24 unchanged sentences
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.
−Removed: The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest.
+Added: The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, primarily maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest.
Interest on the primary deposit account, if any, accrues daily and is paid monthly.
9 unchanged sentences
Results of Operations
−Removed: During the years ended December 31, 2024 and 2023, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, and the US banking sector turmoil for 2023 which are considered to be unusual or infrequent events.
−Removed: Although the full and direct impact of Fed easing expectations, rising geopolitical tensions, and the US banking sector turmoil on the Trust's net comprehensive income (loss) during the years ended December 31, 2024 and 2023 cannot be known, it is believed that they 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 Canadian dollar (CAD/USD) posted negative performance in 2024, mainly due to US dollar strength and weak energy prices.
−Removed: The Fed’s higher-for-longer rhetoric and US economic resilience pushed out expectations for rate cuts in the first half of the year;
+Added: During the years ended December 31, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations, mounting U.S.
+Added: economic uncertainty for 2025, evolving expectations around the Federal Reserve (the “Fed”) monetary policy and heightened geopolitical concerns, some of which are considered to be unusual or infrequent events.
+Added: Although the full and direct impact of these conditions on the Trust's net comprehensive income (loss) during the years ended December 31, 2025 and 2024, cannot be known, it is believed that they 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 Canadian dollar (CAD/USD) appreciated in 2025, supported primarily by broad U.S.
+Added: dollar weakness.
+Added: Most of the gains occurred in the second quarter, when firmer Canadian inflation data reduced expectations for Bank of Canada rate cuts, bolstering the CAD even as softer energy prices presented a headwind.
+Added: Some of these gains were unwound in the third quarter as a weakening macro backdrop set the stage for the Bank of Canada to resume its easing cycle, while the U.S.
+Added: dollar regained modest strength.
+Added: Throughout the year, persistently weak oil prices exerted sustained pressure on the CAD, often offsetting the positive effects of U.S.
+Added: dollar depreciation.
+Added: The fourth quarter proved more supportive, as heightened geopolitical tensions improved sentiment in the oil market, helping the CAD recover some momentum into year‑end.
+Added: The Canadian dollar (CAD/USD) posted negative performance in 2024, mainly due to U.S.
+Added: dollar strength and weak energy prices.
+Added: The Fed’s higher-for-longer rhetoric and U.S.
+Added: economic resilience pushed out expectations for rate cuts in the first half of the year;
higher rates generally provide support for the country’s currency.
1 unchanged sentence
Geopolitical risk premium also faded with no real supply disruptions playing out.
−Removed: However, the pair took the deepest plunge in the fourth quarter with the US dollar soaring on President Trump’s victory.
+Added: However, the pair took the deepest plunge in the fourth quarter with the U.S.
+Added: dollar soaring on President Trump’s victory.
Many of his campaigned policies were expected to raise inflation risk, potentially leading to higher rates in 2025.
In addition, tariffs generally weigh on foreign currencies, further boosting the USD.
−Removed: The Canadian Dollar (CAD/USD) ended 2023 slightly higher.
−Removed: While the CAD did gain a bit in the first half of the first quarter, as the US dollar weakened further on expectations for a softer Fed stance, the pair fell sharply from mid-Feb to mid-Mar, with the dollar rebounding on signs of continued strength in the US labor market and inflation.
−Removed: Struggling commodity prices also capped the upside for the currency given the country is a major exporter of crude oil.
−Removed: However, the currency pair did rebound in the second half of March amid a weaker USD and the boost in energy prices.
−Removed: In the second quarter, while the pair was pretty range bound in April and May, the CAD really gained in June supported by the hawkish repricing of the BoC’s interest rate expectations while the US Fed paused.
−Removed: Despite its resilience, renewed dollar strength heavily pressured the pair in the third quarter, though the rebound in energy commodities limited the downside.
−Removed: In the fourth quarter, with the US dollar weakening on growing Fed rate cut expectations, the pair managed to recover significantly, reversing all earlier losses.
Additionally, the interest rate paid by the Depository has generally trended downward over the past year to the
6 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.