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 euro (EUR/USD) ended 2024 lower pressured heavily by US dollar strength in the fourth quarter.
−Removed: In the first quarter, the pair fell on the Fed’s higher-for-longer rhetoric and stickier-than-expected US inflation, which repeatedly pushed out expectations for US rate cuts.
−Removed: In comparison, the European Central Bank (ECB) was more dovish given its noticeably weaker economy, officially kicking off its easing cycle in June.
−Removed: However, the greenback turned sharply lower in the third quarter after the Fed officially kicked off its own easing cycle, the Bank of Japan surprised markets with a rate hike, and concerns about the impact of the US election grew, allowing the pair to move back into positive territory.
−Removed: Those gains were short-lived though, as Trump-driven US dollar strength in the fourth quarter dealt a heavy blow.
+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 euro (EUR/USD) posted strong gains in 2025, supported primarily by broad U.S.
+Added: dollar weakness and a firmer domestic outlook boosted by increased European Union defense spending.
+Added: The currency extended its advance as monetary‑policy divergence widened:
+Added: the European Central Bank (ECB) concluded its easing cycle in June, while the Fed shifted toward additional rate cuts.
+Added: Although tariff‑related trade tensions and political turmoil in France introduced bouts of volatility in the third quarter, the euro remained broadly resilient, with price action largely dictated by movements in the U.S.
+Added: In the fourth quarter, expectations that the ECB would slow its pace of easing as inflation approached target—combined with a resilient European Union economy characterized by a strong labor market and moderating inflation—offered fundamental support for the euro, even as U.S.
+Added: dollar dynamics continued to dominate overall direction.
+Added: The euro (EUR/USD) ended 2024 lower pressured heavily by U.S.
+Added: dollar strength in the fourth quarter.
+Added: In the first quarter, the pair fell on the Fed’s higher-for-longer rhetoric and stickier-than-expected U.S.
+Added: inflation, which repeatedly pushed out expectations for U.S.
+Added: In comparison, the ECB was more dovish given its noticeably weaker economy, officially kicking off its easing cycle in June.
+Added: However, the greenback turned sharply lower in the third quarter after the Fed officially kicked off its own easing cycle, the Bank of Japan surprised markets with a rate hike, and concerns about the impact of the U.S.
+Added: election grew, allowing the pair to move back into positive territory.
+Added: Those gains were short-lived though, as Trump-driven U.S.
+Added: dollar strength in the fourth quarter dealt a heavy blow.
Many of the president’s campaigned policies were expected to raise inflation risk, potentially leading to higher rates in 2025.
−Removed: In addition, tariffs generally weigh on foreign currencies, further boosting the USD.
−Removed: The euro (EUR/USD) ended 2023 higher with US dollar moves accounting for the bulk of the price action though the European Central Bank’s persistently hawkish rhetoric provided some support in the second quarter.
−Removed: The greenback swayed sharply between gains and losses through most of the period as expectations that the Fed will soon start to back down from its aggressive rate hikes grew, and then dimmed repeatedly as a result of the banking sector turmoil, US debt ceiling debacle, inflation prints and Fed comments.
−Removed: This sent the USD, and hence the pair on a mini rollercoaster ride through the first half of the year.
−Removed: The currency pair depreciated in the third quarter, pressured by renewed dollar strength – the Fed’s hawkish-for-longer rhetoric compared to the ECB and US economic resilience helped the dollar rebound to its highest since November 2023.
−Removed: However, much of that was reversed in the fourth quarter as dollar weakness ensued amid strengthening rate cut expectations in the US.
+Added: In addition, tariffs generally weigh on foreign currencies, further boosting the U.S.
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.
5 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.