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 350,000 Shares were created in exchange for 33,913,843 British Pounds Sterling and 700,000 Shares were redeemed in exchange for 67,832,916 British Pounds Sterling.
+Added: During the nine months ended September 30, 2020, an additional 650,000 Shares were created in exchange for 62,946,058 British Pounds Sterling and 900,000 Shares were redeemed in exchange for 87,187,467 British Pounds Sterling.
In addition, 205,662 British Pounds Sterling were withdrawn to pay the portion of the Sponsor’s fee that exceeded the interest earned.
−Removed: As of June 30, 2020, the number of British Pounds Sterling owned by the Trust was 92,013,904, resulting in a redeemable capital Share value of $113,656,342.
+Added: As of September 30, 2020, the number of British Pounds Sterling owned by the Trust was 101,597,774, resulting in a redeemable capital Share value of $131,303,680.
During the year ended December 31, 2019, an additional 1,250,000 Shares were created in exchange for 121,214,247 British Pounds Sterling and 1,050,000 Shares were redeemed in exchange for 101,821,260 British Pounds Sterling.
1 unchanged sentence
As of December 31, 2019, the number of British Pounds Sterling owned by the Trust was 126,044,845, resulting in a redeemable capital Share value of $166,971,382.
−Removed: A de crease in the Trust’s redeemable capital Share value from $ 166,971,382 at December 31, 2019 to $ 113,656,342 at June 30, 2020 , was primarily the result of a decrease in the number of Shares outstanding from 1,300,000 at December 31, 2019 to 950,000 at June 30, 2020, coupled with a de crease in the Closing Spot Rate from 1.3248 at December 31, 2019 to 1.2356 at June 30, 2020 .
−Removed: Interest income decreased from $115,069 for the three months ended June 30, 2019 to $0 for the three months ended June 30, 2020, and decreased from $229,770 for the six months ended June 30, 2019 to $105,533 for the six months ended June 30, 2020, attributable primarily to a decrease in the annual nominal interest rate paid by the Depository, as set forth in the FXB Daily Rate chart above.
+Added: A de crease in the Trust’s redeemable capital Share value from $ 166,971,382 at December 31, 2019 to $ 131,303,680 at September 30, 2020 , was primarily the result of a decrease in the number of Shares outstanding from 1,300,000 at December 31, 2019 to 1,05 0,000 at September 30, 2020, coupled with a de crease in the Closing Spot Rate from 1.3248 at December 31, 2019 to 1.2928 at September 30, 2020 .
+Added: Interest income decreased from $124,468 for the three months ended September 30, 2019 to $0 for the three months ended September 30, 2020, and decreased from $354,238 for the nine months ended September 30, 2019 to $105,533 for the nine months ended September 30, 2020, attributable primarily to a decrease in the annual nominal interest rate paid by the Depository, as set forth in the FXB Daily Rate chart above.
The Sponsor’s fee accrues daily at an annual nominal rate of 0.40% of the British Pounds Sterling in the Trust.
−Removed: Due primarily to a decrease in the weighted-average British Pounds Sterling in the Trust, the Sponsor’s fee decreased from $131,507 for the three months ended June 30, 2019 to $121,878 for the three months ended June 30, 2020.
−Removed: Due primarily to an increase in the weighted-average British Pounds Sterling in the Trust, the Sponsor’s fee increased from $261,555 for the six months ended June 30, 2019 to $274,375 for the six months ended June 30, 2020.
−Removed: The only expense of the Trust during the three and six months ended June 30, 2020 and 2019 was the Sponsor’s fee.
−Removed: The Trust’s net comprehensive loss for the three months ended June 30, 2020 was $121,878 due to the Sponsor’s fee of $121,878 exceeding interest income of $0.
−Removed: The Trust’s net comprehensive loss for the three months ended June 30, 2019 was $16,438 due to the Sponsor’s fee of $131,507 exceeding interest income of $115,069.
−Removed: The Trust’s net comprehensive loss for the six months ended June 30, 2020 was $168,842 due to the Sponsor’s fee of $274,375 exceeding interest income of $105,533.
−Removed: The Trust’s net comprehensive loss for the six months ended June 30, 2019 was $31,785 due to the Sponsor’s fee of $261,555 exceeding interest income of $229,770.
−Removed: Cash dividends were not paid by the Trust for the three and six months ended June 30, 2019 and the three and six months ended June 30, 2020, as the Trust’s interest income did not exceed the Trust’s expenses during those periods.
+Added: Due primarily to a decrease in the weighted-average British Pounds Sterling in the Trust, the Sponsor’s fee decreased from $142,248 for the three months ended September 30, 2019 to $125,281 for the three months ended September 30, 2020.
+Added: Due primarily to a decrease in the weighted-average British Pounds Sterling in the Trust, the Sponsor’s fee decreased from $403,803 for the nine months ended September 30, 2019 to $399,656 for the nine months ended September 30, 2020.
+Added: The only expense of the Trust during the three and nine months ended September 30, 2020 and 2019 was the Sponsor’s fee.
+Added: The Trust’s net comprehensive loss for the three months ended September 30, 2020 was $125,281 due to the Sponsor’s fee of $125,281 exceeding interest income of $0.
+Added: The Trust’s net comprehensive loss for the three months ended September 30, 2019 was $17,780 due to the Sponsor’s fee of $142,248 exceeding interest income of $124,468.
+Added: The Trust’s net comprehensive loss for the nine months ended September 30, 2020 was $294,123 due to the Sponsor’s fee of $399,656 exceeding interest income of $105,533.
+Added: The Trust’s net comprehensive loss for the nine months ended September 30, 2019 was $49,565 due to the Sponsor’s fee of $403,803 exceeding interest income of $354,238.
+Added: Cash dividends were not paid by the Trust for the three and nine months ended September 30, 2019 and the three and nine months ended September 30, 2020, as the Trust’s interest income did not exceed the Trust’s expenses during those periods.
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.