What changed in this filing

/stocks — the workspaceLOADING

Item 1A. Risk Factors

2026-03-02 compared with 2025-02-26 · 21 added, 25 removed, 166 unchanged (22% of the section changed)

26 unchanged sentences

Each outstanding Share represents a fractional, undivided interest in the Canadian Dollars held by the Trust.

Recently, the amount of interest earned by the Trust has not exceeded the Trust’s expenses;

accordingly, the Trustee has been required to withdraw Canadian Dollars from the Trust to pay these excess expenses.

The amount of interest earned by the Trust has not always exceeded expenses.

That was not the case in 2025, when interest income exceeded expenses by a significant margin;

but, when expenses exceed interest income, the Trustee needs to withdraw Canadian Dollars from the Trust to pay the excess expenses.

As long as the amount of interest earned does not exceed expenses, the amount of Canadian 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.

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.

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.

Pandemics and other public health emergencies could disrupt the global economy and adversely impact the Trust's performance.

The impact of the COVID-19 pandemic was extensive in many aspects of society.

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.

Many countries reacted by instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues.

Businesses also implemented similar precautionary measures.

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.

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.

Consumer, corporate and financial confidence may be materially adversely affected by a future outbreak.

Such erosion of confidence may lead to or extend to a localized or global economic downturn.

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.

There have been substantial changes to United States / Canada trade policies in recent months, including the imposition of new import tariffs by both nations on the other.

Discussions and commentary suggesting further significant changes to trade policies, treaties and tariffs remain ongoing.

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/Canadian Dollar exchange rate.

The resulting volatility could materially and adversely affect the performance of the Shares.

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.

These actions are part of a broader shift in U.S.

trade policy that has at times been difficult to predict.

The potential for further escalation, including the imposition of new or higher tariffs with limited notice, has contributed to increased uncertainty in global markets.

In response, other countries, including Canada and China, have announced retaliatory measures.

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.

These developments have contributed to increased volatility in foreign exchange markets, including fluctuations in the USD/Canadian Dollar exchange rate.

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.

5 unchanged sentences

JPMorgan Chase Bank, N.A.

will not be required to repay the deposit if its

London branch cannot repay the deposit due to an act of war, insurrection or civil strife or an action by a foreign government or instrumentality (whether de jure or de facto) in England.

will not be required to repay the deposit if its London branch cannot repay the deposit due to an act of war, insurrection or civil strife or an action by a foreign government or instrumentality (whether de jure or de facto) in England.

Shareholders do not have the protections associated with ownership of a demand deposit account insured in the United States by the Federal Deposit Insurance Corporation or the protection provided for bank deposits under English law.

7 unchanged sentences

changes in the character of investment companies without the consent of investors;

and investment companies from engaging in excessive leveraging.

and investment companies from

engaging in excessive leveraging.

To accomplish these ends, the Investment Company Act requires the safekeeping and proper valuation of fund assets, restricts greatly transactions with affiliates, limits leveraging, and imposes governance requirements as a check on fund management.

17 unchanged sentences

The Trust has no proprietary rights in or to any specific Canadian Dollars held by the Depository and will be an unsecured creditor of the Depository with respect to the Canadian Dollars held in the Deposit Accounts in the event of the insolvency of the Depository or the U.S.

bank of which it is a branch.

bank of which it is a branch, which can lead to losses or significant delays in accessing such funds.

In the event the Depository, the U.S.

9 unchanged sentences

law, in the case of the insolvency of JPMorgan Chase Bank, N.A., the claims of creditors in respect of accounts (such as the Trust’s Deposit Accounts) that are maintained with an overseas branch of JPMorgan Chase Bank, N.A.

or with a local cash correspondent will be

subordinate to claims of creditors in respect of accounts maintained with JPMorgan Chase Bank, N.A.

or with a local cash correspondent will be subordinate to claims of creditors in respect of accounts maintained with JPMorgan Chase Bank, N.A.

in the U.S., greatly increasing the risk that the Trust and the Trust’s beneficiaries would suffer a loss.

4 unchanged sentences

The License Agreement provides that either party may provide notice of intent to terminate the License Agreement in the event the other party commits a material breach.

If the License Agreement is terminated and one or more of The Bank of New York Mellon’s patent applications issue as patents, then The Bank of New York Mellon may claim that the operation of the Trust violates its patent or patents and seek an injunction forcing the Trust to cease operation and the Shares to cease trading.

operation and the Shares to cease trading.

In that case, the Trust might be forced to terminate and liquidate, which would adversely affect Shareholders.

32 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.

In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

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.

addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

The Trust and its Shareholders could be negatively impacted as a result.

5 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.

What changed 10-K

Item 1A. Risk Factors