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, 2021 was an annual nominal rate of 0.00%.
−Removed: The following chart provides the daily rate paid by the Depository since June 30, 2016:
+Added: The interest rate in effect as of September 30, 2021 was an annual nominal rate of 0.00%.
+Added: The following chart provides the daily rate paid by the Depository since September 30, 2016:
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, 2021.
+Added: The Trust did not make any distributions during the quarter ended September 30, 2021.
Critical Accounting Policies
4 unchanged sentences
Results of Operations
−Removed: During the six months ended June 30, 2021, an additional 300,000 Shares were created in exchange for 28,955,659 British Pounds Sterling and 150,000 Shares were redeemed in exchange for 14,483,532 British Pounds Sterling.
+Added: During the nine months ended September 30, 2021, an additional 300,000 Shares were created in exchange for 28,955,659 British Pounds Sterling and 300,000 Shares were redeemed in exchange for 28,947,585 British Pounds Sterling.
In addition, 327,959 British Pounds Sterling were withdrawn to pay the portion of the Sponsor’s fee that exceeded the interest earned.
−Removed: As of June 30, 2021, the number of British Pounds Sterling owned by the Trust was 120,586,099, resulting in a redeemable capital Share value of $166,531,775.
+Added: As of September 30, 2021, the number of British Pounds Sterling owned by the Trust was 106,011,904, resulting in a redeemable capital Share value of $142,894,202.
During the year ended December 31, 2020, an additional 950,000 Shares were created in exchange for 91,946,141 British Pounds Sterling and 1,150,000 Shares were redeemed in exchange for 111,354,285 British Pounds Sterling.
1 unchanged sentence
As of December 31, 2020, the number of British Pounds Sterling owned by the Trust was 106,331,789, resulting in a redeemable capital Share value of $145,299,977.
−Removed: A n in crease in the Trust’s redeemable capital Share value from $ 145,299,977 at December 31, 2020 to $ 166,531,775 at June 30, 2021 , was primarily the result of a n in crease in the number of Shares outstanding from 1, 1 00,000 at December 31, 20 20 to 1, 2 5 0,000 at June 30, 2021 , coupled with a n in crease in the Closing Spot Rate from 1.3 67 at December 31, 2020 to 1.38 1 at June 30, 2021 .
−Removed: No interest income was earned during the three months ended June 30, 2021 and 2020, due to an annual nominal interest rate which remained at or below 0.00% through those periods, and interest income decreased from $105,533 for the six months ended June 30, 2020 to $0 for the six months ended June 30, 2021, 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 $ 145,299,977 at December 31, 2020 to $ 142,894,202 at September 30, 2021 , was primarily the result of a de crease in the Closing Spot Rate from 1.3 67 at December 31, 2020 to 1.3 4 8 at September 30, 2021 .
+Added: No interest income was earned during the three months ended September 30, 2021 and 2020, due to an annual nominal interest rate which remained at or below 0.00% through those periods, and interest income decreased from $105,533 for the nine months ended September 30, 2020 to $0 for the nine months ended September 30, 2021, 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 an increase in the weighted-average British Pounds Sterling in the Trust, the Sponsor’s fee increased from $121,878 for the three months ended June 30, 2020 to $158,067 for the three months ended June 30, 2021, and increased from $274,375 for the six months ended June 30, 2020 to $301,307 for the six months ended June 30, 2021.
−Removed: The only expense of the Trust during the three and six months ended June 30, 2021 and 2020 was the Sponsor’s fee.
−Removed: The Trust’s net comprehensive income (loss) for the three months ended June 30, 2021 was $(158,067) due to the Sponsor’s fee of $158,067 exceeding interest income of $0.
−Removed: The Trust’s net comprehensive income (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 income (loss) for the six months ended June 30, 2021 was $(301,307) due to the Sponsor’s fee of $301,307 exceeding interest income of $0.
−Removed: The Trust’s net comprehensive income (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: Cash dividends were not paid by the Trust for the three and six months ended June 30, 2021 and 2020, as the Trust’s interest income did not exceed the Trust’s expenses during those periods.
+Added: Due primarily to an increase in the weighted-average British Pounds Sterling in the Trust, the Sponsor’s fee increased from $125,281 for the three months ended September 30, 2020 to $150,185 for the three months ended September 30, 2021, and increased from $399,656 for the nine months ended September 30, 2020 to $451,492 for the nine months ended September 30, 2021.
+Added: The only expense of the Trust during the three and nine months ended September 30, 2021 and 2020 was the Sponsor’s fee.
+Added: The Trust’s net comprehensive income (loss) for the three months ended September 30, 2021 was $(150,185) due to the Sponsor’s fee of $150,185 exceeding interest income of $0.
+Added: The Trust’s net comprehensive income (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 income (loss) for the nine months ended September 30, 2021 was $(451,492) due to the Sponsor’s fee of $451,492 exceeding interest income of $0.
+Added: The Trust’s net comprehensive income (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: Cash dividends were not paid by the Trust for the three and nine months ended September 30, 2021 and 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.