42 unchanged sentences
Liquidity and Capital Resources
+Added: The Trust does not have any material cash requirements as of the end of the latest fiscal period.
The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs.
1 unchanged sentence
Interest on the primary deposit account, if any, accrues daily and is paid monthly.
−Removed: The interest rate in effect as of March 31, 2022 was an annual nominal rate of 0.00%.
−Removed: The following chart provides the daily rate paid by the Depository since March 31, 2017:
+Added: The interest rate in effect as of June 30, 2022 was an annual nominal rate of 0.00%.
+Added: The following chart provides the daily rate paid by the Depository since June 30, 2017:
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 March 31, 2022.
+Added: The Trust did not make any distributions during the quarter ended June 30, 2022.
Critical Accounting Estimates
4 unchanged sentences
Results of Operations
−Removed: During the three months ended March 31, 2022 and 2021, the Trust’s net comprehensive income (loss) was, in part, impacted by market volatility and uncertainty caused by the novel coronavirus known as COVID-19, which is considered to be an unusual or infrequent event.
−Removed: Additionally, the Trust’s net comprehensive income (loss) during the three months ended March 31, 2022 was, in part, impacted by the Russia-Ukraine conflict, which is also considered to be an unusual or infrequent event.
−Removed: Although the full and direct impact of COVID-19 and the Russia-Ukraine conflict on the Trust’s net comprehensive income (loss) during the three months ended March 31, 2022 and 2021 cannot be known, it is believed that COVID-19 and the Russia-Ukraine conflict 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 2022 as the best performing G10 currency, receiving a significant boost from gains across the commodities complex, and specifically energy, as the military conflict in Ukraine escalated throughout the
−Removed: quarter and oil prices increased .
−Removed: With Australia being a net energy exporter and commodities accounting for a large share of the country’s exports, higher goods prices boosted demand for the Australian Dollar (which is known as a “commodity currency”), which outweigh ed downward pressure from an ultra-dovish Australian central bank.
−Removed: The Australian Dollar (AUD/USD) performed negatively in the first quarter of 2021, mostly due to a rebound in the U.S.
−Removed: Dollar on strong U.S.
−Removed: economic recovery and rising treasury yields.
−Removed: Persistent market volatility also reduced investor demand for the perceived riskier Australian Dollar.
−Removed: Finally, given the Australian Dollar is a commodity currency (commodities account for a large share of Australia’s exports) and Australia is a net energy exporter, plunging oil prices in March 2021 due to extended lockdowns in Europe added additional pressure on the currency.
+Added: During the three and six months ended June 30, 2022 and 2021, the Trust’s net comprehensive income (loss) was, in part, impacted by market volatility and uncertainty caused by the novel coronavirus known as COVID-19, which is considered to be an unusual or infrequent event.
+Added: Additionally, the Trust’s net comprehensive income (loss) during the three and six months ended June 30, 2022 was, in part, impacted by the Russia-Ukraine conflict, which is also considered to be an unusual or infrequent event.
+Added: Although the full and direct impact of COVID-19 and the Russia-Ukraine conflict on the Trust’s net comprehensive income (loss) during the three and six months ended June 30, 2022 and 2021 cannot be known, it is believed that COVID-19 and the Russia-Ukraine conflict 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) posted negative performance in the second quarter of the year, weighed down by a strengthening U.S.
+Added: dollar and the sell off in commodities, both triggered by growing recession fears.
+Added: With Australia being a net energy
+Added: exporter and commodities accounting for a large share of the country’s exports, lower goods prices dent demand for the “commodity currency.” Though the currency pair did rally a bit in May as the Reserve Bank of Australia (RBA) opened its doors to higher interest rates, the gains were wiped out as commodities went into freefall to end the quarter.
+Added: The Australian Dollar (AUD/USD) performed negatively in the second quarter of 2021.
+Added: Despite rallying initially as the U.S.
+Added: dollar weakened and rising commodities prices supported the “commodity currency,” the currency pair fell sharply to end the quarter as the USD spiked with the resurgence of COVID-19 concerns.
+Added: Commodities also sold off, dealing an additional blow to the pair.
+Added: Despite being the best performing G10 currency in Q1, supported by massive gains across the commodities complex following Russia’s invasion of Ukraine, the Australian Dollar (AUD/USD) failed to keep its positive performance, succumbing to recession-fears driven dollar strength and commodities sell off.
+Added: The Australian Dollar (AUD/USD) performed negatively in the first half of 2021.
+Added: In Q1, the U.S.
+Added: dollar rebounded on strong U.S.
+Added: economic recovery and rising treasury yields while persistent market volatility reduced investor demand for the perceived riskier Aussie.
+Added: Then in Q2, despite rallying a bit on a weakening USD and strengthening commodities prices, resurging COVID-19 concerns led to a spike in the USD and a commodities sell off, pushing returns back into negative territory.
Additionally, the interest rate paid by the Depository has generally trended downward over the past several years to the current interest rate of 0.00%, as set forth in the FXA Rate Chart above.
1 unchanged sentence
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.