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, 2025 was an annual nominal rate of 1.50%.
−Removed: The following chart provides the daily rate paid by the Depository since March 31, 2020:
+Added: The interest rate in effect as of June 30, 2025 was an annual nominal rate of 1.10%.
+Added: The following chart provides the daily rate paid by the Depository since June 30, 2020:
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, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US recession concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, which are considered to be unusual or infrequent events.
−Removed: Although the full and direct impact of global tariffs, US recession concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three months ended March 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.
−Removed: The Euro (EUR/USD) saw positive performance in the first quarter of 2025, largely supported by US dollar (USD) weakness.
−Removed: Macroeconomic concerns reignited by President Trump’s shifting global tariff policies and growing stagflation fears dented consumer, investor, as well as business sentiment in the US, leading to a sharp downturn in domestic financial markets.
−Removed: In addition, European currencies have been propped up by major defense and infrastructure spending plans which are expected to boost the region’s growth prospects.
−Removed: More specifically, the European Commission announced the ReArm Europe Plan/Readiness 2030 in March, which enables over €800 billion to strengthen the continent’s defense capabilities.
−Removed: The Euro (EUR/USD) posted a loss in the first quarter of 2024 though price action was largely driven by USD moves.
−Removed: The Federal Reserve’s higher-for-longer rhetoric and stickier-than-expected US inflation pushed out expectations for US rate cuts;
−Removed: higher rates generally provide support for the country’s currency.
−Removed: US economic resilience and heightened geopolitical tensions also boosted demand for the USD, which is traditionally seen as a safe haven.
−Removed: In comparison, the European Central Bank (“ECB”) was more dovish, looking to cut rates earlier than the Fed, and its economy was notably softer.
+Added: During the three and six months ended June 30, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US and recession concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2025, which are considered to be unusual or infrequent events.
+Added: Although the full and direct impact of global tariffs, US recession concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three and six months ended June 30, 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 euro (EUR/USD) continued to strengthen in the second quarter of 2025, despite a series of interest rate cuts by the European Central Bank (ECB), but this was largely thanks to tariff-driven US dollar weakness.
+Added: The ECB lowered its deposit facility rate by 25 basis points in both April and June, as inflation showed signs of stabilizing and growth remained sluggish.
+Added: While rate cuts typically weigh on a currency, the euro proved resilient, supported by expectations that the Federal Reserve will likely also ease policy.
+Added: In addition, the EU’s proposed increased budget plan and its “ReArm Europe” initiative to increase defense spending, boosted the outlook for its economy vs the US, further supporting the pair.
+Added: The euro (EUR/USD) ended the second quarter of 2024 with a small loss.
+Added: Price action was once again mostly driven by US Dollar moves.
+Added: Sticky inflation in the US repeatedly pushed out Fed easing expectations, keeping treasury yields propped up.
+Added: In comparison, the European Central Bank (ECB) began its easing cycle in June on expectations of weaker economic growth and hence lower inflation.
+Added: Higher interest rates generally boost the country’s currency and vice versa.
+Added: The euro (EUR/USD) posted strong gains in the first half of 2025, driven by broad US dollar weakness and relative optimism for the EU’s economy amid expanded defense spending and budget plans.
+Added: Deteriorating business and consumer sentiment in the US, sparked by tariff volatility and stagflation concerns, significantly pressured the greenback, increasing demand for de-dollarization trades.
+Added: While the ECB cut interest rates in both April and June, the euro remained resilient, supported by expectations of potential Fed easing and a relative improvement in eurozone stability.
+Added: The euro (EUR/USD) posted a loss in the first half of 2024 though price action was largely driven by US Dollar moves.
+Added: The Fed’s higher-for-longer rhetoric and stickier-than-expected US inflation repeatedly pushed out expectations for US rate cuts.
+Added: US economic resilience and heightened geopolitical tensions in the first quarter also boosted demand for the dollar, which is typically seen as a safe haven.
+Added: In comparison, the European Central Bank (ECB) was more dovish given its noticeably weaker economy, officially kicking off its easing cycle in June.
Additionally, the interest rate paid by the Depository has generally trended downward over the past year to the current interest rate of 1.10%, as set forth in the FXE Rate Chart above.
4 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.