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 June 30, 2022 was an annual nominal rate of 0.00%.
−Removed: The following chart provides the daily rate paid by the Depository since June 30, 2017:
+Added: The interest rate in effect as of September 30, 2022 was an annual nominal rate of 1.00%.
+Added: The following chart provides the daily rate paid by the Depository since September 30, 2017:
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, 2022.
+Added: Distributions paid during the current reporting period follow (annualized yield reflects the estimated annual yield an investor would receive if a monthly distribution stayed the same for the entire year going forward, and is calculated by annualizing the monthly distribution and dividing by the Trust NAV for the dates listed below):
+Added: FXC Distribution History
+Added: Annualized Yield
Critical Accounting Estimates
4 unchanged sentences
Results of Operations
−Removed: During the three and six months ended June 30, 2022 and 2021, the Trust’s net comprehensive income (loss) was, in part, impacted by market volatility and uncertainty caused by the novel coronavirus known as COVID-19, which is considered to be an unusual or infrequent event.
−Removed: Additionally, the Trust’s net comprehensive income (loss) during the three and six months ended June 30, 2022 was, in part, impacted by the Russia-Ukraine conflict, which is also considered to be an unusual or infrequent event.
−Removed: Although the full and direct impact of COVID-19 and the Russia-Ukraine conflict on the Trust’s net comprehensive income (loss) during the three and six months ended June 30, 2022 and 2021 cannot be known, it is believed that COVID-19 and the Russia-Ukraine conflict 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 a loss in the second quarter of 2022 as the U.S.
−Removed: dollar rallied to the highest since 2002, supported by expectations for an aggressive inflation-fighting Federal Reserve (Fed) policy and rising safe haven demand amid growing recession fears.
−Removed: While elevated oil prices were able to provide a boost to Canada’s trade surplus mid-quarter and domestic economic strength persisted, the support was n o t enough to counter the gains in the greenback.
−Removed: The Canadian Dollar (CAD/USD) rallied in Q2 of 2021.
−Removed: CAD strength was bolstered by strengthening commodity prices and overall recovery in risk appetite, as growing vaccine optimism and easing lockdown restrictions globally signaled the start of the post pandemic return of demand.
−Removed: However, a commodities selloff towards the end of the quarter due to rising COVID-19 cases in Europe and the resulting turn to the safe haven U.S.
−Removed: dollar did deal a significant blow to the currency pair.
−Removed: The Canadian Dollar (CAD/USD) posted a loss in the first half of 2022.
+Added: During the three and nine months ended September 30, 2022 and 2021, the Trust’s net comprehensive income (loss) was, in part, impacted by market volatility and uncertainty caused by the novel coronavirus known as COVID-19, which is considered to be an
+Added: unusual or infrequent event.
+Added: Additionally, the Trust’s net comprehensive income (loss) during the three and nine months ended September 30, 2022 was, in part, impacted by the Russia-Ukraine conflict, which is also considered to be an unusual or infrequent event.
+Added: Although the full and direct impact of the COVID-19 pandemic and the Russia-Ukraine conflict on the Trust’s net comprehensive income (loss) during the three and nine months ended September 30, 2022 and 2021 cannot be known, it is believed that the COVID-19 pandemic and the Russia-Ukraine conflict 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) posted a loss in the third quarter of 2022 as the US dollar soared past 20-year highs, supported by expectations for aggressive inflation-fighting Federal Reserve (Fed) policy, and rising safe haven demand amid growing recession fears.
+Added: Falling crude oil prices also served as a significant headwind for the currency pair given the commodity is one of Canada’s major exports.
+Added: The Canadian Dollar (CAD/USD) posted negative performance in Q3 2021 as the commodities selloff towards the end of the second quarter due to rising COVID-19 cases in Europe, and the resulting growth in safe haven demand, continued to boost the US dollar while weighing on the CAD, given Canada is a major crude exporter.
+Added: The USD was further supported by rising treasury yields following the Fed’s signal to pullback pandemic era stimulus measures.
+Added: The Canadian Dollar (CAD/USD) posted a loss in the first three quarters of 2022.
As the only G10 currency to gain against the U.S.
−Removed: dollar in 2021, the CAD continued its positive performance through the first quarter of the year, benefiting from surging oil prices resulting from the conflict in Ukraine – crude oil is one of Canada’s major exports – and anticipation for more hawkish monetary policies from the Bank of Canada.
−Removed: However, dollar strength in Q2 amid growing recession fears and a more hawkish Fed heavily weighed on the currency pair.
+Added: dollar in 2021, the CAD continued its positive performance through the first quarter of the year, benefiting from surging oil prices resulting from the war in Ukraine and anticipation for more hawkish monetary policies from the Bank of Canada.
+Added: However, dollar strength in Q2 and Q3 amid growing recession fears, boosting safe haven demand, and a more hawkish Fed heavily weighed on the currency pair, while falling crude oil prices removed the soft floor for the CAD.
The Canadian Dollar (CAD/USD) was higher in the first half of 2021 supported by strengthening commodity prices and an overall recovery in risk appetite given growing vaccine optimism and easing lockdown restrictions.
−Removed: Despite strong performance in Q1 and early Q2, a selloff in commodities due to renewed COVID-19 concerns towards the end of Q2 sent the currency pair plunging, wiping away significant gains.
−Removed: Additionally, the interest rate paid by the Depository has generally trended downward over the past several years to the current interest rate of 0.00%, as set forth in the FXC Rate Chart above.
+Added: However, the currency pair failed to sustain its gains through Q3, ending largely flat year-to-date, as a selloff in commodities due to renewed COVID concerns pushed investors to the safe haven US dollar.
+Added: The Fed’s signal to pullback pandemic related stimulus also boosted treasury yields, providing further support for the USD.
+Added: Additionally, the interest rate paid by the Depository has generally trended downward over the past several years, slightly offset by improvements this quarter, to the current interest rate of 1.00%, as set forth in the FXC Rate Chart above.
As long as the Sponsor’s fee and the interest expense on currency deposits, if any, exceed interest income, the Trust will incur a net comprehensive loss.
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.