46 unchanged sentences
Interest on the primary deposit account, if any, accrues daily and is paid monthly.
−Removed: The interest rate in effect as of March 31, 2026 was an annual nominal rate of 0.51%.
−Removed: The following chart provides the daily rate paid by the Depository since March 31, 2021:
+Added: The interest rate in effect as of June 30, 2026 was an annual nominal rate of 0.51%.
+Added: The following chart provides the daily rate paid by the Depository since June 30, 2021:
In exchange for a fee, the Sponsor bears most of the expenses incurred by the Trust.
12 unchanged sentences
Results of Operations
−Removed: During the three months ended March 31, 2026 and 2025, the Trust’s net comprehensive income (loss) was, in part, impacted by periods of market volatility associated with evolving global macroeconomic and geopolitical conditions, which are considered to be unusual or infrequent events.
−Removed: For the three months ended March 31, 2026, these conditions included heightened geopolitical tensions, ongoing trade and fiscal policy uncertainty, and shifting expectations regarding the pace and timing of monetary policy actions by central banks, including the Federal Reserve.
−Removed: For the three months ended March 31, 2025, contributors to market volatility included concerns surrounding global economic growth, inflation dynamics, and expectations related to potential changes in monetary policy Although the full and direct impact of these conditions on the Trust's net comprehensive income (loss) during the three months ended March 31, 2026 and 2025, 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) received some support during the first quarter of 2026 from higher energy prices, reflecting Canada’s role as a major energy exporter.
−Removed: Despite this tailwind, the Fund posted negative performance as broad gains in the U.S.
−Removed: dollar placed sustained pressure on the currency.
−Removed: While short‑term Canadian interest rates continued to generate income and helped offset expenses, they remained below U.S.
−Removed: rates and provided limited support.
−Removed: At the same time, geopolitics‑driven risk‑off sentiment reduced investor appetite for the typically more risk‑sensitive CAD.
−Removed: As a result, U.S.
−Removed: dollar strength ultimately drove a modest decline in Fund performance during the quarter.
−Removed: The Canadian Dollar ended the first quarter of 2025 flat.
−Removed: dollar weakness due to recession and stagflation concerns, tariff tensions with the US and plunging oil prices kept the lid on gains.
−Removed: With Canada being one of the first targets of President Trump’s tariff policies, the country’s economic outlook soured.
−Removed: Furthermore, turmoil in U.S.
−Removed: financial markets led to a broader risk off move that included commodities, which negatively impacted the CAD given the country is a major energy exporter.
−Removed: Additionally, the interest rate paid by the Depository has remained flat over the past year to the current interest rate of 0.51%, as set forth in the FXC Rate Chart above.
+Added: During the three and six months ended June 30, 2026 and 2025, the Trust’s net comprehensive income (loss) was, in part, impacted by periods of market volatility associated with evolving global macroeconomic and geopolitical conditions, which are considered to be unusual or infrequent events.
+Added: For the three and six months ended June 30, 2026, these conditions included heightened geopolitical tensions, ongoing trade and fiscal policy uncertainty, and shifting expectations regarding the pace and timing of monetary policy actions by central banks, including the Federal Reserve.
+Added: For the three and six months ended June 30, 2025, contributors to market volatility included concerns surrounding global economic growth, inflation dynamics, and expectations related to potential changes in monetary policy.
+Added: Although the full and direct impact of these conditions on the Trust’s net comprehensive income (loss) during the three and six months ended June 30, 2026 and 2025 cannot be known, it is believed that they may have independently affected the Closing Spot Rate, the interest rate paid by the Depository, and global economic and market conditions generally, including the number of Shares created and redeemed by the Trust.
+Added: The Canadian dollar (CAD) delivered negative performance during the second quarter of 2026 as strength in the U.S.
+Added: Dollar ("USD") outweighed support from elevated oil prices.
+Added: Middle East tensions initially lifted crude oil prices and supported Canada’s energy-export-driven economy, but easing concerns over supply disruptions following U.S.-Iran ceasefire negotiations, along with lower energy prices later in the quarter, reduced that tailwind.
+Added: At the same time, the Bank of Canada maintained its policy rate at 2.25% as policymakers balanced soft economic growth against energy-driven inflation pressures.
+Added: Despite periodic support from commodity markets, broader USD strength amid a more hawkish U.S.
+Added: interest rate outlook weighed on the Canadian dollar during the period.
+Added: The Canadian Dollar (CAD/USD) moved higher in the second quarter of 2025, helped by continued weakness in the USD and a shift in domestic interest rate expectations.
+Added: Canadian inflation data in June came in stronger than expected, making it less likely that the Bank of Canada will cut rates in July.
+Added: This gave the CAD a boost, though weak energy prices limited the upside.
+Added: The Canadian dollar (CAD) delivered negative performance year-to-date through the second quarter of 2026, as persistent USD strength more than offset the benefits of Canada's commodity exposure.
+Added: Early in the year, elevated crude oil prices and Canada's position as a major energy exporter provided support for the currency, but those gains were tempered by heightened geopolitical uncertainty and weaker risk appetite.
+Added: As the year progressed, easing concerns around Middle East supply disruptions reduced support from energy markets, while the Bank of Canada maintained a cautious policy stance amid soft economic growth and inflation pressures tied to higher energy costs.
+Added: Against this backdrop, expectations for U.S.
+Added: interest rates to remain higher for longer continued to favor the USD, leaving the Canadian Dollar modestly weaker over the period.
+Added: The Canadian Dollar (CAD/USD) appreciated year-to-date through the second quarter of 2025, supported mainly by continued weakness in the USD.
+Added: In the first quarter of 2025, the CAD remained mostly flat as falling oil prices, tariff tensions with the U.S., and broader risk-off sentiment weighed on performance.
+Added: However, in the second quarter of 2025, the Canadian Dollar gained ground as inflation data came in stronger than expected, lowering the chances of a Bank of Canada rate cut in July.
+Added: This shift in interest rate expectations helped the CAD rise, even as oil continued to struggle, but weak energy prices were still a headwind for the pair.
+Added: Additionally, the interest rate paid by the Depository has generally remained flat over the past year to the current interest rate at 0.51%, as set forth in the FXC Rate Chart above.
As long as the interest income, if any, exceeds the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.
3 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.