Invesco CurrencyShares Canadian Dollar Trust 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Index to Financial Statements Documents Page Report of Management on Internal Control Over Financial Reporting 14 Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) 15 Statements of Financial Condition at December 31, 2021 and 2020 17 Statements of Comprehensive Income for the Years Ended December 31, 2021 and 2020 18 Statement of Changes in Shareholders' Equity and Redeemable Capital Shares for the Year Ended December 31, 202 1 19 Statement of Changes in Shareholders' Equity and Redeemable Capital Shares for the Year Ended December 31, 2020 20 Statements of Cash Flows for the Years Ended December 31, 2021 and 2020 21 Notes to Financial Statements 22 13 Report of Management on Internal Control Over Financial Reporting Management of Invesco Specialized Products, LLC, as sponsor (the “Sponsor”) of the Invesco CurrencyShares ® Canadian Dollar Trust (the “Trust”), is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We, Anna Paglia, Principal Executive Officer, and Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools, of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2021. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control—Integrated Framework (2013). Based on our assessment and those criteria, we have concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2021. The Trust’s independent registered public accounting firm, PricewaterhouseCoopers LLP , has audited the Trust’s internal control over financial reporting as of December 31, 2021, as stated in their report on page 15 of the Trust’s Annual Report on Form 10-K. By: /S/ ANNA PAGLIA Name: Anna Paglia Title: Principal Executive Officer By: /S/ KELLI GALLEGOS Name: Kelli Gallegos Title: Principal Financial and Accounting Officer, Investment Pools February 24, 2022 14 Report of Independent Registered Public Accounting Firm To the Board of Managers of Invesco Specialized Products, LLC (as Sponsor of Invesco CurrencyShares Canadian Dollar Trust) and Shareholders of Invesco CurrencyShares Canadian Dollar Trust Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying statements of financial condition of Invesco CurrencyShares Canadian Dollar Trust (the “Trust”) as of December 31, 2021 and 2020, and the related statements of comprehensive income, of changes in shareholders’ equity and redeemable capital shares and of cash flows for each of the two years in the period ended December 31, 2021, including the related notes (collectively referred to as the “financial statements”). We also have audited the Trust's internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2021 and 2020 , and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO. Basis for Opinions The Trust's management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting , included in the accompanying Report of Management on Internal Control Over Financial Reporting . Our responsibility is to express opinions on the Trust’s financial statements and on the Trust's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits i n accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. 15 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Critical Audit Matters Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective, or complex judgments. We determined there are no critical audit matters. /s/PricewaterhouseCoopers LLP Chicago, Illinois February 24, 2022 We have served as the Trust’s auditor since 2018. 16 Invesco CurrencyShares ® Canadian Dollar Trust Statements of Financial Condition December 31, 2021 and 2020 December 31, 2021 2020 Assets Canadian Dollar deposits, interest bearing $ 139,650,371 $ 150,588,080 Total Assets $ 139,650,371 $ 150,588,080 Liabilities Accrued Sponsor’s fee $ 56,443 $ 48,817 Total Liabilities 56,443 48,817 Commitments and Contingent Liabilities (note 8) Redeemable Capital Shares and Shareholders’ Equity Redeemable Capital Shares, at redemption value, no par value, 1,800,000 and 1,950,000 issued and outstanding, respectively 139,593,928 150,539,263 Shareholders’ Equity: Retained Earnings — — Total Liabilities, Redeemable Capital Shares and Shareholders’ Equity $ 139,650,371 $ 150,588,080 See accompanying Notes to Financial Statements which are an integral part of the financial statements. 17 Invesco CurrencyShares ® Canadian Dollar Trust Statements of Comprehensive Income For the Years Ended December 31, 2021 and 2020 2021 2020 Income Interest Income $ — $ 298,875 Total Income — 298,875 Expenses Sponsor’s fee ( 714,735 ) ( 493,949 ) Total Expenses ( 714,735 ) ( 493,949 ) Net Comprehensive Income (Loss) $ ( 714,735 ) $ ( 195,074 ) Basic and Diluted Earnings (Loss) per Share $ ( 0.31 ) $ ( 0.12 ) Weighted-average Shares Outstanding 2,285,890 1,679,589 See accompanying Notes to Financial Statements which are an integral part of the financial statements. 18 Invesco CurrencyShares ® Canadian Dollar Trust Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares For the Year Ended December 31, 2021 Retained Earnings Total Shareholders' Equity Shares Redeemable Capital Shares Balance at December 31, 2020 $ — $ — 1,950,000 $ 150,539,263 Purchases of Shares — — 2,550,000 201,450,598 Redemption of Shares — — ( 2,700,000 ) ( 209,787,288 ) Net Increase (Decrease) due to Share Transactions — — ( 150,000 ) ( 8,336,690 ) Distributions — Net Comprehensive Income (Loss) ( 714,735 ) ( 714,735 ) — Adjustment of Redeemable Capital Shares to Redemption Value related to Retained Earnings 714,735 714,735 ( 714,735 ) Adjustment of Redeemable Capital Shares to Redemption Value — — ( 1,893,910 ) Balance at December 31, 2021 $ — $ — 1,800,000 $ 139,593,928 See accompanying Notes to Financial Statements which are an integral part of the financial statements. 19 Invesco CurrencyShares ® Canadian Dollar Trust Statement of Changes in Shareholders’ Equity and Redeemable Capital Shares For the Year Ended December 31, 2020 Retained Earnings Total Shareholders' Equity Shares Redeemable Capital Shares Balance at December 31, 2019 $ — $ — 1,550,000 $ 117,963,792 Purchases of Shares — — 1,000,000 73,499,173 Redemption of Shares — — ( 600,000 ) ( 43,761,943 ) Net Increase (Decrease) due to Share Transactions — — 400,000 29,737,230 Distributions ( 235,745 ) ( 235,745 ) — Net Comprehensive Income (Loss) ( 195,074 ) ( 195,074 ) — Adjustment of Redeemable Capital Shares to Redemption Value related to Retained Earnings 430,819 430,819 ( 430,819 ) Adjustment of Redeemable Capital Shares to Redemption Value — — 3,269,060 Balance at December 31, 2020 $ — $ — 1,950,000 $ 150,539,263 See accompanying Notes to Financial Statements which are an integral part of the financial statements. 20 Invesco CurrencyShares ® Canadian Dollar Trust Statements of Cash Flows For the Years Ended December 31, 2021 and 2020 2021 2020 Cash flows from operating activities Net Comprehensive Income (Loss) $ ( 714,735 ) $ ( 195,074 ) Adjustments to reconcile net comprehensive income (loss) to net cash provided by (used in) operating activities: Change in operating assets and liabilities: Receivable from accrued interest — 94,800 Accrued Sponsor’s fee 7,626 8,619 Net cash provided by (used in) operating activities ( 707,109 ) ( 91,655 ) Cash flows from financing activities Distributions paid to shareholders — ( 235,745 ) Proceeds from purchases of redeemable capital Shares 201,450,598 81,057,573 Redemptions of redeemable capital Shares ( 209,787,288 ) ( 43,761,943 ) Net cash provided by (used in) financing activities ( 8,336,690 ) 37,059,885 Effect of exchange rate on cash ( 1,893,910 ) 3,321,227 Net change in cash ( 10,937,709 ) 40,289,457 Cash at beginning of period 150,588,080 110,298,623 Cash at end of period $ 139,650,371 $ 150,588,080 Supplemental disclosure of cash flow information Cash paid for interest $ — $ — See accompanying Notes to Financial Statements which are an integral part of the financial statements. 21 Invesco CurrencyShares ® Canadian Dollar Trust Notes to Financial Statements December 31, 2021 Note 1 - Background On September 28, 2017, Guggenheim Capital, LLC (“Guggenheim”) and Invesco Ltd. entered into a Transaction Agreement (the “Transaction Agreement”), pursuant to which Guggenheim agreed to transfer all of the membership interests of Guggenheim Specialized Products, LLC (the “Sponsor”) to Invesco Capital Management LLC (“Invesco Capital Management”). The Transaction Agreement was consummated on April 6, 2018 (the “Closing”) and immediately following the Closing, Invesco Capital Management changed the name of the Sponsor to Invesco Specialized Products, LLC. On January 9, 2019, the Sponsor changed the Trust’s fiscal year from the period beginning on November 1 and ending on October 31 to the period beginning on January 1 and ending on December 31. Unless otherwise noted, all references to “years” in this report refer to the twelve-month fiscal year, which prior to November 1, 2018 ended on October 31 and beginning after December 31, 2018 ends on December 31 of each year. Note 2 - Organization The Invesco CurrencyShares ® Canadian Dollar Trust (the “Trust”) was formed under the laws of the State of New York on June 8, 2006 when the Sponsor deposited 100 Canadian Dollars in the Trust’s primary deposit account held by JPMorgan Chase Bank, N.A., London Branch (the “Depository”). The Sponsor is a Delaware limited liability company whose sole member is Invesco Capital Management. The Trust has an unlimited number of shares authorized for issuance. The investment objective of the Trust is for the Trust’s shares (the “Shares”) to reflect the price in U.S. Dollars (“USD”) of the Canadian Dollar plus accrued interest, if any, less the Trust’s expenses and liabilities. The Shares are intended to provide investors with a simple, cost-effective means of gaining investment benefits similar to those of holding Canadian Dollars. The Trust’s assets primarily consist of Canadian Dollars on demand deposit in two deposit accounts maintained by the Depository: a primary deposit account which may earn interest and a secondary deposit account which does not earn interest. The secondary deposit account is used to account for any interest that may be received and paid out on creations and redemptions of blocks of 50,000 Shares (“Baskets”). The secondary account is also used to account for interest earned, if any, on the primary deposit account, pay Trust expenses and distribute any excess interest to holders of Shares (“Shareholders”) on a monthly basis. This Annual Report (the “Annual Report”) covers the years ended December 31, 2021 and 2020. Note 3 – Summary of Significant Accounting Policies A. Basis of Presentation The financial statements of the Trust have been prepared using accounting principles generally accepted in the United States of America (“U.S. GAAP”). B. Accounting Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued. C. Foreign Currency Translation For Net Asset Value (“NAV”) calculation purposes, Canadian Dollar deposits (cash) are translated at the Closing Spot Rate, which is the Canadian Dollar/USD exchange rate as determined and published by The WM Company at 4:00 PM (London time / London fixing) on each day that NYSE Arca, Inc. (“NYSE Arca”) is open for regular trading. The Trust maintains its books and records in Canadian Dollars. For financial statement reporting purposes, the U.S. Dollar is the reporting currency. As a result, the financial records of the Trust are translated from Canadian Dollars to USD. The Closing Spot Rate on the last day of the period is used for translation in the statements of financial condition. The average Closing Spot Rate for the 22 period is used for translation in the statements of comprehensive income and the statements of cash flows. The redeemable capital Shares are adjusted to redemption value and these adjustments are recorded against retained earnings. D. Interest Income Interest on the primary deposit account, if any, accrues daily as earned and is received or paid on a monthly basis. Any interest below zero for the period is reflected as interest expense on currency deposits. The Depository may change the rate at which interest accrues, including reducing the interest rate to zero or below zero, based upon changes in market conditions or based on the Depository’s liquidity needs. E. Distributions To the extent that the interest earned by the Trust, if any, exceeds the sum of the Sponsor’s fee for the prior month plus other Trust expenses, if any, the Trust will distribute, as a dividend (herein referred to as dividends or distributions), the excess interest earned in Canadian Dollars effective on the first business day of the subsequent month. The Trustee (as defined below) will direct that the excess Canadian Dollars be converted into USD at the prevailing market rate and the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro-rata basis (in accordance with the number of Shares that they own). The table below shows distributions per Share and in total for the periods presented: Years Ended December 31, 2021 2020 Distributions per Share $ - $ 0.15 Distributions paid $ - $ 235,745 There was no income distribution for the month ended December 31, 2021. F. Routine Operational, Administrative and Other Ordinary Expenses The Sponsor is responsible for all routine operational, administrative and other ordinary expenses of the Trust, including, but not limited to, the Trustee’s monthly fee, NYSE Arca listing fees, SEC registration fees, typical maintenance and transaction fees of the Depository, printing and mailing costs, audit fees and expenses, up to $ 100,000 per year in legal fees and expenses, and applicable license fees. The Trust does not reimburse the Sponsor for the routine operational, administrative and other ordinary expenses of the Trust. Accordingly, such expenses are not reflected in the Statements of Comprehensive Income of the Trust. G. Non-Recurring Fees and Expenses In certain cases, the Trust will pay for some expenses in addition to the Sponsor’s fee. These exceptions include expenses not assumed by the Sponsor (i.e., expenses other than those identified in the preceding paragraph), expenses resulting from negative interest rates, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the interests of Shareholders, indemnification of the Sponsor under the Depositary Trust Agreement, audit fees and legal expenses in excess of $ 100,000 per year. The only expense of the Trust during the years ended December 31, 2021 and 2020 was the Sponsor’s fee. H. Federal Income Taxes The Trust is treated as a “grantor trust” for federal income tax purposes and, therefore, no provision for federal income taxes is required. Interest, gains and losses are passed through to the Shareholders. Shareholders generally will be treated, for U.S. federal income tax purposes, as if they directly owned a pro-rata share of the assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro-rata portion of the Trust’s income, if any, and as if they directly incurred their respective pro-rata portion of the Trust’s expenses. The acquisition of Shares by a U.S. Shareholder as part of a creation of a Basket will not be a taxable event to the Shareholder. The Sponsor’s fee accrues daily and is payable monthly. For U.S. federal income tax purposes, an accrual-basis U.S. Shareholder generally will be required to take into account as an expense its allocable portion of the USD-equivalent of the amount of the Sponsor’s fee that is accrued on each day, with such USD-equivalent being determined by the currency exchange rate that is in effect on the respective day. To the extent that the currency exchange rate on the date of payment of the accrued amount of the 23 Sponsor’s fee differs from the currency exchange rate in effect on the day of accrual, the U.S. Shareholder will recognize a currency gain or loss for U.S. federal income tax purposes. The Trust does not expect to generate taxable income except for interest income (if any) and gain (if any) upon the sale of Canadian Dollars. A non-U.S. Shareholder generally will not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale of Canadian Dollars by the Trust, unless: (1) the non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States. A non-U.S. Shareholder’s portion of any interest income earned by the Trust generally will not be subject to U.S. federal income tax unless the Shares owned by such non-U.S. Shareholder are effectively connected with the conduct by the non-U.S. Shareholder of a trade or business in the United States. Note 4 - Canadian Dollar Deposits Canadian Dollar principal deposits are held in a Canadian Dollar-denominated, interest-bearing demand account. The interest rate in effect as of December 31, 2021 was an annual nominal rate of 0.00 %. For the year ended December 31, 2021, there were Canadian Dollar principal deposits of 250,322,349 and Canadian Dollar principal redemptions of 264,885,208 and Canadian Dollar withdrawals (to pay expenses) of 886,988 , resulting in an ending Canadian Dollar principal balance of 176,399,366 . This equates to 139,650,371 USD. For the year ended December 31, 2020, there were Canadian Dollar principal deposits of 98,523,433 and Canadian Dollar principal redemptions of 59,135,871 and Canadian Dollar withdrawals (to pay expenses) of 439,240 , resulting in an ending Canadian Dollar principal balance of 191,849,213 . This equates to 150,588,080 USD. Net interest, if any, associated with creation and redemption activity is held in a Canadian Dollar-denominated non-interest bearing account, and any balance is distributed in full as part of the monthly income distributions, if any. Note 5 - Concentration Risk All of the Trust’s assets are Canadian Dollars, which creates a concentration risk associated with fluctuations in the price of the Canadian Dollar. Accordingly, a decline in the Canadian Dollar to USD exchange rate will have an adverse effect on the value of the Shares. Factors that may have the effect of causing a decline in the price of the Canadian Dollar include national debt levels and trade deficits, domestic and foreign inflation rates, domestic and foreign interest rates, investment and trading activities of institutions and global or regional political, economic or financial events and situations. Substantial sales of Canadian Dollars by the official sector (central banks, other governmental agencies and related institutions that buy, sell and hold Canadian Dollars as part of their reserve assets) could adversely affect an investment in the Shares. All of the Trust’s Canadian Dollars are held by the Depository. Accordingly, a risk associated with the concentration of the Trust’s assets in accounts held by a single financial institution exists and increases the potential for loss by the Trust and the Trust’s beneficiaries in the event that the Depository becomes insolvent. Note 6 - Service Providers and Related Party Agreements The Trustee The Bank of New York Mellon (the “Trustee”), a banking corporation with trust powers organized under the laws of the State of New York, serves as the Trustee. The Trustee is responsible for the day-to-day administration of the Trust, including keeping the Trust’s operational records. The Sponsor The Sponsor of the Trust generally oversees the performance of the Trustee and the Trust’s principal service providers. The Sponsor is Invesco Specialized Products, LLC, a Delaware limited liability company and a related party of the Trust. The Trust pays the Sponsor a Sponsor’s fee, which accrues daily at an annual nominal rate of 0.40 % of the Canadian Dollars in the Trust (including all unpaid interest but excluding unpaid fees, each as accrued through the immediately preceding day) and is paid monthly. 24 Note 7 - Share Purchases and Redemptions Shares are issued and redeemed continuously in Baskets in exchange for Canadian Dollars. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. Only Authorized Participants (as defined below) may place orders to create and redeem Baskets. An Authorized Participant is a Depository Trust Company (“DTC”) participant that is a registered broker-dealer or other institution eligible to settle securities transactions through the book-entry facilities of the DTC and which has entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption process. Authorized Participants may redeem their Shares at any time in Baskets. Due to expected continuing creations and redemptions of Baskets and the two-day period for settlement of each creation or redemption, the Trust reflects Shares created as a receivable on the trade date. Shares redeemed are reflected as a liability on the trade date. Outstanding Shares are reflected at redemption value, which is the NAV per Share at the period end date. Adjustments to redeemable capital Shares at redemption value are recorded directly to redeemable capital shares and retained earnings. The Trustee calculates the Trust’s NAV each business day. To calculate the NAV, the Trustee subtracts the Sponsor’s accrued fee through the previous day from the Canadian Dollars held by the Trust (including all unpaid interest, if any, accrued through the preceding day) and calculates the value of the Canadian Dollars in USD based upon the Closing Spot Rate. If, on a particular evaluation day, the Closing Spot Rate has not been determined and announced by 6:00 PM (London time), then the most recent Closing Spot Rate will be used to determine the NAV of the Trust unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for the valuation. If the Trustee and the Sponsor determine that the most recent Closing Spot Rate is not an appropriate basis for valuation of the Trust’s Canadian Dollars, they will determine an alternative basis for the valuation. The Trustee also determines the NAV per Share, which equals the NAV of the Trust, divided by the number of outstanding Shares. Shares deliverable under a purchase order are considered outstanding for purposes of determining NAV per Share; Shares deliverable under a redemption order are not considered outstanding for this purpose. Note 8 - Commitments and Contingencies The Trust’s organizational documents provide for the Trust to indemnify the Sponsor and any affiliate of the Sponsor that provides services to the Trust to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Sponsor or such an affiliate. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Further, the Trust has not had prior claims or losses pursuant to these contracts. Accordingly, the Sponsor expects the risk of loss to be remote. 25 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None.