 Australian Dollars and 150,000 Shares were redeemed in exchange for 14,990,242 Australian Dollars.
+Added: During the nine months ended September 30, 2020, an additional 1,100,000 Shares were created in exchange for 109,790,595 Australian Dollars and 250,000 Shares were redeemed in exchange for 24,964,357 Australian Dollars.
In addition, 310,988 Australian Dollars were withdrawn to pay the portion of the Sponsor’s fee that exceeded interest earned.
−Removed: As of June 30, 2020, the number of Australian Dollars owned by the Trust was 129,825,675, resulting in a redeemable capital Share value of $89,356,715.
+Added: As of September 30, 2020, the number of Australian Dollars owned by the Trust was 214,504,742, resulting in a redeemable capital Share value of $153,693,838.
During the year ended December 31, 2019, an additional 200,000 Shares were created in exchange for 20,000,018 Australian Dollars and 550,000 Shares were redeemed in exchange for 54,998,678 Australian Dollars.
1 unchanged sentence
As of December 31, 2019, the number of Australian Dollars owned by the Trust was 129,989,492, resulting in a redeemable capital Share value of $91,378,070.
−Removed: A decrease in the Trust’s redeemable capital Share value from $91,378,070 at December 31, 2019 to $89,356,715 at June 30, 2020, was primarily the result of a decrease in the Closing Spot Rate from 0.7029 at December 31, 2019 to 0.6885 at June 30, 2020.
−Removed: Interest income decreased from $ 285,125 for the three months ended June 30, 2019 to $ 0 for the three months ended June 30, 2020 , and decreased from $ 645,776 for the six months ended June 30, 2019 to $ 84,292 for the six months ended June 30, 2020 , attributable primarily to a decrease in the weighted-average Australian Dollars in the Trust coupled with a de crease in the annual nominal interest rate paid by the Depository, as set forth in the FXA Daily Rate chart above.
+Added: An increase in the Trust’s redeemable capital Share value from $91,378,070 at December 31, 2019 to $153,693,838 at September 30, 2020, was primarily the result of an increase in the number of Shares outstanding from 1,300,000 at December 31, 2019 to 2,150,000 at September 30, 2020, coupled with a an increase in the Closing Spot Rate from 0.7029 at December 31, 2019 to 0.7167 at September 30, 2020.
+Added: Interest income decreased from $ 133,342 for the three months ended September 30, 2019 to $ 0 for the three months ended September 30, 2020 , and decreased from $ 779,118 for the nine months ended September 30, 2019 to $ 84,292 for the nine months ended September 30, 2020 , attributable primaril y to a de crease in the annual nominal interest rate paid by the Depository, as set forth in the FXA Daily Rate chart above.
The Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the Australian Dollars in the Trust.
−Removed: Due primarily to a decrease in the weighted-average Australian Dollars in the Trust, the Sponsor’s fee decreased from $106,352 for the three months ended June 30, 2019 to $83,620 for the three months ended June 30, 2020, and decreased from $212,711 for the six months ended June 30, 2019 to $168,820 for the six months ended June 30, 2020.
−Removed: Because the annual interest rate paid by the Depository fell briefly below 0% at the end of June 30, 2020 (as set forth in the chart above), the Trust incurred interest expense on currency deposits.
−Removed: Due primarily to a decline in the interest rate (below 0.00%), interest expense on currency deposits increased from $0 for the three months ended June 30, 2019 to $4,050 for the three months ended June 30, 2020, and increased from $0 for the six months ended June 30, 2019 to $18,141 for the six months ended June 30, 2020.
−Removed: The only expenses of the Trust during the three and six months ended June 30, 2020 were the Sponsor’s fee and interest expense on currency deposits.
−Removed: The only expense of the Trust during the three and six months ended June 30, 2019 was the Sponsor’s fee
−Removed: The Trust’s net comprehensive income (loss) for the three months ended June 30, 2020 was $(87,670) due to the Sponsor’s fee of $83,620 and interest expense on currency deposits of $4,050 exceeding interest income of $0.
−Removed: The Trust’s net comprehensive income (loss) for the three months ended June 30, 2019 was $178,773 due to interest income of $285,125 exceeding the Sponsor’s fee of $106,352.
−Removed: The Trust’s net comprehensive income (loss) for the six months ended June 30, 2020 was $(102,669) due to the Sponsor’s fee of $168,820 and interest expense on currency deposits of $18,141 exceeding interest income of $84,292.
−Removed: The Trust’s net comprehensive income (loss) for the six months ended June 30, 2019 was $433,065 due to interest income of $645,776 exceeding the Sponsor’s fee of $212,711.
−Removed: Cash dividends per Share decreased from $0.14 for the three months ended June 30, 2019 to $0.00 for the three months ended June 30, 2020, and decreased from $0.32 per Share for the six months ended June 30, 2019 to $0.02 per Share for the six months ended June 30, 2020.
+Added: Due primarily to an increase in the weighted-average Australian Dollars in the Trust, the Sponsor’s fee increased from $100,254 for the three months ended September 30, 2019 to $137,269 for the three months ended September 30, 2020.
+Added: Due primarily to a decrease in the weighted-average Australian Dollars in the Trust, the Sponsor’s fee decreased from $312,965 for the nine months ended September 30, 2019 to $306,089 for the nine months ended September 30, 2020.
+Added: Because the annual interest rate paid by the Depository fell briefly below 0% and remained at 0% during the nine months ended September 30, 2020 (as set forth in the chart above), the Trust incurred interest expense on currency deposits.
+Added: Due primarily to a decline in the interest rate (below 0.00%), interest expense on currency deposits increased from $0 for the nine months ended September 30, 2019 to $18,141 for the nine months ended September 30, 2020.
+Added: The only expense of the Trust during the three months ended September 30, 2020 and three and nine months ended September 30, 2019 was the Sponsor’s fee.
+Added: The only expenses of the Trust during the nine months ended September 30, 2020 were the Sponsor’s fee and interest expense on currency deposits.
+Added: The Trust’s net comprehensive income (loss) for the three months ended September 30, 2020 was $(137,269) due to the Sponsor’s fee of $137,269 exceeding interest income of $0.
+Added: The Trust’s net comprehensive income (loss) for the three months ended September 30, 2019 was $33,088 due to interest income of $133,342 exceeding the Sponsor’s fee of $100,254.
+Added: The Trust’s net comprehensive income (loss) for the nine months ended September 30, 2020 was $(239,938) due to the Sponsor’s fee of $306,089 and interest expense on currency deposits of $18,141 exceeding interest income of $84,292.
+Added: The Trust’s net comprehensive income (loss) for the nine months ended September 30, 2019 was $466,153 due to interest income of $779,118 exceeding the Sponsor’s fee of $312,965.
+Added: Cash dividends per Share decreased from $0.05 per Share for the three months ended September 30, 2019 to $0.00 per Share for the three months ended September 30, 2020, and decreased from $0.38 per Share for the nine months ended September 30, 2019 to $0.02 per Share for the nine months ended September 30, 2020.
The decrease in cash dividends per Share was primarily due to a decrease in the annual nominal interest rate paid by the Depository.
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.